EXHIBIT 4(i)(n)
REGISTERED PRINCIPAL AMOUNT
No.: $
CUSIP No.: _________
UNITED DOMINION REALTY TRUST, INC.
[Designation of Senior Security]
UNITED DOMINION REALTY TRUST, INC., a Virginia corporation (hereinafter
called the "Trust," which term shall include any successor corporation under the
Indenture hereinafter referred to), for value received, hereby promises to pay
to , or registered assigns, upon presentation, the principal sum of DOLLARS on
_____________, and to pay interest on the outstanding principal amount thereon
from _____________, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually in arrears on _______
and _________ in each year, commencing _______________, at the rate of __% per
annum, until the entire principal amount hereof is paid or made available for
payment. The interest so payable, and punctually paid or duly provided for on
any Interest Payment Date will, as provided in the Indenture, be paid to the
Person in whose name this Senior Security (or one or more Predecessor Senior
Securities) is registered at the close of business on the Regular Record Date
for such interest which shall be the ________ or ________ (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date.
Any such interest not so punctually paid or duly provided for shall forthwith
cease to be payable to the Holder on such Regular Record Date, and may either be
paid to the Person in whose name this Senior Security (or one or more
Predecessor Senior Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by
the Trustee, notice whereof shall be given to Holders of Senior Securities of
this series not more than 15 days and not less than 10 days prior to such
Special Record Date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the
Senior Securities may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture. Payment of the principal
of, Make-Whole Amount, if any, on, and interest on this Senior Security will be
made at the office or agency of the Trust maintained for that purpose in the
City of _____________, State of ________, or elsewhere as provided in the
Indenture, in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts;
provided, however, that at the option of the Trust payment of interest may be
made by (i) check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register kept for the Senior Securities
pursuant to Section 305 of the Indenture (the "Security Register") or (ii)
transfer to an account of the Person entitled thereto located inside the United
States.
This Senior Security is one of a duly authorized issue of securities of
the Trust (herein called the "Senior Securities"), issued and to be issued in
one or more series under an Indenture, dated as of April 1, 1994 (herein called
the "Indenture"), between the Trust and _____________________________ (herein
called the "Trustee," which term includes any successor trustee under the
Indenture with respect to the Senior Securities), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Trust, the Trustee and the Holders of the Senior Securities and of the terms
upon which the Senior Securities are, and are to be, authenticated and
delivered. This Senior Security is one of the series designated as the
"[designation of Senior Securities]," limited in aggregate principal amount to
$----------.
The Senior Securities may be redeemed at any time at the option of the
Trust, in whole or in part, upon notice of not more than 60 nor less than 30
days prior to the Redemption Date, at a redemption price equal to the sum of (i)
the principal amount of the Senior Securities being redeemed plus accrued
interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if any,
with respect to such Senior Securities.
The following definitions apply with respect to any redemption of the
Senior Securities of this series at the option of the Trust:
"Make-Whole Amount" means, in connection with any optional redemption
or accelerated payment of any Senior Security, the excess, if any, of (i) the
aggregate present value as of the date of such redemption or accelerated payment
of each dollar of principal being redeemed or paid and the amount of interest
(exclusive of any interest accrued to the date of redemption or accelerated
payment) that would have been payable in respect of such dollar if such
redemption or accelerated payment had not been made, determined by discounting,
on a semiannual basis, such principal and interest at the Reinvestment Rate
(determined on the third Business Day preceding the date such notice of
redemption is given or declaration of acceleration is made) from the respective
dates on which such principal and interest would have been payable if such
redemption or accelerated payment had not been made, over (ii) the aggregate
principal amount of the Senior Securities being redeemed or paid.
"Reinvestment Rate" means .25% (one-fourth of one percent) plus the
arithmetic mean of the yields under the respective headings "This Week" and
"Last Week" published in the Statistical Release under the caption "Treasury
Constant Maturities" for the maturity (rounded to the nearest month)
corresponding to the remaining life to maturity, as of the payment date of the
principal being redeemed or paid. If no maturity exactly corresponds to such
maturity, yields for the two published maturities most closely corresponding to
such maturity shall be calculated pursuant to the immediately preceding sentence
and the Reinvestment Rate shall be interpolated or extrapolated from such yields
on a straight-line basis, rounding in each of such relevant periods to the
nearest month. For the purposes of calculating the Reinvestment Rate, the most
recent Statistical Release published prior to the date of determination of the
Make- Whole Amount shall be used.
"Statistical Release" means the statistical release designated "H.15 (519)"
or any successor publication which is published weekly by the Federal Reserve
System and which establishes yields on actively traded United States government
securities adjusted to constant maturities or, if such statistical release is
not published at the time of any determination under the Indenture, then such
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other reasonably comparable index which shall be designated by the Trust.
The Indenture contains provisions for defeasance at any time of (a) the
entire indebtedness of the Trust on this Senior Security and (b) certain
restrictive covenants and the related defaults and Events of Default applicable
to the Trust, in each case, upon compliance by the Trust with certain conditions
set forth in the Indenture, which provisions apply to this Senior Security.
If an Event of Default with respect to the Senior Securities shall
occur and be continuing, the principal of, and the Make-Whole Amount, if any,
on, the Senior Securities may be declared due and payable in the manner and with
the effect provided in the Indenture.
As provided in and subject to the provisions of the Indenture, the
Holder of this Senior Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or
trustee or for any other remedy thereunder, unless such Holder shall have
previously given the Trustee written notice of a continuing Event of Default
with respect to the Senior Securities, the Holders of not less than 25% in
principal amount of the Senior Securities at the time Outstanding shall have
made written request to the Trustee to institute proceedings in respect of such
Event of Default as Trustee and offered the Trustee reasonable indemnity and the
Trustee shall not have received from the Holders of a majority in principal
amount of the Senior Securities at the time Outstanding a direction inconsistent
with such request, and shall have failed to institute any such proceeding, for
60 days after receipt of such notice, request and offer of indemnity. The
foregoing shall not apply to any suit instituted by the Holder of this Senior
Security for the enforcement of any payment of principal hereof or any interest
on or after the respective due dates expressed herein.
The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Trust and the rights of the Holders of the Senior Securities under the Indenture
at any time by the Trust and the Trustee with the consent of the Holders of not
less than a majority in principal amount of the Outstanding Senior Securities.
The Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Senior Securities at the time
Outstanding, on behalf of the Holders of all Senior Securities, to waive
compliance by the Trust with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Senior Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Senior Security and of any
Senior Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Senior Security.
No reference herein to the Indenture and no provision of this Senior
Security or of the Indenture shall alter or impair the obligation of the Trust,
which is absolute and unconditional, to pay the principal of, Make-Whole Amount,
if any, on, and interest on this Senior Security at the times, place and rate,
and in the coin or currency, herein prescribed.
-3-
As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Senior Security is registrable in the Security
Register, upon surrender of this Senior Security for registration of transfer at
the office or agency of the Trust in any Place of Payment where the principal
of, Make-Whole Amount, if any, on, and interest on this Senior Security are
payable, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Trust and the Security Registrar for the Senior
Securities (the "Security Registrar") duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Senior
Securities of this series, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.
The Senior Securities of this series are issuable only in registered
form without coupons in denominations of $1,000 and any integral multiple
thereof. As provided in the Indenture and subject to certain limitations therein
set forth, Senior Securities of this series are exchangeable for a like
aggregate principal amount of Senior Securities of this series of a different
authorized denomination, as requested by the Holder surrendering the same.
No service charge shall be made for any such registration of transfer
or exchange, but the Trust may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.
Prior to due presentment of this Senior Security for registration of
transfer, the Trust, the Trustee and any agent of the Trust or the Trustee may
treat the Person in whose name this Senior Security is registered as the owner
hereof for all purposes, whether or not this Senior Security be overdue, and
neither the Trust, the Trustee nor any such agent shall be affected by notice to
the contrary.
No recourse under or upon any obligation, covenant or agreement
contained in the Indenture or in this Senior Security, or because of any
indebtedness evidenced thereby, shall be had against any promoter, as such or,
against any past, present or future shareholder, officer or director, as such,
of the Trust or of any successor, either directly or through the Trust or any
successor, under any rule of law, statute or constitutional provision or by the
enforcement of any assessment or by any legal or equitable proceeding or
otherwise, all such liability being expressly waived and released by the
acceptance of this Senior Security by the Holder thereof and as part of the
consideration for the issue of the Senior Securities.
All terms used in this Senior Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.
THE INDENTURE AND THE SENIOR SECURITIES, INCLUDING THIS SENIOR SECURITY,
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
COMMONWEALTH OF VIRGINIA.
Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Trust has caused "CUSIP" numbers to be
printed on the Senior Securities as a convenience to the Holders of the Senior
Securities. No representation is made as to the correctness or accuracy of such
CUSIP numbers as printed on the Senior Securities, and reliance may be placed
only on the other identification numbers printed hereon.
-4-
Unless the certificate of authentication hereon has been executed by or
on behalf of the Trustee by manual signature, this Senior Security shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.
IN WITNESS WHEREOF, the Trust has caused this instrument to be duly
executed under its corporate seal this day of , .
UNITED DOMINION REALTY TRUST, INC.
By: _______________________
Name:________________
Title:_______________
Attest:
By:_______________________
Name:________________
Title:_______________
[SEAL]
TRUSTEE'S CERTIFICATE OF AUTHENTICATION:
This is one of the Senior Securities of the series designated
"[designation of Senior Securities]" pursuant to the within-mentioned Indenture.
________________________,
as Trustee
By:________________________
Authorized Signatory
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ASSIGNMENT FORM
FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto
PLEASE INSERT SOCIAL
SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE
................................................................................
................................................................................
(Please Print or Typewrite Name and Address including
Zip Code of Assignee)
................................................................................
the within Senior Security of United Dominion Realty Trust and __________ hereby
does irrevocably constitute and appoint
................................................................................
Attorney to transfer said Senior Security on the books of the within-named Trust
with full power of substitution in the premises.
Dated: .........................................................................
...............................................................................
NOTICE: The signature to this assignment must correspond with the name as it
appears on the first page of the within Senior Security in every particular,
without alteration or enlargement or any change whatever.
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