Common use of REDEMPTION BY THE ISSUER Clause in Contracts

REDEMPTION BY THE ISSUER. The Issuer shall not have the right to redeem any Notes prior to August 18, 2011, except to preserve the status of Equity Residential as a real estate investment trust. If the Issuer determines it is necessary to redeem the Notes in order to preserve the status of Equity Residential as a real estate investment trust, the Issuer may redeem the Notes then Outstanding, in whole or in part, at 100% of the principal amount of the Notes to be redeemed plus unpaid interest (including Additional Interest, if any) accrued thereon to, but excluding, the Redemption Date. The Issuer shall have the right to redeem the Notes for cash, in whole or in part at any time or from time to time, on or after August 18, 2011 at 100% of the principal amount of the Notes to be redeemed plus unpaid interest accrued thereon to, but excluding, the Redemption Date (the “Redemption Price”). Notice of redemption at the option of the Issuer shall be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at the Holder’s registered address. Notes in denominations larger than $1,000 principal amount may be redeemed in part but only in integral multiples of $1,000 principal amount. Notwithstanding the foregoing, the Issuer may not effectuate any redemption of the Notes unless (1) it elects to deliver solely cash in respect of the Exchange Value deliverable upon the exchange of the Notes or (2) sufficient Company Common Shares that have been registered for sale by the Company under the Securities Act are available to satisfy the Issuer’s election, if applicable, to deliver Net Shares upon the exchange of the Notes.

REDEMPTION BY THE ISSUER. The Issuer shall not have the right to redeem any Notes Securities prior to August 18June 15, 20112020, except to preserve the status of Equity Residential as a real estate investment trustprovided in this paragraph. If If, at any time, the Issuer determines it is necessary to redeem the Notes Securities in order to preserve the status qualification of Equity Residential the Parent Guarantor as a real estate investment trusttrust under the Internal Revenue Code of 1986, as amended, the Issuer may redeem all of the Notes Securities then OutstandingOutstanding at 100% of the principal amount of the Securities, plus accrued and unpaid interest, if any, to but excluding the Redemption Date. On or after June 15, 2020 and prior to June 15, 2023, provided that the Closing Sale Price per share of Common Stock has been greater than or equal to 130% of the Exchange Price then in effect for such Securities for at least 20 Trading Days (whether or not consecutive) during any 30 consecutive Trading Day period ending within five Trading Days prior to the date on which the Issuer provides the Redemption Notice, the Issuer has the right, at any time or from time to time, to redeem the Securities, in whole or in part, at the greater of (i) 100% of the principal amount of the Securities to be redeemed and (ii) the sum of the present value at such Redemption Date of (a) 100% of the principal amount of the Securities to be redeemed (assuming, solely for purposes of this calculation, that the principal amount of the Securities to be redeemed was payable on June 15, 2023) plus (b) all required interest payments thereon through June 15, 2023 (exclusive of interest accrued to the Redemption Date), discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus in each case accrued interest thereon to the Redemption Date. On or after June 15, 2023, the Issuer will have the right, at any time or from time to time, to redeem the Securities, in whole or in part, at 100% of the principal amount of the Notes to be redeemed Securities, plus accrued and unpaid interest (including Additional Interest, if any) accrued thereon to, to but excluding, excluding the Redemption Date. The Issuer shall have Redemption Notice for the right to redeem the Notes for cash, in whole or in part at any time or from time to time, on or after August 18, 2011 at 100% of the principal amount of the Notes to be Securities being redeemed plus unpaid interest accrued thereon to, but excluding, the Redemption Date (the “Redemption Price”). Notice of redemption at the option of the Issuer shall be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of Notes Securities to be redeemed at the Holder’s registered addressaddress (with a copy to the Trustee). Notes Securities in denominations larger than $1,000 principal amount may be redeemed in part but only in integral multiples of $1,000 principal amount. Notwithstanding the foregoing, the Issuer may not effectuate any redemption of the Notes unless (1) it elects to deliver solely cash in respect of the Exchange Value deliverable upon the exchange of the Notes or (2) sufficient Company Common Shares that have been registered for sale by the Company under the Securities Act are available to satisfy the Issuer’s election, if applicable, to deliver Net Shares upon the exchange of the Notes.

REDEMPTION BY THE ISSUER. The Issuer Unless one or more Redemption Dates is specified on the face hereof, this Note shall not have the right to redeem any Notes prior to August 18, 2011, except to preserve the status of Equity Residential as a real estate investment trust. If the Issuer determines it is necessary to redeem the Notes in order to preserve the status of Equity Residential as a real estate investment trust, the Issuer may redeem the Notes then Outstanding, in whole or in part, at 100% of the principal amount of the Notes to be redeemed plus unpaid interest (including Additional Interest, if any) accrued thereon to, but excluding, the Redemption Date. The Issuer shall have the right to redeem the Notes for cash, in whole or in part at any time or from time to time, on or after August 18, 2011 at 100% of the principal amount of the Notes to be redeemed plus unpaid interest accrued thereon to, but excluding, the Redemption Date (the “Redemption Price”). Notice of redemption redeemable at the option of the Issuer before the Maturity Date specified on the face hereof. If one or more Redemption Dates is so specified, this Note is subject to redemption on any such date at the option of the Issuer, upon notice by first-class mail, mailed not less than 30 days nor more than 60 days (unless otherwise specified on the face hereof) prior to the applicable Redemption Date specified in such notice, at the applicable Redemption Price specified on the face hereof (expressed as a percentage of the principal amount of this Note), together in the case of any such redemption with accrued interest to the Redemption Date. Unless otherwise specified on the face hereof, the Issuer may elect to redeem less than the entire principal amount hereof. REPURCHASE AT THE OPTION OF THE HOLDER. Unless one or more Repurchase Dates at the option of the Holder is specified on the face hereof, this Note shall not be mailed repayable at the option of the Holder on any date prior to the Maturity Date specified on the face hereof. If one or more Repurchase Dates is so specified, this Note is subject to repurchase on any such date at the option of the Holder at the applicable Repurchase Price specified on the face hereof (expressed as a percentage of the principal amount of this Note), together in the case of any such repayment with accrued interest to the Repurchase Date, but interest installments whose Stated Maturity is prior to the Repurchase Date will be payable to the Holder of this Note, or one or more Predecessor Notes, of record at the close of business on the relevant Regular Record Dates referred to on the face hereof. For this Note to be repaid at the option of the Holder, the Trustee must receive at the principal office of its Corporate Trust Department in Chicago, Illinois, at least 30 days but not more than 60 days before (unless otherwise specified on the Redemption face hereof) prior to the Repurchase Date to each Holder of Notes on which this Note is to be redeemed at the Holder’s registered address. Notes in denominations larger than $1,000 principal amount may be redeemed in part but only in integral multiples of $1,000 principal amount. Notwithstanding the foregoing, the Issuer may not effectuate any redemption of the Notes unless (1) it elects to deliver solely cash in respect of the Exchange Value deliverable upon the exchange of the Notes or (2) sufficient Company Common Shares that have been registered for sale by the Company under the Securities Act are available to satisfy the Issuer’s election, if applicable, to deliver Net Shares upon the exchange of the Notes.repaid: