SENIOR SECURED TERM LOAN AGREEMENT Dated as of May 23, 2008 among AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP, as Borrower, AMERICAN CAMPUS COMMUNITIES, INC., as Parent Guarantor, THE SUBSIDIARY GUARANTORS NAMED HEREIN, as Subsidiary...Secured Term Loan Agreement • May 29th, 2008 • American Campus Communities Inc • Real estate investment trusts • New York
The Applicable Margin for each Base Rate Loan shall be determined by reference to the Leverage Ratio in effect from time to time, and the Applicable Margin for any Interest Period for all Eurodollar Rate Loans comprising part of the same Borrowing shall be determined by reference to the Leverage Ratio in effect on the first day of such Interest Period; provided, however that (a) no change in the Applicable Margin resulting from a change in the Leverage Ratio shall be effective until three Business Days after the date on
