SENIOR SECURED REVOLVING CREDIT AGREEMENT

Revolving Credit Agreement

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REPUBLIC PROPERTY TRUST | REPUBLIC PROPERTY LIMITED PARTNERSHIP, | KEYBANK NATIONAL ASSOCIATION,

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Title: SENIOR SECURED REVOLVING CREDIT AGREEMENT
Governing Law: New York Date: 5/12/2006
Industry: Real Estate Operations Law Firm: McKenna Long & Aldridge LLP; Glazer Winston Honigman Ellick

EXHIBIT 10.5

SENIOR SECURED REVOLVING CREDIT AGREEMENT

DATED AS OF MAY 1, 2006

by and among

REPUBLIC PROPERTY LIMITED PARTNERSHIP,

AS BORROWER,

REPUBLIC PROPERTY TRUST,

AS A GUARANTOR,

KEYBANK NATIONAL ASSOCIATION,

THE OTHER LENDERS WHICH ARE PARTIES TO THIS AGREEMENT

and

OTHER LENDERS THAT MAY BECOME

PARTIES TO THIS AGREEMENT,

KEYBANK NATIONAL ASSOCIATION,

AS AGENT,

KEYBANC CAPITAL MARKETS,
AS SOLE LEAD ARRANGER AND SOLE BOOK MANAGER,

SUNTRUST BANK,
AS SYNDICATION AGENT

AND

CHARTER ONE BANK, N.A.,
AS DOCUMENTATION AGENT

TABLE OF CONTENTS


			Page

§1.	DEFINITIONS AND RULES OF INTERPRETATION			1

	§1.1	Definitions		1

	§1.2	Rules of Interpretation		23

§2.	THE REVOLVING CREDIT FACILITY			24

	§2.1	Revolving Credit Loans		24

	§2.2	Facility Unused Fee		25

	§2.3	Reduction and Termination of the Commitments		26

	§2.4	Swing Loan Commitment		26

	§2.5	Interest on Loans		28

	§2.6	Requests for Revolving Credit Loans		29

	§2.7	Funds for Revolving Credit Loans		29

	§2.8	Use of Proceeds		30

	§2.9	Letters of Credit		30

	§2.10	Increase in Total Commitment		34

	§2.11	Extension of Maturity Date		36

§3.	REPAYMENT OF THE LOANS			37

	§3.1	Stated Maturity		37

	§3.2	Mandatory Prepayments		37

	§3.3	Optional Prepayments		37

	§3.4	Partial Prepayments		37

		Effect of Prepayments		38

§4.	CERTAIN GENERAL PROVISIONS			38

	§4.1	Conversion Options		38

	§4.2	Closing Fee		39

	§4.3	Agent’s Fee		39

	§4.4	Funds for Payments		39

	§4.5	Computations		40

	§4.6	Suspension of LIBOR Rate Loans		41

	§4.7	Illegality		41

	§4.8	Additional Interest		41

TABLE OF CONTENTS
(continued)


			Page

	§4.9	Additional Costs, Etc.		42

	§4.10	Capital Adequacy		43

	§4.11	Breakage Costs		43

	§4.12	Default Interest; Late Charge		43

	§4.13	Certificate		44

	§4.14	Limitation on Interest		44

	§4.15	Certain Provisions Relating to Increased Costs and Non-Funding Lenders		44

§5.	COLLATERAL SECURITY			45

	§5.1	Collateral		45

	§5.2	Appraisals; Adjusted Value		45

	§5.3	Addition of Mortgaged Properties		46

	§5.4	Release of Mortgaged Property		48

	§5.5	Additional Guarantors		48

	§5.6	Release of Certain Subsidiary Guarantors		49

	§5.7	Release of Collateral		49

§6.	REPRESENTATIONS AND WARRANTIES				49

	§6.1	Corporate Authority, Etc.		49

	§6.2	Governmental Approvals		50

	§6.3	Title to Properties		50

	§6.4	Financial Statements		50

	§6.5	No Material Changes		51

	§6.6	Franchises, Patents, Copyrights, Etc.		51

	§6.7	Litigation		51

	§6.8	No Material Adverse Contracts, Etc.		51

	§6.9	Compliance with Other Instruments, Laws, Etc.		51

	§6.10	Tax Status		52

	§6.11	No Event of Default		52

	§6.12	Investment Company Act		52

	§6.13	Absence of UCC Financing Statements, Etc.		52

	§6.14	Setoff, Etc.		52

TABLE OF CONTENTS
(continued)


			Page

	§6.15	Certain Transactions		52

	§6.16	Employee Benefit Plans		53

	§6.17	Disclosure		53

	§6.18	Trade Name; Place of Business		53

	§6.19	Regulations T, U and X		54

	§6.20	Environmental Compliance		54

	§6.21	Subsidiaries; Organizational Structure		55

	§6.22	Leases		56

	§6.23	Property		56

	§6.24	Brokers		57

	§6.25	Other Debt		57

	§6.26	Solvency		58

	§6.27	No Bankruptcy Filing		58

	§6.28	No Fraudulent Intent		58

	§6.29	Transaction in Best Interests of Borrower; Consideration		58

	§6.30	Contribution Agreement		58

	§6.31	Reaffirmation of Representations		59

	§6.32	OFAC		59

§7.	AFFIRMATIVE COVENANTS			59

	§7.1	Punctual Payment		59

	§7.2	Maintenance of Office		59

	§7.3	Records and Accounts		59

	§7.4	Financial Statements, Certificates and Information		60

	§7.5	Notices		62

	§7.6	Existence; Maintenance of Properties		64

	§7.7	Insurance; Condemnation		64

	§7.8	Taxes; Liens		69

	§7.9	Inspection of Properties and Books		69

	§7.10	Compliance with Laws, Contracts, Licenses, and Permits		70

	§7.11	Further Assurances		70

iii

TABLE OF CONTENTS
(continued)


			Page

	§7.12	Management		70

	§7.13	Leases of the Property		70

	§7.14	Business Operations		71

	§7.15	Registered Servicemark		71

	§7.16	Ownership of Real Estate		71

	§7.17	Distributions of Income to the Borrower		72

	§7.18	Management		72

	§7.19	Guarantor Restrictions		72

	§7.20	Plan Assets		72

	§7.21	More Restrictive Agreements		72

	§7.22	REIT Status		73

§8.	NEGATIVE COVENANTS			73

	§8.1	Restrictions on Indebtedness		73

	§8.2	Restrictions on Liens, Etc.		74

	§8.3	Restrictions on Investments		75

	§8.4	Merger, Consolidation		75

	§8.5	Sale and Leaseback		76

	§8.6	Compliance with Environmental Laws		76

	§8.7	Distributions		77

	§8.8	Asset Sales		78

	§8.9	[Intentionally Omitted.]		78

	§8.10	Restriction on Prepayment of Indebtedness		78

	§8.11	Zoning and Contract Changes and Compliance		78

	§8.12	Derivatives Contracts		79

	§8.13	Transactions with Affiliates		79

	§8.14	Equity Pledges		79

§9.	FINANCIAL COVENANTS			79

	§9.1	Borrowing Base		79

	§9.2	Consolidated Total Indebtedness to Gross Asset Value		79

	§9.3	Minimum Mortgaged Property Debt Service		79

TABLE OF CONTENTS
(continued)


			Page

	§9.4	Adjusted Consolidated EBITDA to Consolidated Fixed Charges		79

	§9.5	Minimum Consolidated Tangible Net Worth		79

	§9.6	Borrowing Base Assets		80

§10.	CLOSING CONDITIONS		80

	§10.1	Loan Documents		80

	§10.2	Certified Copies of Organizational Documents		80

	§10.3	Resolutions		80

	§10.4	Incumbency Certificate; Authorized Signers		80

	§10.5	Opinion of Counsel		81

	§10.6	Payment of Fees		81

	§10.7	Insurance		81

	§10.8	Performance; No Default		81

	§10.9	Representations and Warranties		81

	§10.10	Proceedings and Documents		81

	§10.11	Eligible Real Estate Qualification Documents		81

	§10.12	Compliance Certificate		81

	§10.13	Appraisals		82

	§10.14	Consents		82

	§10.15	Contribution Agreement		82

	§10.16	Other		82

§11.	CONDITIONS TO ALL BORROWINGS			82

	§11.1	Prior Conditions Satisfied		82

	§11.2	Representations True; No Default		82

	§11.3	Borrowing Documents		82

	§11.4	Endorsement to Title Policy		82

	§11.5	Future Advances Tax Payment		83

§12.	EVENTS OF DEFAULT; ACCELERATION; ETC.			83

	§12.1	Events of Default and Acceleration		83

	§12.2	Certain Cure Periods; Limitation of Cure Periods		87

	§12.3	Termination of Commitments		87

TABLE OF CONTENTS
(continued)


			Page

	§12.4	Remedies		87

	§12.5	Distribution of Collateral Proceeds		88

§13.	SETOFF			89

§14.	THE AGENT			89

	§14.1	Authorization		89

	§14.2	Employees and Agents		90

	§14.3	No Liability		90

	§14.4	No Representations		90

	§14.5	Payments		91

	§14.6	Holders of Notes		92

	§14.7	Indemnity		92

	§14.8	Agent as Lender		92

	§14.9	Resignation		92

	§14.10	Duties in the Case of Enforcement		93

	§14.11	Bankruptcy		94