<SUBMISSION>
<ACCESSION-NUMBER>0000950134-08-016188
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20080904
<ITEMS>2.03
<ITEMS>9.01
<FILING-DATE>20080905
<DATE-OF-FILING-DATE-CHANGE>20080904
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AMB PROPERTY CORP
<CIK>0001045609
<ASSIGNED-SIC>6798
<IRS-NUMBER>943281941
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-13545
<FILM-NUMBER>081057402
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>PIER 1 BAY 1
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94111
<PHONE>4153949000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>PIER 1 BAY 1
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94111
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f43538e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Current Report Pursuant to Section&nbsp;13 or 15(d) of<BR>
The Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>
Date of Report (date of earliest event reported): September&nbsp;4, 2008</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B><FONT style="border-bottom: 1px solid #000000">AMB PROPERTY CORPORATION</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Maryland
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">001-13545
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">94-3281941</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of <BR>
incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission file number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. employer identification<BR>
number)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
Pier 1, Bay 1, San Francisco, California 94111</DIV>


<DIV align="center" style="font-size: 10pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">(Address of principal executive offices) (Zip code)</FONT></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
415-394-9000</DIV>


<DIV align="center" style="font-size: 10pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">(Registrant&#146;s telephone number, including area code)</FONT></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
n/a</DIV>


<DIV align="center" style="font-size: 10pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report)</FONT></DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR>
    <TD><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR>
    <TD><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR>
    <TD><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR>
    <TD><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</TD>
</TR>
</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>









<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<!--TOC-->
<!--/TOC-->






<!-- link1 "Item&nbsp;2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant" -->

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;2.03</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;4, 2008, our subsidiary of which we are the general partner, AMB Property, L.P.,
entered into a $230&nbsp;million secured term loan credit agreement. We are the guarantor of our
subsidiary&#146;s obligations under the credit agreement. The term loan facility is with The Bank of
Nova Scotia, as administrative agent, ING Real Estate Finance (USA)&nbsp;LLC, as syndication agent, The
Bank of Nova Scotia and ING Real Estate Finance (USA)&nbsp;LLC, as joint lead arrangers and joint
bookrunners, TD Bank N.A. and US Bank, National Association, as documentation agents, and a
syndicate of other banks. The term loan facility is secured by a pledge of the equity interests in
certain of the direct or indirect subsidiaries of AMB Property, L.P., and certain of our indirect
subsidiaries, which subsidiaries own, directly or indirectly, certain borrowing base properties
located in the United States, Canada and Europe. The pledged subsidiaries and borrowing base
properties may change from time to time during the term of the term loan facility so long as the
aggregate amount of the loans outstanding at any time exceeds the lesser of (i)&nbsp;the then-current
facility amount and (ii)&nbsp;an amount equal to the sum of (a)&nbsp;50% of the net book value of the
borrowing base properties consisting of eligible undeveloped land and (b)&nbsp;75% of the net book value
of all other borrowing base properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term loan facility matures on September&nbsp;4, 2010 and may be extended at our subsidiary&#146;s
option for one year, subject to satisfaction of certain conditions and the payment of an extension
fee equal to 0.25% of the outstanding commitments. At any time within 12&nbsp;months of the date of the
credit agreement, our subsidiary has the ability to increase available borrowings up to $300
million by adding additional banks to the facility or obtaining the agreement of existing banks to
increase their commitments. The rate on the borrowings will generally be LIBOR plus a margin which
is based on the current credit rating of our subsidiary&#146;s long-term debt and is currently 130 basis
points. The credit agreement contains affirmative covenants, including financial reporting
requirements and maintenance of specified financial ratios by our subsidiary and other financial
covenants, and negative covenants, including limitations on mergers or consolidations. The
financial covenants include, among others, the ratios of total debt to total asset value, secured
debt to total asset value and unencumbered net operating cash flow to unsecured debt service and a
minimum consolidated tangible net worth amount. In addition, the term loan facility includes
events (including, without limitation, a non-payment under the loan, a breach of warranties and
representations in any material respect, non-compliance with covenants by AMB Property, L.P.,
cross-defaults to recourse indebtedness by us, AMB Property, L.P., our subsidiaries or certain
affiliates, a change in the majority of our board of directors during any 12-month period or the
acquisition by a person or group of more than 30% of our common stock), each of which, if not cured
within the time period, if any, specified in the term loan facility would constitute an event of
default. Upon the occurrence and continuance of such events of default, the lenders may elect to
accelerate the outstanding principal and accrued and unpaid interest under the term loan facility.
Further, outstanding principal and accrued and unpaid interest thereon automatically accelerate
upon the occurrence of certain other events of default, including without limitation and as
described more fully in the term
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">loan facility, the commencement of any voluntary or involuntary proceeding seeking liquidation,
reorganization or other relief with respect to the debts of us, AMB Property, L.P., or any pledging
subsidiary under any bankruptcy, insolvency or other similar law, or if we, AMB Property, L.P., or
any pledging subsidiary seek at any time to repudiate our obligations under the term loan facility
or any related document.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bank of Nova Scotia and ING Real Estate Finance (USA)&nbsp;LLC are managing agents under our third
amended and restated revolving credit agreement, dated as of June&nbsp;1, 2006. The Bank of Nova Scotia
is also a syndication agent under our fifth amended and restated revolving credit agreement, dated
as of July&nbsp;16, 2007. ING Real Estate Finance NV and certain of its entities are lenders and
parties to our Euros Facility Agreement, dated as of December&nbsp;8, 2006, as amended March&nbsp;21, 2007.
ING Real Estate Finance NV is also a facility agent under our guaranteed multicurrency revolving
facility agreement, dated as of May&nbsp;30, 2008. U.S. Bank, National Association and HSBC Bank USA,
National Association are documentation agents under our term loan credit agreement, dated as of
March&nbsp;27, 2008. U.S. Bank, National Association is also the trustee under our indenture dated as
of June&nbsp;30, 1998, as supplemented.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This summary is not complete and is qualified by the provisions of the agreements. Copies of the
credit agreement and the guaranty are attached hereto as Exhibits 10.1 and 10.2, respectively, and
are incorporated into this current report by reference.</DIV>

<!-- link1 "Item&nbsp;9.01 Financial Statements and Exhibits" -->

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.01</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Financial Statements and Exhibits.</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(</B>d) Exhibits.</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Credit Agreement, dated as of September&nbsp;4, 2008, by and among AMB Property, L.P., as
Borrower, the banks listed on the signature pages thereto, The Bank of Nova Scotia, as
Administrative Agent, ING Real Estate Finance (USA)&nbsp;LLC, as Syndication Agent, The Bank of
Nova Scotia and ING Real Estate Finance (USA)&nbsp;LLC, as Joint Lead Arrangers and Joint
Bookrunners, and TD Bank N.A. and US Bank, National Association, as Documentation Agents.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Guaranty of Payment, dated as of September&nbsp;4, 2008, by AMB Property Corporation, as
Guarantor, for the benefit of The Bank of Nova Scotia, as Administrative Agent for the banks
that are from time to time parties to that certain Credit Agreement, dated as of September&nbsp;4,
2008, among AMB Property, L.P., as the Borrower, the banks listed on the signature pages
thereto, the Administrative Agent, ING Real Estate Finance (USA)&nbsp;LLC, as Syndication Agent,
The Bank of Nova Scotia and ING Real Estate Finance (USA)&nbsp;LLC, as Joint Lead Arrangers and
Joint Bookrunners, and TD Bank N.A. and US Bank, National Association, as Documentation
Agents.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="4" align="left">AMB Property Corporation<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)<BR>
&nbsp;</TD>

    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: September 4, 2008&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Thomas S. Olinger
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Thomas S. Olinger&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>
<!-- link1 "INDEX TO EXHIBITS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Credit Agreement, dated as of September&nbsp;4, 2008, by and among AMB
Property, L.P., as Borrower, the banks listed on the signature
pages thereto, The Bank of Nova Scotia, as Administrative Agent,
ING Real Estate Finance (USA)&nbsp;LLC, as Syndication Agent, The Bank
of Nova Scotia and ING Real Estate Finance (USA)&nbsp;LLC, as Joint
Lead Arrangers and Joint Bookrunners, and TD Bank N.A. and US
Bank, National Association, as Documentation Agents.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guaranty of Payment, dated as of September&nbsp;4, 2008, by AMB
Property Corporation, as Guarantor, for the benefit of The Bank of
Nova Scotia, as Administrative Agent for the banks that are from
time to time parties to that certain Credit Agreement, dated as of
September&nbsp;4, 2008, among AMB Property, L.P., as the Borrower, the
banks listed on the signature pages thereto, the Administrative
Agent, ING Real Estate Finance (USA)&nbsp;LLC, as Syndication Agent,
The Bank of Nova Scotia and ING Real Estate Finance (USA)&nbsp;LLC, as
Joint Lead Arrangers and Joint Bookrunners, and TD Bank N.A. and
US Bank, National Association, as Documentation Agents.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>f43538exv10w1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 10.1</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CREDIT AGREEMENT
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">dated as of September&nbsp;4, 2008

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">AMB PROPERTY, L.P.,
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE BANKS LISTED HEREIN,

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THE BANK OF NOVA SCOTIA,<BR>
as Administrative Agent,
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ING REAL ESTATE FINANCE (USA)&nbsp;LLC,<BR>
as Syndication Agent,
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 18pt">THE BANK OF NOVA SCOTIA<BR>
and

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ING REAL ESTATE FINANCE (USA)&nbsp;LLC,<BR>
as Joint Lead Arrangers and Joint Bookrunners,
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">and

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TD BANK N.A.<BR>
and<BR>
US BANK, NATIONAL ASSOCIATION,<BR>
as Documentation Agents
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE I DEFINITIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.1. Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.2. Accounting Terms and Determinations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.3. Types of Borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE II THE CREDITS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.1. Commitments to Lend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.2. Notice of Borrowing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.3. Intentionally Omitted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.4. Intentionally Omitted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.5. Notice to Banks; Funding of Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.6. Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.7. Method of Electing Interest Rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.8. Interest Rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.9. Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.10. Maturity Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.11. Optional Prepayments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.12. Mandatory Prepayments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.13. General Provisions as to Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.14. Funding Losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.15. Computation of Interest and Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.16. Use of Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.17. Release of Collateral; Additional Collateral</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE III CONDITIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.1. Closing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.2. Borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IV REPRESENTATIONS AND WARRANTIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.1. Existence and Power</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.2. Power and Authority</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.3. No Violation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.4. Financial Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.5. Litigation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.6. Intentionally Omitted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-i-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B><BR>
(continued)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.7. Environmental</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.8. Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.9. Full Disclosure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.10. Solvency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.11. Use of Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.12. Governmental Approvals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.13. Investment Company Act; Public Utility Holding Company Act
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.14. Principal Offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.15. REIT Status</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.16. Patents, Trademarks, etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.17. Judgments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.18. No Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.19. Licenses, etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.20. Compliance With Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.21. No Burdensome Restrictions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.22. Brokers&#146; Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.23. Intentionally Omitted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.24. Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.25. Organizational Documents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.26. Unencumbered Properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE V AFFIRMATIVE AND NEGATIVE COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.1. Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.2. Payment of Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.3. Maintenance of Property; Insurance; Affiliate Transfers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.4. Maintenance of Existence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.5. Compliance with Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.6. Inspection of Property, Books and Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.7. Existence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.8. Financial Covenants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.9. Restriction on Fundamental Changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-ii-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B><BR>
(continued)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.10. Changes in Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.11. General Partner Status</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.12. Other Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.13. Forward Equity Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.14. Capital Funding Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.15. Liens and Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VI DEFAULTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.1. Events of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.2. Rights and Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.3. Notice of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.4. Distribution of Proceeds after Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VII THE AGENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.1. Appointment and Authorization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.2. Agency and Affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.3. Action by Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.4. Consultation with Experts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.5. Liability of Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.6. Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.7. Credit Decision</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.8. Successor Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.9. Consents and Approvals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.10. Collateral Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VIII CHANGE IN CIRCUMSTANCES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.1. Basis for Determining Interest Rate Inadequate or Unfair</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.2. Illegality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.3. Increased Cost and Reduced Return</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.4. Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.5. Base Rate Loans Substituted for Affected Euro-Dollar Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IX MISCELLANEOUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.1. Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-iii-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B><BR>
(continued)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.2. No Waivers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.3. Expenses; Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.4. Sharing of Set-Offs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.5. Amendments and Waivers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.6. Successors and Assigns</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.7. Collateral</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.8. Governing Law; Submission to Jurisdiction; Judgment Currency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.9. Counterparts; Integration; Effectiveness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.10. WAIVER OF JURY TRIAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.11. Survival</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.12. Domicile of Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.13. Limitation of Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.14. Recourse Obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.15. Confidentiality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.16. Bank&#146;s Failure to Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.17. Banks&#146; ERISA Covenant</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.18. Intentionally Omitted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.19. Optional Increase in Commitments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.20. Managing Agents, Documentation Agents and Co-Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.21. USA PATRIOT Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD style="font-size: 6pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.22. Parallel Debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">EXHIBIT A &#150; Form of Note<BR>
EXHIBIT B &#150; Form of Transfer Supplement<BR>
EXHIBIT C &#150; Form of Borrowing Base Report<BR>
EXHIBIT D &#150; Form of Security Agreement<BR>
EXHIBIT E &#150; Form of Letter of Credit<BR>
EXHIBIT F &#150; Form of Subordination Agreement

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SCHEDULE 1.1<BR>
SCHEDULE 4.4 (b)&nbsp;SCHEDULE 4.6<BR>
SCHEDULE 5.11(c)(1) SCHEDULE 5.1 1(c)(2

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-iv-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CREDIT AGREEMENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS CREDIT AGREEMENT (this &#147;<U>Agreement</U>&#148;) dated as of September&nbsp;4, 2008 among AMB
PROPERTY, L.P. (the &#147;<U>Borrower</U>&#148;), the BANKS listed on the signature pages hereof, THE BANK
OF NOVA SCOTIA, as Administrative Agent, ING REAL ESTATE FINANCE (USA)&nbsp;LLC, as Syndication Agent,
THE BANK OF NOVA SCOTIA and ING REAL ESTATE FINANCE (USA)&nbsp;LLC, as Joint Lead Arrangers and Joint
Bookrunners, and TD BANK N.A. and US BANK, NATIONAL ASSOCIATION, as Documentation Agents.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">W I T N E S S E T H
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE I
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DEFINITIONS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.1. <U>Definitions</U>. The following terms, as used herein, have the following
meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Additional Collateral</U>&#148; has the meaning set forth in <U>Section&nbsp;2.17</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Adjusted EBITDA</U>&#148; means EBITDA for such period <U>minus</U> an amount equal to
appropriate reserves for replacements of Ten Cents ($0.10) (or in the case of any Real Property
Asset owned by an Investment Affiliate or by a Consolidated Subsidiary, Borrower&#146;s Share of Ten
Cents ($0.10)) per square foot per annum for each Real Property Asset (<U>provided</U> that, as to
any Real Property Asset acquired during such period such Ten Cents ($0.10) per square foot
adjustment shall be prorated for the period of ownership). Adjusted EBITDA includes rental income
actually earned and shall exclude the application of FAS 141, and non-cash expenses related to
employee and trustee stock and stock options.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Adjusted Interbank Offered Rate</U>&#148; as applicable to any Interest Period means a rate
per annum equal to the quotient obtained (rounded upward, if necessary, to the next higher 1/100 of
1%) by dividing (i)&nbsp;the Interbank Offered Rate applicable during such Interest Period by (ii)&nbsp;1.00
minus the Euro-Dollar Reserve Percentage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Administrative Agent</U>&#148; shall mean The Bank of Nova Scotia, in its capacity as
Administrative Agent hereunder, and its permitted successors in such capacity in accordance with
the terms of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Administrative Questionnaire</U>&#148; means with respect to each Bank, an administrative
questionnaire in the form prepared by the Administrative Agent and submitted to the Administrative
Agent (with a copy to the Borrower) duly completed by such Bank.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Affiliate</U>&#148;, as applied to any Person, means any other Person that directly or
indirectly controls, is controlled by, or is under common control with, that Person. For purposes
of this definition, &#147;control&#148; (including, with correlative meanings, the terms &#147;controlling&#148;,
&#147;controlled by&#148; and &#147;under common control with&#148;), as applied to any Person, means the possession,
directly or indirectly, of the power to vote ten percent (10.0%) or more of the equity Securities
having voting power for the election of directors of such Person or otherwise to direct or cause
the direction of the management and policies of that Person, whether through the ownership of
voting equity Securities or by contract or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Agents</U>&#148; shall mean the Administrative Agent and the Syndication Agent, collectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Agreement</U>&#148; shall mean this Credit Agreement as the same may from time to time
hereafter be modified, supplemented or amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Alternate Base Rate</U>&#148; means, for any day, a rate per annum equal to the higher of (i)
the Base Rate for such day and (ii)&nbsp;the sum of 0.50% plus the Federal Funds Rate for such day.
Each change in the Alternate Base Rate shall become effective automatically as of the opening of
business on the date of such change in the Alternate Base Rate, without prior written notice to
Borrower or Banks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Applicable Interest Rate</U>&#148; means (i)&nbsp;with respect to any Fixed Rate Indebtedness, the
fixed interest rate applicable to such Fixed Rate Indebtedness at the time in question, and
(ii)&nbsp;with respect to any Floating Rate Indebtedness, either (x)&nbsp;the rate at which the interest rate
applicable to such Floating Rate Indebtedness is actually capped (or fixed pursuant to an interest
rate hedging device), at the time of calculation, if Borrower has entered into an interest rate cap
agreement or other interest rate hedging device with respect thereto or (y)&nbsp;if Borrower has not
entered into an interest rate cap agreement or other interest rate hedging device with respect to
such Floating Rate Indebtedness, the greater of (A)&nbsp;the rate at which the interest rate applicable
to such Floating Rate Indebtedness could be fixed for the remaining term of such Floating Rate
Indebtedness, at the time of calculation, by Borrower&#146;s entering into any unsecured interest rate
hedging device either not requiring an upfront payment or if requiring an upfront payment, such
upfront payment shall be amortized over the term of such device and included in the calculation of
the interest rate (or, if such rate is incapable of being fixed by entering into an unsecured
interest rate hedging device at the time of calculation, a fixed rate equivalent reasonably
determined by Administrative Agent) or (B)&nbsp;the floating rate applicable to such Floating Rate
Indebtedness at the time in question.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Applicable Lending Office</U>&#148; means with respect to any Bank, (i)&nbsp;in the case of its
Base Rate Loans, its Domestic Lending Office, and (ii)&nbsp;in the case of its Euro-Dollar Loans, its
Euro-Dollar Lending Office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Applicable Margin</U>&#148; means with respect to each Loan, the respective percentages per
annum determined, at any time, based on the range into which Borrower&#146;s Credit Rating then falls,
in accordance with the table set forth below. Any change in Borrower&#146;s Credit Rating causing it to
move to a different range on the table shall effect an immediate change in the
Applicable Margin. Borrower shall have not less than two (2)&nbsp;Credit Ratings at all times. In
the event that Borrower receives only two (2)&nbsp;Credit Ratings (one of which must be from S&#038;P or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Moody&#146;s), and such Credit Ratings are not equivalent, the Applicable Margin shall be determined by
the higher of such two (2)&nbsp;Credit Ratings. In the event that Borrower receives more than two (2)
Credit Ratings, and such Credit Ratings are not all equivalent, the Applicable Margin shall be
determined by the highest Credit Rating, <U>provided</U> that said highest rating shall be from
S&#038;P or Moody&#146;s; <U>provided</U>, <U>further</U>, that if the highest rating is not from S&#038;P or
Moody&#146;s, then the Applicable Margin shall be determined by the highest Credit Rating from either
S&#038;P or Moody&#146;s.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Applicable</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Range of Borrower&#146;s</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Applicable Margin</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Margin for Euro</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Credit Rating</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>for Base Rate Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dollar Loans</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>(S&#038;P/Moody&#146;s Ratings)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(% per annum)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(% per annum)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">&#060;BBB-/Baa3
or unrated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.025</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">BBB-/Baa3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">BBB/Baa2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.425</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">BBB&#043;/Baa1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">A-/A3 or better</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.225</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Assignee</U>&#148; has the meaning set forth in <U>Section&nbsp;9.6(c)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Balance Sheet Indebtedness</U>&#148; means with respect to any Person and assuming such Person
is required to prepare financial statements in accordance with GAAP, without duplication, the
Indebtedness of such Person which would be required to be included on the liabilities side of the
balance sheet of such Person in accordance with GAAP excluding, in the case of Borrower or General
Partner, the Balance Sheet Indebtedness of any Consolidated Subsidiary. Notwithstanding the
foregoing, Balance Sheet Indebtedness shall include current liabilities and all guarantees of
Indebtedness of any Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Balloon Payments</U>&#148; shall mean with respect to any loan constituting Balance Sheet
Indebtedness, any required principal payment of such loan which is either (i)&nbsp;payable at the
maturity of such Indebtedness or (ii)&nbsp;in an amount which exceeds fifteen percent (15%) of the
original principal amount of such loan; <U>provided</U>, <U>however</U>, that the final payment
of a fully amortizing loan shall not constitute a Balloon Payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Bank</U>&#148; means each entity (other than Borrower) listed on the signature pages hereof,
each Assignee which becomes a Bank pursuant to <U>Section&nbsp;9.6(c)</U>, and their respective
successors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Bankruptcy Code</U>&#148; shall mean Title 11 of the United States Code, entitled
&#147;Bankruptcy&#148;, as amended from time to time, and any successor statute or statutes.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Base Rate</U>&#148; at any time the rate of interest then most recently established by the
Administrative Agent in New York as its base rate for Dollars loaned in the United States. The
Base Rate is not necessarily intended to be the lowest rate of interest determined by the
Administrative Agent in connection with extensions of credit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Base Rate Loan</U>&#148; means a Loan to be made by a Bank as a Base Rate Loan in accordance
with the provisions of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Benefit Arrangement</U>&#148; means at any time an employee benefit plan within the meaning of
Section&nbsp;3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or
otherwise contributed to by any member of the ERISA Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Borrower</U>&#148; means AMB Property, L.P., a Delaware limited partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Borrower&#146;s Share</U>&#148; means Borrower&#146;s and General Partner&#146;s direct or indirect share of
a Consolidated Subsidiary, a Joint Venture Subsidiary or an Investment Affiliate as reasonably
determined by Borrower based upon Borrower&#146;s and General Partner&#146;s economic interest (whether
direct or indirect) of such Consolidated Subsidiary, Joint Venture Subsidiary or Investment
Affiliate, as of the date of such determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Borrowing</U>&#148; has the meaning set forth in <U>Section&nbsp;1.3</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Borrowing Base</U>&#148; means the undrawn amount of any Letters of Credit posted pursuant to
<U>Section&nbsp;2.12(a)</U> plus the Borrowing Base Value; <U>provided</U> that (i)&nbsp;the portion of the
Borrowing Base Value attributable to properties located in Canada or Europe in excess of 25% of the
Borrowing Base (without regard to the limitation set forth in clause (ii)&nbsp;below) shall be
disregarded in determining the Borrowing Base and (ii)&nbsp;the portion of the Borrowing Base Value
attributable to Eligible Undeveloped Land in excess of 50% of the Borrowing Base (without regard to
the limitation set forth in clause (i)&nbsp;above) shall be disregarded in determining the Borrowing
Base. The Properties included in the Borrowing Base as of the Closing Date are listed on Part&nbsp;B of
<U>Schedule&nbsp;1.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Borrowing Base Value</U>&#148; means, at any time, an amount equal to the sum of (a)&nbsp;seventy
five percent (75%) of the Net Book Value for each Eligible Asset (other than Eligible Undeveloped
Land) and (b)&nbsp;fifty percent (50%) of the Net Book Value for each parcel of Eligible Undeveloped
Land.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Business Day</U>&#148; means any day except a Saturday, Sunday or other day on which
commercial banks in New York City are authorized by law to close.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>BV Security Agreement</U>&#148; has the meaning set forth in the definition of the term
&#147;Security Agreement&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Capital Leases</U>&#148; as applied to any Person, means any lease of any property (whether
real, personal or mixed) by that Person as lessee which, in conformity with GAAP, is or should be
accounted for as a capital lease on the balance sheet of that Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Capital Funding Loan</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5.14</U>
hereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Cash or Cash Equivalents</U>&#148; shall mean (a)&nbsp;cash; (b)&nbsp;marketable direct obligations
issued or unconditionally guaranteed by the United States Government or issued by an agency thereof
and backed by the full faith and credit of the United States, in each case maturing within one (1)
year after the date of acquisition thereof; (c)&nbsp;marketable direct obligations issued by any state
of the United States of America or any political subdivision of any such state or any public
instrumentality thereof maturing within ninety (90)&nbsp;days after the date of acquisition thereof and,
at the time of acquisition, having one of the two highest ratings obtainable from any two of S &#038; P,
Moody&#146;s or Fitch (or, if at any time no two of the foregoing shall be rating such obligations, then
from such other nationally recognized rating services acceptable to Administrative Agent); (d)
domestic corporate bonds, other than domestic corporate bonds issued by Borrower or any of its
Affiliates, maturing no more than two (2)&nbsp;years after the date of acquisition thereof and, at the
time of acquisition, having a rating of at least A or the equivalent from any two (2)&nbsp;of S &#038; P,
Moody&#146;s or Fitch (or, if at any time no two of the foregoing shall be rating such obligations, then
from such other nationally recognized rating services acceptable to Administrative Agent); (e)
variable-rate domestic corporate notes or medium term corporate notes, other than notes issued by
Borrower or any of its Affiliates, maturing or resetting no more than one (1)&nbsp;year after the date
of acquisition thereof and having a rating of at least AA or the equivalent from two of S &#038; P,
Moody&#146;s or Fitch (or, if at any time no two of the foregoing shall be rating such obligations, then
from such other nationally recognized rating services acceptable to Administrative Agent); (f)
commercial paper (foreign and domestic) or master notes, other than commercial paper or master
notes issued by Borrower or any of its Affiliates, and, at the time of acquisition, having a
long-term rating of at least A or the equivalent from S &#038; P, Moody&#146;s or Fitch and having a
short-term rating of at <font style="white-space: nowrap">  least A-1</font> and P-1 from S &#038; P and Moody&#146;s, respectively (or, if at any time
neither S &#038; P nor Moody&#146;s shall be rating such obligations, then the highest rating from such other
nationally recognized rating services acceptable to Administrative Agent); (g)&nbsp;domestic and foreign
certificates of deposit or domestic time deposits or foreign deposits or bankers&#146; acceptances
(foreign or domestic) in Dollars, Hong Kong Dollars, Singapore Dollars, Japanese Yen, Euros or
Pounds Sterling that are issued by a bank (I)&nbsp;which has, at the time of acquisition, a long-term
rating of at least A or the equivalent from S &#038; P, Moody&#146;s or Fitch and (II)&nbsp;if a domestic bank,
which is a member of the Federal Deposit Insurance Corporation; (h)&nbsp;overnight securities repurchase
agreements, or reverse repurchase agreements secured by any of the foregoing types of securities or
debt instruments, <U>provided</U> that the collateral supporting such repurchase agreements shall
have a value not less than 101% of the principal amount of the repurchase agreement plus accrued
interest; and (i)&nbsp;money market funds invested in investments substantially all of which consist of
the items described in <U>clauses (a)</U> through <U>(h)</U> foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Closing Date</U>&#148; means the date on or after the Effective Date on which the conditions
set forth in <U>Section&nbsp;3.1</U> shall have been satisfied to the satisfaction of the
Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Code</U>&#148; shall mean the Internal Revenue Code of 1986, as amended, and as it may be
further amended from time to time, any successor statutes thereto, and applicable U.S. Department
of Treasury regulations issued pursuant thereto in temporary or final form.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Collateral</U>&#148; means all Property that is subject to Liens in favor of the
Administrative Agent for the benefit of the Banks under the terms of any Security Agreement and any
Letters of Credit then held by the Administrative Agent.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Commitment</U>&#148; means with respect to each Bank, the amount set forth under the name of
such Bank on the signature pages hereof as its commitment for Loans in Dollars (and, for each Bank
which is an Assignee, the amount set forth in the Transfer Supplement entered into pursuant to
<U>Section&nbsp;9.6(c)</U> as the Assignee&#146;s Commitment), as such amount may be reduced from time to
time pursuant to <U>Section&nbsp;2.11(e)</U> or in connection with an assignment to an Assignee, and as
such amount may be increased pursuant to <U>Section&nbsp;9.19</U> or in connection with an assignment
from an Assignor. The initial aggregate amount of the Banks&#146; Commitments is $230,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Consolidated Subsidiary</U>&#148; means at any date any Subsidiary or other entity which is
consolidated with Borrower or General Partner in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Consolidated Tangible Net Worth</U>&#148; means, at any time, the tangible net worth of
Borrower, on a consolidated basis, determined in accordance with GAAP, plus preferred units issued
by Consolidated Subsidiaries, plus all accumulated depreciation and amortization of Borrower plus
Borrower&#146;s Share of accumulated depreciation and amortization of Investment Affiliates, deducted,
in either case, from earnings in calculating Net Income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Construction Asset</U>&#148; has the meaning set forth in the definition of the term
&#147;Construction Asset Cost&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Construction Asset Cost</U>&#148; shall mean, with respect to a Real Property Asset (or, in
the case of any Real Property Asset to be developed in phases, any phase thereof) in which
Development Activity has begun (as evidenced by obtaining a permit to commence construction of the
applicable industrial or retail improvements by the applicable governmental authority) but has not
yet been substantially completed (substantial completion shall be deemed to mean not less than 90%
completion, as such completion shall be evidenced by a certificate of occupancy or its equivalent
and the commencement of the payment of rent by tenants of such Real Property Asset or phase) (a
&#147;<U>Construction Asset</U>&#148;), (i)&nbsp;in the case of the development and construction by the Borrower
described in <U>clause (a)</U> of the definition of Development Activity, the aggregate, good
faith estimate of the total cost to be incurred by the Borrower in the construction of such
improvements (including land acquisition costs); (ii)&nbsp;in the case of the development and
construction by a Joint Venture Subsidiary or a Consolidated Subsidiary of the Borrower described
in <U>clause (a)</U> of the definition of Development Activity, an amount equal to Borrower&#146;s
Share of the aggregate, good faith estimate of the total cost to be incurred by such Joint Venture
Subsidiary or such Consolidated Subsidiary, as applicable, in the construction of such improvements
(including land acquisition costs); (iii)&nbsp;in the case of the financing of any development and
construction by the Borrower, the amount the Borrower has committed to fund
to pay the cost to complete such development and construction, (iv)&nbsp;in the case of the
financing of any development and construction by a Joint Venture Subsidiary or a Consolidated
Subsidiary of the Borrower, an amount equal to Borrower&#146;s Share of the amount such Joint Venture
Subsidiary or such Consolidated Subsidiary, as applicable, has committed to fund to pay the cost to
complete such development and construction; (v)&nbsp;in the case of the incurrence of any Contingent
Obligations in connection with any development and construction by the Borrower, the amount of such
Contingent Obligation of the Borrower, (vi)&nbsp;in the case of the incurrence of any Contingent
Obligations in connection with any development and construction by a Joint Venture Subsidiary or a
Consolidated Subsidiary of the Borrower, an amount equal to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Borrower&#146;s Share of the amount of such
Contingent Obligation of such Joint Venture Subsidiary or such Consolidated Subsidiary, as
applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Contingent Obligation&#148;</U> as to any Person means, without duplication, (i)&nbsp;any
contingent obligation of such Person required to be shown on such Person&#146;s balance sheet in
accordance with GAAP, and (ii)&nbsp;any obligation required to be disclosed in the footnotes to such
Person&#146;s financial statements, guaranteeing partially or in whole any Non-Recourse Indebtedness,
lease, dividend or other obligation, exclusive of contractual indemnities (including, without
limitation, any indemnity or price-adjustment provision relating to the purchase or sale of
securities or other assets) and guarantees of non-monetary obligations (other than guarantees of
completion) which have not yet been called on or quantified, of such Person or of any other Person.
The amount of any Contingent Obligation described in <U>clause (ii)</U> shall be deemed to be (a)
with respect to a guaranty of interest or interest and principal, or operating income guaranty, the
Net Present Value of the sum of all payments required to be made thereunder (which in the case of
an operating income guaranty shall be deemed to be equal to the debt service for the note secured
thereby), calculated at the Applicable Interest Rate, through (i)&nbsp;in the case of an interest or
interest and principal guaranty, the stated date of maturity of the obligation (and commencing on
the date interest could first be payable thereunder), or (ii)&nbsp;in the case of an operating income
guaranty, the date through which such guaranty will remain in effect, and (b)&nbsp;with respect to all
guarantees not covered by the preceding <U>clause (a)</U>, an amount equal to the stated or
determinable amount of the primary obligation in respect of which such guaranty is made or, if not
stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming
such Person is required to perform thereunder) as recorded on the balance sheet and on the
footnotes to the most recent financial statements of Borrower required to be delivered pursuant to
<U>Section&nbsp;5.1</U> hereof. Notwithstanding anything contained herein to the contrary, guarantees
of completion shall not be deemed to be Contingent Obligations unless and until a claim for payment
or performance has been made thereunder, at which time any such guaranty of completion shall be
deemed to be a Contingent Obligation in an amount equal to any such claim. Subject to the
preceding sentence, (i)&nbsp;in the case of a joint and several guaranty given by such Person and
another Person (but only to the extent such guaranty is recourse, directly or indirectly to
Borrower), the amount of the guaranty shall be deemed to be 100% thereof unless and only to the
extent that such other Person has delivered Cash or Cash Equivalents to secure all or any part of
such Person&#146;s guaranteed obligations, (ii)&nbsp;in the case of joint and several guarantees given by a
Person in whom Borrower owns an interest (which guarantees are non-recourse to Borrower), to the
extent the guarantees, in the aggregate, exceed 15% of Total Asset Value, the amount which
is the lesser of (x)&nbsp;the amount in excess of 15% or (y)&nbsp;the amount of Borrower&#146;s interest
therein shall be deemed to be a Contingent Obligation of Borrower, and (iii)&nbsp;in the case of a
guaranty (whether or not joint and several) of an obligation otherwise constituting Indebtedness of
such Person, the amount of such guaranty shall be deemed to be only that amount in excess of the
amount of the obligation constituting Indebtedness of such Person. Notwithstanding anything
contained herein to the contrary, &#147;<U>Contingent Obligations</U>&#148; shall be deemed not to include
guarantees of Unused Commitments or of construction loans to the extent the same have not been
drawn. All matters constituting &#147;<U>Contingent Obligations</U>&#148; shall be calculated without
duplication.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Convertible Securities</U>&#148; means evidences of shares of stock, limited or general
partnership interests or other ownership interests, warrants, options, or other rights or
securities
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which are convertible into or exchangeable for, with or without payment of additional
consideration, common shares of beneficial interest of General Partner or partnership interests of
Borrower, as the case may be, either immediately or upon the arrival of a specified date or the
happening of a specified event.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Covenant Modification</U>&#148; has the meaning set forth in <U>Section&nbsp;9.5(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Credit Rating</U>&#148; means the rating assigned by the Rating Agencies to Borrower&#146;s senior
unsecured long term indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Debt Restructuring</U>&#148; means a restatement of, or material change in, the amortization
or other financial terms of any Indebtedness of General Partner, the Borrower or any Subsidiary or
Investment Affiliate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Debt Service</U>&#148; means, for any period and without duplication, Interest Expense for
such period plus scheduled principal amortization (excluding Balloon Payments) for such period on
all Balance Sheet Indebtedness of Borrower and General Partner, plus Borrower&#146;s Share of scheduled
principal amortization (excluding Balloon Payments) for such period on all Balance Sheet
Indebtedness of Investment Affiliates and Consolidated Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Default</U>&#148; means any condition or event which with the giving of notice or lapse of
time or both would, unless cured or waived, become an Event of Default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Default Rate</U>&#148; has the meaning set forth in <U>Section&nbsp;2.8(d)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Development Activity</U>&#148; means (a)&nbsp;the development and construction or redevelopment of
industrial or retail facilities by the Borrower or any of its Consolidated Subsidiaries or Joint
Venture Subsidiaries excluding Unimproved Assets, (b)&nbsp;the financing by the Borrower or any of its
Consolidated Subsidiaries or Joint Venture Subsidiaries of any such development or construction or
redevelopment and (c)&nbsp;the incurrence by the Borrower or any of its Consolidated Subsidiaries or
Joint Venture Subsidiaries of any Contingent Obligations in connection with such development or
construction or redevelopment (other than purchase contracts for Real Property Assets which are not
payable until after completion of development or construction).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Dollars</U>&#148; and &#147;<U>$</U>&#148; means the lawful money of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Domestic Lending Office</U>&#148; means, as to each Bank, its office located at its address in
the United States set forth in its Administrative Questionnaire (or identified in its
Administrative Questionnaire as its Domestic Lending Office) or such other office as such Bank may
hereafter designate as its Domestic Lending Office by notice to the Borrower and the Administrative
Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>EBITDA</U>&#148; means, for any period (i)&nbsp;Borrower&#146;s and General Partner&#146;s Income from
Operations for such period, including Borrower&#146;s Share of the Consolidated Subsidiary Income from
Operations for each Consolidated Subsidiary, <U>plus</U> (ii)&nbsp;Borrower&#146;s and General Partner&#146;s
depreciation and amortization expense and other non-cash items deducted in the calculation of
Income from Operations for such period, <U>plus</U> (iii)&nbsp;Borrower&#146;s and General Partner&#146;s
Interest Expense deducted in the calculation of Income from Operations for such period,
<U>plus</U>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iv)&nbsp;Borrower&#146;s Share of the Investment Affiliate EBITDA for each Investment
Affiliate, all of the foregoing without duplication.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Effective Date</U>&#148; means the date this Agreement becomes effective in accordance with
<U>Section&nbsp;9.9</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Eligible Assets</U>&#148; means, as of any date, any real property (a)&nbsp;located within the
U.S., Canada or Europe, (b)&nbsp;owned in fee simple or pursuant to a ground lease directly or
indirectly by an Encumbered Entity, (c)&nbsp;which is free from any material environmental, title or
structural issues, (d)&nbsp;which is in scope and quality, consistent with the Borrower&#146;s other
similarly situated property under development, and (e)&nbsp;which is not subject to any Lien in favor of
any Person (other than Liens described in <U>clauses</U> <U>(a)</U>, <U>(b)</U>, <U>(c)</U>,
<U>(d)</U>, <U>(f)</U> or <U>(g)</U> of the definition of the term &#147;Permitted Liens&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Eligible Undeveloped Land</U>&#148; means, as of any date, any Eligible Assets containing no
material improvements (other than infrastructure improvements such as roads, utility feeder lines
and the like).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Encumbered Entity</U>&#148; means, as of any date, any Person all of whose Equity Interests
have been pledged to Administrative Agent under the terms of the Security Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Environmental Affiliate</U>&#148; means any partnership, joint venture, trust or corporation
in which an equity interest is owned directly or indirectly by the Borrower and, as a result of the
ownership of such equity interest, Borrower may have recourse liability for Environmental Claims
against such partnership, joint venture, trust or corporation (or the property thereof).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Environmental Claim</U>&#148; means, with respect to any Person, any notice, claim, demand or
similar communication (written or oral) by any other Person alleging potential liability of such
Person for investigatory costs, cleanup costs, governmental response costs, natural resources
damage, property damages, personal injuries, fines or penalties arising out of, based on or
resulting from (i)&nbsp;the presence, or release into the environment, of any Materials of
Environmental Concern at any location, whether or not owned by such Person or (ii)
circumstances forming the basis of any violation, or alleged violation, of any Environmental Law,
in each case (with respect to both (i)&nbsp;and (ii)&nbsp;above) as to which there is a reasonable
possibility of an adverse determination with respect thereto and which, if adversely determined,
would have a Material Adverse Effect on the Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Environmental Laws</U>&#148; means any and all federal, state, and local statutes, laws,
judicial decisions, regulations, ordinances, rules, judgments, orders, decrees, plans, injunctions,
permits, concessions, grants, licenses, agreements and other governmental restrictions relating to
the environment, the effect of the environment on human health or to emissions, discharges or
releases of Materials of Environmental Concern into the environment including, without limitation,
ambient air, surface water, ground water, or land, or otherwise relating to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of
Environmental Concern or the clean up or other remediation thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Equity Interests</U>&#148; means, with respect to any Person, all of the shares of capital
stock of (or other ownership or profit interests in) such Person, all of the warrants, options or
other rights
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">for the purchase or acquisition from such Person of shares of capital stock of (or
other ownership or profit interests in) such Person, all of the securities convertible into or
exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person
or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the ownership or profit interests in such Person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not
such shares, warrants, options, rights or other interests are outstanding on any date of
determination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>ERISA</U>&#148; means the Employee Retirement Income Security Act of 1974, as amended, or any
successor statute.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>ERISA Group</U>&#148; means the Borrower, any Subsidiary, General Partner and all members of a
controlled group of corporations and all trades or businesses (whether or not incorporated) under
common control and all members of an &#147;affiliated service group&#148; which, together with the Borrower,
any Subsidiary or General Partner, are treated as a single employer under Section&nbsp;414 of the Code
or Section&nbsp;4001(b)(1) of ERISA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Euro-Dollar Borrowing</U>&#148; has the meaning set forth in <U>Section&nbsp;1.3</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Euro-Dollar Business Day</U>&#148; means any Business Day on which banks are open for dealings
in Dollar deposits in the London interbank market and any day on which commercial banks are open
for foreign exchange business in London.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Euro-Dollar Lending Office</U>&#148; means, as to each Bank, its office, branch or affiliate
located at its address set forth in its Administrative Questionnaire (or identified in its
Administrative Questionnaire as its Euro-Dollar Lending Office) or such other office, branch or
affiliate of such Bank as it may hereafter designate as its Euro-Dollar Lending Office by notice to
the Borrower and the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Euro-Dollar Loan</U>&#148; means a Loan to be made by a Bank as a Euro-Dollar Loan in
accordance with the applicable Notice of Borrowing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Euro-Dollar Reference Bank</U>&#148; means the principal London offices of the Administrative
Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Euro-Dollar Reserve Percentage</U>&#148; means for any day that percentage (expressed as a
decimal) which is in effect on such day, as prescribed by the Board of Governors of the Federal
Reserve System (or any successor) under Regulation&nbsp;D, as Regulation&nbsp;D may be amended, modified or
supplemented, for determining the maximum reserve requirement for a member bank of the Federal
Reserve System in New York City with deposits exceeding five billion dollars in respect of
&#147;Eurocurrency liabilities&#148; (or in respect of any other category of liabilities which includes
deposits by reference to which the interest rate on Euro-Dollar Loans is determined or any category
of extensions of credit or other assets which includes loans by a non-United States office of any
Bank to United States residents). The Adjusted Interbank Offered Rate shall be adjusted
automatically on and as of the effective date of any change in the Euro-Dollar Reserve Percentage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Event of Default</U>&#148; has the meaning set forth in <U>Section&nbsp;6.1</U>.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Existing Credit Agreement</U>&#148; means the Third Amended and Restated Revolving Credit
Agreement, dated as of June&nbsp;1, 2006, among the Borrower, JPMorgan Chase Bank, N.A., as
Administrative Agent, J.P. Morgan Europe Limited, as Administrative Agent for Alternate Currencies,
and the banks party thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Extension Date</U>&#148; has the meaning set forth in <U>Section&nbsp;2.10(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Extension Fee</U>&#148; has the meaning set forth in <U>Section&nbsp;2.9(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Extension Notice</U>&#148; has the meaning set forth in <U>Section&nbsp;2.10(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Facility Amount</U>&#148; has the meaning set forth in <U>Section&nbsp;2.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Federal Funds Rate</U>&#148; means, for any day, the rate per annum (rounded upward, if
necessary, to the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged by Federal funds
brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next
succeeding such day, <U>provided</U> that (i)&nbsp;if such day is not a Business Day, the Federal Funds
Rate for such day shall be such rate on such transactions on the next preceding Business Day as so
published on the next succeeding Business Day, and (ii)&nbsp;if no such rate is so published on such
next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate quoted
to the Administrative Agent on such day on such transactions as determined by the Administrative
Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Federal Reserve Board</U>&#148; means the Board of Governors of the Federal Reserve System as
constituted from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>FFO</U>&#148; means &#147;funds from operations,&#148; defined to mean, without duplication for any
period, Income from Operations, <U>plus</U> (i)&nbsp;Borrower&#146;s Share of Income from Operations of any
Investment Affiliate (plus Borrower&#146;s Share of real estate depreciation and amortization expenses
of Investment Affiliates), <U>plus</U> (ii)&nbsp;real estate depreciation and amortization expense for
such period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Financing Partnerships</U>&#148; means any Subsidiary which is wholly-owned, directly or
indirectly, by Borrower or by Borrower and General Partner, with General Partner holding, directly
or indirectly other than through its interest in Borrower, no more than a 2% economic interest in
such Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>First Tier JV</U>&#148; has the meaning set forth in <U>Section&nbsp;5.14</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Fiscal Quarter</U>&#148; means a fiscal quarter of a Fiscal Year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Fiscal Year</U>&#148; means the fiscal year of Borrower and General Partner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Fitch</U>&#148; means Fitch, Inc., or any successor thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Fixed Charges</U>&#148; for any Fiscal Quarter period means the sum of (i)&nbsp;Debt Service for
such period, (ii)&nbsp;dividends on preferred units payable by Borrower for such period, and (iii)
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">distributions made by Borrower in such period to Guarantor for the purpose of paying dividends on
preferred shares in Guarantor. If any of the foregoing Indebtedness is subject to an interest rate
cap agreement purchased by the Borrower, the Guarantor or a Consolidated Subsidiary, the interest
rate shall be assumed to be the lower of the actual interest payable on such Indebtedness or the
capped rate of such interest rate cap agreement. In no event shall any dividends payable on the
Guarantor&#146;s or any Consolidated Subsidiary&#146;s common stock be included in Fixed Charges.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Fixed Rate Borrowing</U>&#148; has the meaning set forth in <U>Section&nbsp;1.3</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Fixed Rate Indebtedness</U>&#148; means all Indebtedness which accrues interest at a fixed
rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Floating Rate Indebtedness</U>&#148; means all Indebtedness which is not Fixed Rate
Indebtedness and which is not a Contingent Obligation or an Unused Commitment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>FMV Cap Rate</U>&#148; means seven and three-quarters percent (7.75%).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Foreign Property Interests</U>&#148; means Borrower&#146;s or General Partner&#146;s interest, without
duplication, in Properties located outside the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>GAAP</U>&#148; means generally accepted accounting principles recognized as such in the
opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and the Financial Accounting Standards Board or in such other
statements by such other entity as may be approved by a significant segment of the accounting
profession, which are applicable to the circumstances as of the date of determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>General Partner</U>&#148; means AMB Property Corporation, a Maryland corporation qualified as
a real estate investment trust and the sole general partner of Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Group of Loans</U>&#148; means, at any time, a group of Loans consisting of (i)&nbsp;all Loans
which are Base Rate Loans at such time, or (ii)&nbsp;all Euro-Dollar Loans having the same Interest
Period at such time; <U>provided</U> that, if a Loan of any particular Bank is converted to or
made as a Base Rate Loan pursuant to <U>Section&nbsp;8.2</U> or <U>8.5</U>, such Loan shall be
included in the same Group or Groups of Loans from time to time as it would have been in if it had
not been so converted or made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Guarantor</U>&#148; shall mean AMB Property Corporation, a Maryland corporation qualified as a
real estate investment trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Guaranty</U>&#148; shall mean that certain Guaranty Agreement, dated as of the date hereof, by
General Partner, as guarantor, to Administrative Agent, for the benefit of the Banks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Income from Operations</U>&#148; means, for any period, Net Income before the deduction of (i)
Taxes, (ii)&nbsp;minority interests, (iii)&nbsp;gains and losses on asset sales, Debt Restructurings or
write-ups or forgiveness of indebtedness, (iv)&nbsp;gains and losses from extraordinary items, (v)
payment of preferred dividends, calculated in conformity with GAAP, and (vi)&nbsp;an adjustment to
exclude the straight-lining of rents.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Indebtedness</U>&#148; as applied to any Person (and without duplication), means (a)&nbsp;all
indebtedness, obligations or other liabilities of such Person for borrowed money or for the
deferred purchase price of property or services, including all liabilities of such Person evidenced
by Securities or other similar instruments, (b)&nbsp;all Contingent Obligations of such Person, (c)&nbsp;all
indebtedness obligations or other liabilities of such Person or others secured by a Lien on any
asset of such Person, in excess of 2.5% of Total Liabilities in the aggregate, whether or not such
indebtedness, obligations or liabilities are assumed by, or are a personal liability of such
Person, and (d)&nbsp;all other items which, in accordance with GAAP, would be included as liabilities on
the liability side of, or in the footnotes to the balance sheet of such Person, exclusive, however,
of all dividends and distributions declared but not yet paid. Notwithstanding the foregoing,
whenever the term &#147;Indebtedness&#148; is used with respect to Borrower or General Partner without
expressly stating that such Indebtedness is to be determined on a consolidated basis, such
&#147;Indebtedness&#148; shall only include Borrower&#146;s Share of any Indebtedness of a Consolidated
Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Indemnitee</U>&#148; has the meaning set forth in <U>Section&nbsp;9.3(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Interbank Offered Rate</U>&#148; applicable to any Interest Period means the average (rounded
upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which
deposits in Dollars are offered to the Euro-Dollar Reference Bank in the interbank market at
approximately 11:00&nbsp;a.m. (London time) two Euro-Dollar Business Days before the first day of such
Interest Period in an amount approximately equal to the principal amount of the Euro-Dollar
Borrowing or Group of Loans or portion thereof to be converted into or continued as Euro-Dollar
Loans to which such Interest Period is to apply and for a period of time comparable to such
Interest Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Interest Expense</U>&#148; means, for any period and without duplication, total interest
expense, whether paid, accrued or capitalized, determined in accordance with GAAP, with respect to
Balance Sheet Indebtedness of Borrower and General Partner, plus Borrower&#146;s Share of accrued, paid
or capitalized interest with respect to any Balance Sheet Indebtedness of Investment Affiliates and
Consolidated Subsidiaries (in each case, including, without limitation, the interest component of
Capital Leases but excluding interest expense covered by an interest reserve established under a
loan facility such as capitalized construction interest provided for in a construction loan).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Interest Period</U>&#148; means: with respect to each Euro-Dollar Borrowing, the period
commencing on the date of such Borrowing specified in the Notice of Borrowing or on the date
specified in the applicable Notice of Interest Rate Election and ending 2, 3, 6, or if available
from all the Banks, 12&nbsp;months thereafter as the Borrower may elect in the applicable Notice of
Borrowing or Notice of Interest Rate Election; <U>provided</U>, that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Interest Period which would otherwise end on a day which is not a Euro-Dollar
Business Day shall be extended to the next succeeding Euro-Dollar Business Day unless such
Euro-Dollar Business Day falls in another calendar month, in which case such Interest Period
shall end on the next preceding Euro-Dollar Business Day;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Interest Period which begins on the last Euro-Dollar Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">calendar month
at the end of such Interest Period) shall end on the last Euro-Dollar Business Day of a
calendar month; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Interest Period may end later than the Maturity Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Interest Rate Contracts</U>&#148; means, collectively, interest rate swap, collar, cap or
similar agreements providing interest rate protection.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Intermediate Tier Entity</U>&#148; has the meaning set forth in <U>Section&nbsp;5.14</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>International FinCo</U>&#148; has the meaning set forth in <U>Section&nbsp;5.14</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Intracompany Indebtedness</U>&#148; means Indebtedness whose obligor and obligee are each the
Borrower, the Guarantor or a Consolidated Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Investment Affiliate</U>&#148; means any Person in whom Guarantor or Borrower holds an equity
interest, directly or indirectly, whose financial results are not consolidated under GAAP with the
financial results of Guarantor or Borrower on the consolidated financial statements of General
Partner and Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Investment Affiliate EBITDA</U>&#148; means, for any period (i)&nbsp;Income from Operations of an
Investment Affiliate for such period, <U>plus</U> (ii)&nbsp;depreciation and amortization expense and
other non-cash items deducted in the calculation of Income from Operations of such Investment
Affiliate for such period, <U>plus</U> (iii)&nbsp;Interest Expense deducted in the calculation of
Income from Operations of such Investment Affiliate for such period, all of the foregoing without
duplication.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Investment Grade Rating</U>&#148; means a rating for a Person&#146;s senior long-term unsecured
debt of BBB- or better from S&#038;P or a rating of Baa3 or better from Moody&#146;s. In the event that
Borrower receives Credit Ratings only from S&#038;P and Moody&#146;s, and such Credit Ratings are not
equivalent, the higher of such two (2)&nbsp;Credit Ratings shall be used to determine whether an
Investment Grade Rating was achieved. In the event that Borrower receives more than two (2)&nbsp;Credit
Ratings, and such Credit Ratings are not all equivalent, the highest Credit Rating shall be used to
determine whether an Investment Grade Rating was achieved, <U>provided</U> that said highest
rating is from S&#038;P or Moody&#146;s; <U>provided</U>, <U>further</U>, that if the highest rating is not
from S&#038;P or Moody&#146;s, then the highest Credit Rating from either S&#038;P or Moody&#146;s shall be used to
determine whether an Investment Grade Rating was achieved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Investment Mortgages</U>&#148; means mortgages securing indebtedness with respect to Real
Property Assets directly or indirectly owed to Borrower or any of its Subsidiaries, including,
without limitation, certificates of interest in real estate mortgage investment conduits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Joint Bookrunners</U>&#148; means The Bank of Nova Scotia and ING Real Estate Finance (USA)
LLC, in their capacity as Joint Bookrunners hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Joint Lead Arrangers</U>&#148; means The Bank of Nova Scotia and ING Real Estate Finance (USA)
LLC, in their capacity as Joint Lead Arrangers hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Joint Lenders</U>&#148; has the meaning set forth in <U>Section&nbsp;5.14</U>.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Joint Venture Interests</U>&#148; means partnership, joint venture, membership or other equity
interests issued by any Person which is an Investment Affiliate that is not a Subsidiary, is not
consolidated with Borrower and is not controlled by a Joint Venture Parent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Joint Venture Parent</U>&#148; means Borrower or one or more Financing Partnerships of
Borrower which directly or indirectly owns any interest in a Joint Venture Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Joint Venture Subsidiary</U>&#148; means any entity (other than a Financing Partnership) in
which (i)&nbsp;a Joint Venture Parent owns at least 50% of the economic interests and (ii)&nbsp;the sale or
financing of any Property owned by such Joint Venture Subsidiary is substantially controlled by a
Joint Venture Parent, subject to customary provisions set forth in the organizational documents of
such Joint Venture Subsidiary with respect to refinancings or rights of first refusal granted to
other members of such Joint Venture Subsidiary. For purposes of the preceding sentence, the sale
or financing of a Property owned by a Joint Venture Subsidiary shall be deemed to be substantially
controlled by a Joint Venture Parent, if such Joint Venture Parent has the ability to exercise a
buy-sell right in the event of a disagreement regarding the sale or financing of such Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>JV Non-US Property Owner</U>&#148; has the meaning set forth in <U>Section&nbsp;5.14</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Letter of Credit</U>&#148; means a letter of credit in substantially the form of <U>Exhibit
E</U> in favor of the Administrative Agent, or such other form as may be reasonably acceptable to
the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Lien</U>&#148; means, with respect to any asset, any mortgage, lien, pledge, charge, security
interest or encumbrance of any kind, or any other type of preferential arrangement, in each case
that has the effect of creating a security interest, in respect of such asset. For the purposes of
this Agreement, the Borrower or any Consolidated Subsidiary shall be deemed to own subject to a
Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under
any conditional sale agreement, capital lease or other title retention agreement relating to such
asset.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Loan</U>&#148; means a loan made by a Bank pursuant to <U>Section&nbsp;2.1</U>; <U>provided</U>
that, if any such loan or loans (or portions thereof) are combined or subdivided pursuant to a
Notice of Interest Rate Election, the term &#147;Loan&#148; shall refer to the combined principal amount
resulting from such combination or to each of the separate principal amounts resulting from such
subdivision, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Loan Documents</U>&#148; means this Agreement, the Notes, the Security Agreements and the
Guaranty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Loan Parties</U>&#148; means, collectively, the Borrower, the Guarantor and each Pledgor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Majority Banks</U>&#148; means at any time Banks having at least 51% of the aggregate amount
of Commitments, or if the Commitments shall have been terminated, holding Notes evidencing at least
51% of the aggregate unpaid principal amount of the Loans.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Material Adverse Effect</U>&#148; means an effect resulting from any circumstance or event or
series of circumstances or events, of whatever nature (but excluding general economic conditions),
which does or could reasonably be expected to, materially and adversely impair (i)&nbsp;the ability of
the Borrower and its Consolidated Subsidiaries, taken as a whole, to perform their respective
obligations under the Loan Documents, or (ii)&nbsp;the ability of Administrative Agent or the Banks to
enforce the Loan Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Materials of Environmental Concern</U>&#148; means and includes pollutants, contaminants,
hazardous wastes, toxic and hazardous substances, asbestos, lead, petroleum and petroleum
by-products.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Maturity Date</U>&#148; shall mean the date when all of the Obligations hereunder shall be due
and payable which shall be September&nbsp;4, 2010, unless otherwise extended in accordance with
<U>Section&nbsp;2.10(b)</U> or accelerated pursuant to the terms hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Moody&#146;s</U>&#148; means Moody&#146;s Investors Services, Inc. or any successor thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Multiemployer Plan</U>&#148; means at any time an employee pension benefit plan within the
meaning of Section&nbsp;4001(a)(3) of ERISA to which any member of the ERISA Group is then
making or accruing an obligation to make contributions or has at any time after September&nbsp;25,
1980 made contributions or has been required to make contributions (for these purposes any Person
which ceased to be a member of the ERISA Group after September&nbsp;25, 1980 will be treated as a member
of the ERISA Group).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Negative Pledge</U>&#148; means, with respect to any Property, any covenant, condition, or
other restriction entered into by the owner of such Property or directly binding on such Property
which prohibits or limits the creation or assumption of any Lien upon such Property to secure any
or all of the Obligations; <U>provided</U>, <U>however</U>, that such term shall not include (a)
any covenant, condition or restriction contained in any ground lease from a governmental entity,
and (b)&nbsp;financial covenants given for the benefit of any Person that may be violated by the
granting of any Lien on any Property to secure any or all of the Obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Net Income</U>&#148; means, for any period, net income as calculated in conformity with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Net Book Value</U>&#148; means, as of any date with respect to any Eligible Asset, the Net
Price to the owner of such Property adjusted to reflect the development costs associated with such
Property to such date, as determined in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Net Offering Proceeds</U>&#148; means all cash or other assets received by General Partner or
Borrower as a result of the issuance or sale of common shares of beneficial interest, preferred
shares of beneficial interest, partnership interests, preferred partnership units, limited
liability company interests, Convertible Securities or other ownership or equity interests in
General Partner or Borrower less customary costs and discounts of issuance paid by General Partner
or Borrower, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Net Price</U>&#148; means, with respect to the purchase of any Property, without duplication,
(i)&nbsp;the aggregate purchase price paid as cash consideration for such purchase (without adjustment
for prorations), including, without limitation, the principal amount of any note received or other
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">deferred payment to be made in connection with such purchase (except as described in <U>clause
(ii)</U> below) and the value of any non-cash consideration delivered in connection with such
purchase (including, without limitation, shares or preferred shares of beneficial interest in
General Partner and OP Units or Preferred OP Units (as defined in Borrower&#146;s partnership
agreement)) <U>plus</U> (ii)&nbsp;reasonable costs of sale and non-recurring taxes paid or payable in
connection with such purchase or sale.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Net Present Value</U>&#148; shall mean, as to a specified or ascertainable dollar amount, the
present value, as of the date of calculation of any such amount using a discount rate equal to the
Alternate Base Rate in effect as of the date of such calculation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Non-Recourse Indebtedness</U>&#148; means Indebtedness with respect to which recourse for
payment is limited to (i)&nbsp;specific Property or Properties encumbered by a Lien securing such
Indebtedness and/or another Person so long as there is no recourse to Borrower or the General
Partner, or (ii)&nbsp;any Consolidated Subsidiary or Investment Affiliate (<U>provided</U> that if an
entity is a partnership, there is no recourse to Borrower or General Partner as a general partner
of such
partnership); <U>provided</U>, <U>however</U>, that personal recourse of Borrower or General
Partner for any such Indebtedness for fraud, misrepresentation, misapplication of cash, waste,
environmental claims and liabilities and other circumstances customarily excluded by institutional
lenders from exculpation provisions and/or included in separate indemnification agreements in
non-recourse financing of real estate shall not, by itself, prevent such Indebtedness from being
characterized as Non-Recourse Indebtedness. For purposes of the foregoing and for the avoidance of
doubt, (a)&nbsp;if the Indebtedness is partially guaranteed by the Borrower or the General Partner, then
the portion of such Indebtedness that is not so guaranteed shall still be Non-Recourse Indebtedness
if it otherwise satisfies the requirements in this definition, and (b)&nbsp;if the liability of Borrower
or the General Partner under any such guaranty is itself limited to specific Property or
Properties, then such Indebtedness shall still be Non-Recourse Indebtedness if such Indebtedness
otherwise satisfies the requirements of this definition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Non-US Property</U>&#148; has the meaning set forth in <U>Section&nbsp;5.14</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Non-US Property Owners</U>&#148; has the meaning set forth in <U>Section&nbsp;5.14</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Notes</U>&#148; means the promissory notes of the Borrower, substantially in the form of
<U>Exhibit&nbsp;A</U> hereto, evidencing the obligation of the Borrower to repay the Loans, and &#147;Note&#148;
means any one of such promissory notes issued hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Notice of Borrowing</U>&#148; means a notice from Borrower in accordance with <U>Section
2.2</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Notice of Interest Rate Election</U>&#148; has the meaning set forth in <U>Section&nbsp;2.7</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Obligations</U>&#148; means all obligations, liabilities, indemnity obligations and
Indebtedness of every nature of the Borrower, from time to time owing to Administrative Agent or
any Bank under or in connection with this Agreement or any other Loan Document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Parent</U>&#148; means, with respect to any Bank, any Person controlling such Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Participant</U>&#148; has the meaning set forth in <U>Section&nbsp;9.6(b)</U>.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>PBGC</U>&#148; means the Pension Benefit Guaranty Corporation or any entity succeeding to any
or all of its functions under ERISA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Permitted Holdings</U>&#148; means Unimproved Assets, interests in Taxable REIT Subsidiaries
and Investment Mortgages, but only to the extent permitted in <U>Section&nbsp;5.8</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Permitted Liens</U>&#148; means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens for Taxes, assessments or other governmental charges not yet due and payable
or which are being contested in good faith by appropriate proceedings promptly instituted
and diligently conducted in accordance with the terms hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) statutory liens of carriers, warehousemen, mechanics, materialmen and other similar
liens imposed by law, which are incurred in the ordinary course of business for sums not
more than sixty (60)&nbsp;days delinquent or which are being contested in good faith in
accordance with the terms hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) deposits made in the ordinary course of business in connection with worker&#146;s
compensation, unemployment insurance and other social security legislation or to secure
liabilities to insurance carriers;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) utility deposits and other deposits to secure the performance of bids, trade
contracts (other than for borrowed money), leases, purchase contracts, construction
contracts, governmental contracts, statutory obligations, surety bonds, performance bonds
and other obligations of a like nature incurred in the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Liens for purchase money obligations for equipment (or Liens to secure Indebtedness
incurred within 90&nbsp;days after the purchase of any equipment to pay all or a portion of the
purchase price thereof or to secure Indebtedness incurred solely for the purpose of
financing the acquisition of any such equipment, or extensions, renewals, or replacements of
any of the foregoing for the same or lesser amount); <U>provided</U> that (i)&nbsp;the
Indebtedness secured by any such Lien does not exceed the purchase price of such equipment,
(ii)&nbsp;any such Lien encumbers only the asset so purchased and the proceeds upon sale,
disposition, loss or destruction thereof, and (iii)&nbsp;such Lien, after giving effect to the
Indebtedness secured thereby, does not give rise to an Event of Default;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) easements, rights-of-way, zoning restrictions, other similar charges or
encumbrances and all other items listed on Schedule&nbsp;B to Borrower&#146;s owner&#146;s title insurance
policies, except in connection with any Indebtedness, for any of Borrower&#146;s Real Property
Assets, so long as the foregoing do not interfere in any material respect with the use or
ordinary conduct of the business of Borrower and do not diminish in any material respect the
value of the Property to which it is attached or for which it is listed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (I)&nbsp;Liens and judgments which have been or will be bonded (and the Lien on any cash
or securities serving as security for such bond) or released of record within thirty (30)
days after the date such Lien or judgment is entered or filed against General Partner,
Borrower, or any Subsidiary, or (II)&nbsp;Liens which are being contested in good faith by
appropriate proceedings for review and in respect of which there shall have been
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">secured a
subsisting stay of execution pending such appeal or proceedings and as to which the subject
asset is not at risk of forfeiture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens on Property of the Borrower or its Subsidiaries (other than Unencumbered
Property) securing Indebtedness which may be incurred or remain outstanding without
resulting in an Event of Default hereunder; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens in favor of Borrower, General Partner or a Consolidated Subsidiary against
any asset of any Consolidated Subsidiary or any Investment Affiliate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Person</U>&#148; means an individual, a corporation, a partnership, a limited liability
company, an association, a trust or any other entity or organization, including, without
limitation, a government or political subdivision or an agency or instrumentality thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Plan</U>&#148; means at any time an employee pension benefit plan (other than a Multiemployer
Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under
Section&nbsp;412 of the Code and either (i)&nbsp;is maintained, or contributed to, by any member of the ERISA
Group for employees of any member of the ERISA Group or (ii)&nbsp;has at any time within the preceding
five years been maintained, or contributed to, by any Person which was at such time a member of the
ERISA Group for employees of any Person which was at such time a member of the ERISA Group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Pledgor</U>&#148; means each Subsidiary of the Borrower that is a party to any Security
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Preferred Stock Subsidiary</U>&#148; means a corporation organized with two classes of stock,
consisting of one class of voting common shares and one class of non-voting preferred shares, all
of whose preferred shares are owned by a Person seeking to be treated as a real estate investment
trust under the Code (or an operating partnership of which such Person is general partner) and all
of the common shares of which are owned by individuals or entities who are neither owned nor
controlled by such Person (but which individuals may be, and which entities may be owned and
controlled by, officers, directors or employees of such Person), and to which such Person (or an
operating partnership of which such Person is general partner) has contributed at least ninety-five
percent (95%) or more of the equity capital raised by such corporation in exchange for the issuance
of such corporation&#146;s shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Pro Rata Share</U>&#148; means, with respect to any Bank, a fraction (expressed as a
percentage), the numerator of which shall be the amount of such Bank&#146;s Commitment and the
denominator of which shall be the aggregate amount of all of the Banks&#146; Commitments, as adjusted
from time to time in accordance with the provisions of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Property</U>&#148; means, with respect to any Person, any real or personal property, building,
facility, structure, equipment or unit, or other asset owned by such Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Qualified Institution</U>&#148; means a Bank, or one or more banks, finance companies,
insurance or other financial institutions which (A)&nbsp;has (or, in the case of a bank which is a
subsidiary, such bank&#146;s parent has) a rating of its senior debt obligations of not less than Baa-1
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by Moody&#146;s or a comparable rating by a rating agency acceptable to Syndication Agent and (B)&nbsp;has
total assets in excess of Ten Billion Dollars ($10,000,000,000).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Rating Agencies</U>&#148; means, collectively, S&#038;P, Moody&#146;s and Fitch.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Real Property Assets</U>&#148; means as to any Person as of any time, the real property assets
(including, without limitation, interests in participating mortgages in which such Person&#146;s
interest therein is characterized as equity according to GAAP) owned directly or indirectly by
such Person at such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Recourse Debt</U>&#148; shall mean Indebtedness that is not Non-Recourse Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Regulation&nbsp;U</U>&#148; means Regulation&nbsp;U of the Board of Governors of the Federal Reserve
System, as in effect from time to time
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>REIT</U>&#148; means a real estate investment trust, as defined under Section&nbsp;856 of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Revised Adjusted EBITDA</U>&#148; means, for any period, Adjusted EBITDA for such period, less
(a)&nbsp;interest income, and (b)&nbsp;a management fee equal to three percent (3%) of consolidated rental
revenue from Real Property Assets of the Borrower and its Consolidated Subsidiaries and Investment
Affiliates for such period, plus (i)&nbsp;actual general and administrative expenses for such period to
the extent deducted in calculating Adjusted EBITDA, and (ii)&nbsp;actual management fees with respect to
Real Property Assets of the Borrower and its Consolidated Subsidiaries and Investment Affiliates
for such period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>S&#038;P</U>&#148; means Standard &#038; Poor&#146;s Ratings Services, a division of The McGraw-Hill
Companies, Inc., or any successor thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Second Tier Funding Loan</U>&#148; has the meaning set forth in <U>Section&nbsp;5.14</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Secured Debt</U>&#148; means Indebtedness (but excluding Intracompany Indebtedness), the
payment of which is secured by a Lien (other than a Permitted Lien, except for those Permitted
Liens described in clause (h)&nbsp;of the definition thereof) on any Property owned or leased by General
Partner or Borrower plus Borrower&#146;s Share of Indebtedness (but excluding Intracompany
Indebtedness), the payment of which is secured by a Lien (other than a Permitted Lien, except for
those Permitted Liens described in clause (h)&nbsp;of the definition thereof) on any Property owned or
leased by any Investment Affiliate or any Consolidated Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Securities</U>&#148; means any stock, partnership interests, shares, shares of beneficial
interest, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness,
secured or unsecured, convertible, subordinated or otherwise, or in general any instruments
commonly known as &#147;securities,&#148; or any certificates of interest, shares, or participations in
temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to,
purchase or acquire any of the foregoing, but shall not include Joint Venture Interests, any
interest in any Subsidiary of General Partner or Borrower, any interest in a Taxable REIT
Subsidiary, any Indebtedness which would not be required to be included on the liabilities side of
the balance sheet of General Partner or Borrower on a consolidated basis in accordance with GAAP,
any Cash or Cash Equivalents or any evidence of the Obligations.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Security Agreement</U>&#148; means (i)&nbsp;with respect to the pledge of Equity Interests in
Encumbered Entities that are organized within the United States, the US Security Agreement as
defined in <U>Section&nbsp;3.1(d)</U>, (ii)&nbsp;with respect to the pledge of Equity Interests in
Encumbered Entity which is a private company with limited liability (<I>besloten vennootschap met
beperkte
aansprakelijkheid</I>) incorporated under the laws of the Netherlands (a &#147;<U>Dutch BV</U>&#148;), a
share pledge in the form attached hereto as Exhibit&nbsp;D-1 executed and delivered by any Pledgor
pledging its Equity Interests in a Dutch BV for the benefit of the Administrative Agent (the
&#147;<U>BV Security Agreement</U>&#148;), and (iii)&nbsp;with respect to the pledge of Equity Interests in
Encumbered Entity which is not organized within the United States and which is not a Dutch BV, the
local equivalent of a security agreement used in the applicable jurisdiction which is sufficient to
grant a Lien (or the local equivalent) on the Equity Interests in such entity, in the form agreed
upon by Borrower and the Administrative Agent, acting reasonably.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Solvent</U>&#148; means, with respect to any Person, that the fair saleable value of such
Person&#146;s assets exceeds the Indebtedness of such Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Subordinated Intracompany Indebtedness</U>&#148; means Intracompany Indebtedness that is
subordinated to the Obligations pursuant to a subordination agreement in substantially the form of
<U>Exhibit&nbsp;F</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Subsidiary</U>&#148; means any corporation or other entity of which securities or other
ownership interests having ordinary voting power to elect a majority of the board of directors or
other persons performing similar functions are at the time directly or indirectly owned by the
Borrower or General Partner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Subsidiary Operating Partnership</U>&#148; shall mean a limited liability company or limited
partnership in which the only interest therein not owned (directly or indirectly) by Borrower
and/or General Partner shall be preference interests or preference units, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Substantially Controlled by Borrower</U>&#148; means, with respect to any action, that such
action is substantially controlled by Borrower as contemplated under <U>Section&nbsp;5.14</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Syndication Agent</U>&#148; means ING Real Estate Finance (USA)&nbsp;LLC, in its capacity as
syndication agent hereunder and its permitted successors in such capacity in accordance with the
terms of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Taxable REIT Subsidiary</U>&#148; means any corporation (other than a REIT) in which General
Partner directly or indirectly owns stock and General Partner and such corporation jointly elect
that such corporation shall be treated as a taxable REIT subsidiary of General Partner under and
pursuant to Section&nbsp;856 of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Taxes</U>&#148; means all federal, state, local and foreign income and gross receipts taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Term</U>&#148; has the meaning set forth in <U>Section&nbsp;2.10</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Termination Event</U>&#148; shall mean (i)&nbsp;a &#147;reportable event&#148;, as such term is described in
Section&nbsp;4043 of ERISA (other than a &#147;reportable event&#148; not subject to the provision for 30-day
notice to the PBGC), or an event described in Section 4062(e) of ERISA, (ii)&nbsp;the withdrawal by
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">any
member of the ERISA Group from a Multiemployer Plan during a plan year in which it is a
&#147;substantial employer&#148; (as defined in Section&nbsp;4001(a)(2) of ERISA), or the incurrence of liability
by any member of the ERISA Group under Section&nbsp;4064 of ERISA upon the termination of a
Multiemployer Plan, (iii)&nbsp;the filing of a notice of intent to terminate any Plan under Section&nbsp;4041
of ERISA, other than in a standard termination within the meaning of Section&nbsp;4041 of ERISA, or the
treatment of a Plan amendment as a distress termination under Section&nbsp;4041 of ERISA, (iv)&nbsp;the
institution by the PBGC of proceedings to terminate, impose liability (other than for premiums
under Section&nbsp;4007 of ERISA) in respect of, or cause a trustee to be appointed to administer, any
Plan or (v)&nbsp;any other event or condition that might reasonably constitute grounds for the
termination of, or the appointment of a trustee to administer, any Plan or the imposition of any
liability or encumbrance or Lien on the Real Property Assets or any member of the ERISA Group under
ERISA or the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Tiered Non-US Property</U>&#148; has the meaning set forth in <U>Section&nbsp;5.14</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Total Asset Value</U>&#148; means, with respect to Borrower and without duplication, (i)&nbsp;the
quotient obtained by dividing (a) (x) (1)&nbsp;Revised Adjusted EBITDA for the previous four (4)&nbsp;Fiscal
Quarters most recently ended, <U>minus</U> (2)&nbsp;for any Property (other than Construction Assets or
Unimproved Assets) which was acquired by Borrower, a Consolidated Subsidiary or an Investment
Affiliate in any of the previous four (4)&nbsp;Fiscal Quarters, the Revised Adjusted EBITDA attributable
to such Property to the extent the same was included in the Revised Adjusted EBITDA of Borrower in
<U>clause (1)</U> of this definition by (b)&nbsp;the FMV Cap Rate, <U>plus</U> (ii)&nbsp;for any Property
which was acquired by Borrower in any of the previous four (4)&nbsp;Fiscal Quarters, the sum of (x)&nbsp;the
Net Price of the Property paid by Borrower for such Property and (y)&nbsp;the cost of capital
expenditures actually incurred in connection with such Property, <U>plus</U> (iii)&nbsp;for any
Property which was acquired by an Investment Affiliate or a Consolidated Subsidiary in any of the
previous four (4)&nbsp;Fiscal Quarters, the sum of (x)&nbsp;Borrower&#146;s Share of the Net Price of the Property
paid by such Investment Affiliate or by such Consolidated Subsidiary, as applicable, for such
Property, and (y)&nbsp;Borrower&#146;s share of the cost of capital expenditures actually incurred in
connection with such Property <U>plus</U> (iv)&nbsp;the value of any Cash or Cash Equivalent owned by
Borrower (including Cash or Cash Equivalents held in restricted Section&nbsp;1031 accounts under the
control of Borrower or any Consolidated Subsidiary), and Borrower&#146;s Share of any Cash or Cash
Equivalent owned by any Consolidated Subsidiary or Investment Affiliate (including Cash or Cash
Equivalents held in restricted Section&nbsp;1031 accounts under the control of Borrower or any
Consolidated Subsidiary), <U>plus</U> (v)&nbsp;the value of any Construction Assets, Unimproved Assets
and any other tangible assets of Borrower (including foreign currency exchange agreements, to the
extent such agreements are material and are reported or are required under GAAP to be reported by
the Borrower in its financial statements), as measured on a GAAP basis, <U>plus</U> (vi)
Borrower&#146;s Share of the value of any Construction Assets, Unimproved Assets and any other tangible
assets of any Investment Affiliate or any Consolidated Subsidiary as measured on a GAAP basis. For
purposes of the foregoing, a Property which was a Construction Asset will be deemed to have been
acquired on the date it ceases to be a Construction Asset.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Total Liabilities</U>&#148; means, as of the date of determination and without duplication,
all Balance Sheet Indebtedness of Borrower and General Partner, plus Borrower&#146;s Share of all
Balance Sheet Indebtedness of Investment Affiliates and Consolidated Subsidiaries.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Unencumbered Net Operating Cash Flow</U>&#148; means, as of any date of determination, the
Unencumbered Net Operating Income for the previous four (4)&nbsp;Fiscal Quarters (<U>provided</U> that
as to any Unencumbered Property acquired during such period and owned for not less than one (1)
Fiscal Quarter, Unencumbered Net Operating Income attributable to such period occurring after such
acquisition shall be annualized).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Unencumbered Net Operating Income</U>&#148; means, for any period, for all Unencumbered
Properties, the aggregate revenues from each such Unencumbered Property for such period (including,
without limitation, lease termination fees appropriately amortized, but excluding deferred rents
receivable) or in the case of any Unencumbered Property owned by a Joint Venture Subsidiary,
Borrower&#146;s Share thereof, less the cost of maintaining such Unencumbered Properties (including,
without limitation, taxes, insurance, repairs and maintenance, but excluding depreciation,
amortization, interest costs and capital expenditures) or in the case of any Unencumbered Property
owned by a Joint Venture Subsidiary, Borrower&#146;s Share thereof (<U>provided</U> that as to any
Unencumbered Property acquired during such period, only revenues and property level expenses
attributable to such period occurring after such acquisition shall be included), as adjusted for
(i)&nbsp;capital expenditure reserves at the rate of Ten Cents ($0.10, or in the case of any
Unencumbered Property owned by a Joint Venture Subsidiary, Borrower&#146;s Share of Ten Cents ($0.10))
per square foot per annum of space leased as of the applicable date of determination
(<U>provided</U> that, as to any Unencumbered Property acquired during such period, such amount
per square foot shall be pro-rated for the period of ownership) and (ii)&nbsp;to exclude the effects of
straight-lining of rents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Unencumbered Property</U>&#148; means any retail or industrial Property (including Unimproved
Assets and Construction Assets, but excluding interests in participating mortgages in which such
Person&#146;s interest therein is characterized as equity according to GAAP) from time to time which (i)
is an operating Real Property Asset which is owned directly or indirectly 100% in fee (or ground
leasehold) by Borrower, a Financing Partnership or a Joint Venture Subsidiary, (ii)&nbsp;is not subject
(nor are any equity interests in such Property that are owned directly or indirectly by Borrower,
General Partner or any Joint Venture Parent subject) to a Lien which secures Indebtedness of any
Person other than Permitted Liens, and (iii)&nbsp;is not subject (nor are any equity interests in such
Property that are owned directly or indirectly by Borrower, General Partner or any Joint Venture
Parent subject) to any Negative Pledge (<U>provided</U> that a financial covenant given for the
benefit of any Person that may be violated by the granting of any Lien on any Property to secure
any or all of the Obligations shall not be deemed a Negative Pledge).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Unimproved Assets</U>&#148; means Real Property Assets (or, in the case of any Real Property
Assets to be developed in phases, any phase thereof) containing no material improvements other than
infrastructure improvements such as roads, utility feeder lines and the like.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>United States</U>&#148; means the United States of America, including the fifty states and the
District of Columbia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Unsecured Debt</U>&#148; means the amount of Indebtedness (excluding Intracompany
Indebtedness) for borrowed money of General Partner, Borrower, any Financing Partnership, any
Preferred Stock Subsidiary or Joint Venture Subsidiary and which is not Secured Debt,
including, without limitation, the amount of all then outstanding Loans.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Unsecured Interest Expense</U>&#148; means, as of any date of determination, for the previous
four (4)&nbsp;Fiscal Quarters, the Interest Expense paid, accrued or capitalized on Unsecured Debt,
<U>provided</U>, <U>however</U>, in the case of any Preferred Stock Subsidiary, Joint Venture
Subsidiary or Consolidated Subsidiary only an amount equal to the Borrower&#146;s Share of any such
Interest Expense on Unsecured Debt of such entity shall be included in Unsecured Interest Expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Unused Commitments</U>&#148; shall mean an amount equal to all unadvanced funds (other than
unadvanced funds in connection with any construction loan) which any third party is obligated to
advance to Borrower or another Person or otherwise pursuant to any loan document, written
instrument or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>US Security Agreement</U>&#148; has the meaning set forth in <U>Section&nbsp;3.1(d)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.2. <U>Accounting Terms and Determinations</U>. Unless otherwise specified herein,
all accounting terms used herein shall be interpreted, all accounting determinations hereunder
shall be made, and all financial statements required to be delivered hereunder shall be prepared in
accordance with GAAP applied on a basis consistent (except for changes concurred in by the
Borrower&#146;s independent public accountants) with the most recent audited consolidated financial
statements of the Borrower and its Consolidated Subsidiaries delivered to the Administrative Agent;
<U>provided</U> that for purposes of references to the financial results and information of
&#147;General Partner, on a consolidated basis,&#148; General Partner shall be deemed to own one hundred
percent (100%) of the partnership interests in Borrower; and <U>provided</U> <U>further</U> that,
if the Borrower notifies the Administrative Agent that the Borrower wishes to amend any covenant in
<U>Article&nbsp;V</U> to eliminate the effect of any change in GAAP on the operation of such covenant
(or if the Administrative Agent notifies the Borrower that the Majority Banks wish to amend
<U>Article&nbsp;V</U> for such purpose), then the Borrower&#146;s compliance with such covenant shall be
determined on the basis of GAAP in effect immediately before the relevant change in GAAP became
effective, until either such notice is withdrawn or such covenant is amended in a manner reasonably
satisfactory to the Borrower and the Majority Banks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.3. <U>Types of Borrowings</U>. The term &#147;Borrowing&#148; denotes the aggregation of
Loans of one or more Banks to be made to the Borrower pursuant to <U>Article&nbsp;II</U> on the same
date, all of which Loans are of the same type (subject to <U>Article&nbsp;VIII</U>) and, except in the
case of Base Rate Loans, have the same initial Interest Period. Borrowings are classified for
purposes of this Agreement either by reference to the pricing of Loans comprising such Borrowing
(e.g., a &#147;Fixed Rate Borrowing&#148; is a Euro-Dollar Borrowing; and a &#147;Euro-Dollar Borrowing&#148; is a
Borrowing comprised of Euro-Dollar Loans).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE II
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE CREDITS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.1. <U>Commitments to Lend</U>. Each Bank severally agrees, on the terms and
conditions set forth in this Agreement, to make Loans to the Borrower pursuant to this Article from
time to time during the term hereof in amounts such that the aggregate principal amount of Loans by
such Bank at any one time outstanding shall not exceed its Commitment. The initial Borrowing shall
be made on the Effective Date in an amount equal to the aggregate
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Commitments, and shall be made
from the several Banks ratably in proportion to their respective Commitments. Subject to the
provisions of <U>Section&nbsp;9.19</U> hereof, in no event shall the aggregate amount of Loans
outstanding at any time, exceed the lesser of (i) $230,000,000 (as adjusted pursuant to <U>Section
9.19</U>, the &#147;<U>Facility Amount</U>&#148;) or (ii)&nbsp;the Borrowing Base. In the event that the
Facility Amount shall be increased pursuant to <U>Section&nbsp;9.19</U>, each Borrowing thereafter
shall be in an aggregate principal amount of $5,000,000, or an integral multiple of $1,000,000 in
excess thereof (except that any such Borrowing may be in the aggregate amount of the Commitments
then available to be borrowed). Any amounts repaid may not be reborrowed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.2. <U>Notice of Borrowing</U>. With respect to any Borrowing, the Borrower shall
give Administrative Agent notice not later than 1:00 P.M. (New York City or London time, as
applicable) (x)&nbsp;the Business Day prior to each Base Rate Borrowing, or (y)&nbsp;the third (3rd)
Euro-Dollar Business Day before each Euro-Dollar Borrowing denominated in Dollars, specifying:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of such Borrowing, which shall be a Business Day in the case of a Base
Rate Borrowing or a Euro-Dollar Business Day in the case of a Euro-Dollar Borrowing,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of such Borrowing,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) whether the Loans comprising such Borrowing are to be Base Rate Loans or
Euro-Dollar Loans,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of a Euro-Dollar Borrowing, the duration of the Interest Period
applicable thereto, subject to the provisions of the definition of Interest Period,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) payment instructions for delivery of such Borrowing; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) certify that no Default or Event of Default has occurred or is continuing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.3. <U>Intentionally Omitted</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.4. <U>Intentionally Omitted</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.5. <U>Notice to Banks; Funding of Loans</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Upon receipt of a Notice of Borrowing from Borrower in accordance with <U>Section&nbsp;2.2</U>
hereof, the Administrative Agent shall, on the date such Notice of Borrowing is received by the
Administrative Agent, notify each applicable Bank of the contents thereof and of such Bank&#146;s share
of such Borrowing, of the interest rate determined pursuant thereto and the Interest Period(s) (if
different from those requested by the Borrower) and such Notice of Borrowing shall not thereafter
be revocable by the Borrower, unless Borrower shall pay any applicable expenses pursuant to
<U>Section&nbsp;2.14</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Not later than 2:00 p.m. (New York City time) on the date of each Borrowing as indicated
in the applicable Notice of Borrowing, each Bank shall (except as provided in <U>subsection
(d)</U> of this Section) make available its share of such Borrowing in Federal funds
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">immediately
available in New York, New York, to the Administrative Agent at its address referred to in
<U>Section&nbsp;9.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Intentionally Omitted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Unless the Administrative Agent shall have received notice from a Bank prior to the date
of any Borrowing that such Bank will not make available to the Administrative Agent such Bank&#146;s
share of such Borrowing, the Administrative Agent may assume that such Bank has made such share
available to the Administrative Agent on the date of such Borrowing in accordance with this
<U>Section&nbsp;2.5</U> and the Administrative Agent may, in reliance upon such assumption, but shall
not be obligated to, make available to the Borrower on such date a corresponding amount on behalf
of such Bank. If and to the extent that such Bank shall not have so made such share available to
the Administrative Agent, such Bank agrees to repay to the Administrative Agent forthwith on demand
such corresponding amount together with interest thereon, for each day from the date such amount is
made available to the Borrower until the date such amount is repaid to the Administrative Agent, at
the rate of interest applicable to such Borrowing hereunder. If such Bank shall repay to the
Administrative Agent such corresponding amount, such amount so repaid shall constitute such Bank&#146;s
Loan included in such Borrowing for purposes of this Agreement. If such Bank shall not pay to
Administrative Agent such corresponding amount after reasonable attempts are made by Administrative
Agent to collect such amounts from such Bank, Borrower agrees to repay to Administrative Agent
forthwith on demand such corresponding amounts together with interest thereto, for each day from
the date such amount is made available to Borrower, until the date such amount is repaid to
Administrative Agent, at the interest rate applicable thereto one (1)&nbsp;Business Day after demand.
Nothing contained in this <U>Section&nbsp;2.5(d)</U> shall be deemed to reduce the Commitment of any
Bank or in any way affect the rights of Borrower with respect to any defaulting Bank or
Administrative Agent. The failure of any Bank to make available to the Administrative Agent such
Bank&#146;s share of any Borrowing in accordance with <U>Section&nbsp;2.5(b)</U> hereof shall not relieve
any other Bank of its obligations to fund its Commitment, in accordance with the provisions hereof.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Subject to the provisions hereof, the Administrative Agent shall make available each
Borrowing to Borrower in Federal funds immediately available in accordance with, and on the date
set forth in, the applicable Notice of Borrowing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.6. <U>Notes</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Loans of each Bank shall be evidenced by a single Note made by each Borrower payable
to the order of such Bank for the account of its Applicable Lending Office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Bank may, by notice to the Borrower and the Administrative Agent, request that its
Loans of a particular type be evidenced by a separate Note in an amount equal to the aggregate
unpaid principal amount of such Loans. Any additional costs incurred by the Administrative Agent,
the Borrower or the Banks in connection with preparing such a Note shall be at the sole cost and
expense of the Bank requesting such Note. In the event any Loans evidenced by such a Note are paid
in full prior to the Maturity Date, any such Bank shall return such Note to Borrower. Each such
Note shall be in substantially the form of <U>Exhibit&nbsp;A</U> hereto with appropriate modifications
to reflect the fact that it evidences solely Loans of the relevant
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">type. Upon the execution and
delivery of any such Note, any existing Note payable to such Bank shall be replaced or modified
accordingly. Each reference in this Agreement to the &#147;Note&#148; of such Bank shall be deemed to refer
to and include any or all of such Notes, as the context may require.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Upon receipt of each Bank&#146;s Note pursuant to <U>Section&nbsp;3.1(a)</U>, the Administrative
Agent shall forward such Note to such Bank. Each Bank shall record the date, amount, type and
maturity of each Loan made by it and the date and amount of each payment of principal made by the
Borrower, with respect thereto, and may, if such Bank so elects in connection with any transfer or
enforcement of its Note, endorse on the appropriate schedule appropriate notations to evidence the
foregoing information with respect to each such Loan then outstanding; <U>provided</U> that the
failure of any Bank to make any such recordation or endorsement shall not affect the obligations of
the Borrower hereunder or under the Notes. Each Bank is hereby irrevocably authorized by the
Borrower so to endorse its Note and to attach to and make a part of its Note a continuation of any
such schedule as and when required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Loans shall mature, and the principal amount thereof shall be due and payable, on the
Maturity Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;There shall be no more than five (5)&nbsp;Euro-Dollar Groups of Loans outstanding at any one
time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.7. <U>Method of Electing Interest Rates</U>. (a)&nbsp;The Loans included in each
Borrowing shall bear interest initially at the type of rate specified by the Borrower in the
applicable Notice of Borrowing. Thereafter, the Borrower may from time to time elect to change or
continue the type of interest rate borne by each Group of Loans (subject in each case to the
provisions of <U>Article&nbsp;VIII</U>), as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Loans are Base Rate Loans, the Borrower may elect to convert all or any
portion of such Loans to Euro-Dollar Loans as of any Euro-Dollar Business Day;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Loans are Euro-Dollar Loans, the Borrower may elect to convert all or any
portion of such Loans to Base Rate Loans and/or elect to continue all or any portion of such
Loans as Euro-Dollar Loans for an additional Interest Period or additional Interest Periods,
in each case effective on the last day of the then current Interest Period applicable to
such Loans, or on such other date designated by Borrower in the Notice of Interest Rate
Election provided Borrower shall pay any losses pursuant to <U>Section&nbsp;2.14</U>.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each such election shall be made by delivering a notice (a &#147;<U>Notice of Interest Rate
Election</U>&#148;) to the Administrative Agent at least three (3)&nbsp;Euro-Dollar Business Days prior to,
but excluding, the effective date of the conversion or continuation selected in such notice. A
Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate
principal amount of the relevant Group of Loans; <U>provided</U> that (i)&nbsp;such portion is
allocated ratably among the Loans comprising such Group, (ii)&nbsp;the portion to which such Notice
applies, and the remaining portion to which it does not apply, are each in the amount of $5,000,000
or any larger multiple of $1,000,000, (iii)&nbsp;there shall be no more than five (5)&nbsp;Euro-Dollar Groups
of Loans outstanding at any time, (iv)&nbsp;no Loan may be continued as, or converted into, a
Euro-Dollar Loan when any
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Event of Default has occurred and is continuing, and (v)&nbsp;no Interest
Period shall extend beyond the Maturity Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Notice of Interest Rate Election shall specify:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Group of Loans (or portion thereof) to which such notice applies;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date on which the conversion or continuation selected in such notice is to be
effective, which shall comply with the applicable clause of <U>subsection (a)</U> above;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Loans comprising such Group are to be converted, the new type of Loans
and, if such new Loans are Euro-Dollar Loans, the duration of the initial Interest Period
applicable thereto; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if such Loans are to be continued as Euro-Dollar Loans for an additional Interest
Period, the duration of such additional Interest Period.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each Interest Period specified in a Notice of Interest Rate Election shall comply with the
provisions of the definition of Interest Period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to
<U>subsection (a)</U> above, the Administrative Agent shall notify each Bank the same day as it
receives such Notice of Interest Rate Election of the contents thereof, the interest rates
determined pursuant thereto and the Interest Periods (if different from those requested by the
Borrower) and such notice shall not thereafter be revocable by the Borrower. If the Borrower fails
to deliver a timely Notice of Interest Rate Election to the Administrative Agent for any Group of
Euro-Dollar Loans, such Loans in Dollars shall be converted into Base Rate Loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.8. <U>Interest Rates</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for
each day from the date such Loan is made until the date it is repaid or converted into a
Euro-Dollar Loan pursuant to <U>Section&nbsp;2.7</U>, at a rate per annum equal to sum of the Alternate
Base Rate plus the Applicable Margin for Base Rate Loans for such day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for
each day during the Interest Period applicable thereto, at a rate per annum equal to the sum of the
Applicable Margin for Euro-Dollar Loans for such day plus the Adjusted Interbank Offered Rate
applicable to such Interest Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Intentionally Omitted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the event that, and for so long as, any Event of Default shall have occurred and be
continuing, the outstanding principal amount of the Loans, and, to the extent permitted by
applicable law, overdue interest in respect of all Loans, shall bear interest at the annual rate
equal to the sum (i)&nbsp;of the Alternate Base Rate, (ii)&nbsp;the Applicable Margin for Base Rate Loans and
(iii)&nbsp;two percent (2%) (the &#147;<U>Default Rate</U>&#148;).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Administrative Agent shall determine each interest rate applicable to the Loans
hereunder. The Administrative Agent shall give prompt notice to the Borrower and the Banks of each
rate of interest so determined, and its determination thereof shall be conclusive in the absence of
demonstrable error.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Intentionally Omitted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Interest on all Loans bearing interest at the Alternate Base Rate shall be payable on the
first Business Day of each calendar month. Interest on all Loans bearing interest based on the
London Interbank Offered Rate shall be payable on the last Euro-Dollar Business Day of the
applicable Interest Period, but no less frequently than every three months determined on the basis
of the first (1st) day of the Interest Period applicable to the Loan in question.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.9. <U>Fees</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Extension Fee</U>. If Borrower elects to extend the term of the Loan in accordance
with <U>Section&nbsp;2.10(b)</U>, the Borrower shall pay to the Administrative Agent, for the account
of the Banks in proportion to their interests, a fee (a &#147;<U>Extension Fee</U>&#148;) in an amount equal
to 0.25% of the aggregate Commitments. The Extension Fee shall be paid by Borrower on or before
the Extension Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Fees Non-Refundable</U>. All fees set forth in this <U>Section&nbsp;2.9</U> shall be
deemed to have been earned on the date payment is due in accordance with the provisions hereof and
shall be non-refundable. The obligation of the Borrower to pay such fees in accordance with the
provisions hereof shall be binding upon the Borrower and shall inure to the benefit of the
Administrative Agent and the Banks regardless of whether any Loans are actually made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.10. <U>Maturity Date</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The term (the &#147;<U>Term</U>&#148;) of the Commitments (and each Bank&#146;s obligations to make
Loans) shall terminate and expire on the Maturity Date. Upon the date of the termination of the
Term, any Loans then outstanding (together with accrued interest thereon and all other Obligations)
shall be due and payable on such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding the foregoing, the Borrower may extend the Maturity Date for a period of
one (1)&nbsp;year upon the following terms and conditions: (i)&nbsp;delivery by Borrower of a written notice
to the Administrative Agent (the &#147;<U>Extension Notice</U>&#148;) on or before a date that is not more
than twelve and one half (12<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>) months nor less than one (1)&nbsp;month prior to the Maturity Date, which
Extension Notice the Administrative Agent shall promptly deliver to the Banks; (ii)&nbsp;no Event of
Default shall have occurred and be continuing both on the date the Borrower delivers the Extension
Notice and on the original Maturity Date (the &#147;<U>Extension Date</U>&#148;), (iii)&nbsp;Borrower shall
maintain an Investment Grade Rating from both S&#038;P and Moody&#146;s, and (iv)&nbsp;Borrower shall pay the
Extension Fee to Administrative Agent on or before the Extension Date. Borrower&#146;s delivery of the
Extension Notice shall be irrevocable.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.11. <U>Optional Prepayments</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Borrower may, upon at least one (1)&nbsp;Business Day&#146;s notice to the Administrative Agent,
prepay any Group of Base Rate Loans pursuant to <U>Section&nbsp;8.1</U>, in whole at any time, or from
time to time in part in amounts aggregating One Million Dollars ($1,000,000) or more, by paying the
principal amount to be prepaid together with accrued interest thereon to the date of prepayment.
Each such optional prepayment shall be applied to prepay ratably the Loans of the several Banks
included in such Group or Borrowing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Borrower may, upon at least three (3)&nbsp;Euro-Dollar Business Days&#146; notice to the
Administrative Agent, pay all or any portion of any Euro-Dollar Loan as of the last day of the
Interest Period applicable thereto. Except as provided in <U>Article&nbsp;8</U> and except with
respect to any Euro-Dollar Loan which has been converted to a Base Rate Loan pursuant to
<U>Section&nbsp;8.2</U>, <U>8.3</U> or <U>8.4</U> hereof, the Borrower may not prepay all or any
portion of the principal amount of any Euro-Dollar Loan prior to the end of the Interest Period
applicable thereto unless the Borrower shall also pay any applicable expenses pursuant to
<U>Section&nbsp;2.14</U>. Any such prepayment shall be given on or prior to the third (3rd)
Euro-Dollar Business Day prior to, but excluding, the date of prepayment to the Administrative
Agent. Each such optional prepayment shall be in the amounts set forth in <U>Section&nbsp;2.11(a)</U>
above and shall be applied to prepay ratably the Loans of the Banks included in any Group of
Euro-Dollar Loans, except that any Euro-Dollar Loan which has been converted to a Base Rate Loan
pursuant to <U>Section&nbsp;8.2</U>, <U>8.3</U> or <U>8.4</U> hereof may be prepaid without ratable
payment of the other Loans in such Group of Loans which have not been so converted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Borrower may at any time and from time to time cancel all or any part of the
Commitments by the delivery to the Administrative Agent of a notice of cancellation within the
applicable time periods set forth in <U>Sections&nbsp;2.11(a)</U> and <U>(b)</U> if there are Loans
then outstanding or, if there are no Loans outstanding at such time as to which the Commitments
with respect
thereto are being canceled, upon at least three (3)&nbsp;Business Day&#146;s notice to the
Administrative Agent, whereupon, in either event, all or such portion of the Commitments, as
applicable, shall terminate as to the applicable Banks, pro rata on the date set forth in such
notice of cancellation, and, if there are any Loans then outstanding, Borrower shall prepay, as
applicable, all or such portion of Loans outstanding on such date in accordance with the
requirements of <U>Section&nbsp;2.11(a)</U> and <U>(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Any amounts so prepaid pursuant to <U>Section&nbsp;2.11 (a)</U> or <U>(b)</U> may not be
reborrowed. In the event Borrower elects to cancel all or any portion of the Commitments pursuant
to <U>Section&nbsp;2.11(c)</U> hereof, such amounts may not be reborrowed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.12. <U>Mandatory Prepayments</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Within five Business Days after notice from the Administrative Agent to the Borrower or
from the Borrower to the Administrative Agent that the aggregate outstanding principal amount of
all Loans exceeds the Borrowing Base, the Borrower shall make a mandatory prepayment of its Loans
in an aggregate amount equal to such excess; <U>provided</U>, however, that, <U>in</U>
<U>lieu</U> of making all or any portion of such prepayment, the Borrower may cause Additional
Collateral to be added to the Borrowing Base or post a Letter of Credit with the Administrative
Agent as additional security for the Loans, such that, after giving effect to such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">prepayment, and
Additional Collateral and Letters of Credit, the Borrowing Base shall equal or exceed the aggregate
outstanding principal amount of all Loans. Whenever any payment is made, Additional Collateral is
provided or Letter of Credit is posted pursuant to this <U>Section&nbsp;2.12(a)</U>, the Borrower
shall, concurrently with such payment or provision of Additional Collateral, deliver to the
Administrative Agent (with sufficient copies for each Bank) a Borrowing Base Report showing that,
after giving effect to such action, the Borrower shall be in compliance with the requirements of
<U>Section&nbsp;2.1</U>. At Borrower&#146;s request, the Administrative Agent shall return any Letter of
Credit designated by Borrower in such request to the Administrative Agent, together with a
direction to the Letter of Credit issuer to cancel such Letter of Credit, so long as, after giving
effect to such action, no Event of Default shall then be continuing and the Borrower shall be in
compliance with the requirements of <U>Section&nbsp;2.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Immediately upon any acceleration of the Maturity Date of any Loans pursuant to
<U>Section&nbsp;6.2</U>, the Borrower shall repay all of the Loans.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each prepayment of any Loans made pursuant to this Section shall be without premium or penalty,
except as may be required by <U>Section&nbsp;2.14</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.13. <U>General Provisions as to Payments</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Borrower shall make each payment of the principal of and interest on the Loans and
fees hereunder, by initiating a wire transfer not later than 1:00 P.M. (New York City time) on the
date when due, of Federal or other funds immediately available in New York, New York, to the
Administrative Agent at its address referred to in <U>Section&nbsp;9.1</U>, and the Borrower shall
deliver a federal reference number evidencing such wire to Administrative Agent as soon as
possible thereafter on the date when due. The Administrative Agent will promptly (and in any
event within one (1)&nbsp;Business Day after receipt thereof) distribute to each Bank its ratable share
of each such payment received by the Administrative Agent for the account of the Banks. If and to
the extent that the Administrative Agent shall receive any such payment for the account of the
Banks on or before 11:00&nbsp;A.M. (New York City time) on any Business Day (or Euro-Dollar Business
Day, as applicable), and Administrative Agent shall not have distributed to any Bank its applicable
share of such payment on such day, Administrative Agent shall distribute such amount to such Bank
together with interest thereon, for each day from the date such amount should have been distributed
to such Bank until the date Administrative Agent distributes such amount to such Bank, at the
Federal Funds Rate. Whenever any payment of principal of, or interest on the Base Rate Loans or of
fees shall be due on a day which is not a Business Day, the date for payment thereof shall be
extended to the next succeeding Business Day. Whenever any payment of principal of, or interest
on, the Euro-Dollar Loans shall be due on a day which is not a Euro-Dollar Business Day, the date
for payment thereof shall be extended to the next succeeding Euro-Dollar Business Day unless such
Euro-Dollar Business Day falls in another calendar month, in which case the date for payment
thereof shall be the next preceding Euro-Dollar Business Day. If the date for any payment of
principal is extended by operation of law or otherwise, interest thereon shall be payable for such
extended time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Unless the Administrative Agent shall have received notice from the Borrower prior to the
date on which any payment is due to the Banks hereunder that the Borrower will not make such
payment in full, the Administrative Agent may assume that the Borrower has made
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such payment in
full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon
such assumption, cause to be distributed to each Bank on such due date an amount equal to the
amount then due such Bank. If and to the extent that the Borrower shall not have so made such
payment, each Bank shall repay to the Administrative Agent forthwith on demand such amount
distributed to such Bank together with interest thereon, for each day from the date such amount is
distributed to such Bank until the date such Bank repays such amount to the Administrative Agent,
at the Federal Funds Rate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.14. <U>Funding Losses</U>. If the Borrower makes any payment of principal with
respect to any Euro-Dollar Loan (pursuant to <U>Article&nbsp;II</U>, <U>VI</U> or <U>VIII</U> or
otherwise) on any day other than the last day of the Interest Period applicable thereto, or if the
Borrower fails to borrow any Euro-Dollar Loans after notice has been given to any Bank in
accordance with <U>Section&nbsp;2.5(a)</U>, or if the Borrower shall deliver a Notice of Interest Rate
Election specifying that a Euro-Dollar Loan shall be converted on a date other than the first (1st)
day of the then current Interest Period applicable thereto, the Borrower shall reimburse each Bank
within 15&nbsp;days after certification of such Bank of such loss or expense (which shall be delivered
by each such Bank to Administrative Agent for delivery to Borrower) for any resulting loss or
expense incurred by it (or by an existing Participant in the related Loan), including, without
limitation, any loss incurred in obtaining, liquidating or employing deposits from third parties,
but excluding loss of margin for the period after any such payment or failure to borrow,
<U>provided</U> that such Bank shall have delivered to Administrative Agent and Administrative
Agent shall have delivered to the Borrower a certification as to the amount of such loss or
expense, which certification shall set
forth in reasonable detail the basis for and calculation of such loss or expense and shall be
conclusive in the absence of demonstrable error.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.15. <U>Computation of Interest and Fees</U>. Interest based on the Base Rate
hereunder shall be computed on the basis of a year of 365&nbsp;days (or, in the case of interest based
on the Base Rate only, 366&nbsp;days in a leap year) and paid for the actual number of days elapsed
(including the first day but excluding the last day). All other interest and fees shall be
computed on the basis of a year of 360&nbsp;days and paid for the actual number of days elapsed
(including the first day but excluding the last day).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.16. <U>Use of Proceeds</U>. The Borrower shall use the proceeds of the Loans to
fund and refinance development and construction and other real estate related activities of the
Borrower and its Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.17. <U>Release of Collateral; Additional Collateral</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Upon not less than three (3)&nbsp;Business Days prior written notice to the Administrative
Agent, any Eligible Asset, or any direct or indirect ownership interests therein, may be conveyed,
assigned, encumbered, pledged or otherwise transferred without the consent of the Administrative
Agent or any Bank so long as, following such conveyance, assignment, encumbrance, pledge or
transfer, (i)&nbsp;no Event of Default shall then be continuing and (ii)&nbsp;Borrower shall be in compliance
with the requirements of <U>Section&nbsp;2.1</U> or, in connection with such conveyance, assignment,
encumbrance, pledge or transfer, shall comply with the requirements of <U>Section&nbsp;2.12</U>. Any
Eligible Asset that, following such conveyance, assignment, encumbrance,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">pledge or transfer, shall
no longer satisfy the conditions contained in the definition of Eligible Asset shall immediately
cease to be an Eligible Asset or part of the Borrowing Base.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;So long as there shall not then exist any Event of Default, Borrower may deliver a written
request to the Administrative Agent to release any Equity Interests specified in such written
request from the Lien of the applicable Security Agreement. Any such request shall include a
Borrowing Base Report showing that, after giving effect to such release and any prepayment of the
Loans or provision of Additional Collateral pursuant to the requirements of <U>Section&nbsp;2.12</U>,
Borrower shall be in compliance with <U>Section&nbsp;2.1</U>. Within three (3)&nbsp;Business Days after its
receipt of such written request and Borrowing Base Report, the Administrative Agent shall deliver
to the Borrower such documentation as may be reasonably required by Borrower to release such Equity
Interests from the Lien of the applicable Security Agreement, including, without limitation,
authorizing Borrower to file any UCC termination statements with respect to the interests being
released.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Upon the conveyance, assignment or transfer of any real property, or the direct or
indirect ownership interests therein, to one or more Encumbered Entities, such real property shall
immediately become an Eligible Asset and a part of the Borrowing Base at such time as such real
property satisfies the other conditions contained in the definition of Eligible Asset. Any real
property that is owned directly or indirectly by one or more Encumbered Entities that is not an
Eligible Assets shall immediately become an Eligible Asset and a part of the Borrowing Base at
such time as such real property satisfies the other conditions contained in the definition of
Eligible Asset. Each such real property that becomes an Eligible Asset as described in this
section shall constitute &#147;<U>Additional Collateral</U>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Any Person shall immediately become an Encumbered Entity at the time that the Equity
Interests in such Person are pledged to the Administrative Agent pursuant to the terms of the US
Security Agreement, if such Person is organized within the United States, the BV Security
Agreement, if such Person is a Dutch BV, and, in all other cases, an instrument or agreement
satisfying the requirements of clause (iii)&nbsp;of the definition of Security Agreement. The
Administrative Agent agrees to use reasonable commercial efforts so that the Equity Interests in
any Person that Borrower desires to be an Encumbered Person are pledged to the Administrative Agent
pursuant to an appropriate Security Agreement. At such time as a Person becomes an Encumbered
Entity, all real property owned directly or indirectly by such Person which satisfies the other
conditions contained in the definition of Eligible Asset shall immediately become an Eligible Asset
and a part of the Borrowing Base. Any such real property that becomes an Eligible Asset as
described in this section shall also constitute &#147;<U>Additional Collateral</U>&#148;.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE III
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CONDITIONS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1. <U>Closing</U>. The closing hereunder shall occur on the date when each of the
following conditions is satisfied (or waived in writing by the Administrative Agent and the Banks),
each document to be dated the Closing Date unless otherwise indicated:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower shall have executed and delivered to the Administrative Agent a Note
for the account of each Bank dated on or before the Closing Date complying with the
provisions of <U>Section&nbsp;2.6</U>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower and the Administrative Agent and each of the Banks shall have executed
and delivered to the Borrower and the Administrative Agent a duly executed original of this
Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Guarantor shall have executed and delivered to the Administrative Agent a duly
executed original of the Guaranty;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a pledge and security agreement, in substantially the form of <U>Exhibit&nbsp;D</U>
(the &#147;<U>US Security Agreement</U>&#148;), duly executed by each Pledgor, together with:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in the case of certificated securities, certificates representing the
Equity Interests referred to therein accompanied by undated stock powers executed in
blank,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) proper financing statements in form appropriate for filing under the
Uniform Commercial Code of all jurisdictions that the Administrative Agent may
reasonably deem necessary or desirable in order to perfect the Liens created under
the US Security Agreement, covering the Collateral described in the US Security
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) completed requests for information, dated on or before the date of the
initial Loan, listing all effective financing statements filed in the jurisdictions
referred to in clause (B)&nbsp;above that name any Pledgor as debtor, together with
copies of such other financing statements, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) evidence of the completion of all other actions, recordings and filings of
or with respect to the US Security Agreement that the Administrative Agent may
reasonably deem necessary or desirable in order to perfect the Liens created
thereby;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the BV Security Agreements duly executed by AMB Hausbruch Industrial Center 2 B.V.,
AMB Hausbruch Industrial Center 3 B.V., AMB Hausbruch Industrial Center 4 B.V., AMB
Hausbruch Industrial Center 5 B.V., together with certified copies of the updated
shareholders&#146; registers of AMB Hausbruch Industrial Center 2 B.V., AMB Hausbruch Industrial
Center 3 B.V., AMB Hausbruch Industrial Center 4 B.V., AMB Hausbruch Industrial Center 5
B.V., reflecting the creation of the Dutch share pledges under the BV Security Agreements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Administrative Agent shall have received opinions of DLA Piper US LLP and
Loyens&nbsp;&#038; Loeff N.V., counsel for the Loan Parties, acceptable to the Administrative Agent,
the Banks and their counsel;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Administrative Agent shall have received all documents the Administrative Agent
may reasonably request relating to the existence of the Borrower,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">the General Partner and
each Pledgor, the authority for and the validity of this Agreement and the other Loan
Documents, the incumbency of officers executing this Agreement and the other Loan Documents
and any other matters relevant hereto, all in form and substance satisfactory to the
Administrative Agent. Such documentation shall include, without limitation, the agreement
of limited partnership of the Borrower, as well as the certificate of limited partnership of
the Borrower, both as amended, modified or supplemented to the Closing Date, certified to be
true, correct and complete by a senior officer of the Borrower as of a date not more than
ten (10)&nbsp;days prior to the Closing Date, together with a certificate of existence as to the
Borrower from the Secretary of State (or the equivalent thereof) of Delaware, to be dated
not more than thirty (30)&nbsp;days prior to the Closing Date, as well as the articles of
incorporation of General Partner, as amended, modified or supplemented to the Closing Date,
certified to be true, correct and complete by a senior officer of General Partner as of a
date not more than ten (10)&nbsp;days prior to the Closing Date, together with a good standing
certificate as to General Partner from the Secretary of State (or the equivalent thereof) of
Maryland, to be dated not more than thirty (30)&nbsp;days prior to the Closing Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Borrower and General Partner each shall have executed a solvency certificate
acceptable to the Administrative Agent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &#091;intentionally omitted&#093;;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Administrative Agent shall have received all certificates, agreements and other
documents and papers referred to in this <U>Section&nbsp;3.1</U> and the Notice of Borrowing
referred to in <U>Section&nbsp;3.2</U>, if applicable, unless otherwise specified, in sufficient
counterparts, satisfactory in form and substance to the Administrative Agent in their sole
discretion;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Borrower shall have taken all actions required to authorize the execution and
delivery of this Agreement and the other Loan Documents and the performance thereof by the
Borrower, General Partner shall have taken all actions required to authorize the execution
and delivery of the Guaranty and the other Loan Documents and the performance thereof by
General Partner and each Pledgor shall have taken all actions required to authorize the
execution and delivery of the Security Agreements and the performance thereof by such
Pledgor;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Banks shall be satisfied that neither the Borrower, General Partner nor any
Consolidated Subsidiary is subject to any present or contingent environmental liability
which could have a Material Adverse Effect and the Borrower shall have delivered a
certificate so stating;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Administrative Agent shall have received, for its and any other Bank&#146;s account,
all fees due and payable pursuant to <U>Section&nbsp;2.9</U> hereof on or before the Closing
Date, and the reasonable fees and expenses accrued through the Closing Date of Mayer Brown
LLP, if required by such firm and if such firm has delivered an invoice in reasonable detail
of such fees and expenses in sufficient time for Borrower to approve and process the same,
shall have been paid to Mayer Brown LLP;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Borrower shall have delivered copies of all consents, licenses and approvals,
if any, required in connection with the execution, delivery and performance by the Borrower
and General Partner, and the validity and enforceability, of the Loan Documents, or in
connection with any of the transactions contemplated thereby, and such consents, licenses
and approvals shall be in full force and effect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) no Default or Event of Default shall have occurred; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the Borrower shall have delivered a certificate in form acceptable to
Administrative Agent showing compliance with the requirements of <U>Section&nbsp;5.8</U> as of
the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.2. <U>Borrowings</U>. The obligation of any Bank to make a Loan on the occasion
of any Borrowing is subject to the satisfaction of the following conditions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) receipt by the Administrative Agent of a Notice of Borrowing as required by
<U>Section&nbsp;2.2</U>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) receipt by the Administrative Agent of a current Borrowing Base Report;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) immediately after such Borrowing, the aggregate outstanding principal amount of the
Loans will not exceed the lesser of (i)&nbsp;the aggregate amount of the Commitments or (ii)&nbsp;the
current Borrowing Base;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) immediately before and after such Borrowing, no Default or Event of Default shall
have occurred and be continuing both before and after giving effect to the making of such
Loans;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the representations and warranties of the Borrower contained in this Agreement
(other than representations and warranties which expressly speak as of a different date)
shall be true and correct in all material respects on and as of the date of such Borrowing
both before and after giving effect to the making of such Loans;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no law or regulation shall have been adopted, no order, judgment or decree of any
governmental authority shall have been issued, and no litigation shall be pending, which
does or seeks to enjoin, prohibit or restrain, the making or repayment of the Loans or the
consummation of the transactions contemplated by this Agreement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) no event, act or condition shall have occurred after the Closing Date which, in the
reasonable judgment of the Administrative Agent or the Majority Banks, as the case may be,
has had or is likely to have a Material Adverse Effect.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each Borrowing hereunder shall be deemed to be a representation and warranty by the Borrower on the
date of such Borrowing as to the facts specified in <U>clauses (b)</U>, <U>(c)</U>, <U>(d)</U>,
<U>(e)</U> and <U>(f)</U> (to the extent that Borrower is or should have been aware of any
Material Adverse Effect) of this Section, except as otherwise disclosed in writing by Borrower to
the Banks. Notwithstanding anything to the contrary, no Borrowing shall be permitted if such
Borrowing would cause
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Borrower to fail to be in compliance with any of the covenants contained in
this Agreement or in any of the other Loan Documents.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IV
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">REPRESENTATIONS AND WARRANTIES

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to induce the Administrative Agent and each of the other Banks which is or may become
a party to this Agreement to make the Loans, the Borrower makes the following representations and
warranties as of the Closing Date. Such representations and warranties shall survive the
effectiveness of this Agreement, the execution and delivery of the other Loan Documents and the
making of the Loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.1. <U>Existence and Power</U>. The Borrower is a limited partnership, duly formed
and validly existing as a limited partnership under the laws of the State of Delaware and has all
powers and all material governmental licenses, authorizations, consents and approvals required to
own its property and assets and carry on its business as now conducted or as it presently proposes
to conduct and has been duly qualified and is in good standing in every jurisdiction in which the
failure to be so qualified and/or in good standing is likely to have a Material Adverse Effect.
General Partner is a corporation, duly formed, validly existing and in good standing under the laws
of the State of Maryland and has all powers and all material governmental licenses, authorizations,
consents and approvals required to own its property and assets and carry on its business as now
conducted or as it presently proposes to conduct and has been duly qualified and is in good
standing in every jurisdiction in which the failure to be so qualified and/or in good standing is
likely to have a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.2. <U>Power and Authority</U>. The Borrower has the requisite power and authority
to execute, deliver and carry out the terms and provisions of each of the Loan Documents to which
it is a party and has taken all necessary action, if any, to authorize the execution and delivery
on behalf of the Borrower and the performance by the Borrower of the Loan Documents to which it is
a party. The Borrower and General Partner each have duly executed and delivered each Loan Document
to which it is a party in accordance with the terms of this Agreement, and each such Loan Document
constitutes the legal, valid and binding obligation of the Borrower and General Partner,
enforceable in accordance with its terms, except as enforceability may be limited by applicable
insolvency, bankruptcy or other laws affecting creditors rights generally, or general principles of
equity, whether such enforceability is considered in a proceeding in equity or at law. General
Partner has the power and authority to execute, deliver and carry out the terms and provisions of
each of the Loan Documents to which it is a party and has taken all necessary action to authorize
the execution, delivery and performance of such Loan Documents. General Partner has the power and
authority to execute, deliver and carry out the terms and provisions of each of the Loan Documents
on behalf of the Borrower to which the Borrower is a party and has taken all necessary action to
authorize the execution and delivery on behalf of the Borrower and the performance by the Borrower
of such Loan Documents.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.3. <U>No Violation</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Neither the execution, delivery or performance by or on behalf of the Borrower of the Loan
Documents to which it is a party, nor compliance by the Borrower with the terms and provisions
thereof nor the consummation of the transactions contemplated by such Loan Documents, (i)&nbsp;will
materially contravene any applicable provision of any law, statute, rule, regulation, order, writ,
injunction or decree of any court or governmental instrumentality, (ii)&nbsp;will materially conflict
with or result in any breach of, any of the terms, covenants, conditions or provisions of, or
constitute a default under, or result in the creation or imposition of (or the obligation to create
or impose) any Lien upon any of the property or assets of the Borrower or any of its Consolidated
Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, or other agreement or
other instrument to which the Borrower (or of any partnership of which the Borrower is a partner)
or any of its Consolidated Subsidiaries is a party or by which it
or any of its property or assets is bound or to which it is subject (except for such breaches
and defaults under loan agreements which the lenders thereunder have agreed to forbear pursuant to
valid forbearance agreements), or (iii)&nbsp;will cause a material default by the Borrower under any
organizational document of any Person in which the Borrower has an interest, or cause a material
default under the Borrower&#146;s agreement or certificate of limited partnership, the consequences of
which conflict, breach or default would have a Material Adverse Effect, or result in or require the
creation or imposition of any Lien whatsoever upon any Property (except as contemplated herein).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Neither the execution, delivery or performance by General Partner of the Loan Documents to
which it is a party, nor compliance by General Partner with the terms and provisions thereof nor
the consummation of the transactions contemplated by such Loan Documents, (i)&nbsp;will materially
contravene any applicable provision of any law, statute, rule, regulation, order, writ, injunction
or decree of any court or governmental instrumentality, (ii)&nbsp;will materially conflict with or
result in any breach of, any of the terms, covenants, conditions or provisions of, or constitute a
default under, or result in the creation or imposition of (or the obligation to create or impose)
any Lien upon any of the property or assets of General Partner or any of its Consolidated
Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, or other agreement or
other instrument to which General Partner (or of any partnership of which General Partner is a
partner) or any of its Consolidated Subsidiaries is a party or by which it or any of its property
or assets is bound or to which it is subject (except for such breaches and defaults under loan
agreements which the lenders thereunder have agreed to forbear pursuant to valid forbearance
agreements), or (iii)&nbsp;will cause a material default by General Partner under any organizational
document of any Person in which General Partner has an interest, the consequences of which
conflict, breach or default would have a Material Adverse Effect, or result in or require the
creation or imposition of any Lien whatsoever upon any Property (except as contemplated herein).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.4. <U>Financial Information</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The consolidated balance sheet of Borrower and its Consolidated Subsidiaries as of
December&nbsp;31, 2007, and the related consolidated statements of operations and cash flows of Borrower
for the fiscal year then ended, reported on by PriceWaterhouseCoopers fairly present, in conformity
with GAAP, the consolidated financial position of Borrower, General Partner and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">their Consolidated
Subsidiaries as of such date and the consolidated results of operations and cash flows for such
year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Since December&nbsp;31, 2007, (i)&nbsp;except as may have been disclosed in writing to the Banks,
nothing has occurred having a Material Adverse Effect, and (ii)&nbsp;except as set forth on <U>Schedule
4.4(b)</U>, neither the Borrower nor General Partner has incurred any material indebtedness or
guaranty on or before the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The unaudited consolidated balance sheet of Borrower and its Consolidated Subsidiaries as
of March&nbsp;31, 2008, and the related consolidated statement of operations and cash flows Borrower for
the fiscal quarter then ended fairly present, in conformity with GAAP, the
consolidated financial position of Borrower, General Partner and their Consolidated
Subsidiaries as of such date and the consolidated results of operations and cash flows for such
quarter, subject to normal year-end adjustments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.5. <U>Litigation</U>. There is no action, suit or proceeding pending against, or
to the knowledge of the Borrower threatened against or affecting, (i)&nbsp;the Borrower, General Partner
or any of their Consolidated Subsidiaries, (ii)&nbsp;the Loan Documents or any of the transactions
contemplated by the Loan Documents or (iii)&nbsp;any of their assets, before any court or arbitrator or
any governmental body, agency or official in which there is a reasonable possibility of an adverse
decision which could, individually, or in the aggregate have a Material Adverse Effect or which in
any manner draws into question the validity of this Agreement or the other Loan Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.6. <U>Intentionally Omitted</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.7. <U>Environmental</U>. The Borrower conducts reviews of the effect of
Environmental Laws on the business, operations and properties of the Borrower and its Consolidated
Subsidiaries when necessary in the course of which it identifies and evaluates associated
liabilities and costs (including, without limitation, any capital or operating expenditures
required for clean-up or closure of properties presently owned, any capital or operating
expenditures required to achieve or maintain compliance with environmental protection standards
imposed by law or as a condition of any license, permit or contract, any related constraints on
operating activities, and any actual or potential liabilities to third parties, including, without
limitation, employees, and any related costs and expenses). On the basis of this review, the
Borrower has reasonably concluded that such associated liabilities and costs, including, without
limitation, the costs of compliance with Environmental Laws, are unlikely to have a Material
Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.8. <U>Taxes</U>. The Borrower, General Partner and their Consolidated
Subsidiaries have filed all United States Federal income tax returns and all other material tax
returns which are required to be filed by them and have paid all taxes due pursuant to such returns
or pursuant to any assessment received by the Borrower, General Partner or any Consolidated
Subsidiary, except such taxes, if any, as are reserved against in accordance with GAAP, such taxes
as are being contested in good faith by appropriate proceedings or such taxes, the failure to make
payment of which when due and payable will not have, in the aggregate, a Material Adverse Effect.
The charges, accruals and reserves on the books of the Borrower,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">General Partner and their
Consolidated Subsidiaries in respect of taxes or other governmental charges are, in the opinion of
the Borrower, adequate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.9. <U>Full Disclosure</U>. All information heretofore furnished by the Borrower
to the Administrative Agent or any Bank for purposes of or in connection with this Agreement or any
transaction contemplated hereby or thereby is true and accurate in all material respects on the
date as of which such information is stated or certified. The Borrower has disclosed to the
Administrative Agent, in writing, any and all facts which have or may have (to the extent the
Borrower can now reasonably foresee) a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.10. <U>Solvency</U>. On the Closing Date and after giving effect to the
transactions contemplated by the Loan Documents occurring on the Closing Date, the Borrower and
General Partner will be Solvent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.11. <U>Use of Proceeds</U>. All proceeds of the Loans will be used by the
Borrower only in accordance with the provisions hereof. Neither the making of any Loan nor the use
of the proceeds thereof will violate or be inconsistent with the provisions of regulations T, U, or
X of the Federal Reserve Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.12. <U>Governmental Approvals</U>. No order, consent, approval, license,
authorization, or validation of, or filing, recording or registration with, or exemption by, any
governmental or public body or authority, or any subdivision thereof, is required to authorize, or
is required in connection with the execution, delivery and performance of any Loan Document or the
consummation of any of the transactions contemplated thereby other than those that have already
been duly made or obtained and remain in full force and effect or those which, if not made or
obtained, would not have a Material Adverse Effect;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.13. <U>Investment Company Act; Public Utility Holding Company Act</U>. Neither
the Borrower, General Partner nor any Consolidated Subsidiary (other than AMB Capital Partners,
LLC) is (x)&nbsp;an &#147;investment company&#148; or a company &#147;controlled&#148; by an &#147;investment company&#148;, within
the meaning of the Investment Company Act of 1940, as amended, (y)&nbsp;a &#147;holding company&#148; or a
&#147;subsidiary company&#148; of a &#147;holding company&#148; or an &#147;affiliate&#148; of either a &#147;holding company&#148; or a
&#147;subsidiary company&#148; within the meaning of the Public Utility Holding Company Act of 2005, or (z)
subject to any other federal or state law or regulation which purports to restrict or regulate its
ability to borrow money.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.14. <U>Principal Offices</U>. As of the Closing Date, the principal office, chief
executive office and principal place of business of the Borrower and Guarantor is Pier 1, Bay 1,
San Francisco, California 94111.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.15. <U>REIT Status</U>. General Partner is qualified and General Partner intends
to continue to qualify as a real estate investment trust under the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.16. <U>Patents, Trademarks, etc</U>. The Borrower has obtained and holds in full
force and effect all patents, trademarks, servicemarks, trade names, copyrights and other such
rights, free from burdensome restrictions, which are necessary for the operation of its business as
presently conducted, the impairment of which is likely to have a Material Adverse Effect.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.17. <U>Judgments</U>. As of the Closing Date, there are no final, non-appealable
judgments or decrees in an aggregate amount of Thirty-Five Million Dollars ($35,000,000) or more
entered by a court or courts of competent jurisdiction against General Partner or the Borrower or,
to the extent such judgment would be recourse to General Partner or Borrower, any of its
Consolidated Subsidiaries (other than judgments as to which, and only to the extent, a reputable
insurance company has acknowledged coverage of such claim in writing or which have been paid or
stayed).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.18. <U>No Default</U>. No Event of Default or, to the best of the Borrower&#146;s
knowledge, Default exists under or with respect to any Loan Document and no Loan Party is in
default in any material respect beyond any applicable grace period under or with respect to any
other material agreement, instrument or undertaking to which it is a party or by which it or any of
its property is bound in any respect, the existence of which default is likely to result in a
Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.19. <U>Licenses, etc</U>. The Borrower has obtained and does hold in full force
and effect, all franchises, licenses, permits, certificates, authorizations, qualifications,
accreditation, easements, rights of way and other consents and approvals which are necessary for
the operation of its businesses as presently conducted, the absence of which is likely to have a
Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.20. <U>Compliance With Law</U>. To the Borrower&#146;s knowledge, the Borrower and each
of its respective Real Property Assets are in compliance with all laws, rules, regulations, orders,
judgments, writs and decrees, including, without limitation, all building and zoning ordinances and
codes, the failure to comply with which is likely to have a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.21. <U>No Burdensome Restrictions</U>. Except as may have been disclosed by the
Borrower in writing to the Banks, the Borrower is not a party to any agreement or instrument or
subject to any other obligation or any charter or corporate or partnership restriction, as the case
may be, which, individually or in the aggregate, is likely to have a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.22. <U>Brokers&#146; Fees</U>. The Borrower has not dealt with any broker or finder
with respect to the transactions contemplated by this Agreement or otherwise in connection with
this Agreement, and the Borrower has not done any act, had any negotiations or conversation, or
made any agreements or promises which will in any way create or give rise to any obligation or
liability for the payment by the Borrower of any brokerage fee, charge, commission or other
compensation to any party with respect to the transactions contemplated by the Loan Documents,
other than the fees payable to the Administrative Agent and the Banks, and certain other Persons as
previously disclosed in writing to the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.23. <U>Intentionally Omitted</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.24. <U>Insurance</U>. The Borrower currently maintains insurance at 100%
replacement cost insurance coverage (subject to customary deductibles) in respect of each of its
Real Property Assets, as well as commercial general liability insurance (including, without
limitation, &#147;builders&#146; risk&#148; where applicable) against claims for personal, and bodily injury
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and/or death, to one or more persons, or property damage, as well as workers&#146; compensation
insurance, in each case with respect to liability and casualty insurance with insurers having an
A.M. Best policyholders&#146; rating of not less than A-VII in amounts that prudent owners of assets
such as Borrower&#146;s directly or indirectly owned Real Property Assets would maintain.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.25. <U>Organizational Documents</U>. The documents delivered pursuant to
<U>Section&nbsp;3.1(e)</U> constitute, as of the Closing Date, all of the organizational documents
(together with all amendments and modifications thereof) of the Borrower and General Partner. The
Borrower represents that it has delivered to the Administrative Agent true, correct and complete
copies of each such documents. General Partner is the general partner of the Borrower. General
Partner holds (directly or indirectly) an approximately 94.5% common equity ownership interest in
the Borrower as of the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.26. <U>Unencumbered Properties</U>. As of June&nbsp;30, 2008, each Property listed on
Part&nbsp;A of <U>Schedule&nbsp;1.1</U> as an Unencumbered Property (i)&nbsp;is wholly-owned or ground leased
(directly or beneficially) by Borrower, a Financing Partnership or a Joint Venture Subsidiary,
(ii)&nbsp;is not subject (nor are any equity interests in such Property that are owned directly or
indirectly by Borrower, General Partner or any Joint Venture Parent subject) to a Lien which
secures Indebtedness of any Person, other than Permitted Liens, and (iii)&nbsp;is not subject (nor are
any equity interests in such Property that are owned directly or indirectly by Borrower, General
Partner or Joint Venture Parent subject) to any Negative Pledge. All of the information set forth
on <U>Schedule&nbsp;1.1</U> is true and correct in all material respects as of June&nbsp;30, 2008.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE V
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">AFFIRMATIVE AND NEGATIVE COVENANTS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower covenants and agrees that, so long as any Bank has any Commitment hereunder or
any Obligations remain unpaid:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.1. <U>Information</U>. The Borrower will deliver to each of the Banks:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as soon as available and in any event within five (5)&nbsp;Business Days after the same
is filed with the Securities and Exchange Commission (but in no event later than 95&nbsp;days
after the end of each Fiscal Year of the Borrower) a consolidated balance sheet of the
Borrower, General Partner and their Consolidated Subsidiaries as of the end of such Fiscal
Year and the related consolidated statements of Borrower&#146;s and General Partner&#146;s operations
and consolidated statements of Borrower&#146;s and General Partner&#146;s cash flow for such Fiscal
Year, setting forth in each case in comparative form the figures for the previous Fiscal
Year (if available), all reported in a manner acceptable to the Securities and Exchange
Commission on Borrower&#146;s and General Partner&#146;s Form&nbsp;10K and reported on by
PriceWaterhouseCoopers or other independent public accountants of nationally recognized
standing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as soon as available and in any event within five (5)&nbsp;Business Days after the same
is filed with the Securities and Exchange Commission (but in no event later than 50&nbsp;days
after the end of each of the first three quarters of each Fiscal Year of the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Borrower and General Partner), (i)&nbsp;a consolidated balance sheet of the Borrower,
General Partner and their Consolidated Subsidiaries as of the end of such quarter and the
related consolidated statements of Borrower&#146;s and General Partner&#146;s operations and
consolidated statements of Borrower&#146;s and General Partner&#146;s cash flow for such quarter and
for the portion of the Borrower&#146;s or General Partner&#146;s Fiscal Year ended at the end of such
quarter, all reported in the form provided to the Securities and Exchange Commission on
Borrower&#146;s and General Partner&#146;s Form&nbsp;10Q, and (ii)&nbsp;such other information reasonably
requested by the Administrative Agent or any Bank;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) simultaneously with the delivery of each set of financial statements referred to in
<U>clauses (a)</U> and <U>(b)</U> above, a certificate of the chief financial officer of
the Borrower (i)&nbsp;setting forth in reasonable detail (including, without limitation,
reconciliation to GAAP) the calculations required to establish whether the Borrower was in
compliance with the requirements of <U>Section&nbsp;5.8</U> on the date of such financial
statements; (ii)&nbsp;certifying (x)&nbsp;that such financial statements fairly present in all
material respects the financial condition and the results of operations of the Borrower on
the dates and for the periods indicated, on the basis of GAAP, with respect to the Borrower
subject, in the case of interim financial statements, to normally recurring year-end
adjustments, and (y)&nbsp;that such officer has reviewed the terms of the Loan Documents and has
made, or caused to be made under his or her supervision, a review in reasonable detail of
the business and condition of the Borrower during the period beginning on the date through
which the last such review was made pursuant to this <U>Section&nbsp;5.1(c)</U> (or, in the case
of the first certification pursuant to this <U>Section&nbsp;5.1(c</U>), the Closing Date) and
ending on a date not more than ten (10)&nbsp;Business Days prior to, but excluding, the date of
such delivery and that (1)&nbsp;on the basis of such financial statements and such review of the
Loan Documents, no Event of Default existed under <U>Section&nbsp;6.1(b)</U> with respect to
<U>Sections&nbsp;5.8</U> and <U>5.9</U> at or as of the date of said financial statements, and
(2)&nbsp;on the basis of such review of the Loan Documents and the business and condition of the
Borrower, to the best knowledge of such officer, as of the last day of the period covered by
such certificate no Default or Event of Default under any other provision of <U>Section
6.1</U> occurred and is continuing or, if any such Default or Event of Default has occurred
and is continuing, specifying the nature and extent thereof and the action the Borrower
proposes to take in respect thereof. Such certificate shall set forth the calculations
required to establish the matters described in <U>clauses (1)</U> and <U>(2)</U> above;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i)&nbsp;within five (5)&nbsp;Business Days after any officer of the Borrower obtains
knowledge of any Default, if such Default is then continuing, a certificate of the chief
financial officer, or other executive officer of the Borrower setting forth the details
thereof and the action which the Borrower is taking or proposes to take with respect
thereto; and (ii)&nbsp;promptly and in any event within five (5)&nbsp;Business Days after the Borrower
obtains knowledge thereof, notice of (x)&nbsp;any litigation or governmental proceeding pending
or threatened against the Borrower or its directly or indirectly owned Real Property Assets
as to which there is a reasonable possibility of an adverse determination and which, if
adversely determined, is likely to individually or in the aggregate, result in a Material
Adverse Effect, and (y)&nbsp;any other event, act or condition which is likely to result in a
Material Adverse Effect;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly upon the mailing thereof to the shareholders of General Partner generally,
copies of all proxy statements so mailed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) promptly upon the filing thereof and to the extent that the same is not publicly
available, copies of all reports on Forms 10-K and 10-Q (or their equivalents) (other than
the exhibits thereto, which exhibits will be provided upon request therefor by any Bank)
which General Partner shall have filed with the Securities and Exchange Commission;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) promptly and in any event within thirty (30)&nbsp;days, if and when any member of the
ERISA Group (i)&nbsp;gives or is required to give notice to the PBGC of any &#147;reportable event&#148;
(as defined in Section&nbsp;4043 of ERISA) with respect to any Plan which might constitute
grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan
administrator of any Plan has given or is required to give notice of any such reportable
event, a copy of the notice of such reportable event given or required to be given to the
PBGC; (ii)&nbsp;receives notice of complete or partial withdrawal liability under Title IV of
ERISA or notice that any Multiemployer Plan is in reorganization, is insolvent or has been
terminated, a copy of such notice; (iii)&nbsp;receives notice from the PBGC under Title IV of
ERISA of an intent to terminate, impose liability (other than for premiums under Section
4007 of ERISA) in respect of, or appoint a trustee to administer any Plan, a copy of such
notice; (iv)&nbsp;applies for a waiver of the minimum funding standard under Section&nbsp;412 of the
Code, a copy of such application; (v)&nbsp;gives notice of intent to terminate any Plan under
Section 4041(c) of ERISA, a copy of such notice and other information filed with the PBGC;
(vi)&nbsp;gives notice of withdrawal from any Plan pursuant to Section&nbsp;4063 of ERISA, a copy of
such notice; or (vii)&nbsp;fails to make any payment or contribution to any Plan or Multiemployer
Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or Benefit
Arrangement which has resulted or could result in the imposition of a Lien or the posting of
a bond or other security, and in the case of <U>clauses (i)</U> through <U>(vii)</U>
above, which event could result in a Material Adverse Effect, a certificate of the chief
financial officer or the chief accounting officer of the Borrower setting forth details as
to such occurrence and action, if any, which the Borrower or applicable member of the ERISA
Group is required or proposes to take;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) promptly and in any event within ten (10)&nbsp;days after the Borrower obtains actual
knowledge of any of the following events, a certificate of the Borrower, executed by an
officer of the Borrower, specifying the nature of such condition, and the Borrower&#146;s or, if
the Borrower has actual knowledge thereof, the Environmental Affiliate&#146;s proposed initial
response thereto: (i)&nbsp;the receipt by the Borrower, or any of the Environmental Affiliates of
any communication (written or oral), whether from a governmental authority, citizens group,
employee or otherwise, that alleges that the Borrower, or any of the Environmental
Affiliates, is not in compliance with applicable Environmental Laws, and such noncompliance
is likely to have a Material Adverse Effect, (ii)&nbsp;the existence of any Environmental Claim
pending against the Borrower or any Environmental Affiliate and such Environmental Claim is
likely to have a Material Adverse Effect or (iii)&nbsp;any release, emission, discharge or
disposal of any Material of Environmental Concern that is likely to form the basis of any
Environmental Claim
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">against the Borrower or any Environmental Affiliate which in any such event is likely
to have a Material Adverse Effect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) promptly and in any event within five (5)&nbsp;Business Days after receipt of any
notices or correspondence from any company or agent for any company providing insurance
coverage to the Borrower relating to any loss which is likely to result in a Material
Adverse Effect, copies of such notices and correspondence;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) simultaneously with the delivery of the information required by <U>Sections
5.1(a)</U> and <U>(b)</U>, a statement of all Unencumbered Properties and a Borrowing Base
Report as of the date of the financial statements described therein, certified by the chief
financial officer of the Borrower; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) from time to time such additional information regarding the financial position or
business of the Borrower, General Partner and their Subsidiaries as the Administrative
Agent, at the request of any Bank, may reasonably request in writing, so long as disclosure
of such information could not result in a violation of, or expose the Borrower, General
Partner or their Subsidiaries to any material liability under, any applicable law, ordinance
or regulation or any agreements with unaffiliated third parties that are binding on the
Borrower, General Partner or any of their Subsidiaries or on any Property of any of them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.2. <U>Payment of Obligations</U>. The Borrower, General Partner and their
Consolidated Subsidiaries will pay and discharge, at or before maturity, all their respective
material obligations and liabilities including, without limitation, any obligation pursuant to any
agreement by which it or any of its properties is bound, in each case where the failure to so pay
or discharge such obligations or liabilities is likely to result in a Material Adverse Effect, and
will maintain in accordance with GAAP, appropriate reserves for the accrual of any of the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.3. <U>Maintenance of Property; Insurance; Affiliate Transfers</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Borrower will keep, and will cause each Consolidated Subsidiary to keep, all property
useful and necessary in its business, including without limitation its Real Property Assets (for so
long as it constitutes Real Property Assets), in good repair, working order and condition, ordinary
wear and tear excepted, in each case where the failure to so maintain and repair will have a
Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Borrower shall maintain, or cause to be maintained, insurance described in <U>Section
4.24</U> hereof with insurers meeting the qualifications described therein, which insurance shall
in any event not provide for less coverage than insurance customarily carried by owners of
properties similar to, and in the same locations as, Borrower&#146;s Real Property Assets. The Borrower
will deliver to the Administrative Agent upon the reasonable request of the Administrative Agent
from time to time (i)&nbsp;full information as to the insurance carried, (ii)&nbsp;within five (5)&nbsp;days of
receipt of notice from any insurer a copy of any notice of cancellation or material change in
coverage required by <U>Section&nbsp;4.24</U> from that existing on the date of this Agreement and
(iii)&nbsp;forthwith, notice of any cancellation or nonrenewal (without replacement) of coverage by the
Borrower.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.4. <U>Maintenance of Existence</U>. The Borrower and General Partner each will
preserve, renew and keep in full force and effect, their respective partnership and corporate
existence and their respective rights, privileges and franchises necessary for the normal conduct
of business unless the failure to maintain such rights and franchises does not have a Material
Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.5. <U>Compliance with Laws</U>. The Borrower and General Partner will, and will
cause their Subsidiaries to, comply in all material respects with all applicable laws, ordinances,
rules, regulations, and requirements of governmental authorities (including, without limitation,
Environmental Laws, and all zoning and building codes with respect to its Real Property Assets and
ERISA and the rules and regulations thereunder and all federal securities laws) except where the
necessity of compliance therewith is contested in good faith by appropriate proceedings or where
the failure to do so will not have a Material Adverse Effect or expose Administrative Agent or
Banks to any material liability therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.6. <U>Inspection of Property, Books and Records</U>. The Borrower will keep proper
books of record and account in which full, true and correct entries shall be made of all dealings
and transactions in relation to its business and activities in conformity with GAAP, modified as
required by this Agreement and applicable law; and will permit representatives of any Bank, at such
Bank&#146;s expense, or from and after an Event of Default, at Borrower&#146;s expense, to visit and inspect
any of its properties, including without limitation its Real Property Assets, and so long as
disclosure of such information could not result in a violation of, or expose the Borrower, General
Partner or their Subsidiaries to any material liability under, any applicable law, ordinance or
regulation or any agreements with unaffiliated third parties that are binding on the Borrower,
General Partner or any of their Subsidiaries or on any Property of any of them, to examine and make
abstracts from any of its books and records and to discuss its affairs, finances and accounts with
its officers and independent public accountants, all at such reasonable times during normal
business hours, upon reasonable prior notice and as often as may reasonably be desired.
Administrative Agent shall coordinate any such visit or inspection to arrange for review by any
Bank requesting any such visit or inspection.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.7. <U>Existence</U>. The Borrower shall do or cause to be done, all things
necessary to preserve and keep in full force and effect its, General Partner&#146;s and their
Consolidated Subsidiaries&#146; existence and its patents, trademarks, servicemarks, tradenames,
copyrights, franchises, licenses, permits, certificates, authorizations, qualifications,
accreditation, easements, rights of way and other rights, consents and approvals the nonexistence
of which is likely to have a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.8. <U>Financial Covenants</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Total Liabilities to Total Asset Value</U>. Borrower shall not permit the ratio of
Total Liabilities to Total Asset Value of Borrower to exceed 0.60:1 at any time; <U>provided</U>,
<U>however</U>, such ratio may exceed 0.60:1 for any two (2)&nbsp;consecutive quarters but in no event
shall Borrower permit the ratio of Total Liabilities to Total Asset Value to exceed 0.65:1 at any
time.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Adjusted EBITDA to Fixed Charges Ratio</U>. Borrower shall not permit the ratio of
Adjusted EBITDA to Fixed Charges, for the then most recently completed four (4)&nbsp;consecutive Fiscal
Quarters, to be less than 1.75:1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Secured Debt to Total Asset Value</U>. Borrower shall not permit the ratio of Secured
Debt to Total Asset Value of Borrower to exceed 0.25:1 at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Intentionally Omitted</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Unencumbered Net Operating Cash Flow to Unsecured Interest Expense</U>. Borrower
shall not permit the ratio of Unencumbered Net Operating Cash Flow to Unsecured Interest Expense to
be less than 1.75:1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Minimum Tangible Net Worth</U>. The Consolidated Tangible Net Worth of the Borrower
determined in conformity with GAAP will at no time be less than the sum of Two Billion Two Hundred
Million Dollars ($2,200,000,000.00) and seventy percent (70%) of the Net Offering Proceeds (other
than proceeds received within ninety (90)&nbsp;days after the redemption, retirement or repurchase of
ownership or equity interests in Borrower or Guarantor, up to the amount paid by Borrower or
Guarantor in connection with such redemption, retirement or repurchase, where, for the avoidance of
doubt, the net effect is that neither Borrower nor Guarantor shall have increased its Net Worth as
a result of any such proceeds) received by the Borrower or General Partner subsequent to the
Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<U>Dividends</U>. During the continuance of a monetary Event of Default, Borrower shall
only pay partnership distributions that are necessary to enable General Partner to make those
dividends necessary to maintain General Partner&#146;s status as a real estate investment trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<U>Permitted Holdings</U>. Borrower&#146;s primary business will not be substantially
different from that conducted by Borrower on the Closing Date and shall include the ownership,
operation and development of Real Property Assets and any other business activities of Borrower and
its Subsidiaries will remain incidental thereto. Notwithstanding the foregoing, Borrower and its
Subsidiaries may acquire or maintain Permitted Holdings if and so long as the aggregate value of
Permitted Holdings, whether held directly or indirectly by Borrower does not exceed, at any time,
twenty-five percent (25%) of Total Asset Value of Borrower unless a greater percentage is approved
by the Majority Banks (which approval shall not be unreasonably withheld, conditioned or delayed).
For purposes of calculating the foregoing percentage, the value of Unimproved Assets shall be
calculated based upon the book value thereof, determined in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<U>Intentionally Omitted</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<U>No Liens</U>. Borrower and General Partner shall not, and shall not allow any of
their Subsidiaries, Financing Partnerships or Joint Venture Subsidiaries to, allow any Unencumbered
Property (or any equity interests in such Property that are owned directly or indirectly by
Borrower, General Partner or any Joint Venture Parent), that is necessary to comply with the
provisions of <U>Section&nbsp;5.8(e)</U> hereof, to become subject to a Lien that secures the
Indebtedness of any Person, other than Permitted Liens.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;<U>Calculation</U>. Each of the foregoing ratios and financial requirements shall be
calculated as of the last day of each Fiscal Quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.9. <U>Restriction on Fundamental Changes</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Neither the Borrower nor General Partner shall enter into any merger or consolidation
without obtaining the prior written consent thereto in writing of the Majority Banks, unless the
following criteria are met: (i)&nbsp;either (x)&nbsp;the Borrower or General Partner is the surviving entity,
or (y)&nbsp;the individuals constituting the General Partner&#146;s board of directors or board of trustees
immediately prior to such merger or consolidation represent a majority of the surviving entity&#146;s
board of directors or board of trustees after such merger or consolidation; and (ii)&nbsp;the entity
which is merged into Borrower or General Partner is predominantly in the commercial real estate
business. Nothing in this Section shall be deemed to prohibit the sale or leasing of portions of
the Real Property Assets in the ordinary course of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Borrower shall not amend its agreement of limited partnership or other organizational
documents in any manner that would have a Material Adverse Effect without the Majority Banks&#146;
consent. Without limitation of the foregoing, no Person shall be admitted as a general partner of
the Borrower other than General Partner. General Partner shall not amend its articles of
incorporation, by-laws, or other organizational documents in any manner that would have a Material
Adverse Effect without the Majority Banks&#146; consent. The Borrower shall not make any &#147;in-kind&#148;
transfer of any of its property or assets to any of its constituent partners if such transfer would
result in an Event of Default under <U>Section&nbsp;6.1(b)</U> by reason of a breach of the provisions
of <U>Section&nbsp;5.8</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.10. <U>Changes in Business</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except for Permitted Holdings and Foreign Property Interests, neither the Borrower nor
General Partner shall enter into any business which is substantially different from that conducted
by the Borrower or General Partner on the Closing Date after giving effect to the transactions
contemplated by the Loan Documents. The Borrower shall carry on its business operations through
the Borrower, its Consolidated Subsidiaries and its Investment Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Except for Permitted Holdings and Foreign Property Interests, Borrower shall not engage in
any line of business which is substantially different from the business conducted by the Borrower
on the Closing Date, which includes the ownership, operation and development of Real Property
Assets and the provision of services incidental thereto, whether directly or through its
Consolidated Subsidiaries and Investment Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.11. <U>General Partner Status</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Status</U>. General Partner shall at all times (i)&nbsp;remain a publicly traded company
listed for trading on the New York Stock Exchange, and (ii)&nbsp;maintain its status as a self-directed
and self-administered real estate investment trust under the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Indebtedness</U>. General Partner shall not, directly or indirectly, create, incur,
assume or otherwise become or remain directly or indirectly liable with respect to, any
Indebtedness, except:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Obligations; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Indebtedness of Borrower for which there is recourse to General Partner which,
after giving effect thereto, may be incurred or may remain outstanding without giving rise
to an Event of Default or Default under any provision of this <U>Article&nbsp;V</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Restriction on Fundamental Changes</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) General Partner shall not have an investment in any Person other than (i)&nbsp;Borrower
or indirectly through Borrower, (ii)&nbsp;directly or indirectly in Financing Partnerships, and
(iii)&nbsp;the interests identified on <U>Schedule&nbsp;5.11(c)(1)</U> as being owned by General
Partner.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) General Partner shall not acquire an interest in any Property other than securities
issued by Borrower and Financing Partnerships and the interests identified on <U>Schedule
5.11(c)</U>(2)&nbsp;attached hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Environmental Liabilities</U>. Neither General Partner nor any of its Subsidiaries
shall become subject to any Environmental Claim which has a Material Adverse Effect, including,
without limitation, any arising out of or related to (i)&nbsp;the release or threatened release of any
Material of Environmental Concern into the environment, or any remedial action in response thereto,
or (ii)&nbsp;any violation of any Environmental Laws. Notwithstanding the foregoing provision, General
Partner shall have the right to contest in good faith any claim of violation of an Environmental
Law by appropriate legal proceedings and shall be entitled to postpone compliance with the
obligation being contested as long as (i)&nbsp;no Event of Default shall have occurred and be
continuing, (ii)&nbsp;General Partner shall have given Administrative Agent prior written notice of the
commencement of such contest, (iii)&nbsp;noncompliance with such Environmental Law shall not subject
General Partner or such Subsidiary to any criminal penalty or subject Administrative Agent or any
Bank to pay any civil penalty or to prosecution for a crime, and (iv)&nbsp;no portion of any Property
material to Borrower or its condition or prospects shall be in substantial danger of being sold,
forfeited or lost, by reason of such contest or the continued existence of the matter being
contested.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Disposal of Partnership Interests</U>. General Partner will not directly or
indirectly convey, sell, transfer, assign, pledge or otherwise encumber or dispose of any of its
partnership interests in Borrower or any of its equity interest in any of the partners of the
Borrower as of the date hereof (except in connection with the dissolution or liquidation of such
partners of the Borrower or the redemption of interests in connection with stock repurchase
programs), except for the reduction of General Partner&#146;s interest in the Borrower arising from
Borrower&#146;s issuance of partnership interests in the Borrower or the retirement of preferred units
by Borrower. General Partner will continue to be the managing general partner of Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.12. <U>Other Indebtedness</U>. Borrower and General Partner shall not allow any of
their Subsidiaries, Financing Partnerships or Joint Venture Subsidiaries that own, directly or
indirectly, any Unencumbered Property to directly or indirectly create, incur, assume or otherwise
become or remain liable with respect to any Indebtedness other than trade debt incurred in the
ordinary course of business and Indebtedness owing to Borrower or any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Financing Partnership, if the resulting failure of such Property to qualify as a Unencumbered
Property would result in an Event of Default under <U>Section&nbsp;5.8</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.13. <U>Forward Equity Contracts</U>. If Borrower shall enter into any forward
equity contracts, Borrower may only settle the same by delivery of stock, it being agreed that if
Borrower shall settle the same with cash, the same shall constitute an Event of Default hereunder
unless Borrower shall have received the unanimous consent of the Banks to settle such forward
equity contracts with cash.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.14. <U>Capital Funding Loans</U>. Notwithstanding anything in this Agreement to
the contrary, in the event that any Property located outside the United States (each a &#147;<U>Non-US
Property</U>&#148;) is owned by a Financing Partnership (a &#147;<U>100% AMB Non-US Property Owner</U>&#148;), by
a Joint Venture Subsidiary (a &#147;<U>JV Non-US Property Owner</U>&#148;) or by a wholly-owned direct or
indirect subsidiary of a Joint Venture Subsidiary (a &#147;<U>Tiered Non-US Property Owner</U>&#148;; such
Joint Venture Subsidiary is hereinafter referred to as the &#147;<U>First Tier JV</U>&#148;; each entity
through which the First Tier JV indirectly owns a Tiered Non-US Property Owner is hereinafter
referred to as an &#147;<U>Intermediate Tier Entity</U>&#148;; and the Tiered Non-US Property Owners, the
100% AMB Non-US Property Owners and the JV Non-US Property Owners are sometimes hereinafter
referred to individually as a &#147;<U>Non-US Property Owner</U>&#148; and collectively as the &#147;<U>Non-US
Property Owners</U>&#148;) and the Non-US Property Owner or, in the case of any Tiered Non-US Property
Owner, the related First Tier JV or a related Intermediate Tier Entity has incurred Indebtedness
(whether or not such Indebtedness is secured by a Lien against such Non-US Property and/or any
direct or indirect equity interests in the Non-US Property Owner) (each a &#147;<U>Capital Funding
Loan</U>&#148;) held by
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of a 100% AMB Non-US Property Owner, Borrower or any other
Financing Partnership, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(y)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of a JV Non-US Property Owner or a Tiered Non-US Property Owner,
either (AA)&nbsp;an entity (hereinafter an &#147;<U>International FinCo</U>&#148;) in which
Borrower&#146;s Share is the same or greater than Borrower&#146;s Share in such Non-US Property
Owner, or (BB)&nbsp;a Financing Partnership (or Borrower directly) and entities which are
not Financing Partnerships (including Persons who are not Affiliates of Borrower or
whose constituent entities include Persons who are not Affiliates of Borrower)
(&#147;<U>Joint Lenders</U>&#148;), <U>provided</U> that Borrower&#146;s direct or indirect share of
such Indebtedness is the same or greater than Borrower&#146;s Share of such Non-US Property
Owner,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then no such Capital Funding Loan or related Second Tier Funding Loan (as defined below) shall be
deemed to constitute Indebtedness for any purposes under this Agreement, any Lien securing such
Capital Funding Loan shall be a Permitted Lien and no Non-US Property to which such Capital Funding
Loan or Second Tier Funding Loan relates shall fail to be a Unencumbered Property solely because
the capital provided to the applicable Non-US Property Owner or related First Tier JV or
Intermediate Tier Entity was in the form of a Capital Funding Loan rather than a contribution to
the equity of such Non-US Property Owner, First Tier JV or Intermediate Tier Entity, so long as
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a Capital Funding Loan made by an International FinCo, the sale of
such Capital Funding Loan, or the sale or refinancing of any interest in the Non-US Property
or any direct or indirect equity interests in the Non-US Property Owner acquired as a result
of the exercise of any remedies in connection with the enforcement of such Capital Funding
Loan, is Substantially Controlled by Borrower (as defined below),
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a Capital Funding Loan made by Joint Lenders, any remedies in
connection with enforcement of such Capital Funding Loan may only be exercised by such Joint
Lenders concurrently and, in the event of any such exercise and the Joint Lenders acquire
such Non-US Property or any direct or indirect equity interests in such Non-US Property
Owner, the sale or refinancing of such Non-US Property and, if the direct or indirect equity
interests in such Non-US Property Owner are held jointly, such equity interests will be
Substantially Controlled by Borrower, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no interest in any Capital Funding Loan or Second Tier Funding Loan held directly
or indirectly by Borrower is subject to any Lien (other than a Permitted Lien) or any
Negative Pledge.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For purposes of the foregoing, an action will be &#147;Substantially Controlled by Borrower&#148; if such
action is substantially controlled directly by Borrower or through one or more Financing
Partnerships either by agreement of the parties, through the provisions of a Person&#146;s formation
documents or otherwise. For purposes of the preceding sentence, an action shall be deemed to be
substantially controlled directly by Borrower or through one or more Financing Partnerships if
Borrower or such Financing Partnerships have the ability to exercise a usual and customary buy-sell
right in the event of a disagreement regarding such action. As used herein the term &#147;<U>Second
Tier Funding Loan</U>&#148; means any loans made to an International FinCo by Borrower, any Financing
Partnerships of Borrower and/or any other Person with an equity interest in such International
FinCo (or affiliates of such other Person) so long as (x)&nbsp;Borrower&#146;s direct or indirect share of
the combined loans of Borrower, any Financing Partnership and/or such other Persons (or affiliates
thereof) to the International FinCo is the same or greater than Borrower&#146;s Share of the applicable
Non-US Property Owner, and (y)&nbsp;all such loans are <U>pari</U> <U>passu</U> and any remedies that
may be exercised in connection with enforcement of such loans may only be exercised concurrently or
not at all.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.15. <U>Liens and Indebtedness</U>. The Borrower shall not, and shall not allow (i)
any Pledgor to, create, incur or suffer to exist any Lien upon any of the Collateral (other than
Liens described in <U>clauses</U> <U>(a)</U>, <U>(b)</U>, <U>(c)</U>, <U>(d)</U>, <U>(f)</U>
or <U>(g)</U> of the definition of the term &#147;Permitted Liens&#148;) or (ii)&nbsp;any Encumbered Entity or
any Subsidiary of an Encumbered Entity that directly or indirectly owns an Eligible Asset to (A)
create, incur, assume or otherwise become or remain directly or indirectly liable for any
Indebtedness (other than Subordinated Intracompany Indebtedness) or (B)&nbsp;create, incur or suffer to
exist any Lien in favor of any Person (other than Liens described in <U>clauses</U> <U>(a)</U>,
<U>(b)</U>, <U>(c)</U>, <U>(d)</U>, <U>(f)</U> or <U>(g)</U> of the definition of the term
&#147;Permitted Liens&#148;).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->51<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VI
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DEFAULTS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.1. <U>Events of Default</U>. An &#147;Event of Default&#148; shall have occurred if one or
more of the following events shall have occurred and be continuing:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower shall fail to (i)&nbsp;pay when due any principal of any Loan, or (ii)&nbsp;the
Borrower shall fail to pay when due interest on any Loan or any fees or any other amount
payable to Administrative Agent or the Banks hereunder and the same shall continue for a
period of five (5)&nbsp;days after the same becomes due;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower shall fail to observe or perform any covenant contained in <U>Section
5.8</U>, <U>Section&nbsp;5.9(a)</U> or <U>(b)</U>, <U>Section&nbsp;5.10</U>, <U>Section
5.11(a)</U>, <U>(b)</U> or <U>(c)</U>, <U>Section&nbsp;5.12</U>, <U>Section&nbsp;5.13</U> or
<U>Section&nbsp;5.15</U>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower shall fail to observe or perform any covenant or agreement contained
in this Agreement (other than those covered by <U>clause (a)</U>, <U>(b)</U>, <U>(e)</U>,
<U>(f)</U>, <U>(g)</U>, <U>(h)</U>, <U>(j)</U>, <U>(n)</U> or <U>(o)</U> of this
<U>Section&nbsp;6.1</U>) or the Borrower or any Pledgor shall fail to observe or perform any
covenant or agreement or its part to be observed or performed under any other Loan Document
for 30&nbsp;days after written notice thereof has been given to the Borrower or such Loan Party
by the Administrative Agent; or if such default is of such a nature that it cannot with
reasonable effort be completely remedied within said period of thirty (30)&nbsp;days such
additional period of time as may be reasonably necessary to cure same, <U>provided</U> the
Borrower or such Loan Party commences such cure within said thirty (30)&nbsp;day period and
diligently prosecutes same, until completion, but in no event shall such extended period
exceed ninety (90)&nbsp;days;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any representation, warranty, certification or statement made by the Borrower in
this Agreement or in any certificate, financial statement or other document delivered
pursuant to this Agreement, by the Guarantor in the Guaranty or by any Pledgor in any
Security Agreement shall prove to have been incorrect in any material respect when made (or
deemed made) and, with respect to such representations, warranties, certifications or
statements not known by such Loan Party at the time made or deemed made to be incorrect, the
defect causing such representation or warranty to be incorrect when made (or deemed made) is
not removed (or, at the Borrower&#146;s option in the case of a Pledgor, so long as the Borrower
would be compliance with <U>Section&nbsp;2.1</U> after giving effect thereto, the removal of
such Person as a Pledgor pursuant to <U>Section&nbsp;2.17</U>) within thirty (30)&nbsp;days after
written notice thereof from Administrative Agent to such Loan Party;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Borrower, the General Partner, any Subsidiary or any Investment Affiliate shall
default in the payment when due (whether by scheduled maturity, required prepayment,
acceleration, demand or otherwise) of any amount owing in respect of any Recourse Debt
(other than the Obligations) for which the aggregate outstanding principal amounts exceed
Fifty Million Dollars ($50,000,000) and such default shall continue beyond the giving of any
required notice and the expiration of any applicable grace
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">period and such default has not been waived, in writing, by the holder of any such
Debt; or the Borrower, the General Partner, any Subsidiary or any Investment Affiliate shall
default in the performance or observance of any obligation or condition with respect to any
such Recourse Debt or any other event shall occur or condition exist beyond the giving of
any required notice and the expiration of any applicable grace period, if the effect of such
default, event or condition is to accelerate the maturity of any such indebtedness or to
permit (without any further requirement of notice or lapse of time) the holder or holders
thereof, or any trustee or agent for such holders, to accelerate the maturity of any such
indebtedness;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Loan Party or the owner of any Eligible Asset shall commence a voluntary case
or other proceeding seeking liquidation, reorganization or other relief with respect to
itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter
in effect or seeking the appointment of a trustee, receiver, liquidate, custodian or other
similar official of it or any substantial part of its property, or shall consent to any such
relief or to the appointment of or taking possession by any such official in an involuntary
case or other proceeding commenced against it, or shall make a general assignment for the
benefit of creditors, or shall fail generally to pay its debts as they become due, or shall
take any action to authorize any of the foregoing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) an involuntary case or other proceeding shall be commenced against any Loan Party
or the owner of any Eligible Asset seeking liquidation, reorganization or other relief with
respect to it or its debts under any bankruptcy, insolvency or other similar law now or
hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian
or other similar official of it or any substantial part of its property, and such
involuntary case or other proceeding shall remain undismissed and unstayed for a period of
90&nbsp;days; or an order for relief shall be entered against any Loan Party or the owner of any
Eligible Asset under the federal bankruptcy laws as now or hereafter in effect.
Notwithstanding anything in <U>Sections&nbsp;6.1(f)</U> and <U>(g)</U> to the contrary,
<U>Sections&nbsp;6.1(f)</U> and <U>(g)</U> shall not apply to any Loan Party which is a Pledgor
or any owner of any Eligible Asset so long as Borrower remains, or Borrower takes any of the
actions described in <U>Section&nbsp;2.12</U> so that, following such actions, Borrower will
remain in compliance with the requirement of <U>Section&nbsp;2.1</U> even if the value of any
eligible Assets directly or indirectly owned by any such Pledgor or the Eligible Assets of
such owner are excluded from the Borrowing Base;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) intentionally omitted;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) one or more final, non-appealable judgments or decrees in an aggregate amount of
Thirty-Five Million Dollars ($35,000,000) or more shall be entered by a court or courts of
competent jurisdiction against the General Partner, the Borrower or, to the extent of any
recourse to the General Partner or the Borrower or any General Partner&#146;s or Borrower&#146;s
Consolidated Subsidiaries (other than any judgment as to which, and only to the extent, a
reputable insurance company has acknowledged coverage of such claim in writing) and (i)&nbsp;any
such judgments or decrees shall not be stayed, discharged, paid, bonded or vacated within
thirty (30)&nbsp;days or (ii)&nbsp;enforcement proceedings shall be commenced by any creditor on any
such judgments or decrees;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) there shall be a change in the majority of the Board of Directors of the General
Partner during any twelve (12)&nbsp;month period, excluding any change in directors resulting
from (x)&nbsp;the death or disability of any director, or (y)&nbsp;satisfaction of any requirement for
the majority of the members of the board of directors or trustees of the General Partner to
qualify under applicable law as independent directors or (z)&nbsp;the replacement of any director
who is an officer or employee of the General Partner or an affiliate of the General Partner
with any other officer or employee of the General Partner or an affiliate of the General
Partner;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any Person (including affiliates of such Person) or &#147;group&#148; (as such term is
defined in applicable federal securities laws and regulations) shall acquire more than
thirty percent (30%) of the common shares of the General Partner;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the General Partner shall cease at any time to qualify as a real estate investment
trust under the Code;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if any Termination Event with respect to a Plan, Multiemployer Plan or Benefit
Arrangement shall occur as a result of which Termination Event or Events any member of the
ERISA Group has incurred or may incur any liability to the PBGC or any other Person and the
sum (determined as of the date of occurrence of such Termination Event) of the insufficiency
of such Plan, Multiemployer Plan or Benefit Arrangement and the insufficiency of any and all
other Plans, Multiemployer Plans and Benefit Arrangements with respect to which such a
Termination Event shall occur and be continuing (or, in the case of a Multiple Employer Plan
with respect to which a Termination Event described in <U>clause (ii)</U> of the definition
of Termination Event shall occur and be continuing and in the case of a liability with
respect to a Termination Event which is or could be a liability of the Borrower or the
General Partner rather than a liability of the Plan, the liability of the Borrower or the
General Partner) is equal to or greater than $20,000,000 and which the Administrative Agent
reasonably determines will have a Material Adverse Effect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) if, any member of the ERISA Group shall commit a failure described in Section
302(f)(1) of ERISA or Section&nbsp;412(n)(1) of the Code and the amount of the lien determined
under Section&nbsp;302(f)(3) of ERISA or Section&nbsp;412(n)(3) of the Code that could reasonably be
expected to be imposed on any member of the ERISA Group or their assets in respect of such
failure shall be equal to or greater than $20,000,000 and which the Administrative Agent
reasonably determines will have a Material Adverse Effect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) at any time, for any reason any Loan Party seeks to repudiate its obligations under
any Loan Document or the General Partner seeks to repudiate its obligations under the
Guaranty;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) a default beyond any applicable notice or grace period under any of the other Loan
Documents;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any assets of Borrower shall constitute &#147;assets&#148; (within the meaning of ERISA or
Section&nbsp;4975 of the Code, including but not limited to 29 C.F.R. &#167; 2510.3-101
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">or any successor regulation thereto) of an &#147;employee benefit plan&#148; within the meaning
of Section&nbsp;3(3) of ERISA or a &#147;plan&#148; within the meaning of Section&nbsp;4975(e)(1) of the Code;
or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the Note, the Loan, the Obligations, the Guaranty, any Security Agreement or any of
the Loan Documents or the exercise of any of the Administrative Agent&#146;s or any of the Bank&#146;s
rights in connection therewith shall constitute a prohibited transaction under ERISA and/or
the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.2. <U>Rights and Remedies</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Upon the occurrence of any Event of Default described in <U>Sections&nbsp;6.1(f)</U>,
<U>(g)</U>, <U>(o)</U> or <U>(q</U>), the Commitments shall immediately terminate and the unpaid
principal amount of, and any and all accrued interest on, the Loans and any and all accrued fees
and other Obligations hereunder shall automatically become immediately due and payable, with all
additional interest from time to time accrued thereon and without presentation, demand, or protest
or other requirements of any kind (including, without limitation, valuation and appraisement,
diligence, presentment, notice of intent to demand or accelerate and notice of acceleration), all
of which are hereby expressly waived by the Borrower; and upon the occurrence and during the
continuance of any other Event of Default, the Administrative Agent, following consultation with
the Banks, may (and upon the demand of the Majority Banks shall), by written notice to the
Borrower, in addition to the exercise of all of the rights and remedies permitted the
Administrative Agent and the Banks at law or equity or under any of the other Loan Documents,
declare that the Commitments are terminated and declare the unpaid principal amount of and any and
all accrued and unpaid interest on the Loans and any and all accrued fees and other Obligations
hereunder to be, and the same shall thereupon be, immediately due and payable with all additional
interest from time to time accrued thereon and (except as otherwise provided in the Loan Documents)
without presentation, demand, or protest or other requirements of any kind (including, without
limitation, valuation and appraisement, diligence, presentment, notice of intent to demand or
accelerate and notice of acceleration), all of which are hereby expressly waived by the Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding anything to the contrary contained in this Agreement or in any other Loan
Document, the Administrative Agent and the Banks each agree that any exercise or enforcement of the
rights and remedies granted to the Administrative Agent or the Banks under this Agreement or at law
or in equity with respect to this Agreement or any other Loan Documents shall be commenced and
maintained by the Administrative Agent on behalf of the Administrative Agent and/or the Banks. The
Administrative Agent shall act at the direction of the Majority Banks in connection with the
exercise of any and all remedies at law, in equity or under any of the Loan Documents or, if the
Majority Banks are unable to reach agreement, then, from and after an Event of Default, the
Administrative Agent may pursue such rights and remedies as it may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.3. <U>Notice of Default</U>. The Administrative Agent shall give notice to the
Borrower under <U>Section&nbsp;6.1(c)</U> and <U>6.1(d)</U> promptly upon being requested to do so by
the Majority Banks and shall thereupon notify all the Banks thereof. The Administrative Agent
shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of
Default (other than nonpayment of principal of or interest on the Loans) unless Administrative
Agent has
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">received notice in writing from a Bank or Borrower referring to this Agreement or the other
Loan Documents, describing such event or condition. Should Administrative Agent receive notice of
the occurrence of an Default or Event of Default expressly stating that such notice is a notice of
an Default or Event of Default, or should Administrative Agent send Borrower a notice of Default or
Event of Default, Administrative Agent shall promptly give notice thereof to each Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.4. <U>Distribution of Proceeds after Default</U>. Notwithstanding anything
contained herein to the contrary but subject to the provisions of <U>Section&nbsp;9.16</U> hereof, from
and after an Event of Default, to the extent proceeds are received by Administrative Agent, such
proceeds will be distributed to the Banks pro rata in accordance with the sum of (i)&nbsp;the unpaid
principal amount of the Loans (giving effect to any participations granted therein pursuant to
<U>Section&nbsp;9.4</U>) and (ii)&nbsp;the obligations of the Borrower to the Banks that are party to any
interest rate swap, collar, cap or similar agreement providing interest rate protection for the
Loans that, by their terms, are required to be secured by the Collateral.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VII
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE AGENTS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.1. <U>Appointment and Authorization</U>. Each Bank irrevocably appoints and
authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such
powers under this Agreement and the other Loan Documents as are delegated to the Administrative
Agent by the terms hereof or thereof, together with all such powers as are reasonably incidental
thereto. Except as set forth in <U>Sections&nbsp;7.8</U>, <U>7.9</U> and <U>7.10</U> hereof, the
provisions of this <U>Article&nbsp;VII</U> are solely for the benefit of Administrative Agent and the
Banks, and Borrower shall not have any rights to rely on or enforce any of the provisions hereof.
In performing its functions and duties under this Agreement, Administrative Agent shall each act
solely as an agent of the Banks and do not assume and shall not be deemed to have assumed any
obligation toward or relationship of agency or trust with or for the Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.2. <U>Agency and Affiliates</U>. The Bank of Nova Scotia and ING Real Estate
Finance (USA)&nbsp;LLC, TD Bank N.A. and US Bank, National Association each has the same rights and
powers under this Agreement as any other Bank and may exercise or refrain from exercising the same
as though it were not the Administrative Agent, Syndication Agent or Documentation Agent, as
applicable, and The Bank of Nova Scotia and ING Real Estate Finance (USA)&nbsp;LLC, TD Bank N.A. and US
Bank, National Association and each of their affiliates may accept deposits from, lend money to,
and generally engage in any kind of business with the Borrower, General Partner or any Subsidiary
or affiliate of the Borrower as if they were not the Administrative Agent, Syndication Agent or
Documentation Agent, as applicable, hereunder, and the term &#147;Bank&#148; and &#147;Banks&#148; shall include each
of The Bank of Nova Scotia, ING Real Estate Finance (USA)&nbsp;LLC, TD Bank N.A. and US Bank, National
Association, each in its individual capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.3. <U>Action by Agents</U>. The obligations of each of the Agents hereunder are
only those expressly set forth herein. Without limiting the generality of the foregoing, each of
the Agents shall not be required to take any action with respect to any Default or Event of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Default, except as expressly provided in <U>Article&nbsp;VI</U>. The duties of each Agent shall
be administrative in nature. Subject to the provisions of <U>Sections&nbsp;7.1</U>, <U>7.5</U> and
<U>7.6</U>, each Agent shall administer the Loans in the same manner as each administers its own
loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.4. <U>Consultation with Experts</U>. As between Administrative Agent on the one
hand and the Banks on the other hand, the Administrative Agent may consult with legal counsel (who
may be counsel for the Borrower), independent public accountants and other experts selected by it
and shall not be liable for any action taken or omitted to be taken by it in good faith in
accordance with the advice of such counsel, accountants or experts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.5. <U>Liability of Agents</U>. As between each Agent on the one hand and the Banks
on the other hand, none of the Agents nor any of their affiliates nor any of their respective
directors, officers, agents or employees shall be liable for any action taken or not taken by it in
connection herewith (i)&nbsp;with the consent or at the request of the Majority Banks or (ii)&nbsp;in the
absence of its own gross negligence or willful misconduct. As between each Agent on the one hand
and the Banks on the other hand, none of the Agents nor any of their respective directors,
officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into
or verify (i)&nbsp;any statement, warranty or representation made in connection with this Agreement or
any borrowing hereunder; (ii)&nbsp;the performance or observance of any of the covenants or agreements
of the Borrower; (iii)&nbsp;the satisfaction of any condition specified in <U>Article&nbsp;III</U>, except
receipt of items required to be delivered to such Agent, or (iv)&nbsp;the validity, effectiveness or
genuineness of this Agreement, the other Loan Documents or any other instrument or writing
furnished in connection herewith. As between each Agent on the one hand and the Banks on the other
hand, none of the Agents shall incur any liability by acting in reliance upon any notice, consent,
certificate, statement, or other writing (which may be a bank wire, telex or similar writing)
believed by it to be genuine or to be signed by the proper party or parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.6. <U>Indemnification</U>. Each Bank shall, ratably in accordance with its
Commitment, indemnify the Agents and their affiliates and their respective directors, officers,
agents and employees (to the extent not reimbursed by the Borrower) against any cost, expense
(including, without limitation, counsel fees and disbursements), claim, demand, action, loss or
liability (except such as result from such indemnitee&#146;s gross negligence or willful misconduct)
that such indemnitee may suffer or incur in connection with its duties as Agent under this
Agreement, the other Loan Documents or any action taken or omitted by such indemnitee hereunder.
In the event that any Agent shall, subsequent to its receipt of indemnification payment(s) from
Banks in accordance with this section, recoup any amount from the Borrower, or any other party
liable therefor in connection with such indemnification, such Agent shall reimburse the Banks which
previously made the payment(s) pro rata, based upon the actual amounts which were theretofore paid
by each Bank. Each Agent shall reimburse such Banks so entitled to reimbursement within two (2)
Business Days of its receipt of such funds from the Borrower or such other party liable therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.7. <U>Credit Decision</U>. Each Bank acknowledges that it has, independently and
without reliance upon the Administrative Agent, the Syndication Agent or any other Bank, and based
on such documents and information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement. Each Bank also acknowledges that it will, independently and
without reliance upon the Administrative Agent, Syndication Agent or any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->57<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">other Bank, and based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking any action under this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.8. <U>Successor Agents</U>. The Administrative Agent or the Syndication Agent may
resign at any time by giving notice thereof to the Banks, the Borrower and each other and the
Administrative Agent or the Syndication Agent, as applicable, shall resign in the event its
Commitment (without participants) is reduced to less than Ten Million Dollars ($10,000,000) unless
as a result of a cancellation or reduction in the aggregate Commitments. Upon any such
resignation, the Majority Banks shall have the right to appoint a successor Administrative Agent or
Syndication Agent, as applicable, which successor Administrative Agent or successor Syndication
Agent (as applicable) shall, provided no Event of Default has occurred and is then continuing, be
subject to Borrower&#146;s approval, which approval shall not be unreasonably withheld or delayed. If
no successor Administrative Agent or Syndication Agent (as applicable) shall have been so appointed
by the Majority Banks and approved by the Borrower, and shall have accepted such appointment,
within 30&nbsp;days after the retiring Administrative Agent or Syndication Agent (as applicable) gives
notice of resignation, then the retiring Administrative Agent or retiring Syndication Agent (as
applicable) may, on behalf of the Banks, appoint a successor Administrative Agent or Syndication
Agent (as applicable), which shall be the Administrative Agent, Documentation Agent or the
Syndication Agent as the case may be, who shall act until the Majority Banks shall appoint an
Administrative Agent or Syndication Agent. Any appointment of a successor Administrative Agent or
Syndication Agent by Majority Banks or the retiring Administrative Agent or the Syndication Agent
pursuant to the preceding sentence shall, provided no Event of Default has occurred and is then
continuing, be subject to the Borrower&#146;s approval, which approval shall not be unreasonably
withheld or delayed. Upon the acceptance of its appointment as the Administrative Agent or
Syndication Agent hereunder by a successor Administrative Agent or successor Syndication Agent, as
applicable, such successor Administrative Agent or successor Syndication Agent, as applicable,
shall thereupon succeed to and become vested with all the rights and duties of the retiring
Administrative Agent or retiring Syndication Agent, as applicable, and the retiring Administrative
Agent or the retiring Syndication Agent, as applicable, shall be discharged from its duties and
obligations hereunder. After any retiring Administrative Agent&#146;s or retiring Syndication Agent&#146;s
resignation hereunder, the provisions of this Article shall inure to its benefit as to any actions
taken or omitted to be taken by it while it was the Administrative Agent or the Syndication Agent,
as applicable. For gross negligence or willful misconduct, as determined by all the Banks
(excluding for such determination Administrative Agent or Syndication Agent in its capacity as a
Bank, as applicable), Administrative Agent or Syndication Agent may be removed at any time by
giving at least thirty (30)&nbsp;Business Days&#146; prior written notice to Administrative Agent or
Syndication Agent and Borrower. Such resignation or removal shall take effect upon the acceptance
of appointment by a successor Administrative Agent, Documentation Agent or Syndication Agent, as
applicable, in accordance with the provisions of this <U>Section&nbsp;7.8</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.9. <U>Consents and Approvals</U>. All communications from Administrative Agent to
the Banks requesting the Banks&#146; determination, consent, approval or disapproval (i)&nbsp;shall be given
in the form of a written notice to each Bank, (ii)&nbsp;shall be accompanied by a description of the
matter or item as to which such determination, approval, consent or disapproval is requested, or
shall advise each Bank where such matter or item may be inspected,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or shall otherwise describe the matter or issue to be resolved, (iii)&nbsp;shall include, if
reasonably requested by a Bank and to the extent not previously provided to such Bank, written
materials and a summary of all oral information provided to Administrative Agent by Borrower in
respect of the matter or issue to be resolved, (iv)&nbsp;shall include Administrative Agent&#146;s
recommended course of action or determination in respect thereof ), and (v)&nbsp;shall include the
following clause in capital letters, &#147;<U>FAILURE TO RESPOND TO THIS NOTICE WITHIN THE BANK REPLY
PERIOD SHALL BE DEEMED CONSENT TO THE RECOMMENDATION SET FORTH HEREIN</U>&#148;. Each Bank shall reply
promptly, but in any event within ten (10)&nbsp;Business Days after receipt of the request therefor from
Administrative Agent (the &#147;<U>Bank Reply Period</U>&#148;). Unless a Bank shall give written notice to
Administrative Agent that it objects to the recommendation or determination of Administrative Agent
(together with a written explanation of the reasons behind such objection) within the Bank Reply
Period, such Bank shall be deemed to have approved of or consented to such recommendation or
determination. With respect to decisions requiring the approval of the Majority Banks or all the
Banks, Administrative Agent shall submit its recommendation or determination for approval of or
consent to such recommendation or determination to all Banks and upon receiving the required
approval or consent (or deemed approval or consent, as the case may be) shall follow the course of
action or determination of the Majority Banks or all the Banks (and each non-responding Bank shall
be deemed to have concurred with such recommended course of action), as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.10. <U>Collateral Matters</U>. Each of the Banks irrevocably authorize the
Administrative Agent, at its option and its discretion, to release any Lien on any property granted
to or held by the Administrative Agent under any Loan Document (i)&nbsp;upon payment in full of all
principal and interest due on the Loans, (ii)&nbsp;that is to be released in accordance with the
Borrower&#146;s request pursuant to <U>Section_2.17</U>, or (iii)&nbsp;if approved, authorized or ratified
in writing in accordance with <U>Section&nbsp;9.5</U> including, without limitation, the execution and
delivery of, at the Borrower&#146;s expense, such documents as such Loan Party may reasonably request to
evidence the release of such item of Collateral from the assignment and security interest granted
under any Security Agreement in accordance with the terms thereof and this <U>Section&nbsp;7.10</U>.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VIII
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CHANGE IN CIRCUMSTANCES

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.1. <U>Basis for Determining Interest Rate Inadequate or Unfair</U>. If on or prior
to the first day of any Interest Period for any Euro-Dollar Borrowing the Administrative Agent
determines in good faith that deposits in Dollars (in the applicable amounts) are not being offered
in the relevant market for such Interest Period, the Administrative Agent shall forthwith give
notice thereof to the Borrower and the Banks, whereupon until the Administrative Agent notifies the
Borrower that the circumstances giving rise to such suspension no longer exist, the obligations of
the Banks to make Euro-Dollar Loans shall be suspended. In such event unless the Borrower notifies
the Administrative Agent on or before the second (2nd) Euro-Dollar Business Day before, but
excluding, the date of any Euro-Dollar Borrowing for Dollars for which a Notice of Borrowing has
previously been given that it elects not to borrow on such date, such Borrowing shall instead be
made as a Base Rate Borrowing.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.2. <U>Illegality</U>. If, on or after the date of this Agreement, the adoption of
any applicable law, rule or regulation, or any change in any applicable law, rule or regulation, or
any change in the interpretation or administration thereof by any governmental authority, central
bank or comparable agency charged with the interpretation or administration thereof, or compliance
by any Bank (or its Euro-Dollar Lending Office) with any request or directive (whether or not
having the force of law) made after the Closing Date of any such authority, central bank or
comparable agency shall make it unlawful for any Bank (or its Euro-Dollar Lending Office) to make,
maintain or fund its Euro-Dollar Loans, the Administrative Agent shall forthwith give notice
thereof to the other Banks and the Borrower, whereupon until such Bank notifies the Borrower and
the Administrative Agent that the circumstances giving rise to such suspension no longer exist, the
obligation of such Bank to make Euro-Dollar Loans, shall be suspended. With respect to Euro-Dollar
Loans, before giving any notice to the Administrative Agent pursuant to this Section, such Bank
shall designate a different Euro-Dollar Lending Office if such designation will avoid the need for
giving such notice and will not, in the judgment of such Bank, be otherwise disadvantageous to such
Bank. If such Bank shall determine that it may not lawfully continue to maintain and fund any of
its outstanding Euro-Dollar Loans to maturity and shall so specify in such notice, the Borrower
shall be deemed to have delivered a Notice of Interest Rate Election and such Euro-Dollar Loan
shall be converted as of such date to a Base Rate Loan (without payment of any amounts that
Borrower would otherwise be obligated to pay pursuant to <U>Section&nbsp;2.14</U> hereof with respect
to Loans converted pursuant to this <U>Section&nbsp;8.2</U>) in an equal principal amount from such
Bank (on which interest and principal shall be payable contemporaneously with the related
Euro-Dollar Loans of the other Banks), and such Bank shall make such a Base Rate Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time, it shall be unlawful for any Bank to make, maintain or fund its Euro-Dollar
Loans, the Borrower shall have the right, upon five (5)&nbsp;Business Day&#146;s notice to the Administrative
Agent, to either (x)&nbsp;cause a bank, reasonably acceptable to the Administrative Agent, to offer to
purchase the Commitments of such Bank for an amount equal to such Bank&#146;s outstanding Loans,
together with accrued and unpaid interest thereon, and to become a Bank hereunder, or obtain the
agreement of one or more existing Banks to offer to purchase the Commitments of such Bank for such
amount, which offer such Bank is hereby required to accept, or (y)&nbsp;to repay in full all Loans then
outstanding of such Bank, together with interest due thereon and any and all fees due hereunder,
upon which event, such Bank&#146;s Commitments shall be deemed to be canceled pursuant to <U>Section
2.11(c)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.3. <U>Increased Cost and Reduced Return</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If, on or after the date hereof (the &#147;<U>Loan Effective Date</U>&#148;), the adoption of any
applicable law, rule or regulation, or any change in any applicable law, rule or regulation, or any
change in the interpretation or administration thereof by any governmental authority, central bank
or comparable agency charged with the interpretation or administration thereof, or compliance by
any Bank (or its Applicable Lending Office) with any request or directive (whether or not having
the force of law) made at the Closing Date of any such authority, central bank or comparable agency
shall impose, modify or deem applicable any reserve (including, without limitation, any such
requirement imposed by the Board of Governors of the Federal Reserve System (but excluding with
respect to any Euro-Dollar Loan any such requirement reflected in an applicable Euro-Dollar Reserve
Percentage)), special deposit, insurance
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->60<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">assessment or similar requirement against assets of, deposits with or for the account of, or
credit extended by, any Bank (or its Applicable Lending Office) or shall impose on any Bank (or its
Applicable Lending Office) or on the interbank market any other condition materially more
burdensome in nature, extent or consequence than those in existence as of the Loan Effective Date
affecting such Bank&#146;s Euro-Dollar Loans, its Note, or its obligation to make Euro-Dollar Loans, and
the result of any of the foregoing is to increase the cost to such Bank (or its Applicable Lending
Office) of making or maintaining any Euro-Dollar Loan, or to reduce the amount of any sum received
or receivable by such Bank (or its Applicable Lending Office) under this Agreement or under its
Note with respect to such Euro-Dollar Loans, by an amount deemed by such Bank to be material, then,
within 15&nbsp;days after demand by such Bank (with a copy to the Administrative Agent), the Borrower
shall pay to such Bank such additional amount or amounts (based upon a reasonable allocation
thereof by such Bank to the Euro-Dollar Loans made by such Bank hereunder) as will compensate such
Bank for such increased cost or reduction to the extent such Bank generally imposes such additional
amounts on other borrowers of such Bank in similar circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If any Bank shall have reasonably determined that, after the date hereof, the adoption of
any applicable law, rule or regulation regarding capital adequacy, or any change in any such law,
rule or regulation, or any change in the interpretation or administration thereof by any
governmental authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by any Bank with any request or directive regarding capital
adequacy (whether or not having the force of law) made after the Closing Date of any such
authority, central bank or comparable agency, has or would have the effect of reducing the rate of
return on capital of such Bank (or its Parent) as a consequence of such Bank&#146;s obligations
hereunder to a level below that which such Bank (or its Parent) could have achieved but for such
adoption, change, request or directive (taking into consideration its policies with respect to
capital adequacy) by an amount reasonably deemed by such Bank to be material, then from time to
time, within 15&nbsp;days after demand by such Bank (with a copy to the Administrative Agent), the
Borrower shall pay to such Bank such additional amount or amounts as will compensate such Bank (or
its Parent) for such reduction to the extent such Bank generally imposes such additional amounts on
other borrowers of such Bank in similar circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Each Bank will promptly notify the Borrower and the Administrative Agent of any event of
which it has knowledge, occurring after the date hereof, which will entitle such Bank to
compensation pursuant to this Section and will designate a different Applicable Lending Office if
such designation will avoid the need for, or reduce the amount of, such compensation and will not,
in the reasonable judgment of such Bank, be otherwise disadvantageous to such Bank. If such Bank
shall fail to notify Borrower of any such event within ninety (90)&nbsp;days following the end of the
month during which such event occurred, then Borrower&#146;s liability for any amounts described in this
Section incurred by such Bank as a result of such event shall be limited to those attributable to
the period occurring subsequent to the ninetieth (90th) day prior to, but excluding, the date upon
which such Bank actually notified Borrower of the occurrence of such event. A certificate of any
Bank claiming compensation under this Section and setting forth a reasonably detailed calculation
of the additional amount or amounts to be paid to it hereunder shall be conclusive in the absence
of demonstrable error. In determining such amount, such Bank may use any reasonable averaging and
attribution methods.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->61<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If at any time, any Bank shall be owed amounts pursuant to this <U>Section&nbsp;8.3</U>, the
Borrower shall have the right, upon five (5)&nbsp;Business Day&#146;s notice to the Administrative Agent to
either (x)&nbsp;cause a bank, reasonably acceptable to the Administrative Agent, to offer to purchase
the Commitments of such Bank for an amount equal to such Bank&#146;s outstanding Loans, and to become a
Bank hereunder, or to obtain the agreement of one or more existing Banks to offer to purchase the
Commitments of such Bank for such amount, which offer such Bank is hereby required to accept, or
(y)&nbsp;to repay in full all Loans then outstanding of such Bank, together with interest and all other
amounts due thereon, upon which event, such Bank&#146;s Commitment shall be deemed to be canceled
pursuant to <U>Section&nbsp;2.11(c)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.4. <U>Taxes</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Any and all payments by the Borrower to or for the account of any Bank or the
Administrative Agent hereunder or under any other Loan Document shall be made free and clear of and
without deduction for any and all present or future taxes, duties, levies, imposts, deductions,
charges or withholdings, and all liabilities with respect thereto, excluding, in the case of each
Bank and the Administrative Agent, taxes imposed on its income, and franchise taxes imposed on it,
by the jurisdiction under the laws of which such Bank or the Administrative Agent (as the case may
be) is organized or any political subdivision thereof and, in the case of each Bank, taxes imposed
on its income, and franchise or similar taxes imposed on it, by the jurisdiction of such Bank&#146;s
Applicable Lending Office or any political subdivision thereof or by any other jurisdiction (or any
political subdivision thereof) as a result of a present or former connection between such Bank or
Administrative Agent and such other jurisdiction or by the United States (all such non-excluded
taxes, duties, levies, imposts, deductions, charges, withholdings and liabilities being hereinafter
referred to as &#147;<U>Non-Excluded Taxes</U>&#148;). If the Borrower shall be required by law to deduct
any Non-Excluded Taxes from or in respect of any sum payable hereunder or under any Note, (i)&nbsp;the
sum payable shall be increased as necessary so that after making all required deductions
(including, without limitation, deductions applicable to additional sums payable under this
<U>Section&nbsp;8.4</U>) such Bank or the Administrative Agent (as the case may be) receives an amount
equal to the sum it would have received had no such deductions been made, (ii)&nbsp;the Borrower shall
make such deductions, (iii)&nbsp;the Borrower shall pay the full amount deducted to the relevant
taxation authority or other authority in accordance with applicable law and (iv)&nbsp;the Borrower shall
furnish to the Administrative Agent, at its address referred to in <U>Section&nbsp;9.1</U>, the
original or a certified copy of a receipt evidencing payment thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In addition, the Borrower agrees to pay any present or future stamp or documentary taxes
and any other excise or property taxes, or charges or similar levies which arise from any payment
made hereunder or under any Note or from the execution or delivery of, or otherwise with respect
to, this Agreement or any Note (hereinafter referred to as &#147;<U>Other Taxes</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;In the event that Non-Excluded Taxes not imposed on the Closing Date are imposed, or
Non-Excluded Taxes imposed on the Closing Date increase, the applicable Bank shall notify the
Administrative Agent and the Borrower of such event in writing within a reasonable period following
receipt of knowledge thereof. If such Bank shall fail to notify Borrower of any such event within
ninety (90)&nbsp;days following the end of the month during which
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->62<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such event occurred, then Borrower&#146;s liability for such additional Non-Excluded Taxes incurred
by such Bank as a result of such event (including payment of a make-whole amount under <U>Section
8.4(a)(i)</U>) shall be limited to those attributable to the period occurring subsequent to the
ninetieth (90th) day prior to, but excluding, the date upon which such Bank actually notified
Borrower of the occurrence of such event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Borrower agrees to indemnify each Bank and the Administrative Agent for the full
amount of Non-Excluded Taxes or Other Taxes (including, without limitation, any Non-Excluded Taxes
or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this <U>Section
8.4</U>) paid by such Bank, or the Administrative Agent (as the case may be) and, so long as such
or Administrative Agent has promptly paid any such Non-Excluded Taxes or Other Taxes, any liability
for penalties and interest arising therefrom or with respect thereto. This indemnification shall
be made within 15&nbsp;days from the date such Bank or the Administrative Agent (as the case may be)
makes demand therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Each Bank organized under the laws of a jurisdiction outside the United States, on or
prior to the date of its execution and delivery of this Agreement in the case of each Bank listed
on the signature pages hereof and on or prior to the date on which it becomes a Bank in the case of
each other Bank, shall provide the Borrower with (A)&nbsp;two duly completed copies of Internal Revenue
Service form 1001 or any successor form prescribed by the Internal Revenue Service, and (B)&nbsp;an
Internal Revenue Service Form W-8BEN or W-8ECI, as appropriate, or any successor form prescribed by
the Internal Revenue Service, and shall provide Borrower with two further copies of any such form
or certification on or before the date that any such form or certification expires or becomes
obsolete and after the occurrence of any event requiring a change in the most recent form
previously delivered by it to Borrower, certifying (i)&nbsp;in the case of a Form&nbsp;1001, that such Bank
is entitled to benefits under an income tax treaty to which the United States is a party which
reduces the rate of withholding tax on payments of interest or certifying that the income
receivable pursuant to this Agreement is effectively connected with the conduct of a trade or
business in the United States, and (ii)&nbsp;in the case of a Form W-8BEN or W-8ECI, that it is entitled
to an exemption from United States backup withholding tax. If the form provided by a Bank at the
time such Bank first becomes a party to this Agreement indicates a United States interest
withholding tax rate in excess of zero, withholding tax at such rate shall be considered excluded
from &#147;Non-Excluded Taxes&#148; as defined in <U>Section&nbsp;8.4(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Upon reasonable demand by Borrower to the Administrative Agent or any Bank, the
Administrative Agent or Bank, as the case may be, shall deliver to the Borrower, or to such
government or taxing authority as the Borrower may reasonably direct, any form or document that may
be required or reasonably requested in writing in order to allow the Borrower to make a payment to
or for the account of such Bank or the Administrative Agent hereunder or under any other Loan
Document without any deduction or withholding for or on account of any Non-Excluded Taxes or with
such deduction or withholding at a reduced rate (so long as the completion, execution or submission
of such form or document would not materially prejudice the legal or commercial position of the
party in receipt of such demand), with any such form or document to be accurate and completed in a
manner reasonably satisfactory to the Borrower making such demand and to be executed and to be
delivered with any reasonably required certification.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->63<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;For any period with respect to which a Bank has failed to provide the Borrower with the
appropriate form pursuant to <U>Section&nbsp;8.4(d)</U> (unless such failure is due to a change in
treaty, law or regulation occurring subsequent to the date on which a form originally was required
to be provided), such Bank shall not be entitled to indemnification under <U>Section&nbsp;8.4(c)</U>
with respect to Non-Excluded Taxes imposed by the United States; <U>provided</U>, <U>however</U>,
that should a Bank, which is otherwise exempt from or subject to a reduced rate of withholding tax,
become subject to Non-Excluded Taxes because of its failure to deliver a form required hereunder,
the Borrower shall take such steps as such Bank shall reasonably request to assist such Bank to
recover such Taxes so long as Borrower shall incur no cost or liability as a result thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;If the Borrower is required to pay additional amounts to or for the account of any Bank
pursuant to this <U>Section&nbsp;8.4</U>, then such Bank will change the jurisdiction of its Applicable
Lending Office so as to eliminate or reduce any such additional payment which may thereafter accrue
if such change, in the judgment of such Bank, is not otherwise disadvantageous to such Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;If at any time, any Bank shall be owed amounts pursuant to this <U>Section&nbsp;8.4</U>, the
Borrower shall have the right, upon five (5)&nbsp;Business Day&#146;s notice to the Administrative Agent to
either (x)&nbsp;cause a bank, reasonably acceptable to the Administrative Agent, to offer to purchase
the Commitments of such Bank for an amount equal to such Bank&#146;s outstanding Loans, and to become a
Bank hereunder, or to obtain the agreement of one or more existing Banks to offer to purchase the
Commitments of such Bank for such amount, which offer such Bank is hereby required to accept, or
(y)&nbsp;to repay in full all Loans then outstanding of such Bank, together with interest and all other
amounts due thereon, upon which event, such Bank&#146;s Commitment shall be deemed to be canceled
pursuant to <U>Section&nbsp;2.11(c)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.5. <U>Base Rate Loans Substituted for Affected Euro-Dollar Loans</U>. If (i)&nbsp;the
obligation of any Bank to make Euro-Dollar Loans has been suspended pursuant to <U>Section&nbsp;8.2</U>
or (ii)&nbsp;any Bank has demanded compensation under <U>Section&nbsp;8.3</U> or <U>8.4</U> with respect to
its Euro-Dollar Loans and the Borrower shall, by at least five Business Days&#146; prior notice to such
Bank through the Administrative Agent, have elected that the provisions of this Section shall apply
to such Bank, then, unless and until such Bank notifies the Borrower that the circumstances giving
rise to such suspension or demand for compensation no longer exist:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Borrower shall be deemed to have delivered a Notice of Interest Rate Election with
respect to such affected Euro-Dollar Loans and thereafter all Loans which would otherwise be
made by such Bank to the Borrower as Dollar-denominated Euro-Dollar Loans shall be made
instead as Base Rate Loans; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after each of its Euro-Dollar Loans has been repaid, all payments of principal
which would otherwise be applied to repay such Euro-Dollar Loans shall be applied to repay
its Base Rate Loans instead, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Borrower will not be required to make any payment which would otherwise be required
by <U>Section&nbsp;2.14</U> with respect to such Euro-Dollar Loans converted to Base Rate Loans
pursuant to <U>clause (a)</U> above.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->64<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IX
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">MISCELLANEOUS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.1. <U>Notices</U>. All notices, requests and other communications to any party
hereunder shall be in writing (including bank wire, telex, facsimile transmission followed by
telephonic confirmation or similar writing) and shall be given to such party: (x)&nbsp;in the case of
the Administrative Agent, at its address, telex number or facsimile number set forth on the
signature page hereof with a duplicate copy thereof, in the case of the Borrower, to the Borrower,
at its addresses set forth on the signature page hereof, (y)&nbsp;in the case of any Bank, at its
address, telex number or facsimile number set forth in its Administrative Questionnaire or (z)&nbsp;in
the case of any party, such other address, telex number or facsimile number as such party may
hereafter specify for the purpose by notice to the Administrative Agent and the Borrower. Each
such notice, request or other communication shall be effective (i)&nbsp;if given by telex or facsimile
transmission, when such telex or facsimile is transmitted to the telex number or facsimile number
specified in this Section and the appropriate answerback or facsimile confirmation is received,
(ii)&nbsp;if given by certified registered mail, return receipt requested, with first class postage
prepaid, addressed as aforesaid, upon receipt or refusal to accept delivery, (iii)&nbsp;if given by a
nationally recognized overnight carrier, 24 hours after such communication is deposited with such
carrier with postage prepaid for next day delivery, or (iv)&nbsp;if given by any other means, when
delivered at the address specified in this Section; <U>provided</U> that notices to the
Administrative Agent under <U>Article&nbsp;II</U> or <U>Article&nbsp;VIII</U> shall not be effective until
received.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.2. <U>No Waivers</U>. No failure or delay by the Administrative Agent or any Bank
in exercising any right, power or privilege hereunder or under any Note shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and remedies herein
provided shall be cumulative and not exclusive of any rights or remedies provided by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.3. <U>Expenses; Indemnification</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Borrower shall pay within thirty (30)&nbsp;days after written notice from the
Administrative Agent, (i)&nbsp;all reasonable out-of-pocket costs and expenses of the Administrative
Agent (including, without limitation, reasonable fees and disbursements of special counsel Mayer
Brown LLP ), in connection with the preparation of this Agreement, the Loan Documents and the
documents and instruments referred to therein, and any waiver or consent hereunder or any amendment
hereof or any Default or alleged Default hereunder, (ii)&nbsp;all reasonable fees and disbursements of
special counsel in connection with the syndication of the Loans, and (iii)&nbsp;if an Event of Default
occurs, all reasonable out-of-pocket expenses incurred by the Administrative Agent and each Bank,
including, without limitation, fees and disbursements of counsel for the Administrative Agent and
each of the Banks, in connection with the enforcement of the Loan Documents and the instruments
referred to therein and such Event of Default and collection, bankruptcy, insolvency and other
enforcement proceedings resulting therefrom; <U>provided</U>, <U>however</U>, that the attorneys&#146;
fees and disbursements for which Borrower is obligated under this <U>subsection (a)(iii)</U> shall
be limited to the reasonable non-duplicative fees and disbursements of (A)&nbsp;counsel for
Administrative Agent and (B)&nbsp;counsel for all of the Banks as a group; and <U>provided</U>,
<U>further</U>, that all other costs and expenses for which Borrower is obligated under this
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->65<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>subsection (a)(iii)</U> shall be limited to the reasonable non-duplicative costs and
expenses of Administrative Agent. For purposes of this <U>Section&nbsp;9.3 (a)(iii)</U>, (1)&nbsp;counsel
for Administrative Agent shall mean a single outside law firm representing Administrative Agent and
(2)&nbsp;counsel for all of the Banks as a group shall mean a single outside law firm representing such
Banks as a group (which law firm may or may not be the same law firm representing the
Administrative Agent).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Borrower agrees to indemnify the Administrative Agent and each Bank, their respective
affiliates and the respective directors, officers, agents and employees of the foregoing (each an
&#147;<U>Indemnitee</U>&#148;) and hold each Indemnitee harmless from and against any and all liabilities,
losses, damages, costs and expenses of any kind, including, without limitation, the reasonable fees
and disbursements of counsel, which may be incurred by such Indemnitee in connection with any
investigative, administrative or judicial proceeding that may at any time (including, without
limitation, at any time following the payment of the Obligations) be asserted against any
Indemnitee, as a result of, or arising out of, or in any way related to or by reason of, (i)&nbsp;any of
the transactions contemplated by the Loan Documents or the execution, delivery or performance of
any Loan Document, (ii)&nbsp;any violation by the Borrower or the Environmental Affiliates of any
applicable Environmental Law, (iii)&nbsp;any Environmental Claim arising out of the management, use,
control, ownership or operation of property or assets by the Borrower or any of the Environmental
Affiliates, including, without limitation, all on-site and off-site activities of Borrower or any
Environmental Affiliate involving Materials of Environmental Concern, (iv)&nbsp;the breach of any
environmental representation or warranty set forth herein, but excluding those liabilities, losses,
damages, costs and expenses (a)&nbsp;for which such Indemnitee has been compensated pursuant to the
terms of this Agreement, (b)&nbsp;incurred solely by reason of the gross negligence, willful misconduct,
bad faith or fraud of any Indemnitee as finally determined by a court of competent jurisdiction,
(c)&nbsp;arising from violations of Environmental Laws relating to a Property which are caused by the
act or omission of such Indemnitee after such Indemnitee takes possession of such Property or (d)
owing by such Indemnitee to any third party based upon contractual obligations of such Indemnitee
owing to such third party which are not expressly set forth in the Loan Documents. In addition,
the indemnification set forth in this <U>Section&nbsp;9.3(b)</U> in favor of any director, officer,
agent or employee of Administrative Agent or any Bank shall be solely in their respective
capacities as such director, officer, agent or employee. The Borrower&#146;s obligations under this
Section shall survive the termination of this Agreement and the payment of the Obligations.
Without limitation of the other provisions of this <U>Section&nbsp;9.3</U>, Borrower shall indemnify
and hold each of the Administrative Agent and the Banks free and harmless from and against all
loss, costs (including reasonable attorneys&#146; fees and expenses), expenses, taxes, and damages
(including consequential damages) that the Administrative Agent and the Banks may suffer or incur
by reason of the investigation, defense and settlement of claims and in obtaining any prohibited
transaction exemption under ERISA or the Code necessary in the Administrative Agent&#146;s reasonable
judgment by reason of the inaccuracy of the representations and warranties, or a breach of the
provisions, set forth in <U>Section&nbsp;4.6(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.4. <U>Sharing of Set-Offs</U>. In addition to any rights now or hereafter granted
under applicable law or otherwise, and not by way of limitation of any such rights, upon the
occurrence and during the continuance of any Event of Default, each Bank is hereby authorized at
any time or from time to time, without presentment, demand, protest or other notice of any kind to
the Borrower or to any other Person, any such notice being hereby expressly waived, but
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->66<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">subject to the prior consent of the Administrative Agent, which consent shall not be
unreasonably withheld, to set off and to appropriate and apply any and all deposits (general or
special, time or demand, provisional or final) and any other indebtedness at any time held or owing
by such Bank (including, without limitation, by branches and agencies of such Bank wherever
located) to or for the credit or the account of the Borrower against and on account of the
Obligations of the Borrower then due and payable to such Bank under this Agreement or under any of
the other Loan Documents, including, without limitation, all interests in Obligations purchased by
such Bank. Each Bank agrees that if it shall by exercising any right of set-off or counterclaim or
otherwise, receive payment of a proportion of the aggregate amount of principal and interest due
with respect to any Note held by it, which is greater than the proportion received by any other
Bank, the Bank receiving such proportionately greater payment shall purchase such participations in
the Notes held by the other Banks, and such other adjustments shall be made, as may be required so
that all such payments of principal and interest with respect to the Notes held by the Banks shall
be shared by the Banks pro rata; <U>provided</U> that nothing in this Section shall impair the
right of any Bank to exercise any right of set-off or counterclaim it may have to any deposits not
received in connection with the Loans and to apply the amount subject to such exercise to the
payment of indebtedness of the Borrower other than its indebtedness under the Notes. The Borrower
agrees, to the fullest extent it may effectively do so under applicable law, that any holder of a
participation in a Note, whether or not acquired pursuant to the foregoing arrangements, may
exercise rights of set-off or counterclaim and other rights with respect to such participation as
fully as if such holder of a participation were a direct creditor of the Borrower in the amount of
such participation. Notwithstanding anything to the contrary contained herein, any Bank may, by
separate agreement with the Borrower, waive its right to set off contained herein or granted by law
and any such written waiver shall be effective against such Bank under this <U>Section&nbsp;9.4</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.5. <U>Amendments and Waivers</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Any provision of this Agreement or the Notes or other Loan Documents may be amended or
waived if, but only if, such amendment or waiver is in writing and is signed by the Borrower and
the Majority Banks (and, if the rights or duties of the Administrative Agent or the Syndication
Agent in their capacity as Administrative Agent or Syndication Agent, as applicable, are affected
thereby, by the Administrative Agent or the Syndication Agent, as applicable); <U>provided</U>
that no amendment or waiver with respect to this Agreement, the Notes or any other Loan Documents
shall, unless signed by all the Banks, (i)&nbsp;increase or decrease the Commitment of any Bank (except
for a ratable decrease in the Commitments of all Banks) or subject any Bank to any additional
obligation, (ii)&nbsp;reduce the principal of or rate of interest on any Loan or any fees hereunder,
(iii)&nbsp;postpone the date fixed for any payment of principal of or interest on any Loan or any fees
hereunder or for any reduction or termination of any Commitment, (iv)&nbsp;change the percentage of the
Commitments or of the aggregate unpaid principal amount of the Notes, or the number of Banks, which
shall be required for the Banks or any of them to take any action under this Section or any other
provision of this Agreement, (v)&nbsp;release the Guaranty, (vi)&nbsp;release all or substantially all of the
Collateral, or (vii)&nbsp;modify the provisions of this <U>Section&nbsp;9.5</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The provisions in <U>Sections&nbsp;5.1</U>, <U>5.8</U> through <U>5.14</U> and
<U>6.1(b)</U> through (<U>r</U>) of this Agreement, as well as the definition of &#147;Applicable
Margin&#148; (the language contained therein other than with respect to the actual margins) and
&#147;Investment Grade Rating&#148;, contain essentially
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->67<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the same provisions with respect to AMB and AMB LP as those contained in Sections&nbsp;5.1, 5.8
through 5.14 and 6.1(b) through (r)&nbsp;of the Existing Credit Agreement and in such definitions in the
Existing Credit Agreement (the &#147;<U>AMB Revolver Provisions</U>&#148;). In the event that the Borrower
or the Administrative Agent under the Existing Credit Agreement propose to modify, waive or
restate, or request a consent or approval with respect to, the AMB Revolver Provisions (and related
definitions) (other than a change limited to the actual margins) of the Existing Credit Agreement
in writing (which may include a written waiver of an existing actual or potential Default or Event
of Default that is intended to be eliminated by such modification, restatement or waiver)
(individually, a &#147;<U>Covenant Modification</U>&#148;), then simultaneously with the agreement to or
granting of such Covenant Modification under the Existing Credit Agreement, this Agreement shall be
deemed modified or restated, or waiver, consent or approval granted, in a manner consistent with
the Covenant Modifications under the Existing Credit Agreement; <U>provided</U>; however, that
nothing herein shall be deemed to make, or obligate the parties to make, any modification of the
values set forth in the tables contained in the definition of &#147;Applicable Margin&#148; as a result of a
Covenant Modification or otherwise; and <U>provided</U>, <U>further</U>, that no change to the
Existing Credit Agreement shall make, or obligate the parties to make, any changes with respect to
any Security Agreement or the Collateral thereunder. If requested by the Borrower or the
Administrative Agent, the Borrower, the Guarantor, the Administrative Agent and each Bank shall
execute and deliver a written amendment to, restatement of, or waiver, consent or approval under,
this Agreement memorializing such modification, restatement, waiver, consent or approval. In
addition, the Borrower will be obligated to pay to the Administrative Agent and the Banks the same
fee as the Borrower shall pay to the agents and the lenders under the Existing Credit Agreement in
connection with such modification, restatement, waiver, consent or approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.6. <U>Successors and Assigns</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns, except that the Borrower may not assign
or otherwise transfer any of its rights under this Agreement or the other Loan Documents without
the prior written consent of all Banks and the Administrative Agent and a Bank may not assign or
otherwise transfer any of its interest under this Agreement except as permitted in <U>subsection
(b)</U> and <U>(c)</U> of this <U>Section&nbsp;9.6</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Prior to the occurrence of an Event of Default, any Bank may at any time, grant to an
existing Bank, one or more banks, finance companies, insurance companies or other financial
institutions (a &#147;<U>Participant</U>&#148;) in minimum amounts of not less than $5,000,000 (or any
lesser amount in the case of participations to an existing Bank) participating interests in its
Commitment or any or all of its Loans. After the occurrence and during the continuance of an Event
of Default, any Bank may at any time grant to any Person in any amount (also a
&#147;<U>Participant</U>&#148;), participating interests in its Commitment or any or all of its Loans. Any
participation made during the continuation of an Event of Default shall not be affected by the
subsequent cure of such Event of Default. In the event of any such grant by a Bank of a
participating interest to a Participant, whether or not upon notice to the Borrower and the
Administrative Agent, such Bank shall remain responsible for the performance of its obligations
hereunder, and the Borrower and the Administrative Agent shall continue to deal solely and directly
with such Bank in connection with such Bank&#146;s rights and obligations under this
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->68<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Agreement. Any agreement pursuant to which any Bank may grant such a participating interest
shall provide that such Bank shall retain the sole right and responsibility to enforce the
obligations of the Borrower hereunder including, without limitation, the right to approve any
amendment, modification or waiver of any provision of this Agreement; <U>provided</U> that such
participation agreement may provide that such Bank will not agree to any modification, amendment or
waiver of this Agreement described in <U>clause (i)</U>, <U>(ii)</U>, <U>(iii)</U>,
<U>(iv)</U>, <U>(v)</U> <U>(vi)</U> or <U>(vii)</U> of <U>Section&nbsp;9.5</U> without the consent
of the Participant. The Borrower agrees that each Participant shall, to the extent provided in its
participation agreement, be entitled to the benefits of <U>Article&nbsp;VIII</U> with respect to its
participating interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Any Bank may at any time assign to a Qualified Institution (in each case, an
&#147;<U>Assignee</U>&#148;) (i)&nbsp;prior to the occurrence of an Event of Default, in minimum amounts of not
less than Five Million Dollars ($5,000,000) and integral multiple of One Million Dollars
($1,000,000) thereafter (or any lesser amount in the case of assignments to an existing Bank) and
(ii)&nbsp;after the occurrence and during the continuance of an Event of Default, in any amount, all or
a proportionate part of all, of its rights and obligations under this Agreement, the Notes and the
other Loan Documents, and, in either case, such Assignee shall assume such rights and obligations,
pursuant to a Transfer Supplement in substantially the form of Exhibit &#147;<U>B</U>&#148; hereto executed
by such Assignee and such transferor Bank; <U>provided</U>, that such assignment shall be subject
to the Administrative Agent&#146;s consent and, <U>provided</U> that no Event of Default shall have
occurred and be continuing, the Borrower&#146;s consent, which consents shall not be unreasonably
withheld or delayed; and <U>provided</U> <U>further</U> that if an Assignee is an affiliate of
such transferor Bank or was a Bank immediately prior to such assignment, no such consent of
Borrower shall be required. Upon execution and delivery of such instrument and payment by such
Assignee to such transferor Bank of an amount equal to the purchase price agreed between such
transferor Bank and such Assignee, such Assignee shall be a Bank party to this Agreement and shall
have all the rights and obligations of a Bank with a Commitment as set forth in such instrument of
assumption, and no further consent or action by any party shall be required and the transferor Bank
shall be released from its obligations hereunder to a corresponding extent. Upon the consummation
of any assignment pursuant to this <U>subsection (c)</U>, the transferor Bank, the Administrative
Agent and the Borrower shall make appropriate arrangements so that, if required, a new Note is
issued to the Assignee. In connection with any such assignment (other than an assignment by a Bank
to an affiliate), the transferor Bank shall pay to the Administrative Agent an administrative fee
for processing such assignment in the amount of $3,500. If the Assignee is not incorporated under
the laws of the United States of America or a state thereof, it shall deliver to the Borrower and
the Administrative Agent certification as to exemption from deduction or withholding of any United
States federal income taxes in accordance with <U>Section&nbsp;8.4</U>. Any assignment made during the
continuation of an Event of Default shall not be affected by any subsequent cure of such Event of
Default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Any Bank may at any time assign all or any portion of its rights under this Agreement and
its Note, to a Federal Reserve Bank. No such assignment shall release the transferor Bank from its
obligations hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;No Assignee, Participant or other transferee of any Bank&#146;s rights shall be entitled to
receive any greater payment under <U>Section&nbsp;8.3</U> or <U>8.4</U> than such Bank would have been
entitled to receive with respect to the rights transferred, unless such transfer is made with the
Borrower&#146;s
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->69<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">prior written consent or by reason of the provisions of <U>Section&nbsp;8.2</U>, <U>8.3</U> or
<U>8.4</U> requiring such Bank to designate a different Applicable Lending Office under certain
circumstances or at a time when the circumstances giving rise to such greater payment did not
exist.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;No Assignee of any rights and obligations under this Agreement shall be permitted to
further assign less than all of such rights and obligations. No participant in any rights and
obligations under this Agreement shall be permitted to sell subparticipations of such rights and
obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Anything in this Agreement to the contrary notwithstanding, so long as no Event of Default
shall have occurred and be continuing, no Bank shall be permitted to enter into an assignment of,
or sell a participation interest in, its rights and obligations hereunder which would result in
such Bank holding a Commitment without participants of less than Five Million Dollars ($5,000,000)
(or in the case of each of the Administrative Agent or the Syndication Agent, Ten Million Dollars
($10,000,000)) unless as a result of a cancellation or reduction of the aggregate Commitments;
<U>provided</U>, <U>however</U>, that no Bank shall be prohibited from assigning its entire
Commitment so long as such assignment is otherwise permitted under this <U>Section&nbsp;9.6</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.7. <U>Collateral</U>. Each of the Banks represents to the Administrative Agent and
each of the other Banks that it in good faith is not relying upon any &#147;margin stock&#148; (as defined in
Regulation&nbsp;U) as collateral in the extension or maintenance of the credit provided for in this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.8. <U>Governing Law; Submission to Jurisdiction; Judgment Currency</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER AND THEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE PRINCIPLES THEREOF RELATING TO CONFLICTS OF LAW).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any legal action or proceeding with respect to this Agreement or any other Loan Document
and any action for enforcement of any judgment in respect thereof may be brought in the courts of
the State of New York or of the United States of America for the Southern District of New York,
and, by execution and delivery of this Agreement, the Borrower hereby accepts for itself and in
respect of its property, generally and unconditionally, the non-exclusive jurisdiction of the
aforesaid courts and appellate courts from any thereof. The Borrower irrevocably consents to the
service of process out of any of the aforementioned courts in any such action or proceeding by the
hand delivery, or mailing of copies thereof by registered or certified mail, postage prepaid, to
the Borrower at its address set forth below. The Borrower hereby irrevocably waives any objection
which it may now or hereafter have to the laying of venue of any of the aforesaid actions or
proceedings arising out of or in connection with this Agreement or any other Loan Document brought
in the courts referred to above and hereby further irrevocably waives and agrees not to plead or
claim in any such court that any such action or proceeding brought in any such court has been
brought in an inconvenient forum. Nothing herein shall affect the right of the Administrative
Agent to serve process in any other manner permitted by law or to commence legal proceedings or
otherwise proceed against the Borrower in any other jurisdiction.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->70<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.9. <U>Counterparts; Integration; Effectiveness</U>. This Agreement may be signed
in any number of counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. This Agreement constitutes the entire
agreement and understanding among the parties hereto and supersedes any and all prior agreements
and understandings, oral or written, relating to the subject matter hereof. This Agreement shall
become effective upon receipt by the Administrative Agent and the Borrower of counterparts hereof
signed by each of the parties hereto (or, in the case of any party as to which an executed
counterpart shall not have been received, receipt by the Administrative Agent in form satisfactory
to it of telegraphic, telex or other written confirmation from such party of execution of a
counterpart hereof by such party).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.10. <U>WAIVER OF JURY TRIAL</U>. EACH OF THE BORROWER, THE ADMINISTRATIVE AGENT,
THE SYNDICATION AGENT AND THE BANKS HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.11. <U>Survival</U>. All indemnities set forth herein shall survive the execution
and delivery of this Agreement and the other Loan Documents and the making and repayment of the
Loans hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.12. <U>Domicile of Loans</U>. Each Bank may transfer and carry its Loans at, to or
for the account of any domestic or foreign branch office, subsidiary or affiliate of such Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.13. <U>Limitation of Liability</U>. No claim may be made by the Borrower or any
other Person acting by or through Borrower against the Administrative Agent, the Syndication Agent
or any Bank or the affiliates, directors, officers, employees, attorneys or agent of any of them
for any punitive damages in respect of any claim for breach of contract or any other theory of
liability arising out of or related to the transactions contemplated by this Agreement or by the
other Loan Documents, or any act, omission or event occurring in connection therewith; and the
Borrower hereby waives, releases and agrees not to sue upon any claim for any such damages, whether
or not accrued and whether or not known or suspected to exist in its favor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.14. <U>Recourse Obligation</U>. This Agreement and the Obligations hereunder are
fully recourse to the Borrower. Notwithstanding the foregoing, no recourse under or upon any
obligation, covenant, or agreement contained in this Agreement shall be had against (i)&nbsp;any
officer, director, shareholder or employee of the Borrower or General Partner or (ii)&nbsp;any general
partner of Borrower other than General Partner, in each case except in the event of fraud or
misappropriation of funds on the part of such officer, director, shareholder or employee or such
general partner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.15. <U>Confidentiality</U>. The Administrative Agent, the Syndication Agent, the
Joint Lead Arrangers and Joint Bookrunners and each Bank shall use reasonable efforts to assure
that information about Borrower, General Partner and its Subsidiaries and Investment Affiliates,
and the Properties thereof and their operations, affairs and financial condition, not generally
disclosed to the public, which is furnished to Administrative Agent, the Syndication Agent, the
Joint Lead Arrangers and Joint Bookrunners or any Bank pursuant to the provisions hereof or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->71<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">any other Loan Document is used only for the purposes of this Agreement and shall not be
divulged to any Person other than the Administrative Agent, the Banks, and their affiliates and
respective officers, directors, employees and agents who are actively and directly participating in
the evaluation, administration or enforcement of the Loan and other transactions between such Bank
and the Borrower, except: (a)&nbsp;to their attorneys and accountants, (b)&nbsp;in connection with the
enforcement of the rights and exercise of any remedies of the Administrative Agent and the Banks
hereunder and under the other Loan Documents, (c)&nbsp;in connection with assignments and participations
and the solicitation of prospective assignees and participants referred to in <U>Section&nbsp;9.6</U>
hereof, who have agreed in writing to be bound by a confidentiality agreement substantially
equivalent to the terms of this <U>Section&nbsp;9.15</U>, and (d)&nbsp;as may otherwise be required or
requested by any regulatory authority having jurisdiction over the Administrative Agent or any Bank
or by any applicable law, rule, regulation or judicial process (but only to the extent not in
violation, conflict or inconsistent with the applicable regulatory requirement, request, summons or
subpoena); <U>provided</U>, <U>however</U>, that in the event a Bank receives a summons or
subpoena to disclose confidential information to any party, such Bank shall, if legally permitted,
endeavor to notify Borrower thereof as soon as possible after receipt of such request, summons or
subpoena and Borrower shall be afforded an opportunity to seek protective orders, or such other
confidential treatment of such disclosed information, as Borrower and Administrative Agent may deem
reasonable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.16. <U>Bank&#146;s Failure to Fund</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If a Bank does not advance to Administrative Agent such Bank&#146;s Pro Rata Share of a Loan in
accordance herewith, then neither Administrative Agent nor the other Banks shall be required or
obligated to fund such Bank&#146;s Pro Rata Share of such Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;As used herein, the following terms shall have the meanings set forth below:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &#147;<U>Defaulting Bank</U>&#148; shall mean any Bank which (x)&nbsp;does not advance to the
Administrative Agent such Bank&#146;s Pro Rata Share of a Loan in accordance herewith for a
period of five (5)&nbsp;Business Days after notice of such failure from Administrative Agent, (y)
shall otherwise fail to perform such Bank&#146;s obligations under the Loan Documents for a
period of five (5)&nbsp;Business Days after notice of such failure from Administrative Agent, or
(z)&nbsp;shall fail to pay the Administrative Agent or any other Bank, as the case may be, upon
demand, such Bank&#146;s Pro Rata Share of any costs, expenses or disbursements incurred or made
by the Administrative Agent pursuant to the terms of the Loan Documents for a period of five
(5)&nbsp;Business Days after notice of such failure from Administrative Agent, and in all cases,
such failure is not as a result of a good faith dispute as to whether such advance is
properly required to be made pursuant to the provisions of this Agreement, or as to whether
such other performance or payment is properly required pursuant to the provisions of this
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &#147;<U>Junior Creditor</U>&#148; means any Defaulting Bank which has not (x)&nbsp;fully cured
each and every default on its part under the Loan Documents and (y)&nbsp;unconditionally tendered
to the Administrative Agent such Defaulting Bank&#146;s Pro Rata Share of all costs, expenses and
disbursements required to be paid or reimbursed pursuant to the terms of the Loan Documents.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->72<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &#147;<U>Payment in Full</U>&#148; means, as of any date, the receipt by the Banks who are
not Junior Creditors of an amount of cash, in lawful currency of the United States,
sufficient to indefeasibly pay in full all Senior Debt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &#147;<U>Senior Debt</U>&#148; means (x)&nbsp;collectively, any and all indebtedness,
obligations and liabilities of the Borrower to the Banks who are not Junior Creditors from
time to time, whether fixed or contingent, direct or indirect, joint or several, due or not
due, liquidated or unliquidated, determined or undetermined, arising by contract, operation
of law or otherwise, whether on open account or evidenced by one or more instruments, and
whether for principal, premium, interest (including, without limitation, interest accruing
after the filing of a petition initiating any proceeding referred to in <U>Section
6.1(f)</U> or <U>(g)</U>), reimbursement for fees, indemnities, costs, expenses or
otherwise, which arise under, in connection with or in respect of the Loans or the Loan
Documents, and (y)&nbsp;any and all deferrals, renewals, extensions and refundings of, or
amendments, restatements, rearrangements, modifications or supplements to, any such
indebtedness, obligation or liability.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) &#147;<U>Subordinated Debt</U>&#148; means (x)&nbsp;any and all indebtedness, obligations and
liabilities of Borrower to one or more Junior Creditors from time to time, whether fixed or
contingent, direct or indirect, joint or several, due or not due, liquidated or
unliquidated, determined or undetermined, arising by contract, operation of law or
otherwise, whether on open account or evidenced by one or more instruments, and whether for
principal, premium, interest (including, without limitation, interest accruing after the
filing of a petition initiating any proceeding referred to in <U>Section&nbsp;6.1(f)</U> or
<U>(g)</U>), reimbursement for fees, indemnities, costs, expenses or otherwise, which arise
under, in connection with or in respect of the Loans or the Loan Documents, and (y)&nbsp;any and
all deferrals, renewals, extensions and refundings of, or amendments, restatements,
rearrangements, modifications or supplements to, any such indebtedness, obligation or
liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Immediately upon a Bank&#146;s becoming a Junior Creditor and until such time as such Bank
shall have cured all applicable defaults, no Junior Creditor shall, prior to Payment in Full of all
Senior Debt:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) accelerate, demand payment of, sue upon, collect, or receive any payment upon, in
any manner, or satisfy or otherwise discharge, any Subordinated Debt, whether for principal,
interest and otherwise;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take or enforce any Liens to secure Subordinated Debt or attach or levy upon any
assets of Borrower, to enforce any Subordinated Debt;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enforce or apply any security for any Subordinated Debt; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) incur any debt or liability, or the like, to, or receive any loan, return of
capital, advance, gift or any other property, from, the Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the event of:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->73<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any insolvency, bankruptcy, receivership, liquidation, dissolution, reorganization,
readjustment, composition or other similar proceeding relating to Borrower;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any liquidation, dissolution or other winding-up of the Borrower, voluntary or
involuntary, whether or not involving insolvency, reorganization or bankruptcy proceedings;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any assignment by the Borrower for the benefit of creditors;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any sale or other transfer of all or substantially all assets of the Borrower; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any other marshaling of the assets of the Borrower;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">each of the Banks shall first have received Payment in Full of all Senior Debt before any payment
or distribution, whether in cash, securities or other property, shall be made in respect of or upon
any Subordinated Debt. Any payment or distribution, whether in cash, securities or other property
that would otherwise be payable or deliverable in respect of Subordinated Debt to any Junior
Creditor but for this Agreement shall be paid or delivered directly to the Administrative Agent for
distribution to the Banks in accordance with this Agreement until Payment in Full of all Senior
Debt. If any Junior Creditor receives any such payment or distribution, it shall promptly pay over
or deliver the same to the Administrative Agent for application in accordance with the preceding
sentence.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Each Junior Creditor shall file in any bankruptcy or other proceeding of Borrower in which
the filing of claims is required by law, all claims relating to Subordinated Debt that such Junior
Creditor may have against Borrower and assign to the Banks who are not Junior Creditors all rights
of such Junior Creditor thereunder. If such Junior Creditor does not file any such claim prior to
forty-five (45)&nbsp;days before the expiration of the time to file such claim, Administrative Agent, as
attorney-in-fact for such Junior Creditor, is hereby irrevocably authorized to do so in the name of
such Junior Creditor or, in Administrative Agent&#146;s sole discretion, to assign the claim to a
nominee and to cause proof of claim to be filed in the name of such nominee. The foregoing power
of attorney is coupled with an interest and cannot be revoked. The Administrative Agent shall, to
the exclusion of each Junior Creditor, have the sole right, subject to <U>Section&nbsp;9.5</U> hereof,
to accept or reject any plan proposed in any such proceeding and to take any other action that a
party filing a claim is entitled to take. In all such cases, whether in administration, bankruptcy
or otherwise, the Person or Persons authorized to pay such claim shall pay to Administrative Agent
the amount payable on such claim and, to the full extent necessary for that purpose, each Junior
Creditor hereby transfers and assigns to the Administrative Agent all of the Junior Creditor&#146;s
rights to any such payments or distributions to which Junior Creditor would otherwise be entitled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i)&nbsp;If any payment or distribution of any character or any security, whether in cash,
securities or other property, shall be received by any Junior Creditor in contravention of any of
the terms hereof, such payment or distribution or security shall be received in trust for the
benefit of, and shall promptly be paid over or delivered and transferred to, Administrative Agent
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->74<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">for application to the payment of all Senior Debt, to the extent necessary to achieve Payment
in Full. In the event of the failure of any Junior Creditor to endorse or assign any such payment,
distribution or security, Administrative Agent is hereby irrevocably authorized to endorse or
assign the same as attorney-in-fact for such Junior Creditor.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Junior Creditor shall take such action (including, without limitation, the
execution and filing of a financing statement with respect to this Agreement and the
execution, verification, delivery and filing of proofs of claim, consents, assignments or
other instructions that Administrative Agent may require from time to time in order to prove
or realize upon any rights or claims pertaining to Subordinated Debt or to effectuate the
full benefit of the subordination contained herein) as may, in Administrative Agent&#146;s sole
and absolute discretion, be necessary or desirable to assure the effectiveness of the
subordination effected by this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;(i) Each Bank that becomes a Junior Creditor understands and acknowledges by its execution
hereof that each other Bank is entering into this Agreement and the Loan Documents in reliance upon
the absolute subordination in right of payment and in time of payment of Subordinated Debt to
Senior Debt as set forth herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Only upon the Payment in Full of all Senior Debt shall any Junior Creditor be
subrogated to any remaining rights of the Banks which are not Defaulting Banks to receive
payments or distributions of assets of the Borrower made on or applicable to any Senior
Debt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Junior Creditor agrees that it will deliver all instruments or other writings
evidencing any Subordinated Debt held by it to Administrative Agent, promptly after request
therefor by the Administrative Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No Junior Creditor may at any time sell, assign or otherwise transfer any
Subordinated Debt, or any portion thereof, including, without limitation, the granting of
any Lien thereon, unless and until satisfaction of the requirements of <U>Section&nbsp;9.6</U>
above and the proposed transferee shall have assumed in writing the obligation of the Junior
Creditor to the Banks under this Agreement, in a form acceptable to the Administrative
Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If any of the Senior Debt, should be invalidated, avoided or set aside, the
subordination provided for herein nevertheless shall continue in full force and effect and,
as between the Banks which are not Defaulting Banks and all Junior Creditors, shall be and
be deemed to remain in full force and effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Each Junior Creditor hereby irrevocably waives, in respect of Subordinated Debt,
all rights (x)&nbsp;under Sections&nbsp;361 through 365, 502(e) and 509 of the Bankruptcy Code (or any
similar sections hereafter in effect under any other Federal or state laws or legal or
equitable principles relating to bankruptcy, insolvency, reorganizations, liquidations or
otherwise for the relief of debtors or protection of creditors), and (y)&nbsp;to seek or obtain
conversion to a different type of proceeding or to seek or obtain dismissal of a proceeding,
in each case in relation to a bankruptcy,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->75<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">reorganization, insolvency or other proceeding under similar laws with respect to the
Borrower. Without limiting the generality of the foregoing, each Junior Creditor hereby
specifically waives (A)&nbsp;the right to seek to give credit (secured or otherwise) to the
Borrower in any way under Section&nbsp;364 of the Bankruptcy Code unless the same is subordinated
in all respects to Senior Debt in a manner acceptable to Administrative Agent in its sole
and absolute discretion and (B)&nbsp;the right to receive any collateral security (including,
without limitation, any &#147;super priority&#148; or equal or &#147;priming&#148; or replacement Lien) for any
Subordinated Debt unless the Banks which are not Defaulting Banks have received a senior
position acceptable to the Banks in their sole and absolute discretion to secure all Senior
Debt (in the same collateral to the extent collateral is involved).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;(i)&nbsp;In addition to and not in limitation of the subordination effected by this <U>Section
9.16</U>, the Administrative Agent and each of the Banks which are not Defaulting Banks may in
their respective sole and absolute discretion, also exercise any and all other rights and remedies
available at law or in equity in respect of a Defaulting Bank; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Administrative Agent shall give each of the Banks notice of the occurrence of a
default under this <U>Section&nbsp;9.16</U> by a Defaulting Bank and if the Administrative Agent
and/or one or more of the other Banks shall, at their option, fund any amounts required to
be paid or advanced by a Defaulting Bank, the other Banks who have elected not to fund any
portion of such amounts shall not be liable for any reimbursements to the Administrative
Agent and/or to such other funding Banks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Notwithstanding anything to the contrary contained or implied herein, a Defaulting Bank
shall not be entitled to vote on any matter as to which a vote by the Banks is required hereunder,
including, without limitation, any actions or consents on the part of the Administrative Agent as
to which the approval or consent of all the Banks or the Majority Banks is required under
<U>Article&nbsp;VIII</U>, <U>Section&nbsp;9.5</U> or elsewhere, so long as such Bank is a Defaulting Bank;
<U>provided</U>, <U>however</U>, that in the case of any vote requiring the unanimous consent of
the Banks, if all the Banks other than the Defaulting Bank shall have voted in accordance with each
other, then the Defaulting Bank shall be deemed to have voted in accordance with such Banks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;Each of the Administrative Agent and any one or more of the Banks which are not Defaulting
Banks may, at their respective option, (i)&nbsp;advance to the Borrower such Bank&#146;s Pro Rata Share of
the Loans not advanced by a Defaulting Bank in accordance with the Loan Documents, or (ii)&nbsp;pay to
the Administrative Agent such Bank&#146;s Pro Rata Share of any costs, expenses or disbursements
incurred or made by the Administrative Agent pursuant to the terms of this Agreement not
theretofore paid by a Defaulting Bank. Immediately upon the making of any such advance by the
Administrative Agent or any one of the Banks, such Bank&#146;s Pro Rata Share and the Pro Rata Share of
the Defaulting Bank shall be recalculated to reflect such advance. All payments, repayments and
other disbursements of funds by the Administrative Agent to Banks shall thereupon and, at all times
thereafter be made in accordance with such Bank&#146;s recalculated Pro Rata Share unless and until a
Defaulting Bank shall fully cure all defaults on the part of such Defaulting Bank under the Loan
Documents or otherwise existing in respect of the Loans or this Agreement, at which time the Pro
Rata Share of the Bank(s) which
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->76<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">advanced sums on behalf of the Defaulting Bank and of the Defaulting Bank shall be restored to
their original percentages.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.17. <U>Banks&#146; ERISA Covenant</U>. Each Bank, by its signature hereto or on the
applicable Transfer Supplement, hereby agrees (a)&nbsp;that on the date any Loan is disbursed hereunder
no portion of such Bank&#146;s Pro Rata Share of such Loan will constitute &#147;assets&#148; within the meaning
of 29 C.F.R. &#167; 2510.3-101 of an &#147;employee benefit plan&#148; within the meaning of Section&nbsp;3(3) of ERISA
or a &#147;plan&#148; within the meaning of Section&nbsp;4975(e)(1) of the Code, and (b)&nbsp;that following such date
such Bank shall not allocate such Bank&#146;s Pro Rata Share of any Loan to an account of such Bank if
such allocation (i)&nbsp;by itself would cause such Pro Rata Share of such Loan to then constitute
&#147;assets&#148; (within the meaning of 29 C.F.R. &#167; 2510.3-101) of an &#147;employee benefit plan&#148; within the
meaning of Section&nbsp;3(3) of ERISA or a &#147;plan&#148; within the meaning of Section&nbsp;4975(e)(1) of the Code
and (ii)&nbsp;by itself would cause such Loan to constitute a prohibited transaction under ERISA or the
Code (which is not exempt from the restrictions of Section&nbsp;406 of ERISA and Section&nbsp;4975 of the
Code and the taxes and penalties imposed by Section&nbsp;4975 of the Code and Section 502(i) of ERISA)
or any Agent or Bank being deemed in violation of Section&nbsp;404 of ERISA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.18. <U>Intentionally Omitted</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.19. <U>Optional Increase in Commitments</U>. At any time prior to the first
anniversary date hereof, provided no Event of Default shall have occurred and then be continuing,
the Borrower may, if it so elects, increase the aggregate amount of the Commitments (subject to
proviso (b)&nbsp;in the next sentence), either by designating a Qualified Institution not theretofore a
Bank to become a Bank (such designation to be effective only with the prior written consent of the
Administrative Agent, which consent will not be unreasonably withheld) and/or by agreeing with an
existing Bank or Banks that such Bank&#146;s Commitment shall be increased. Upon execution and delivery
by the Borrower and such Bank or other financial institution of an instrument in form reasonably
satisfactory to the Administrative Agent, such existing Bank shall have a Commitment as therein set
forth or such Qualified Institution shall become a Bank with a Commitment as therein set forth and
all the rights and obligations of a Bank with such a Commitment hereunder; <U>provided</U> that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower shall provide prompt notice of such increase to the Administrative
Agent, who shall promptly notify the Banks; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of such increase, together with all other increases in the aggregate
amount of the Commitments pursuant to this <U>Section&nbsp;9.19</U> since the date of this
Agreement, does not cause the Facility Amount to exceed $300,000,000.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon any increase in the aggregate amount of the Commitments pursuant to this <U>Section&nbsp;9.19</U>,
within five Business Days (in the case of any Base Rate Loans then outstanding) or at the end of
the then current Interest Period with respect thereto (in the case of any Euro-Dollar Loans then
outstanding), as applicable, each Bank&#146;s Pro Rata Share shall be recalculated to reflect such
increase in the Commitments and the outstanding principal balance of the Loans shall be reallocated
among the Banks such that the outstanding principal amount of Loans owed to each Bank shall be
equal to such Bank&#146;s Pro Rata Share (as recalculated). All payments, repayments
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->77<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and other disbursements of funds by the Administrative Agent to Banks shall thereupon and, at all
times thereafter be made in accordance with each Bank&#146;s recalculated Pro Rata Share.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.20. <U>Managing Agents, Documentation Agents and Co-Agents</U>. Each of the
Borrower, the Agents and each Bank acknowledges and agrees that (a)&nbsp;the obligations of the Managing
Agents, the Documentation Agents and the Co-Agent hereunder shall be limited to those obligations
that are expressly set forth herein, if any, and the Managing Agents, Documentation Agents and
Co-Agent shall not be required to take any action or assume any liability except as may be required
in each of their capacity as a Bank hereunder, and (b)&nbsp;the indemnifications set forth herein for
the benefit of the Agents shall also run to the benefit of the Managing Agents, the Documentation
Agents and the Co-Agent to the extent any of them incurs any loss, cost or damage arising from its
capacity as a Managing Agent, Documentation Agent or a Co-Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.21. <U>USA PATRIOT Act</U>. Each Bank hereby notifies the Borrower that pursuant
to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October
26, 2001)) (the &#147;<U>Act</U>&#148;), it is required to obtain, verify and record information that
identifies the Borrower, which information includes the name and address of the Borrower and other
information that will allow such Bank to identify the Borrower in accordance with the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.22. <U>Parallel Debt</U>. To grant the security for the Obligations governed by
Dutch law to the Administrative Agent, the Borrower irrevocably and unconditionally undertakes (and
to the extent necessary undertakes in advance (bij voorbaat)) to pay to the Administrative Agent
amounts equal to any amounts owing from time to time by the Borrower to any Bank under any Loan
Document as and when those amounts are due.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower and the Administrative Agent and the Banks acknowledge that the
obligations of the Borrower under this <U>Section&nbsp;9.22</U> are several and are separate and
independent (eigen zelfstandige verplichtingen) from, and shall not in any way limit or
affect, the corresponding obligations of the Borrower to any Bank under any Loan Document
(the &#147;<U>Corresponding Debt</U>&#148;) nor shall the amounts for which the Borrower is liable
under this <U>Section&nbsp;9.22</U> (the &#147;<U>Parallel Debt</U>&#148;) be limited or affected in any
way by its Corresponding Debt provided that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Parallel Debt of the Borrower shall be decreased to the extent that the
Corresponding Debt has been irrevocably paid or (in the case of guaranty
obligations) discharged;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Corresponding Debt of the Borrower shall be decreased to the extent
that the Parallel Debt has been irrevocably paid or (in the case of guaranty
obligations) discharged; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the amount of the Parallel Debt of the Borrower shall at all times be equal
to the amount of the Corresponding Debt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of this <U>Section&nbsp;9.22</U>, the Administrative Agent acts in its
own name and on behalf of itself and not as agent, representative or trustee of any Bank,
and its claims in respect of the Parallel Debt shall not be held in trust.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->78<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Liens granted under the BV Security Agreement to the Administrative Agent to
secure the Parallel Debt are granted to the Administrative Agent in its capacity as sole
creditor of the Parallel Debt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Every payment of monies made by the Borrower to the Administrative Agent shall
(conditionally upon such payment not subsequently being avoided or reduced by virtue of any
provisions or enactments relating to bankruptcy, insolvency, liquidation or similar laws of
general application) be in satisfaction <I>pro tanto </I>of the covenant by the Borrower contained
in this <U>Section&nbsp;9.22</U>, provided that, if any such payment as is mentioned above is
subsequently avoided or reduced by virtue of any provisions or enactments relating to
bankruptcy, insolvency, liquidation or similar laws of general application, the
Administrative Agent shall be entitled to receive a corresponding amount as Parallel Debt
under this <U>Section&nbsp;9.22</U> from the Borrower, the Borrower shall remain liable to
satisfy such Parallel Debt, and such Parallel Debt shall be deemed not to have been
discharged.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All monies received or recovered by the Administrative Agent pursuant to this
<U>Section&nbsp;9.22</U>, and all amounts received or recovered by the Administrative Agent from
or by the enforcement of any Lien granted to secure the Parallel Debt, shall be applied in
accordance with <U>Section&nbsp;6.4</U> (Distribution of Proceeds after Default).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Without limiting or affecting the Administrative Agent&#146;s rights against the Loan
Parties (whether under this <U>Section&nbsp;9.22</U> or under any other provision of the Loan
Documents), the Borrower acknowledges that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) nothing in this <U>Section&nbsp;9.22</U> shall impose any obligation on the
Administrative Agent to advance any sum to the Borrower or otherwise under any Loan
Document, except in its capacity as Bank; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) for the purpose of any vote taken under any Loan Document, the
Administrative Agent shall not be regarded as having any participation or commitment
other than those which it has in its capacity as a Bank.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For the avoidance of doubt:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Parallel Debt will become due and payable (opeisbaar)&nbsp;at the same time
the Corresponding Debt becomes due and payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Borrower may not repay or prepay the Parallel Debt unless directed to
do so when the Corresponding Debt is accelerated by the Administrative Agent or
otherwise becomes due or the Lien pursuant to a Security Agreement is enforced by
the Administrative Agent; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in the event that the Borrower is in default in respect of its obligations
under the Corresponding Debt as set forth in this Agreement, the Borrower shall, at
the same time, be deemed in default in respect of its obligations under the Parallel
Debt.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->79<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">AMB PROPERTY, L.P., a Delaware limited partnership</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:&nbsp;
</TD>

    <TD  colspan="2"  align="left" valign="top">AMB PROPERTY CORPORATION, a Maryland corporation
and its sole general partner</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:&nbsp;</TD>

    <TD align="left" valign="top" colspan="2">/s/ Thomas S. Olinger</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

    <TD  colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"></TD>

    <TD align="left" valign="top">Name:&nbsp;</TD>
    <TD align="left" valign="top">Thomas S. Olinger</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile number:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(415) 394-9001</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pier 1, Bay 1</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Francisco, California 94111<BR>
Attn: Chief Financial Officer</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">With copies to:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pier 1, Bay 1</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Francisco, California 94111</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: General Counsel</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">And</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DLA Piper US LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">203 North LaSalle Street</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1900</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chicago, Illinois 60601</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: James M. Phipps, Esq.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile number:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(312) 251-5735</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">THE BANK OF NOVA SCOTIA, as <br>Administrative Agent and
as a Bank</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:&nbsp;</TD>

    <TD align="left" valign="top" colspan="2">/s/ Jed Richardson</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

    <TD colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:&nbsp;</TD>
    <TD align="left" valign="top">Jed Richardson</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Commitment: $50,000,000
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">580 California Street</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Francisco, CA 94104</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Jed Richardson</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (415)&nbsp;397-0791</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">ING REAL ESTATE FINANCE (USA)&nbsp;LLC, as <br>Syndication
Agent and as a Bank</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:&nbsp;</TD>

    <TD align="left" valign="top" colspan="2">/s/ Christopher S. Godlewski</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

    <TD colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:&nbsp;</TD>

    <TD align="left" valign="top">Christopher S. Godlewski</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>

    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:&nbsp;</TD>

    <TD align="left" valign="top" colspan="2">/s/ Laura Lynton</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

    <TD colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:&nbsp;</TD>

    <TD align="left" valign="top">Laura Lynton</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>

    <TD align="left" valign="top">Vice President</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Commitment: $50,000,000
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1325 Avenue of the Americas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, NY 10019</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Mark La Greca</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (646)&nbsp;424-8251</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">TD BANK, N.A., as a Bank<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Paula M. Mello</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Paula M. Mello</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;</TD>
    <TD align="left">Vice President</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Commitment: $50,000,000
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="29%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">370 Main Street, 2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Floor</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Worcester, MA 01608</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Paula J. Chaffre</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (508)&nbsp;368-6522</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">US BANK, NATIONAL ASSOCIATION, as a Bank<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Ben Lewis</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Ben Lewis</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Commitment: $40,000,000
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="29%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One California Street</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;2100</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Francisco, CA 94104</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Sarah Burns</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (415)&nbsp;273-4549</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">HSBC BANK USA, NATIONAL ASSOCIATION, as a Bank<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jason A. Huck</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Jason Alexander Huck</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Vice President, Relationship Manager</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Commitment: $25,000,000
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1 HSBC Center,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Buffalo, NY 14203</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Donna L. Riley</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (716)&nbsp;841-0269</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">SUNTRUST BANK, as a Bank<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ W. John Wendler</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">W. John Wendler</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice President</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Commitment: $15,000,000
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="29%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Address:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10710 Midlothian Turnpike</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Richmond, VA 23235</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Bonnie K. Brown</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (404)&nbsp;588-4408</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT A</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">NOTE

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">New York, New York<BR>
September&nbsp;4, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For value received, AMB PROPERTY, L.P., a Delaware limited partnership (the
&#147;<U>Borrower</U>&#148;), promises to pay to the order of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the &#147;<U>Bank</U>&#148;)
the unpaid principal amount of each Loan made by the Bank to the Borrower pursuant to the Credit
Agreement referred to below on the maturity date provided for in the Credit Agreement. The
Borrower further promises to pay interest on the unpaid principal amount of each such Loan from the
date advanced until such principal amount is paid in full on the dates and at the rate or rates
provided for in the Credit Agreement. All such payments of principal and interest shall be made in
lawful money of the United States in Federal or other immediately available funds to The Bank of
Nova Scotia for the account of the Bank, pursuant to the following wire transfer instructions:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The Bank of Nova Scotia<BR>
ABA # 0260-0253-2<BR>
Account # 06101-35<BR>
Reference: AMB Property LP
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Loans made by the Bank, the respective types and maturities thereof and all repayments of
the principal thereof shall be recorded by the Bank and, if the Bank so elects in connection with
any transfer or enforcement hereof, appropriate notations to evidence the foregoing information
with respect to each such Loan then outstanding may be endorsed by the Bank on the schedule
attached hereto, or on a continuation of such schedule attached to and made a part hereof;
<U>provided</U> that the failure of the Bank to make any such recordation or endorsement shall not
affect the obligations of the Borrower hereunder or under the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This note is one of the Notes referred to in, and is executed and delivered pursuant to and
subject to all of the terms of, the Term Credit Agreement, dated as of the date hereof, among the
Borrower, the banks listed on the signature pages thereof, The Bank of Nova Scotia, as
Administrative Agent, and The Bank of Nova Scotia and ING Real Estate Finance (USA)&nbsp;LLC, as Joint
Lead Arrangers and Joint Bookrunners (as the same may be amended from time to time, the &#147;<U>Credit
Agreement</U>&#148;). Capitalized terms used herein but not otherwise defined shall have the meanings
ascribed to them in the Credit Agreement. The terms and conditions of the Credit Agreement are
hereby incorporated in their entirety by reference as though fully set forth herein. Upon the
occurrence of certain Events of Default as more particularly described in the Credit Agreement, the
unpaid principal amount evidenced by this Note shall become, and upon the occurrence and during the
continuance of certain other Events of Default, such unpaid principal amount may be declared to be,
due and payable in the manner, upon the conditions and with the effect provided in the Credit
Agreement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demand, presentment, diligence, protest and notice of nonpayment are hereby waived by the
Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;SIGNATURE PAGE FOLLOWS&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">AMB PROPERTY, L.P.,<br>
a Delaware limited partnership</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AMB Property Corporation, a Maryland</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">corporation and its sole general partner</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">&nbsp;By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Note (cont&#146;d)
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">LOANS AND PAYMENTS OF PRINCIPAL

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Amount of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Amount of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Principal</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Notation</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #ffffff">Date</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #ffffff">Loan</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #ffffff">Type of Loan</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #ffffff">Repaid</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #ffffff">Maturity Date</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #ffffff">Made By</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT B</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>TRANSFER SUPPLEMENT</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRANSFER SUPPLEMENT (this &#147;<U>Transfer Supplement</U>&#148;) dated as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 200&#95;&#95;&#95;&nbsp;between
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the &#147;<U>Assignor</U>&#148;) and <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> having an address at <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the
&#147;<U>Purchasing Bank</U>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><u>W</u>
<u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u>
<u>T</u> <u>H:</u>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Assignor has made loans to AMB Property, L.P., a Delaware limited partnership
(the &#147;<U>Borrower</U>&#148;), pursuant to the Credit Agreement, dated as of September&nbsp;4, 2008, among
the Borrower, the banks listed on the signature pages thereof, The Bank of Nova Scotia, as
Administrative Agent, and The Bank of Nova Scotia and ING Real Estate Finance (USA)&nbsp;LLC, as Joint
Lead Arrangers and Joint Bookrunners (the &#147;<U>Credit Agreement</U>&#148;). All capitalized terms used
and not otherwise defined herein shall have the respective meanings set forth in the Credit
Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Purchasing Bank desires to purchase and assume from the Assignor, and the
Assignor desires to sell and assign to the Purchasing Bank, certain rights, title, interest and
obligations under the Credit Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, IT IS AGREED:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;In consideration of the amount set forth in the receipt (the &#147;<U>Receipt</U>&#148;) given by
Assignor to Purchasing Bank of even date herewith, and transferred by wire to Assignor, the
Assignor hereby assigns and sells, without recourse, representation or warranty except as
specifically set forth herein, to the Purchasing Bank, and the Purchasing Bank hereby purchases and
assumes from the Assignor, a &#95;&#95;&#95;% interest (the &#147;<U>Purchased Interest</U>&#148;) of the Loans
constituting a portion of the Assignor&#146;s rights and obligations under the Credit Agreement as of
the Effective Date (as defined below) including, without limitation, such percentage interest of
the Assignor in any Loans owing to the Assignor, any Note held by the Assignor, any Loan Commitment
of the Assignor and any other interest of the Assignor under any of the Loan Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Assignor (i)&nbsp;represents and warrants that as of the date hereof the aggregate
outstanding principal amount of its share of the Loans owing to it (without giving effect to
assignments thereof which have not yet become effective) is $ ; (ii)&nbsp;represents and warrants that
it is the legal and beneficial owner of the interests being assigned by it hereunder and that such
interests are free and clear of any adverse claim; (iii)&nbsp;represents and warrants that it has not
received any notice of Default or Event of Default from the Borrower; (iv)&nbsp;represents and warrants
that is has full power and authority to execute and deliver, and perform under, this Transfer
Supplement, and all necessary corporate and/or partnership action has been taken to authorize, and
all approvals and consents have been obtained for, the execution, delivery and performance thereof;
(v)&nbsp;represents and warrants that this Transfer Supplement constitutes its legal, valid and binding
obligation enforceable in accordance with its terms; (vi)&nbsp;makes no representation or warranty and
assumes no responsibility with respect to any statements, warranties or representations (or the
truthfulness or accuracy thereof) made in or in connection
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with the Credit Agreement, or the other Loan Documents or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Credit Agreement, or the other Loan
Documents or any other instrument or document furnished pursuant thereto; and (vii)&nbsp;makes no
representation or warranty and assumes no responsibility with respect to the financial condition of
the Borrower or the performance or observance by the Borrower of any of its obligations under the
Credit Agreement or the other Loan Documents or any other instrument or document furnished pursuant
thereto. Except as specifically set forth in this Paragraph&nbsp;2, this assignment shall be without
recourse to Assignor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The Purchasing Bank (i)&nbsp;confirms that it has received a copy of the Credit Agreement, and
the other Loan Documents, together with such financial statements and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Transfer Supplement and to become a party to the Credit Agreement, and has not relied on any
statements made by Assignor; (ii)&nbsp;agrees that it will, independently and without reliance upon any
of the Administrative Agent, the Documentation Agent, the Syndication Agent, the Assignor or any
other Bank and based on such documents and information as it shall deem appropriate at the time,
continue to make its own appraisal of and investigation into the business, operations, property,
prospects, financial and other conditions and creditworthiness of the Borrower and will make its
own credit analysis, appraisals and decisions in taking or not taking action under the Credit
Agreement, and the other Loan Documents; (iii)&nbsp;appoints and authorizes the Administrative Agent,
the Documentation Agent and the Syndication Agent to take such action as agent on its behalf and to
exercise such powers under the Credit Agreement, and the other Loan Documents as are delegated to
such agents by the terms thereof, together with such powers as are incidental thereto; (iv)&nbsp;agrees
that it will be bound by and perform in accordance with their terms all of the obligations which by
the terms of the Credit Agreement are required to be performed by it as a Bank; (v)&nbsp;specifies as
its addresses for notices, its Domestic Lending Office and its Eurodollar Lending office, the
addresses and offices set forth beneath its name on the signature page hereof; (vi)&nbsp;represents and
warrants that it has full power and authority to execute and deliver, and perform under, this
Transfer Supplement, and all necessary corporate and/or partnership action has been taken to
authorize, and all approvals and consents have been obtained for, the execution, delivery and
performance thereof; (vii)&nbsp;represents and warrants that this Transfer Supplement constitutes its
legal, valid and binding obligation enforceable in accordance with its terms; and (viii)&nbsp;represents
and warrants that the interest being assigned hereunder is being acquired by it for its own
account, for investment purposes only and not with a view to the public distribution thereof and
without any present intention of its resale in either case that would be in violation of applicable
securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;This Transfer Supplement shall be effective on the date (the &#147;<U>Effective Date</U>&#148;) on
which all of the following have occurred (i)&nbsp;it shall have been executed and delivered by the
parties hereto, (ii)&nbsp;copies hereof shall have been delivered to the Administrative Agent and the
Borrower, (iii)&nbsp;the Purchasing Bank shall have received an original Note, and (iv)&nbsp;the Purchasing
Bank shall have paid to the Assignor the agreed purchase price as set forth in the Receipt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. On and after the Effective Date, (i)&nbsp;the Purchasing Bank shall be a party to the Credit
Agreement and, to the extent provided in this Transfer Supplement, have the rights and obligations
of a Bank thereunder and be entitled to the benefits and rights of the Banks
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">thereunder and (ii)&nbsp;the Assignor shall, to the extent provided in this Transfer Supplement as
to the Purchased Interest, relinquish its rights and be released from its obligations under the
Credit Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;From and after the Effective Date, the Assignor shall cause the Administrative Agent to
make all payments under the Credit Agreement, and the Notes in respect of the Purchased Interest
assigned hereby (including, without limitation, all payments of principal, fees and interest with
respect thereto and any amounts accrued but not paid prior to such date) to the Purchasing Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;This Transfer Supplement may be executed in any number of counterparts which, when taken
together, shall be deemed to constitute one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Assignor hereby represents and warrants to Purchasing Bank that it has made all payments
demanded to date by The Bank of Nova Scotia, as Administrative Agent, in connection with the
Assignor&#146;s Pro Rata Share of the obligation to reimburse the Agent for its expenses and made all
Loans required. In the event The Bank of Nova Scotia, as Administrative Agent, shall demand
reimbursement for fees and expenses from Purchasing Bank for any period prior to the Effective
Date, Assignor hereby agrees to promptly pay The Bank of Nova Scotia, as Administrative Agent, such
sums directly, subject, however, to Paragraph&nbsp;12 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Assignor will, at the cost of Assignor, and without expense to Purchasing Bank, do,
execute, acknowledge and deliver all and every such further acts, deeds, conveyances, assignments,
notices of assignments, transfers and assurances as Purchasing Bank shall, from time to time,
reasonably require, for the better assuring, conveying, assigning, transferring and confirming unto
Purchasing Bank the property and rights hereby given, granted, bargained, sold, aliened, enfeoffed,
conveyed, confirmed, assigned and/or intended now or hereafter so to be, on which Assignor may be
or may hereafter become bound to convey or assign to Purchasing Bank, or for carrying out the
intention or facilitating the performance of the terms of this Agreement or for filing, registering
or recording this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;The parties agree that no broker or finder was instrumental in bringing about this
transaction. Each party shall indemnify, defend the other and hold the other free and harmless
from and against any damages, costs or expenses (including, but not limited to, reasonable
attorneys&#146; fees and disbursements) suffered by such party arising from claims by any broker or
finder that such broker or finder has dealt with said party in connection with this transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Subject to the provisions of Paragraph&nbsp;12 hereof, if, with respect to the Purchased
Interest only, Assignor shall on or after the Effective Date receive (a)&nbsp;any cash, note,
securities, property, obligations or other consideration in respect of or relating to the Loan or
the Loan Documents or issued in substitution or replacement of the Loan or the Loan Documents, (b)
any cash or non-cash consideration in any form whatsoever distributed, paid or issued in any
bankruptcy proceeding in connection with the Loan or the Loan Documents or (c)&nbsp;any other
distribution (whether by means of repayment, redemption, realization of security or otherwise),
Assignor shall accept the same as Purchasing Bank&#146;s agent and hold the same in trust on behalf of
and for the benefit of Purchasing Bank, and shall deliver the same forthwith to Purchasing Bank in
the same form received, with the endorsement (without recourse) of Assignor when
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">necessary or appropriate. If the Assignor shall fail to deliver any funds received by it
within the same Business Day of receipt, unless such funds are received by Assignor after 4:00
p.m., Eastern Standard Time, then the following Business Day after receipt, said funds shall accrue
interest at the Federal Funds Rate and in addition to promptly remitting said amount, Assignor
shall remit such interest from the date received to the date such amount is remitted to the
Purchasing Bank.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Assignor and Purchasing Bank each hereby agree to indemnify and hold harmless the other,
each of its directors and each of its officers in connection with any claim or cause of action
based on any matter or claim based on the acts of either while acting as a Bank under the Credit
Agreement. Promptly after receipt by the indemnified party under this Section of notice of the
commencement of any action, such indemnified party shall notify the indemnifying party in writing
of the commencement thereof. If any such action is brought against any indemnified party and that
party notifies the indemnifying party of the commencement thereof, the indemnifying party shall be
entitled to participate therein, and to the extent that it may elect by written notice delivered to
the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to
assume the defense thereof, with counsel satisfactory to such indemnified party, and after receipt
of notice from the indemnifying party to such indemnified party of its election so to assume the
defense thereof, the indemnifying party will not be liable to such indemnified party under this
Section for any legal or other expenses subsequently incurred by such indemnified party in
connection with the defense thereof. In no event shall the indemnified party settle or consent to
a settlement of such cause of action or claim without the consent of the indemnifying party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;THIS TRANSFER SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;On or promptly after the Effective Date, Borrower, Administrative Agent, Assignor and
Purchasing Bank shall make appropriate arrangements so that a Note executed by Borrower, dated the
Effective Date is issued to Purchasing Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;15. On or before the Effective Date, Purchasing Bank shall comply with the provisions of
Section&nbsp;8.4(d) of the Credit Agreement.&#093; &#091;Include only if Purchasing Bank is a foreign
institution.&#093;
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&#091;Purchasing Bank&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice Address:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Domestic Lending Office:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Eurodollar Lending Office:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;Assignor&#093;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Receipt Acknowledged this<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 200_:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THE BANK OF NOVA SCOTIA,<BR>
as Administrative Agent

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By:<BR>
Name:<BR>
Title:

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT C</B><BR><BR style="font-size: 6pt">
<U>BORROWING BASE REPORT</U><BR>
(as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20__)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Asset Under</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Change in Net</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Development/</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Book Value</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Undeveloped</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">from Previous</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Borrowing Base</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Name of Property</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Location</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Land</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Net Book Value</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Report</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Value<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Aggregate Borrowing Base Value</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD colspan="7" valign="top" align="left"><B><I><u>minus</u></I></B> Portion of Canadian or European
Properties in Excess of 25% of Aggregate
Borrowing Base Value</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD colspan="7" valign="top" align="left"><B><I><u>minus</u></I></B> Portion of Eligible Undeveloped
Land in Excess of 50% of Aggregate
Borrowing Base Value</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Borrowing Base</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Borrowing Base Value means 75% of Net Book Value of
each Eligible Asset under Development and 50% of Net Book Value of Eligible
Undeveloped Land.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>f43538exv10w2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 10.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>GUARANTY OF PAYMENT</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GUARANTY OF PAYMENT (this &#147;<U>Guaranty</U>&#148;), made as of September&nbsp;4, 2008, by AMB PROPERTY
CORPORATION, a Maryland corporation, having an address at Pier 1, Bay 1, San Francisco, California
94111 (&#147;<U>Guarantor</U>&#148;), for the benefit of THE BANK OF NOVA SCOTIA, as Administrative Agent
(the &#147;<U>Administrative Agent</U>&#148;) for the banks (the &#147;<U>Banks</U>&#148;) that are from time to time
parties to that certain Credit Agreement (the &#147;<U>Credit Agreement</U>&#148;), dated as of the date
hereof, among AMB Property, L.P. (the &#147;<U>Borrower</U>&#148;), the banks listed on the signature pages
thereof, the Administrative Agent, ING Real Estate Finance (USA)&nbsp;LLC, as Syndication Agent, The
Bank of Nova Scotia and ING Real Estate Finance (USA)&nbsp;LLC, as Joint Lead Arrangers and Joint
Bookrunners, and TD Bank N.A. and US Bank, National Association, as Documentation Agents.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">W I T N E S S E T H:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Banks have agreed to make loans to Borrower in the aggregate principal amount not
to exceed Two Hundred Thirty Million Dollars ($230,000,000) or, in the event that Borrower
exercises its rights pursuant to Section&nbsp;9.19 of the Credit Agreement, Three Hundred Million
Dollars ($300,000,000) (hereinafter collectively referred to as the &#147;<U>Loans</U>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Loans are and will be evidenced by certain promissory notes of Borrower made to
each of the Banks, in accordance with the terms of the Credit Agreement (collectively, the
&#147;<U>Notes</U>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Credit Agreement and the Notes and any other documents executed in connection
therewith are hereinafter collectively referred to as the &#147;<U>Loan Documents</U>&#148;;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, capitalized terms used herein and not otherwise defined shall have the meanings
ascribed thereto in the Credit Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Guarantor is the sole general partner of Borrower;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, as a condition to the execution and delivery of the Loan Documents, the Banks have
required that Guarantor execute and deliver this Guaranty of Payment; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW THEREFORE, in consideration of the premises and the benefits to be derived from the making
of the Loans by the Banks to Borrower, and in order to induce the Administrative Agent, the
Syndication Agent, the Documentation Agents, the Joint Lead Arrangers and Joint Bookmanagers and
the Banks to enter into the Credit Agreement and the other Loan Documents, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor
hereby agrees as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Guarantor, on behalf of itself and its successors and assigns, hereby irrevocably,
absolutely and unconditionally guarantees the full and punctual payment when due, whether at stated
maturity or otherwise, of all Obligations of Borrower now or hereafter existing under the Notes and
the Credit Agreement, including in the event that the Borrower exercises its rights under the
Credit Agreement to increase the Facility Amount, for principal and/or interest as well as any and
all other amounts due thereunder, including, without limitation, all indemnity
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">obligations of Borrower thereunder, and any and all reasonable costs and expenses (including,
without limitation, reasonable attorneys&#146; fees and disbursements) incurred by the Administrative
Agent and/or the Banks in enforcing their rights under this Guaranty (all of the foregoing
obligations being the &#147;<U>Guaranteed Obligations</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;It is agreed that the Guaranteed Obligations of Guarantor hereunder are primary and this
Guaranty shall be enforceable against Guarantor and its successors and assigns without the
necessity for any suit or proceeding of any kind or nature whatsoever brought by the Administrative
Agent or any of the Banks against Borrower or its respective successors or assigns or any other
party or against any security for the payment and performance of the Guaranteed Obligations and
without the necessity of any notice of non-payment or non-observance or of any notice of acceptance
of this Guaranty or of any notice or demand to which Guarantor might otherwise be entitled
(including, without limitation, diligence, presentment, notice of maturity, extension of time,
change in nature or form of the Guaranteed Obligations, acceptance of further security, release of
further security, imposition or agreement arrived at as to the amount of or the terms of the
Guaranteed Obligations, notice of adverse change in Borrower&#146;s financial condition and any other
fact which might materially increase the risk to Guarantor), all of which Guarantor hereby
expressly waives; and Guarantor hereby expressly agrees that the validity of this Guaranty and the
obligations of Guarantor hereunder shall in no way be terminated, affected, diminished, modified or
impaired by reason of the assertion of or the failure to assert by the Administrative Agent or any
of the Banks against Borrower or its respective successors or assigns, any of the rights or
remedies reserved to the Administrative Agent or any of the Banks pursuant to the provisions of the
Loan Documents. Guarantor agrees that any notice or directive given at any time to the
Administrative Agent or any of the Banks which is inconsistent with the waiver in the immediately
preceding sentence shall be void and may be ignored by the Administrative Agent and the Banks, and,
in addition, may not be pleaded or introduced as evidence in any litigation relating to this
Guaranty for the reason that such pleading or introduction would be at variance with the written
terms of this Guaranty, unless the Administrative Agent has specifically agreed otherwise in a
writing, signed by a duly authorized officer. Guarantor specifically acknowledges and agrees that
the foregoing waivers are of the essence of this transaction and that, but for this Guaranty and
such waivers, the Administrative Agent and the Banks would not make the requested Loan to the
Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Guarantor waives, and covenants and agrees that it will not at any time
insist upon, plead or in any manner whatsoever claim or take the benefit or advantage of, any
and all appraisal, valuation, stay, extension, marshaling-of-assets or redemption laws, or right of
homestead or exemption, whether now or at any time hereafter in force, which may delay, prevent or
otherwise affect the performance by Guarantor of its obligations under, or the enforcement by the
Administrative Agent or any of the Banks of, this Guaranty. Guarantor further covenants and agrees
not to set up or claim any defense, counterclaim, offset, setoff or other objection of any kind to
any action, suit or proceeding in law, equity or otherwise, or to any demand or claim that may be
instituted or made by the Administrative Agent or any of the Banks other than the defense of the
actual timely payment and performance by Borrower of the Guaranteed Obligations hereunder;
provided, however, that the foregoing shall not be deemed a waiver of Guarantor&#146;s right to assert
any compulsory counterclaim, if such counterclaim is compelled under local law or rule of
procedure, nor shall the foregoing be deemed a waiver of Guarantor&#146;s right to assert any claim
which would constitute a defense, setoff, counterclaim or crossclaim of any nature whatsoever
against
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Administrative Agent or any Bank in any separate action or proceeding. Guarantor represents,
warrants and agrees that, as of the date hereof, its obligations under this Guaranty are not
subject to any counterclaims, offsets or defenses against the Administrative Agent or any Bank of
any kind.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;The provisions of this Guaranty are for the benefit of the Administrative Agent and the
Banks and their successors and permitted assigns, and nothing herein contained shall impair as
between Borrower and the Administrative Agent and the Banks the obligations of Borrower under the
Loan Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;This Guaranty shall be a continuing, unconditional and absolute guaranty and the liability
of Guarantor hereunder shall in no way be terminated, affected, modified, impaired or diminished by
reason of the happening, from time to time, of any of the following, all without notice or the
further consent of Guarantor:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any assignment, amendment, modification or waiver of or change in any of the terms,
covenants, conditions or provisions of any of the Guaranteed Obligations or the Loan
Documents or the invalidity or unenforceability of any of the foregoing; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any extension of time that may be granted by the Administrative Agent to Borrower,
any guarantor, or their respective successors or assigns, heirs, executors, administrators
or personal representatives; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any action which the Administrative Agent may take or fail to take under or in
respect of any of the Loan Documents or by reason of any waiver of, or failure to enforce
any of the rights, remedies, powers or privileges available to the Administrative Agent
under this Guaranty or available to the Administrative Agent at law, equity or otherwise, or
any action on the part of the Administrative Agent granting indulgence or extension in any
form whatsoever; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any sale, exchange, release, or other disposition of any property pledged,
mortgaged or conveyed, or any property in which the Administrative Agent and/or the Banks
have been granted a lien or security interest to secure any indebtedness of Borrower to the
Administrative Agent and/or the Banks; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any release of any person or entity who may be liable in any manner for
the payment and collection of any amounts owed by Borrower to the Administrative Agent
and/or the Banks; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the application of any sums by whomsoever paid or however realized to any amounts
owing by Borrower to the Administrative Agent and/or the Banks under the Loan Documents in
such manner as the Administrative Agent shall determine in its sole discretion; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Borrower&#146;s or Guarantor&#146;s voluntary or involuntary liquidation, dissolution, sale
of all or substantially all of their respective assets and liabilities, appointment of a
trustee, receiver, liquidator, sequestrator or conservator for all or any part of Borrower&#146;s
or Guarantor&#146;s assets, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition or readjustment, or the commencement of other
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">similar proceedings affecting Borrower or Guarantor or any of the assets of any of
them, including, without limitation, (i)&nbsp;the release or discharge of Borrower or any
guarantor from the payment and performance of their respective obligations under any of the
Loan Documents by operation of law, or (ii)&nbsp;the impairment, limitation or modification of
the liability of Borrower or any guarantor in bankruptcy, or of any remedy for the
enforcement of the Guaranteed Obligations under any of the Loan Documents, or any
guarantor&#146;s liability under this Guaranty, resulting from the operation of any present or
future provisions of the Bankruptcy Code or other present or future federal, state or
applicable statute or law or from the decision in any court; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any improper disposition by Borrower of the proceeds of the Loans, it being
acknowledged by Guarantor that the Administrative Agent or any Bank shall be entitled to
honor any request made by Borrower for a disbursement of such proceeds and that neither the
Administrative Agent nor any Bank shall have any obligation to see the proper disposition by
Borrower of such proceeds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Guarantor agrees that if at any time all or any part of any payment at any time received by
the Administrative Agent from Borrower or Guarantor under or with respect to this Guaranty is or
must be rescinded or returned by the Administrative Agent or any Bank for any reason whatsoever
(including, without limitation, the insolvency, bankruptcy or reorganization of Borrower or
Guarantor), then Guarantor&#146;s obligations hereunder shall, to the extent of the payment rescinded or
returned, be deemed to have continued in existence notwithstanding such previous receipt by such
party, and Guarantor&#146;s obligations hereunder shall continue to be effective or reinstated, as the
case may be, as to such payment, as though such previous payment had never been made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Until this Guaranty is terminated pursuant to the terms hereof, Guarantor (i)&nbsp;shall have no
right of subrogation against Borrower or any entity comprising same by reason of any payments or
acts of performance by Guarantor in compliance with the obligations of Guarantor hereunder, (ii)
waives any right to enforce any remedy which Guarantor now or hereafter shall have against Borrower
or any entity comprising same by reason of any one or more payment or acts of performance in
compliance with the obligations of Guarantor hereunder and (iii)&nbsp;from and after an Event of Default
(as defined in the Credit Agreement), subordinates any liability or indebtedness of Borrower or any
entity comprising same now or hereafter held by Guarantor or any affiliate of Guarantor to the
obligations of Borrower under the Loan Documents. The foregoing, however, shall not be deemed in
any way to limit any rights that Guarantor may have pursuant to the Agreement of Limited
Partnership of Borrower or which it may have at law or in equity with respect to any other partners
of Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Guarantor represents and warrants to the Administrative Agent and the
Banks with the knowledge that the Administrative Agent and the Banks are relying upon the
same, as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as of the date hereof, Guarantor is the sole general partner of Borrower;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) based upon such relationships, Guarantor has determined that it is in its best
interests to enter into this Guaranty;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Guaranty is necessary and convenient to the conduct, promotion and attainment
of Guarantor&#146;s business, and is in furtherance of Guarantor&#146;s business purposes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the benefits to be derived by Guarantor from Borrower&#146;s access to funds made
possible by the Loan Documents are at least equal to the obligations undertaken pursuant to
this Guaranty;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Guarantor is solvent and has full power and legal right to enter into this
Guaranty and to perform its obligations under the term hereof and (i)&nbsp;Guarantor is
organized and validly existing under the laws of the State of Maryland, (ii)&nbsp;Guarantor has
complied with all provisions of applicable law in connection with all aspects of this
Guaranty, and (iii)&nbsp;the person executing this Guaranty has all the requisite power and
authority to execute and deliver this Guaranty;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the best of Guarantor&#146;s knowledge, there is no action, suit, proceeding, or
investigation pending or threatened against or affecting Guarantor at law, in equity, in
admiralty or before any arbitrator or any governmental department, commission, board,
bureau, agency or instrumentality (domestic or foreign) which is likely to materially and
adversely impair the ability of Guarantor to perform its obligations under this Guaranty;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the execution and delivery of and the performance by Guarantor of its obligations
under this Guaranty have been duly authorized by all necessary action on the part of
Guarantor and do not (i)&nbsp;violate any provision of any law, rule, regulation (including,
without limitation, Regulation&nbsp;U or X of the Board of Governors of the Federal Reserve
System of the United States), order, writ, judgment, decree, determination or award
presently in effect having applicability to Guarantor or the organizational documents of
Guarantor the consequences of which violation is likely to materially and adversely impair
the ability of Guarantor to perform its obligations under this Guaranty or (ii)&nbsp;violate or
conflict with, result in a breach of or constitute (with due notice or lapse of time or
both) a default under any indenture, agreement or other instrument to which Guarantor is a
party, or by which Guarantor or any of its property is bound, the consequences of which
violation, conflict, breach or default is likely to materially and adversely impair the
ability of Guarantor to perform its obligations under this Guaranty;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) this Guaranty has been duly executed by Guarantor and constitutes the legal, valid
and binding obligation of Guarantor, enforceable against it in accordance with its terms
except as enforceability may be limited by applicable insolvency, bankruptcy or other laws
affecting creditors&#146; rights generally or general principles of equity, whether such
enforceability is considered in a proceeding in equity or at law;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no authorization, consent, approval, license or formal exemption from, nor any
filing, declaration or registration with, any Federal, state, local or foreign court,
governmental agency or regulatory authority is required in connection with the making and
performance by Guarantor of this Guaranty, except those which have already been obtained;
and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Guarantor is not an &#147;investment company&#148; as that term is defined in, nor is
it otherwise subject to regulation under, the Investment Company Act of 1940, as
amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Guarantor and Administrative Agent each acknowledge and agree that this Guaranty is a
guarantee of payment and performance and not of collection and enforcement in respect of any
obligations which may accrue to the Administrative Agent and/or the Banks from Borrower under the
provisions of any Loan Document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Subject to the terms and conditions of the Credit Agreement, and in conjunction therewith,
the Administrative Agent or any Bank may assign any or all of its rights under this Guaranty. In
the event of any such assignment, the Administrative Agent shall give Guarantor prompt notice of
same. If the Administrative Agent elects to sell all the Loans or participations in the Loans and
the Loan Documents, including this Guaranty, the Administrative Agent or any Bank may forward to
each purchaser and prospective purchaser all documents and information relating to this Guaranty or
to Guarantor, whether furnished by Borrower or Guarantor or otherwise, subject to the terms and
conditions of the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Guarantor agrees, upon the written request of the Administrative Agent, to execute and
deliver to the Administrative Agent, from time to time, any modification or amendment hereto or any
additional instruments or documents reasonably considered necessary by the Administrative Agent or
its counsel to cause this Guaranty to be, become or remain valid and effective in accordance with
its terms, provided, that, any such modification, amendment, additional instrument or document
shall not increase Guarantor&#146;s obligations or diminish its rights hereunder and shall be reasonably
satisfactory as to form to Guarantor and to Guarantor&#146;s counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;The representations and warranties of Guarantor set forth in this Guaranty shall survive
until this Guaranty shall terminate in accordance with the terms hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;This Guaranty contains the entire agreement among the parties with respect to the subject
matter hereof and supersede all prior agreements relating to such subject matter and may not be
modified, amended, supplemented or discharged except by a written agreement signed by Guarantor and
the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;If all or any portion of any provision contained in this Guaranty shall be determined to
be invalid, illegal or unenforceable in any respect for any reason, such provision or portion
thereof shall be deemed stricken and severed from this Guaranty and the remaining provisions and
portions thereof shall continue in full force and effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;This Guaranty may be executed in counterparts which together shall constitute the same
instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;All notices, requests and other communications to any party hereunder shall be in writing
(including bank wire, telex, facsimile transmission followed by telephonic confirmation or similar
writing) and shall be addressed to such party at the address set forth below or to such other
address as may be identified by any party in a written notice to the others:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If to Guarantor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AMB Property Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pier 1, Bay 1</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Francisco, California 94111</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Chief Financial Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (415)&nbsp;394-4001</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">With Copies of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Notices to Guarantor to:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AMB Property Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pier 1, Bay 1</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Francisco, California 94111</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: General Counsel</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (415)&nbsp;394-4001</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">and to:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DLA Piper US LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">203 North LaSalle Street, Suite&nbsp;1900</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chicago, Illinois 60601</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: James M. Phipps, Esq.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (312)&nbsp;251-5735</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If to the</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Administrative Agent:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Bank of Nova Scotia</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">580 California Street, Suite&nbsp;2100</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">San Francisco, CA 94104</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Mr.&nbsp;Chris Osborn</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (415)&nbsp;397-0791</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">With Copies of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Notices to</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Administrative Agent:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mayer Brown LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1675 Broadway</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, New York 10019</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Brian Newhouse, Esq.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telecopy Number: (212)&nbsp;262-1910</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each such notice, request or other communication shall be effective (i)&nbsp;if given by telex or
facsimile transmission, when such telex or facsimile is transmitted to the telex number or
facsimile number specified in this Section and the appropriate answerback or facsimile confirmation
is received, (ii)&nbsp;if given by certified registered mail, return receipt requested, with first class
postage prepaid, addressed as aforesaid, upon receipt or refusal to accept delivery, (iii)&nbsp;if given
by a nationally recognized overnight carrier, 24 hours after such communication is deposited with
such carrier with postage prepaid for next day delivery, or (iv)&nbsp;if given by any other means, when
delivered at the address specified in this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;Any acknowledgment or new promise, whether by payment of principal or interest or
otherwise by Borrower or Guarantor, with respect to the Guaranteed Obligations shall, if the
statute of limitations in favor of Guarantor against the Administrative Agent shall have
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">commenced to run, toll the running of such statute of limitations, and if the period of such
statute of limitations shall have expired, prevent the operation of such statute of limitations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;This Guaranty shall be binding upon Guarantor and its successors and assigns and shall
inure to the benefit of the Administrative Agent and the Banks and their successors and permitted
assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;The failure of the Administrative Agent to enforce any right or remedy hereunder, or
promptly to enforce any such right or remedy, shall not constitute a waiver thereof, nor give rise
to any estoppel against the Administrative Agent, nor excuse Guarantor from its obligations
hereunder. Any waiver of any such right or remedy to be enforceable against the Administrative
Agent must be expressly set forth in a writing signed by the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;(a)&nbsp;THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF
THE STATE OF NEW YORK.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any legal action or proceeding with respect to this Guaranty and
any action for enforcement of any judgment in respect thereof may be brought in the courts of
the State of New York or of the United States of America for the Southern District of New York,
and, by execution and delivery of this Guaranty, the Guarantor hereby accepts for itself and in
respect of its property, generally and unconditionally, the non-exclusive jurisdiction of the
aforesaid courts and appellate courts from any thereof. The Guarantor irrevocably consents to the
service of process out of any of the aforementioned courts in any such action or proceeding by the
mailing of copies thereof by registered or certified mail, postage prepaid, to the Guarantor at its
address for notices set forth herein. The Guarantor hereby irrevocably waives any objection which
it may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings
arising out of or in connection with this Guaranty brought in the courts referred to above and
hereby further irrevocably waives and agrees not to plead or claim in any such court that any such
action or proceeding brought in any such court has been brought in an inconvenient forum. Nothing
herein shall affect the right of the Administrative Agent to serve process in any other manner
permitted by law or to commence legal proceedings or otherwise proceed against the Guarantor in any
other jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;GUARANTOR HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY AND ALL CLAIMS OR CAUSES OF
ACTION BASED UPON OR ARISING OUT OF THIS GUARANTY. IT IS HEREBY ACKNOWLEDGED BY GUARANTOR THAT THE
WAIVER OF A JURY TRIAL IS A MATERIAL INDUCEMENT FOR THE ADMINISTRATIVE AGENT TO ACCEPT THIS
GUARANTY AND THAT THE LOANS MADE BY THE BANKS ARE MADE IN RELIANCE UPON SUCH WAIVER. GUARANTOR
FURTHER WARRANTS AND REPRESENTS THAT SUCH WAIVER HAS BEEN KNOWINGLY AND VOLUNTARILY MADE, FOLLOWING
CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS GUARANTY MAY BE FILED BY THE
ADMINISTRATIVE AGENT IN COURT AS A WRITTEN CONSENT TO A NON-JURY TRIAL.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Guarantor does hereby further covenant and agree to and with the Administrative Agent that
Guarantor may be joined in any action against Borrower in connection with the Loan Documents and
that recovery may be had against Guarantor in such action or in any independent action against
Guarantor (with respect to the Guaranteed Obligations), without the Administrative Agent first
pursuing or exhausting any remedy or claim against Borrower or its successors or assigns. Guarantor
also agrees that, in an action brought with respect to the Guaranteed Obligations in any
jurisdiction, it shall be conclusively bound by the judgment in any such action by the
Administrative Agent (wherever brought) against Borrower or its successors or assigns, as if
Guarantor were a party to such action, even though Guarantor was not joined as a party in such
action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Guarantor agrees to pay all reasonable expenses (including,
without limitation, attorneys&#146; fees and disbursements) which may be incurred by the
Administrative Agent or the Banks in connection with the enforcement of their rights under this
Guaranty, whether or not suit is initiated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;Notwithstanding anything to the contrary contained herein, this Guaranty shall terminate
and be of no further force or effect upon the full performance and payment of the Guaranteed
Obligations hereunder. Upon termination of this Guaranty in accordance with the terms of this
Guaranty, the Administrative Agent promptly shall deliver to Guarantor such documents as Guarantor
or Guarantor&#146;s counsel reasonably may request in order to evidence such termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;All of the Administrative Agent&#146;s rights and remedies under each of the Loan Documents or
under this Guaranty are intended to be distinct, separate and cumulative and no such right or
remedy therein or herein mentioned is intended to be in exclusion of or a waiver of any other right
or remedy available to the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;The Guarantor shall not use any assets of an &#147;employee benefit plan&#148;
within the meaning of Section&nbsp;3(3) of ERISA or a &#147;plan&#148; within the meaning of Section
4975(e)(1) of the Internal Revenue Code (the &#147;<U>Code</U>&#148;) to repay or secure the Loan, the Note,
the Obligations or this Guaranty. The Guarantor shall not assign, sell, pledge, encumber, transfer,
hypothecate or otherwise dispose of any of its rights or interests (direct or indirect) in
Borrower, or attempt to do any of the foregoing or suffer any of the foregoing, or permit any party
with a direct or indirect interest or right in Borrower to do any of the foregoing, if such action
would cause the Note, the Loan, the Obligations, this Guaranty, or any of the Loan Documents or the
exercise of any of the Administrative Agent&#146;s or Bank&#146;s rights in connection therewith, to
constitute a prohibited transaction under ERISA or the Code (unless the Guarantor furnishes to the
Administrative Agent a legal opinion satisfactory to the Administrative Agent that the transaction
is exempt from the prohibited transaction provisions of ERISA and the Code (and for this purpose,
the Administrative Agent and the Banks, by accepting the benefits of this Guaranty, hereby agree to
supply Guarantor all relevant non-confidential, factual information reasonably necessary to such
legal opinion and reasonably requested by Guarantor) or would otherwise result in the
Administrative Agent or any of the Banks being deemed in violation of Sections&nbsp;404 or 406 of ERISA
or Section&nbsp;4975 of the Code or would otherwise result in the Administrative Agent or any of the
Banks being a fiduciary or party in interest under ERISA or a &#147;disqualified person&#148; as defined in
Section&nbsp;4975(e)(2) of the Code with respect to an &#147;employee benefit plan&#148; within the meaning of
Section&nbsp;3(3) of ERISA or a &#147;plan&#148; within the meaning of Section&nbsp;4975(e)(1) of the Code. The
Guarantor shall indemnify and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">hold each of the Administrative Agent and the Banks free and harmless from and against all
loss, costs (including attorneys&#146; fees and expenses), expenses, taxes and damages (including
consequential damages) that each of the Administrative Agent and the Banks may suffer by reason of
the investigation, defense and settlement of claims and in obtaining any prohibited transaction
exemption under ERISA necessary in Administrative Agent&#146;s reasonable judgment as a result of
Guarantor&#146;s action or inaction or by reason of a breach of the foregoing provisions by Guarantor.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;SIGNATURE PAGE FOLLOWS&#093;

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have executed and delivered this Guaranty as of the
date and year first above written.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 50%">GUARANTOR:<BR>
AMB PROPERTY CORPORATION

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">
By: <FONT style="border-bottom: 1px solid #000000; width: 50%">
/s/ Thomas S. Olinger</FONT><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: &nbsp;Thomas S. Olinger<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:&nbsp; &nbsp;Chief Financial Officer

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ACCEPTED:<BR><BR style="font-size: 6pt">
THE BANK OF NOVA SCOTIA,<BR>
as Administrative Agent

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By:
<FONT style="border-bottom: 1px solid #000000; width: 30%">
/s/ Jed Richardson
</FONT><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:&nbsp; Jed Richardson<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:&nbsp; &nbsp;Director

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
