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6TH Amended & Restated Agreement of Ltd. Partnership

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Sectors: Real Estate
Governing Law: Delaware, View Delaware State Laws
Effective Date: March 22, 2000
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EXHIBIT 10.1


- --------------------------------------------------------------------------------


SIXTH AMENDED AND RESTATED


AGREEMENT OF LIMITED PARTNERSHIP


OF


AMB PROPERTY II, L.P.


- --------------------------------------------------------------------------------


2


TABLE OF CONTENTS


PAGE
---- ARTICLE 1. DEFINED TERMS AND RULES OF CONSTRUCTION 2
Section 1.1. Definitions.....................................................................................2


ARTICLE 2. ORGANIZATIONAL MATTERS................................................................................19


Section 2.1. Organization...................................................................................19
Section 2.2. Name...........................................................................................19
Section 2.3. Resident Agent; Principal Office...............................................................20
Section 2.4. Power of Attorney..............................................................................20
Section 2.5. Term...........................................................................................21
Section 2.6. Number of Partners.............................................................................21


ARTICLE 3. PURPOSE...............................................................................................21


Section 3.1. Purpose and Business...........................................................................21
Section 3.2. Powers.........................................................................................22
Section 3.3. Partnership Only for Purposes Specified........................................................22
Section 3.4. Representations and Warranties by the Parties..................................................23
Section 3.5. Certain ERISA Matters..........................................................................25


ARTICLE 4. CAPITAL CONTRIBUTIONS.................................................................................25


Section 4.1. Capital Contributions of the Partners..........................................................25
Section 4.2. Loans..........................................................................................25
Section 4.3. Additional Funding and Capital Contributions...................................................25
Section 4.4. No Preemptive Rights...........................................................................26
Section 4.5. Other Contribution Provisions..................................................................26


ARTICLE 5. DISTRIBUTIONS.........................................................................................27


Section 5.1. Requirement and Characterization of Distributions..............................................27
Section 5.2. Distributions in Kind..........................................................................27
Section 5.3. Distributions Upon Liquidation.................................................................28
Section 5.4. Distributions to Reflect Issuance of Additional Partnership Interests..........................28


ARTICLE 6. ALLOCATIONS...........................................................................................28


Section 6.1. Timing and Amount of Allocations of Net Income and Net Loss....................................28
Section 6.2. General Allocations............................................................................28
Section 6.3. Additional Allocation Provisions...............................................................30
Section 6.4. Tax Allocations................................................................................32


ARTICLE 7. MANAGEMENT AND OPERATIONS OF BUSINESS.................................................................33


Section 7.1. Management.....................................................................................33
Section 7.2. Certificate of Limited Partnership.............................................................37
Section 7.3. Restrictions on General Partner's Authority....................................................37
Section 7.4. Reimbursement of the General Partner...........................................................39
Section 7.5. Outside Activities of the General Partner......................................................40
Section 7.6. Employee Benefit Plans.........................................................................40
Section 7.7. Indemnification................................................................................40
Section 7.8. Liability of the General Partner...............................................................42
Section 7.9. Other Matters Concerning the General Partner...................................................43
Section 7.10. Title to Partnership Assets.................................................................44
Section 7.11. Reliance by Third Parties...................................................................44


ARTICLE 8. RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS............................................................45


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Section 8.1. Limitation of Liability........................................................................45
Section 8.2. Management of Business.........................................................................45
Section 8.3. Outside Activities of Limited Partners.........................................................45
Section 8.4. Return of Capital..............................................................................46
Section 8.5. Rights of Limited Partners Relating to the Partnership.........................................46


ARTICLE 9. BOOKS, RECORDS, ACCOUNTING AND REPORTS................................................................47


Section 9.1. Records and Accounting.........................................................................47
Section 9.2. Fiscal Year....................................................................................47
Section 9.3. Reports........................................................................................47
Section 9.4. Nondisclosure of Certain Information...........................................................48


ARTICLE 10. TAX MATTERS..........................................................................................48


Section 10.1. Preparation of Tax Returns..................................................................48
Section 10.2. Tax Elections...............................................................................48
Section 10.3. Tax Matters Partner.........................................................................48
Section 10.4. Organizational Expenses.....................................................................50
Section 10.5. Withholding.................................................................................50


ARTICLE 11. TRANSFERS AND WITHDRAWALS............................................................................51


Section 11.1. Transfer....................................................................................51
Section 11.2. Transfer of General Partner's and Common Limited Partner's Partnership Interest.............51
Section 11.3. Preferred Limited Partners' Rights to Transfer..............................................52
Section 11.4. Substituted Limited Partners................................................................53
Section 11.5. Assignees...................................................................................54
Section 11.6. General Provisions..........................................................................54


ARTICLE 12. ADMISSION OF PARTNERS................................................................................57


Section 12.1. Admission of Successor General Partner......................................................57
Section 12.2. Admission of Additional Limited Partners....................................................57
Section 12.3. Amendment of Agreement and Certificate of Limited Partnership...............................57


ARTICLE 13. DISSOLUTION AND LIQUIDATION..........................................................................58


Section 13.1. Dissolution.................................................................................58
Section 13.2. Winding Up..................................................................................59
Section 13.3. Compliance with Timing Requirements of Regulations..........................................60
Section 13.4. Deemed Distribution and Recontribution......................................................60
Section 13.5. Rights of Limited Partners..................................................................61
Section 13.6. Notice of Dissolution.......................................................................61
Section 13.7. Cancellation of Certificate of Limited Partnership..........................................61
Section 13.8. Reasonable Time for Winding-Up..............................................................61
Section 13.9. Waiver of Partition.........................................................................61


ARTICLE 14. AMENDMENT OF PARTNERSHIP AGREEMENT; CONSENTS.........................................................62


Section 14.1. Amendments..................................................................................62
Section 14.2. Action by the Partners......................................................................62


ARTICLE 15. GENERAL PROVISIONS...................................................................................63


Section 15.1. Addresses and Notice........................................................................63
Section 15.2. Titles and Captions.........................................................................63
Section 15.3. Pronouns and Plurals........................................................................63
Section 15.4. Further Action..............................................................................63
Section 15.5. Binding Effect..............................................................................63
Section 15.6. Creditors...................................................................................64
Section 15.7. Waiver......................................................................................64


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Section 15.8. Counterparts................................................................................64
Section 15.9. Applicable Law..............................................................................64
Section 15.10. Invalidity of Provisions....................................................................64
Section 15.11. Entire Agreement............................................................................64
Section 15.12. No Rights as Stockholders...................................................................64


ARTICLE 16. SERIES C PREFERRED UNITS.............................................................................65


Section 16.1. Designation and Number......................................................................65
Section 16.2. Ranking.....................................................................................65
Section 16.3. Distributions...............................................................................65
Section 16.4. Liquidation Proceeds........................................................................67
Section 16.5. Series C Redemption.........................................................................67
Section 16.6. Voting Rights...............................................................................69
Section 16.7. Transfer Restrictions.......................................................................70
Section 16.8. Exchange Rights.............................................................................70
Section 16.9. No Conversion Rights........................................................................75
Section 16.10. No Sinking Fund.............................................................................75


ARTICLE 17. SERIES D PREFERRED UNITS.............................................................................75


Section 17.1. Designation and Number......................................................................75
Section 17.2. Ranking.....................................................................................75
Section 17.3. Distributions...............................................................................76
Section 17.4. Liquidation Proceeds........................................................................77
Section 17.5. Series D Redemption.........................................................................78
Section 17.6. Voting and Certain Management Rights........................................................79
Section 17.7. Transfer Restrictions.......................................................................81
Section 17.8. Exchange Rights.............................................................................82
Section 17.9. No Conversion Rights........................................................................86
Section 17.10. No Sinking Fund.............................................................................86


ARTICLE 18. SERIES E PREFERRED UNITS.............................................................................86


Section 18.1. Designation and Number......................................................................86
Section 18.2. Ranking.....................................................................................87
Section 18.3. Distributions...............................................................................87
Section 18.4. Liquidation Proceeds........................................................................89
Section 18.5. Series E Redemption.........................................................................89
Section 18.6. Voting and Certain Management Rights........................................................91
Section 18.7. Transfer Restrictions.......................................................................93
Section 18.8. Exchange Rights.............................................................................93
Section 18.9. No Conversion Rights........................................................................97
Section 18.10. No Sinking Fund.............................................................................98


ARTICLE 19. SERIES F PREFERRED UNITS.............................................................................98


Section 19.1. Designation and Number......................................................................98
Section 19.2. Ranking.....................................................................................98
Section 19.3. Distributions...............................................................................98
Section 19.4. Liquidation Proceeds.......................................................................100
Section 19.5. Series F Redemption........................................................................100
Section 19.6. Voting and Certain Management Rights.......................................................102
Section 19.7. Transfer Restrictions......................................................................104
Section 19.8. Exchange Rights............................................................................104
Section 19.9. No Conversion Rights.......................................................................110
Section 19.10. No Sinking Fund............................................................................110


iii


5


SIXTH AMENDED AND RESTATED


AGREEMENT OF LIMITED PARTNERSHIP


OF


AMB PROPERTY II, L.P.


THIS SIXTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP, dated as of March 22, 2000, is entered into by and among AMB Property Holding Corporation, a Maryland corporation (the "Company"), as the General Partner, and the Persons whose names are set forth on Exhibit A attached hereto, as the Limited Partners (the "Existing Limited Partners"), together with any other Persons who become Partners in the Partnership as provided herein.


WHEREAS, the General Partner and the Existing Limited Partners are parties to that certain Fifth Amended and Restated Agreement of Limited Partnership, dated August 31, 1999, as amended;


WHEREAS, on November 24, 1998, Belcrest Realty Corporation, a Delaware corporation and Belair Real Estate Corporation, a Delaware corporation (each a "Contributor" and, together the "Contributors") made an aggregate Capital Contribution of $110,000,000, in cash, to the Partnership in exchange for which the Contributors received an aggregate of 2,200,000 Series C Preferred Units in the Partnership;


WHEREAS, on May 5, 1999, J.P. Morgan Mosaic Fund, LLC, a Delaware limited liability company (the "Series D Contributor") made a Capital Contribution of $79,766,850, in cash, to the Partnership in exchange for which the Series D Contributor received 1,595,337 Series D Preferred Units in the Partnership;


WHEREAS, on August 31, 1999, Fifth Third Equity Exchange Fund 1999, LLC, a Delaware limited liability company (the "Series E Contributor") made a Capital Contribution of $11,022,000, in cash, to the Partnership in exchange for which the Series E Contributor received 220,440 Series E Preferred Units in the Partnership;


WHEREAS, pursuant to Section 4.3.B of the Partnership Agreement, the General Partner may, in its sole and absolute discretion subject to Delaware law, in connection with any Capital Contribution, issue additional Partnership Interests in one or more classes, or one or more series of any such classes, with such designations, preferences and relative, participating, optional or other special rights, powers, and duties, including rights, powers, and duties senior to then existing Limited Partnership Interests;


WHEREAS, on the date hereof, Bailard, Biehl & Kaiser Technology Exchange Fund, LLC, a Delaware limited liability company (the "Series F Contributor") has made a Capital Contribution of $19,871,950, in cash, to the Partnership in exchange for which the Series F Contributor is entitled to receive an aggregate of 397,439 Series F Preferred Units in the Partnership with the rights, preferences, exchange and other rights, voting powers and


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restrictions, limitations as to distributions, qualifications and terms and conditions as set forth herein;


WHEREAS, pursuant to the authority granted to the General Partner under the Partnership Agreement, the General Partner desires to amend and restate the Partnership Agreement to reflect (i) the issuance of the Series F Preferred Units, (ii) the admission of the Series F Contributor as an Additional Limited Partner and a holder of a certain number of Series F Preferred Units and (iii) certain other matters described herein;


WHEREAS, the Series F Contributor desires to become a party to the Partnership Agreement as a Limited Partner and to be bound by all terms, conditions and other provisions of the Partnership Agreement; and


WHEREAS, by virtue of the execution of this Agreement by the Company in its capacity as General Partner of the Partnership, the General Partner hereby consents to the amendment and restatement of the Fifth Amended and Restated Agreement of Limited Partnership.


NOW, THEREFORE, for good and adequate consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:


ARTICLE 1.
DEFINED TERMS AND RULES OF CONSTRUCTION


Section 1.1. Definitions


The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement.


"Act" means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time, and any successor to such statute.


"Additional Funds" shall have the meaning set forth in Section 4.3.A.


"Additional Limited Partner" means a Person admitted to the Partnership as a Limited Partner pursuant to Section 12.2 and who is shown as such on the books and records of the Partnership.


"Adjusted Capital Account Deficit" means, with respect to any Partner, the deficit balance, if any, in such Partner's Capital Account as of the end of the relevant fiscal year, after giving effect to the following adjustments:


(i) decrease such deficit by any amounts which such Partner is
obligated to restore pursuant to this Agreement or is deemed to
be obligated to restore pursuant to Regulations Section
1.704-1(b)(2)(ii)(c) or the penultimate sentence of each of
Regulations Sections 1.704-2(i)(5) and 1.704-2(g); and


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(ii) increase such deficit by the items described in Regulations
Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6).


The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.


"Adjustment Date" shall have the meaning set forth in Section 4.3.D.


"Affiliate" means, with respect to any Person, any Person directly or indirectly controlling, controlled by or under common control with such Person.


"Agreed Value" means (i) in the case of any Contributed Property set forth in Exhibit A and as of the time of its contribution to the Partnership, the Agreed Value of such property as set forth in Exhibit A; (ii) in the case of any Contributed Property not set forth in Exhibit A and as of the time of its contribution to the Partnership, the fair market value of such property or other consideration as determined by the General Partner, reduced by any liabilities either assumed by the Partnership upon such contribution or to which such property is subject when contributed; and (iii) in the case of any property distributed to a Partner by the Partnership, the fair market value of such property as determined by the General Partner at the time such property is distributed, reduced by any indebtedness either assumed by such Partner upon such distribution or to which such property is subject at the time of the distribution as determined under Section 752 of the Code and the Regulations thereunder.


"Agreement" means this Sixth Amended and Restated Agreement of Limited Partnership, as it may be amended, modified, supplemented or restated from time to time.


"AMB" means AMB Property Corporation, a Maryland corporation, in its capacity as the owner of 100% of the common stock of the General Partner and as the sole general partner of the Operating Partnership.


"Appraisal" means with respect to any assets, the opinion of an independent third party experienced in the valuation of similar assets, selected by the General Partner in good faith; such opinion may be in the form of an opinion by such independent third party that the value for such asset as set by the General Partner is fair, from a financial point of view, to the Partnership.


"Assignee" means a Person to whom one or more Partnership Units have been transferred in a manner permitted under this Agreement, but who has not become a Substituted Limited Partner, and who has the rights set forth in Section 11.5.


"Available Cash" means, with respect to any period for which such calculation is being made, (i) the sum of:


(a) the Partnership's Net Income or Net Loss (as the case may
be) for such period,


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(b) Depreciation and all other noncash charges deducted in
determining Net Income or Net Loss for such period,


(c) the amount of any reduction in reserves of the Partnership
referred to in clause (ii)(f) below (including, without limitation,
reductions resulting because the General Partner determines such amounts
are no longer necessary),


(d) the excess of the net proceeds from the sale, exchange,
disposition, or refinancing of Partnership property for such period over
the gain (or loss, as the case may be) recognized from any such sale,
exchange, disposition, or refinancing during such period, and


(e) all other cash received by the Partnership for such period
that was not included in determining Net Income or Net Loss for such
period;


(ii) less the sum of:


(a) all principal debt payments made during such period by the
Partnership,


(b) capital expenditures made by the Partnership during such
period,


(c) investments in any entity (including loans made thereto) to
the extent that such investments are not otherwise described in clauses
(ii)(a) or (b),


(d) all other expenditures and payments not deducted in
determining Net Income or Net Loss for such period,


(e) any amount included in determining Net Income or Net Loss
for such period that was not received by the Partnership during such
period,


(f) the amount of any increase in reserves established during
such period which the General Partner determines are necessary or
appropriate in its sole and absolute discretion, and


(g) the amount of any working capital accounts and other cash or
similar balances which the General Partner determines to be necessary or
appropriate in its sole and absolute discretion.


Notwithstanding the foregoing, Available Cash shall not include any cash received or reductions in reserves, or take into account any disbursements made or reserves established, after commencemen
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