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EXHIBIT 4.1
AMB PROPERTY, L.P.,
AMB Property Corporation,
as Parent Guarantor
and
State Street Bank and Trust Company of California, N.A.
as Trustee
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Debt Securities
Guarantees
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Indenture
Dated as of June __, 1998
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TABLE OF CONTENTS
Page
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ARTICLE ONE
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
SECTION 101. DEFINITIONS.................................................... 2
SECTION 102. COMPLIANCE CERTIFICATES AND OPINIONS...........................12
SECTION 103. FORM OF DOCUMENTS DELIVERED TO TRUSTEE.........................12
SECTION 104. ACTS OF HOLDERS................................................13
SECTION 105. NOTICES, ETC., TO TRUSTEE AND OPERATING PARTNERSHIP............14
SECTION 106. NOTICE TO HOLDERS; WAIVER......................................14
SECTION 107. EFFECT OF HEADINGS AND TABLE OF CONTENTS.......................15
SECTION 108. SUCCESSORS AND ASSIGNS.........................................15
SECTION 109. SEPARABILITY CLAUSE............................................15
SECTION 110. BENEFITS OF INDENTURE..........................................15
SECTION 111. GOVERNING LAW..................................................15
SECTION 112. LEGAL HOLIDAYS.................................................15
SECTION 113. COUNTERPARTS...................................................16
ARTICLE TWO
SECURITY FORMS
SECTION 201. FORMS OF SECURITIES............................................16
SECTION 202. FORM OF TRUSTEE'S CERTIFICATE OF
AUTHENTICATION............................................16
SECTION 203. SECURITIES ISSUABLE IN GLOBAL FORM.............................16
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ARTICLE THREE
THE SECURITIES
SECTION 301. AMOUNT UNLIMITED; ISSUABLE IN SERIES...........................17
SECTION 302. DENOMINATIONS..................................................19
SECTION 303. EXECUTION, AUTHENTICATION, DELIVERY
AND DATING................................................19
SECTION 304. TEMPORARY SECURITIES...........................................20
SECTION 305. REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE............20
SECTION 306. MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES...............22
SECTION 307. PAYMENT OF INTEREST; INTEREST RIGHTS
PRESERVED.................................................23
SECTION 308. PERSONS DEEMED OWNERS..........................................25
SECTION 309. CANCELLATION...................................................25
SECTION 310. COMPUTATION OF INTEREST........................................26
ARTICLE FOUR
SATISFACTION AND DISCHARGE
SECTION 401. SATISFACTION AND DISCHARGE OF INDENTURE........................26
SECTION 402. APPLICATION OF TRUST FUNDS.....................................27
ARTICLE FIVE
REMEDIES
SECTION 501. EVENTS OF DEFAULT..............................................27
SECTION 502. ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.............29
SECTION 503. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT
BY TRUSTEE................................................30
SECTION 504. TRUSTEE MAY FILE PROOFS OF CLAIM...............................31
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SECTION 505. TRUSTEE MAY ENFORCE CLAIMS WITHOUT
POSSESSION OF SECURITIES..................................32
SECTION 506. APPLICATION OF MONEY COLLECTED.................................32
SECTION 507. LIMITATION ON SUITS............................................32
SECTION 508. UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM,
IF ANY, AND INTEREST......................................33
SECTION 509. RESTORATION OF RIGHTS AND REMEDIES.............................33
SECTION 510. RIGHTS AND REMEDIES CUMULATIVE.................................33
SECTION 511. DELAY OR OMISSION NOT WAIVER...................................34
SECTION 512. CONTROL BY HOLDERS OF SECURITIES...............................34
SECTION 513. WAIVER OF PAST DEFAULTS........................................34
SECTION 514. WAIVER OF USURY, STAY OR EXTENSION LAWS........................35
SECTION 515. UNDERTAKING FOR COSTS..........................................35
ARTICLE SIX
THE TRUSTEE
SECTION 601. NOTICE OF DEFAULTS.............................................35
SECTION 602. CERTAIN RIGHTS OF TRUSTEE......................................36
SECTION 603. NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.........37
SECTION 604. MAY HOLD SECURITIES............................................37
SECTION 605. MONEY HELD IN TRUST............................................37
SECTION 606. COMPENSATION AND REIMBURSEMENT.................................37
SECTION 607. CORPORATE TRUSTEE REQUIRED; ELIGIBILITY; CONFLICTING
INTERESTS.................................................38
SECTION 608. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR..............38
SECTION 609. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.........................40
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SECTION 610. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS....41
SECTION 611. APPOINTMENT OF AUTHENTICATING AGENT............................41
ARTICLE SEVEN
HOLDERS' LISTS AND REPORTS BY TRUSTEE AND OPERATING PARTNERSHIP
SECTION 701. DISCLOSURE OF NAMES AND ADDRESSES
OF HOLDERS................................................43
SECTION 702. REPORTS BY TRUSTEE.............................................43
SECTION 704. OPERATING PARTNERSHIP TO FURNISH TRUSTEE NAMES AND ADDRESSES OF
HOLDERS...................................................43
ARTICLE EIGHT
CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE
SECTION 801. CONSOLIDATIONS AND MERGERS OF OPERATING PARTNERSHIP AND SALES,
LEASES AND CONVEYANCES PERMITTED SUBJECT TO CERTAIN
CONDITIONS................................................44
SECTION 802. RIGHTS AND DUTIES OF SUCCESSOR CORPORATION.....................45
SECTION 803. OFFICERS' CERTIFICATE AND OPINION OF COUNSEL...................45
ARTICLE NINE
SUPPLEMENTAL INDENTURES
SECTION 901. SUPPLEMENTAL INDENTURES WITHOUT CONSENT
OF HOLDERS................................................45
SECTION 902. SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS................46
SECTION 903. EXECUTION OF SUPPLEMENTAL INDENTURES...........................47
SECTION 904. EFFECT OF SUPPLEMENTAL INDENTURES..............................47
SECTION 905. CONFORMITY WITH TRUST INDENTURE ACT............................48
SECTION 906. REFERENCE IN SECURITIES TO SUPPLEMENTAL
INDENTURES................................................48
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ARTICLE TEN
COVENANTS
SECTION 1001. PAYMENT OF PRINCIPAL, PREMIUM, IF ANY, AND INTEREST............48
SECTION 1002. MAINTENANCE OF OFFICE OR AGENCY................................48
SECTION 1003. MONEY FOR SECURITIES PAYMENTS TO BE HELD
IN TRUST..................................................49
SECTION 1004. AGGREGATE DEBT TEST............................................50
SECTION 1005. DEBT SERVICE TEST..............................................51
SECTION 1006. SECURED DEBT TEST..............................................51
SECTION 1007. MAINTENANCE OF TOTAL UNENCUMBERED ASSETS.......................52
SECTION 1008. EXISTENCE......................................................52
SECTION 1009. MAINTENANCE OF PROPERTIES......................................52
SECTION 1010. INSURANCE......................................................52
SECTION 1011. PAYMENT OF TAXES AND OTHER CLAIMS..............................52
SECTION 1012. PROVISION OF FINANCIAL INFORMATION.............................53
SECTION 1013. WAIVER OF CERTAIN COVENANTS....................................53
SECTION 1014. STATEMENT AS TO COMPLIANCE.....................................54
ARTICLE ELEVEN
REDEMPTION OF SECURITIES
SECTION 1101. APPLICABILITY OF ARTICLE.......................................54
SECTION 1102. ELECTION TO REDEEM; NOTICE TO TRUSTEE..........................54
SECTION 1103. SELECTION BY TRUSTEE OF SECURITIES TO BE
REDEEMED..................................................54
SECTION 1104. NOTICE OF REDEMPTION...........................................55
SECTION 1105. DEPOSIT OF REDEMPTION PRICE....................................56
SECTION 1106. SECURITIES PAYABLE ON REDEMPTION DATE..........................56
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SECTION 1107. SECURITIES REDEEMED IN PART....................................56
ARTICLE TWELVE
DEFEASANCE AND COVENANT DEFEASANCE
SECTION 1201. OPERATING PARTNERSHIP'S OPTION TO EFFECT DEFEASANCE OR COVENANT
DEFEASANCE................................................57
SECTION 1202. DEFEASANCE AND DISCHARGE.......................................57
SECTION 1203. COVENANT DEFEASANCE............................................57
SECTION 1204. CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE................58
SECTION 1205. DEPOSITED MONEY AND GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST;
OTHER MISCELLANEOUS PROVISIONS............................60
SECTION 1206. REINSTATEMENT..................................................60
ARTICLE THIRTEEN
MEETINGS OF HOLDERS OF SECURITIES
SECTION 1301. PURPOSES FOR WHICH MEETINGS MAY BE CALLED......................60
SECTION 1302. CALL, NOTICE AND PLACE OF MEETINGS.............................61
SECTION 1303. PERSONS ENTITLED TO VOTE AT MEETINGS...........................61
SECTION 1304. QUORUM; ACTION.................................................61
SECTION 1305. DETERMINATION OF VOTING RIGHTS; CONDUCT
AND ADJOURNMENT OF MEETINGS...............................63
SECTION 1306. COUNTING VOTES AND RECORDING ACTION OF MEETINGS................63
ARTICLE FOURTEEN
THE GUARANTEES
SECTION 1401. GUARANTEES.....................................................64
SECTION 1402. PROCEEDINGS AGAINST THE GUARANTORS.............................67
SECTION 1403. GUARANTEES FOR BENEFIT OF HOLDERS OF SECURITIES................67
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SECTION 1404. MERGER OR CONSOLIDATION OF GUARANTORS..........................68
SECTION 1405. ADDITIONAL GUARANTORS..........................................68
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AMB PROPERTY, L.P.
Reconciliation and tie between Trust Indenture Act of 1939 (the "TIA")
and Indenture, dated as of June __ 1998
TIA SECTION INDENTURE SECTION
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Section 310(a)(1).......................................607
(a)(2).......................................607
(b)..........................................604, 608
Section 312(b)..........................................701
(c)..........................................701
Section 313.............................................101("Outstanding")
Section 313(a)..........................................702
(c)..........................................601, 702, 703
Section 314(a)..........................................703
(a)(4).......................................1012
(c)(1).......................................102
(c)(2).......................................102
(e)..........................................102
Section 315(a)-(d)......................................303
(e)..........................................608
Section 316(a)(last sentence)...........................101("Outstanding")
(c)..........................................104
Section 317(a)(1).......................................503
(a)(2).......................................504
Section 318(a)..........................................111
(c)..........................................111
NOTE: This reconciliation and tie shall not, for any purpose, be deemed
to be a part of the Indenture.
Attention should also be directed to Section 318(c) of the TIA, which
provides that the provisions of Sections 310 to and including 317 of the TIA are
a part of and govern every qualified indenture, whether or not physically
contained therein.
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INDENTURE (the "Indenture"), dated as of June __, 1998, is among AMB
PROPERTY, L.P., a Delaware limited partnership (hereinafter called the
"Operating Partnership"), having its principal office at 000 Xxxxxxxxxx Xxxxxx,
Xxx Xxxxxxxxx, Xxxxxxxxxx 00000, AMB PROPERTY CORPORATION, a Maryland
corporation (hereinafter called the "Parent Guarantor"), having its principal
office at 000 Xxxxxxxxxx Xxxxxx, Xxx Xxxxxxxxx, Xxxxxxxxxx 00000 and STATE
STREET BANK AND TRUST COMPANY OF CALIFORNIA, N.A., a national banking
association organized and existing under the laws of the United States of
America, as Trustee hereunder (hereinafter called the "Trustee"), having its
Corporate Trust Office at 000 Xxxx Xxxxx Xxxxxx, 00xx Xxxxx, Xxx Xxxxxxx,
Xxxxxxxxxx 00000.
RECITALS OF THE OPERATING PARTNERSHIP
WHEREAS, the Operating Partnership deems it necessary to issue from time
to time for its lawful purposes its unsecured and unsubordinated securities (the
"Securities") in one or more series, and it has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of
the Securities, unlimited as to principal amount, to bear interest at the rates
or formulas, to mature at such times and to have such other terms and conditions
as shall be fixed as hereinafter provided; and
WHEREAS, the Parent Guarantor has duly authorized the execution and
delivery of this Indenture and its guarantee of the Securities (the "Parent
Guarantees" and together with the guarantees, if any, of the Securities executed
by the Subsidiary Guarantors in the future, the "Guarantees") as provided
herein; and
WHEREAS, this Indenture is subject to the provisions of the Trust
Indenture Act of 1939, as amended, that are deemed to be incorporated into this
Indenture and shall, to the extent applicable, be governed by such provisions;
and
WHEREAS, all things necessary to make this Indenture a valid agreement
of the Operating Partnership and the Parent Guarantor, in accordance with its
terms, have been done,
NOW, THEREFORE, THIS INDENTURE WITNESSETH:
For and in consideration of the premises and the purchase of the
Securities by the Holders thereof, it is mutually covenanted and agreed, for the
equal and proportionate benefit of all Holders, as follows:
ARTICLE ONE
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
SECTION 101. DEFINITIONS. For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise requires:
(1) the terms defined in this Article have the meanings assigned
to them in this Article, and include the plural as well as the singular;
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(2) all other terms used herein which are defined in the TIA,
either directly or by reference therein, have the meanings assigned to
them therein, and the terms "cash transaction" and "self-liquidating
paper," as used in TIA Section 311, shall have the meanings assigned to
them in the rules of the Commission adopted under the TIA;
(3) all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with GAAP; and
(4) the words "herein," "hereof" and "hereunder" and other words
of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision.
Certain terms used principally in Article Three, Article Five, Article
Six and Article Ten are defined in those Articles.
"Acquired Debt" means Debt of a Person (i) existing at the time such
Person is merged or consolidated with or into, or becomes a Subsidiary of, the
Operating Partnership or (ii) assumed by the Operating Partnership or any of its
Subsidiaries in connection with the acquisition of assets from such Person.
Acquired Debt shall be deemed to be incurred on the date the acquired Person is
merged or consolidated with or into, or becomes a Subsidiary of, the Operating
Partnership or the date of the related acquisition, as the case may be.
"Act," when used with respect to any Holder, has the meaning specified
in Section 104.
"Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.
"Annual Debt Service Charge" means, for any period, the interest expense
of the Operating Partnership and its Subsidiaries for such period (including,
without duplication, (i) all amortization of debt discount and premiums, (ii)
all accrued interest, (iii) all capitalized interest and (iv) the interest
component of capitalized lease obligations), determined on a consolidated basis
in accordance with GAAP.
"Authenticating Agent" means any authenticating agent appointed by the
Trustee pursuant to Section 611.
"Authorized Newspaper" means a newspaper, printed in the English
language, customarily published on each Business Day, whether or not published
on Saturdays, Sundays or holidays, and of general circulation in each place in
connection with which the term is used or in the financial community of each
such place. Whenever successive publications are required to be made in
Authorized Newspapers, the successive publications may be made in the same or in
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different Authorized Newspapers in the same city meeting the foregoing
requirements and in each case on any Business Day.
"Bankruptcy Law" has the meaning specified in Section 501.
"Board of Directors" means the board of directors of the General Partner
or, if the Operating Partnership shall be succeeded by a corporation pursuant to
the provisions of this Indenture, the board of directors of the Operating
Partnership's corporate successor or any committee of such applicable board duly
authorized to act generally or in any particular respect hereunder.
"Board Resolution" means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the General Partner or, if the Operating
Partnership shall be succeeded by a corporation pursuant to the provisions of
this Indenture, of the Operating Partnership's corporate successor, to have been
duly adopted by the Board of Directors and to be in full force and effect on the
date of such certification, and delivered to the Trustee.
"Business Day" means, unless otherwise specified with respect to any
securities pursuant to Section 301, any day, other than a Saturday or Sunday,
that is neither a legal holiday nor a day on which banking institutions in the
States of California or New York are authorized or required by law, regulation
or executive order to close.
"Commission" means the Securities and Exchange Commission, as from time
to time constituted, created under the Securities Exchange Act of 1934, as
amended, or, if at any time after execution of this instrument such Commission
is not existing and performing the duties now assigned to it under the Trust
Indenture Act, then the body performing such duties on such date.
"Comparable Treasury Issue" means, with respect to Securities of any
series to be redeemed, the United States Treasury security selected by the
Independent Investment Banker as having a maturity comparable to the remaining
term of such Securities to be redeemed that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term
of such Securities.
"Comparable Treasury Price" means with respect to any Redemption Date
(i) the average of the two remaining Reference Treasury Dealer Quotations for
such Redemption Date, after excluding the highest and lowest such Reference
Treasury Dealer Quotations from the four selected, or (ii) if the Trustee
obtains fewer than four such Reference Treasury Dealer Quotations, the average
of all such quotations.
"Consolidated Income Available For Debt Service" for any period means
Consolidated Net Income of the Operating Partnership and its Subsidiaries for
such period, plus amounts which have been deducted and minus amounts which have
been added for (without duplication) (i) interest expense on Debt, (ii)
provision for taxes based on income, (iii) amortization of debt discount,
premium and deferred financing costs, (iv) provisions for gains and losses on
sales or
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other dispositions of properties and other investments, (v) property
depreciation and amortization, (vi) the effect of any non-cash items, and (vii)
amortization of deferred charges, all determined on a consolidated basis in
accordance with GAAP.
"Consolidated Net Income" for any period means the amount of net income
(or loss) of the Operating Partnership and its Subsidiaries for such period,
excluding (without duplication) (i) extraordinary items and (ii) the portion of
net income (but not losses) of the Operating Partnership and its Subsidiaries
allocable to minority interests in unconsolidated Persons to the extent that
cash dividends or distributions have not actually been received by the Operating
Partnership or one of its Subsidiaries, all determined on a consolidated basis
in accordance with GAAP.
"Corporate Trust Office" means the office of the Trustee at which, at
any particular time, its corporate trust business shall be principally
administered, which office at the date hereof is located at 000 Xxxx Xxxxx
Xxxxxx, 00xx Xxxxx, Xxx Xxxxxxx, Xxxxxxxxxx 00000.
"Corporation" or "corporation" includes corporations, associations, and
business trusts; provided, however, that for purposes of Article Eight, the term
"corporation" shall not include associations or business trusts.
"Custodian" has the meaning specified in Section 501.
"Debt" means, with respect to any Person, any indebtedness of such
Person, whether or not contingent, in respect of (i) borrowed money or evidenced
by bonds, notes, debentures or similar instruments, (ii) indebtedness secured by
any Lien on any property or asset owned by such Person, but only to the extent
of the lesser of (x) the amount of indebtedness so secured and (y) the fair
market value (determined in good faith by the board of directors of such Person
or, in the case of a partnership, the board of directors of the general partner
of such partnership, in the case of a limited liability company, the managing
member of such limited liability company, and, in the case of the Operating
Partnership or a Subsidiary, by the Board of Directors) of the property subject
to such Lien, (iii) reimbursement obligations, contingent or otherwise, in
connection with any letters of credit actually issued or amounts representing
the balance deferred and unpaid of the purchase price of any property except any
such balance that constitutes an accrued expense or trade payable, or (iv) any
lease of property by such Person as lessee which is required to be reflected on
such Person's balance sheet as a capitalized lease in accordance with GAAP, and
also includes, to the extent not otherwise included, any obligation of such
Person to be liable for, or to pay, as obligor, guarantor or otherwise (other
than for purposes of collection in the ordinary course of business), Debt of the
types referred to above of another Person (it being understood that Debt shall
be deemed to be incurred by such Person whenever such Person shall create,
assume, guarantee or otherwise become liable in respect thereof).
"Defaulted Interest" has the meaning set forth in Section 307.
"Dollar" or "$" means a dollar or other equivalent unit in such coin or
currency of the United States of America as at the time shall be legal tender
for the payment of public and private debts.
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"DTC" means The Depository Trust Company and any successor to DTC in its
capacity as depositary for any Securities.
"Event of Default" has the meaning specified in Section 501.
"GAAP" mean generally accepted accounting principles, as in effect from
time to time, as used in the United States of America applied on a consistent
basis.
"General Partner" means AMB Property Corporation, a Maryland
corporation, until a successor shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter "General Partner" shall mean such
successor corporation.
"Government Obligations" means securities which are (i) direct
obligations of the United States of America, for the payment of which its full
faith and credit is pledged or (ii) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of
America, the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of America, which, in either case, are
not callable or redeemable at the option of the issuer thereof, and shall also
include a depository receipt issued by a bank or trust company as custodian with
respect to any such Government Obligation or a specific payment of interest on
or principal of any such Government Obligation held by such custodian for the
account of the holder of a depository receipt, provided that (except as required
by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depository receipt from any amount received by the
custodian in respect of the Government Obligation or the specific payment of
interest on or principal of the Government Obligation evidenced by such
depository receipt.
"Guarantors" means the Parent Guarantor and each of the Subsidiary
Guarantors.
"Guarantees" means each Guarantee executed pursuant to the provisions of
this Indenture.
"Holder" means, with respect to Securities of a particular series, the
Person in whose name a Security is registered in the Security Register.
"Indenture" means this instrument as originally executed or as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof
(as such terms and provisions may be amended pursuant to the applicable
provisions hereof).
"Independent Investment Banker" means Xxxxxx Xxxxxxx & Co. Incorporated
or, if such firm is unwilling or unable to select the Comparable Treasury Issue,
an independent investment banking institution of national standing appointed by
the Operating Partnership after consultation with the Trustee.
"Interest Payment Date" when used with respect to any Security, means
the date specified in such Security on which an installment of interest on such
Security is due and payable.
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"Lien" means any mortgage, deed of trust, lien, charge, pledge, security
interest, security agreement or other encumbrance of any kind.
"Maturity" when used with respect to any Security, means the date on
which the principal of such Security or an installment of principal becomes due
and payable as therein or herein provided, whether at the Stated Maturity or by
declaration of acceleration, notice of redemption, notice of option to elect
repayment or otherwise.
"Officers' Certificate" means a certificate signed by (i) the Chairman,
the President or a Vice President and by the Treasurer, an Assistant Treasurer,
the Secretary or an Assistant Secretary of the General Partner, or (ii) any two
of the Chairman, the President or Vice Presidents of the General Partner and, in
each case, delivered to the Trustee, provided that if the Operating Partnership
shall be succeeded by a corporation pursuant to the provisions of this
Indenture, "Officers' Certificate" shall mean a certificate signed by (i) the
Chairman, the President or a Vice President and by the Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary of such successor
corporation, or (ii) any two of the Chairman, the President or Vice Presidents
of such successor corporation and, in each case, delivered to the Trustee.
"Operating Partnership" means the Person named as the "Operating
Partnership" in the first paragraph of this Indenture until a successor shall
have become such pursuant to the applicable provisions of this Indenture, and
thereafter "Operating Partnership" shall mean such successor person.
"Operating Partnership Request" and "Operating Partnership Order" mean,
respectively, a written request or order signed in the name of the Operating
Partnership by the General Partner by (i) its Chairman, any Vice Chairman, its
President or a Vice President, and by its Treasurer, an Assistant Treasurer, its
Secretary or an Assistant Secretary or (ii) any two of the Chairman, the
President or Vice Presidents of the General Partner and, in each case, delivered
to the Trustee, provided that if the Operating Partnership shall be succeeded by
a corporation pursuant to the provisions of this Indenture, "Operating
Partnership Request" and "Operating Partnership Order" shall mean, respectively,
a written request or order signed in the name of such successor corporation by
(i) its Chairman, any Vice Chairman, its President or a Vice President, and by
its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary
or (ii) any two of the Chairman, the President or Vice Presidents of such
successor corporation and, in each case, delivered to the Trustee.
"Opinion of Counsel" means a written opinion of counsel, who may be
counsel for the Operating Partnership or the General Partner or who may be an
employee of or other counsel for the Operating Partnership or the General
Partner and who shall be reasonably satisfactory to the Trustee.
"Outstanding," when used with respect to Securities, means, as of the
date of determination, all Securities theretofore authenticated and delivered
under this Indenture, except:
(i) Securities theretofore canceled by the Trustee or delivered
to the Trustee for cancellation;
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(ii) Securities, or portions thereof, for whose payment at the
Maturity thereof money in the necessary amount has been theretofore
deposited (other than pursuant to Article Twelve hereof) with the
Trustee or any Paying Agent (other than the Operating Partnership) in
trust or set aside and segregated in trust by the Operating Partnership
(if the Operating Partnership shall act as its own Paying Agent) for the
Holders of such Securities, provided that, if such Securities are to be
redeemed, notice of such redemption has been duly given pursuant to this
Indenture or provision therefor satisfactory to the Trustee has been
made;
(iii) Securities, except to the extent provided in Sections 1202
and 1203, with respect to which the Operating Partnership has effected
defeasance and/or covenant defeasance as provided in Article Twelve; and
(iv) Securities which have been paid pursuant to the third
paragraph of Section 306 or in exchange for or in lieu of which other
Securities have been authenticated and delivered pursuant to this
Indenture, other than any such Securities in respect of which there
shall have been presented to the Trustee proof satisfactory to it that
such Securities are held by a bona fide purchaser in whose hands such
Securities are valid obligations of the Operating Partnership;
provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or are present at
a meeting of Holders for quorum purposes, and for the purpose of making the
calculations required by TIA Section 313, Securities owned by the Operating
Partnership or any other obligor upon the Securities or any Affiliate of the
Operating Partnership or of such other obligor shall be disregarded and deemed
not to be Outstanding, except that, in determining whether the Trustee shall be
protected in making such calculation or in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Securities
which the Trustee knows to be so owned shall be so disregarded. Securities so
owned which have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Trustee the pledgee's right
so to act with respect to such Securities and that the pledgee is not the
Operating Partnership or any other obligor upon the Securities or any Affiliate
of the Operating Partnership or of such other obligor.
"Parent Guarantor" means AMB Property Corporation, a Maryland
corporation, until a successor shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter "Parent Guarantor" shall mean such
successor person.
"Paying Agent" means any Person authorized by the Operating Partnership
to pay the principal of (and premium, if any) or interest on any Securities on
behalf of the Operating Partnership.
"Person" means any individual, corporation, business trust, partnership,
joint venture, limited liability company, association, joint-stock company,
trust, unincorporated organization or government or any agency or political
subdivision thereof.
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"Place of Payment," when used with respect to the Securities of or
within any series, means the place or places where the principal of (and
premium, if any) and interest on such Securities are payable as specified as
contemplated by Sections 301 and 1002.
"Predecessor Security" of any particular Security means every previous
security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 306 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security.
"Redemption Date," when used with respect to any Security to be
redeemed, in whole or in part, means the date fixed for such redemption pursuant
to Section 1102.
"Redemption Price," when used with respect to any Security to be
redeemed, means an amount equal to the greater of (i) 100% of the principal
amount of the Securities to be redeemed and (ii) the sum of the present values
of the remaining scheduled payments of principal and interest thereon (exclusive
of interest accrued to such Redemption Date) discounted to such Redemption Date
on a semiannual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate plus ____ basis points, plus, in either case,
accrued and unpaid interest on the principal amount being redeemed to such
Redemption Date.
"Reference Treasury Dealer" means Xxxxxx Xxxxxxx & Co. Incorporated,
Xxxxxxx, Sachs & Co., X.X. Xxxxxx Securities Inc. and any additional Reference
Treasury Dealer appointed by the Trustee after consultation with the Operating
Partnership and its successors; provided, however, that if Xxxxxx Xxxxxxx & Co.
Incorporated, Xxxxxxx, Sachs & Co., X.X. Xxxxxx Securities Inc. or such
additional Reference Treasury Dealer and their successors shall cease to be a
primary U.S. Government securities dealer in New York City (a "Primary Treasury
Dealer"), the Operating Partnership will substitute therefor another Primary
Treasury Dealer provided one exists.
"Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York
time, on the third Business Day preceding such Redemption Date.
"Regular Record Date" for the interest payable on any Interest Payment
Date on the Securities of or within any series means the date specified for that
purpose as contemplated by Section 301, whether or not a Business Day.
"Responsible Officer," when used with respect to the Trustee, means the
chairman or vice-chairman of the board of directors, the chairman or
vice-chairman of the executive committee of the board of directors, the
president, any vice president, the secretary, any assistant secretary, the
treasurer, any assistant treasurer, the cashier, any assistant cashier, any
trust officer or assistant trust officer, the controller or any other officer of
the Trustee customarily performing functions similar to those performed by any
of the above designated officers.
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"Securities Exchange Act of 1934" means the Securities Exchange Act of
1934, as amended, and any reference herein to such Act or a particular provision
or section thereof shall mean, unless otherwise expressly stated or the context
otherwise requires, such Act, provision or section, as the case may be, as
amended or replaced from time to time or as supplemented from time to time.
"Security" has the meaning stated in the first recital of this Indenture
and, more particularly, means any Security or Securities authenticated and
delivered under this Indenture; provided, however, that, if at any time there is
more than one Person acting as Trustee under this Indenture, "Securities" with
respect to the Indenture as to which such Person is Trustee shall have the
meaning stated in the first recital of this Indenture and shall more
particularly mean Securities authenticated and delivered under this Indenture,
exclusive, however, of Securities of any series as to which such Person is not
Trustee.
"Security Register" and "Security Registrar" have the respective
meanings specified in Section 305.
"Significant Subsidiary" means any Subsidiary of the Operating
Partnership which is a "significant subsidiary" (as defined in Rule 1-02 of
Regulation S-X promulgated under the Securities Act of 1933, as in effect on
January 1, 1998).
"Special Record Date" for the payment of any Defaulted Interest on the
Securities of or within any series means a date fixed by the Trustee pursuant to
Section 307.
"Stated Maturity," when used with respect to any Security or any
installment of principal thereof, means the date specified in such Security or
pursuant to this Indenture as the fixed date on which the principal of such
Security or such installment of principal is due and payable.
"Subsidiary" means (i) a corporation, partnership, joint venture,
limited liability company or other Person the majority of the shares, if any, of
the non-voting capital stock or other equivalent ownership interests of which
(except directors' qualifying shares) are at the time directly or indirectly
owned by the Operating Partnership and/or any other Subsidiary or Subsidiaries,
and the majority of the shares of the voting capital stock or other equivalent
ownership interests of which (except directors' qualifying shares) are at the
time directly or indirectly owned by the Operating Partnership, any other
Subsidiary or Subsidiaries, and (ii) any other Person the accounts of which are
consolidated with the accounts of the Operating Partnership.
"Subsidiary Guarantors" has the meaning specified in Section 1013.
"Total Assets" means the sum of (without duplication) (i) Undepreciated
Real Estate Assets and (ii) all other assets (excluding accounts receivable and
intangibles) of the Operating Partnership and its Subsidiaries, all determined
on a consolidated basis in accordance with GAAP.
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"Total Unencumbered Assets" means the sum of (without duplication) (i)
those Undepreciated Real Estate Assets which are not subject to a Lien securing
Debt and (ii) all other assets (excluding accounts receivable and intangibles)
of the Operating Partnership and its Subsidiaries not subject to a Lien securing
Debt, all determined on a consolidated basis in accordance with GAAP.
"Treasury Rate" means, with respect to any Redemption Date, (i) the
yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release
designated "H.15(519)" or any successor publication which is published weekly by
the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption "Treasury Constant Maturities," for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is within three
months before or after the Stated Maturity of principal, yields for the two
published maturities most closely corresponding to the Comparable Treasury Issue
shall be determined and the Treasury Rate shall be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month) or
(ii) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per
annum equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such Redemption Date. The Treasury Rate shall be calculated
on the third Business Day preceding the Redemption Date.
"Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939, as
amended, and any reference herein to the Trust Indenture Act or the TIA or a
particular provision thereof shall mean such Act or provision, as the case may
be, as amended or replaced from time to time or as supplemented from time to
time by rules or regulations adopted by the Commission under or in furtherance
of the purposes of such Act or provision, as the case may be.
"Trustee" means the Person named as the "Trustee" in the first paragraph
of this Indenture until a successor Trustee shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter "Trustee" shall mean
or include each Person who is then a Trustee hereunder; provided, however, that
if at any time there is more than one such Person, "Trustee" as used with
respect to the Securities of any series shall mean only the Trustee with respect
to Securities of that series.
"Undepreciated Real Estate Assets" means, as of any date, the cost
(original cost plus capital improvements) of real estate assets of the Operating
Partnership and its Subsidiaries on such date, before depreciation and
amortization, all determined on a consolidated basis in accordance with GAAP.
"Unsecured Debt" means Debt of the Operating Partnership or any of its
Subsidiaries which is not secured by a Lien on any property or assets of the
Operating Partnership or any of its Subsidiaries.
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SECTION 102. COMPLIANCE CERTIFICATES AND OPINIONS. Upon any application
or request by the Operating Partnership to the Trustee to take any action under
any provision of this Indenture, the Operating Partnership shall furnish to the
Trustee an Officers' Certificate stating that all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been
complied with and an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent, if any, have been complied with, except
that in the case of any such application or request as to which the furnishing
of such documents is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or
opinion need be furnished.
Every certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture shall include:
(1) a statement that each individual signing such certificate or
opinion has read such condition or covenant and the definitions herein
relating thereto;
(2) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based;
(3) a statement that, in the opinion of each such individual, he
has made such examination or investigation as is necessary to enable him
to express an informed opinion as to whether or not such condition or
covenant has been satisfied or complied with; and
(4) a statement as to whether, in the opinion of each such
individual, such condition or covenant has been satisfied or complied
with.
SECTION 103. FORM OF DOCUMENTS DELIVERED TO TRUSTEE. In any case where
several matters are required to be certified by, or covered by an opinion of,
any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified
or covered by only one document, but one such Person may certify or give an
opinion as to some matters and one or more other such Persons as to other
matters, and any such Person may certify or give an opinion as to such matters
in one or several documents.
Any certificate or opinion of an officer of the General Partner, any
Guarantor, any general partner or manager of any Guarantor or any corporate
successor of the Operating Partnership or any Guarantor may be based, insofar as
it relates to legal matters, upon an Opinion of Counsel, or a certificate or
representations by counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the opinion, certificate or representations
with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such Opinion of Counsel or certificate or representations may be
based, insofar as it relates to factual matters, upon a certificate or opinion
of, or representations by, an officer or officers of the General Partner, any
Guarantor, any general partner or manager of any Guarantor or any corporate
successor of the Operating Partnership or any Guarantor,
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as applicable, stating that the information as to such factual matters is in the
possession of the General Partner, any Guarantor, any general partner or manager
of any Guarantor or any corporate successor of the Operating Partnership or any
Guarantor, as applicable, unless such counsel knows that the certificate or
opinion or representations as to such matters are erroneous.
Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.
SECTION 104. ACTS OF HOLDERS. (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Holders of the outstanding Securities of any series or all
series, as the case may be, may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or
by agents duly appointed in writing. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments
are delivered to the Trustee and, where it is hereby expressly required, to the
Operating Partnership. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the "Act" of
the Holders signing such instrument or instruments or so voting at any such
meeting. Proof of execution of any such instrument or of a writing appointing
any such agent, or of the holding by any Person of a Security, shall be
sufficient for any purpose of this Indenture and conclusive in favor of the
Trustee and the Operating Partnership and any agent of the Trustee or the
Operating Partnership, if made in the manner provided in this Section. The
record of any meeting of Holders shall be proved in the manner provided in
Section 1306.
(b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by
law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof. Where such
execution is by a signer acting in a capacity other than his individual
capacity, such certificate or affidavit shall also constitute sufficient proof
of his authority. The fact and date of the execution of any such instrument or
writing, or the authority of the Person executing the same, may also be proved
in any other reasonable manner which the Trustee deems sufficient in its
reasonable discretion.
(c) The ownership of Securities shall be proved by the Security
Register.
(d) If the Operating Partnership shall solicit from the Holders any
request, demand, authorization, direction, notice, consent, waiver or other Act,
the Operating Partnership may, at its option, in or pursuant to a Board
Resolution, fix in advance a record date for the determination of Holders
entitled to give such request, demand, authorization, direction, notice,
consent, waiver or other Act, but the Operating Partnership shall have no
obligation to do so. Notwithstanding TIA Section 316(c), such record date shall
be the record date specified in or pursuant to such Board Resolution, which
shall be a date not earlier than the date 30 days prior to the first
solicitation of Holders generally in connection therewith and not later than the
date such solicitation is completed. If such a record date is fixed, such
request, demand, authorization,
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direction, notice, consent, waiver or other Act may be given before or after
such record date, but only the Holders of record at the close of business on
such record date shall be deemed to be Holders for the purposes of determining
whether Holders of the requisite proportion of outstanding Securities have
authorized or agreed or consented to such request, demand, authorization,
direction, notice, consent, waiver or other Act, and for that purpose the
Outstanding Securities shall be computed as of such record date; provided that
no such authorization, agreement or consent by the Holders on such record date
shall be deemed effective unless it shall become effective pursuant to the
provisions of this Indenture not later than eleven months after the record date.
(e) Any request, demand, authorization, direction, notice, consent,
waiver or other Act of the Holder of any Security shall bind every future Holder
of the same Security and the Holder of every Security issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done, omitted or suffered to be done by the Trustee, any
Security Registrar, any Paying Agent, any Authenticating Agent or the Operating
Partnership in reliance thereon, whether or not notation of such action is made
upon such Security.
SECTION 105. NOTICES, ETC., TO TRUSTEE AND OPERATING PARTNERSHIP. Any
request, demand, authorization, direction, notice, consent, waiver or Act of
Holders or other document provided or permitted by this Indenture to be made
upon, given or furnished to, or filed with,
(1) the Trustee by any Holder or by the Operating Partnership
shall be sufficient upon receipt for every purpose hereunder if made,
given, furnished or filed in writing to or with the Trustee at its
Corporate Trust Office, Attention: Corporate Trust Department, or
(2) the Operating Partnership by the Trustee or by any Holder shall be
sufficient upon receipt for every purpose hereunder (unless otherwise
herein expressly provided) if in writing and mailed, first-class postage
prepaid, to the Operating Partnership addressed to it at the address of
its principal office specified in the first paragraph of this Indenture,
marked for the attention of the Chief Financial Officer, with a copy to
the General Counsel, or at any other address previously furnished in
writing to the Trustee by the Operating Partnership.
SECTION 106. NOTICE TO HOLDERS; WAIVER. Where this Indenture provides
for notice of any event to Holders by the Operating Partnership or the Trustee,
such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to each such
Holder affected by such event, at his address as it appears in the Security
Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. In any case where notice to
Holders is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders. Any notice mailed to a
Holder in the manner herein prescribed shall be conclusively deemed to have been
received by such Holder five Business Days after being deposited in the mail,
whether or not such Holder actually receives such notice.
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If by reason of the suspension of or irregularities in regular mail
service or by reason of any other cause it shall be impracticable to give such
notice by mail, then such notification to Holders as shall be made with the
approval of the Trustee shall constitute a sufficient notification to such
Holders for every purpose hereunder.
Where this Indenture provides for notice in any manner, such notice may
be waived in writing by the Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver.
SECTION 107. EFFECT OF HEADINGS AND TABLE OF CONTENTS. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.
SECTION 108. SUCCESSORS AND ASSIGNS. Except as otherwise expressly set
forth herein, all covenants and agreements in this Indenture by the Operating
Partnership and the Guarantors shall bind their respective successors and
assigns, whether so expressed or not.
SECTION 109. SEPARABILITY CLAUSE. In case any provision in this
Indenture or in any Security shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.
SECTION 110. BENEFITS OF INDENTURE. Nothing in this Indenture or in
the Securities, express or implied, shall give to any Person, other than the
parties hereto, any Security Registrar, any Paying Agent, any Authenticating
Agent and their successors hereunder and the Holders, any benefit or any legal
or equitable right, remedy or claim under this Indenture.
SECTION 111. GOVERNING LAW. This Indenture and the Securities shall be
governed by and construed in accordance with the internal laws of the State of
New York. This Indenture is subject to the provisions of the TIA that are
required to be part of this Indenture and shall, to the extent applicable, be
governed by such provisions.
SECTION 112. LEGAL HOLIDAYS. In any case where any Interest Payment
Date, Redemption Date, Repayment Date, Stated Maturity or Maturity of any
Security shall not be a Business Day, then (notwithstanding any other provision
of this Indenture or any Security), payment of interest or principal (and
premium, if any) need not be made on such date, but may be made on the next
succeeding Business Day with the same force and effect as if made on the
Interest Payment Date, Redemption Date, Repayment Date, or at the Stated
Maturity or Maturity, as the case may be, provided that no interest shall accrue
on the amount so payable for the period from and after such Interest Payment
Date, Redemption Date, Repayment Date, Stated Maturity or Maturity, as the case
may be.
SECTION 113. COUNTERPARTS. This Indenture may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same Indenture.
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ARTICLE TWO
SECURITY FORMS
SECTION 201. FORM OF SECURITIES. The Securities of each series shall be
in substantially the forms as shall be established in or pursuant to one or more
indentures supplemental hereto, shall have such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture or any indenture supplemental hereto, and may have such letters,
numbers or other marks of identification or designation and such legends or
endorsements placed thereon as the Operating Partnership may deem appropriate
and as are not inconsistent with the provisions of this Indenture, or as may be
required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any stock exchange on which the
Securities may be listed, or to conform to usage.
The definitive Securities (and Guarantees) shall be printed,
lithographed or engraved or produced by any combination of these methods on a
steel engraved border or steel engraved borders or may be produced in any other
manner, all as determined by the officer executing such Securities (and
Guarantees), as evidenced by his or her execution of such Securities.
SECTION 202. FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION. Subject
to Section 611, the Trustee's certificate of authentication shall be in
substantially the following form:
This is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture.
[full name of Trustee], as Trustee
By:
--------------------------------
Authorized [Officer][Signatory]
SECTION 203. SECURITIES ISSUABLE IN GLOBAL FORM. The Securities shall
be initially issuable only in permanent global form (without coupons) in one or
more global Securities. Beneficial owners of interests in the permanent global
Securities may exchange such interests for Securities of like tenor or any
authorized form and denomination only in the manner provided in Section 305. DTC
shall be the depositary with respect to the permanent global Securities.
Notwithstanding the provisions of Section 302, any such global Security shall
represent such of the Outstanding Securities of such series as shall be
specified therein and may provide that it shall represent the aggregate amount
of Outstanding Securities of such series from time to time endorsed thereon and
that the aggregate amount of Outstanding Securities of such series represented
thereby may from time to time be increased or decreased to reflect exchanges.
Any endorsement of a Security in global form to reflect the amount, or any
increase or decrease in the amount, of Outstanding Securities represented
thereby shall be made by or at the direction of the Trustee in such manner and
upon instructions given by such Person or Persons as shall be specified therein
or pursuant to Section 301 or in the Operating Partnership Order to be delivered
to the Trustee pursuant to Section 303 or 304. Subject to the provisions of
Section 303 and, if
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applicable, Section 304, the Trustee shall deliver and redeliver any Security in
permanent global form in the manner and upon instructions given by the Person or
Persons specified therein or pursuant to Section 301 or in the applicable
Operating Partnership Order. If an Operating Partnership Order pursuant to
Section 304 or 305 has been or is delivered, any instructions by the Operating
Partnership with respect to endorsement or delivery or redelivery of a Security
in global form shall be in writing but need not comply with Section 102 and need
not be accompanied by an Opinion of Counsel.
The provisions of the last sentence of Section 303 shall apply to any
Security represented by a Security in global form if such Security was never
issued and sold by the Operating Partnership and the Operating Partnership
delivers to the Trustee the Security in global form together with written
instructions (which need not comply with Section 102 and need not be accompanied
by an Opinion of Counsel) with regard to the reduction in the principal amount
of Securities represented thereby, together with the written statement
contemplated by the last sentence of Section 303.
Notwithstanding the provisions of Section 307, unless otherwise
specified as contemplated by Section 301, payment of principal of and any
premium and interest on any Security in global form shall be made to the Person
or Persons specified therein.
Notwithstanding the provisions of Section 308 and except as provided in
the preceding paragraph, the Operating Partnership, any agent of the Operating
Partnership and the Trustee shall treat the Holder of a global Security as the
Holder of such principal amount of Outstanding Securities represented by such
global Security.
ARTICLE THREE
THE SECURITIES
SECTION 301. AMOUNT UNLIMITED; ISSUABLE IN SERIES. The aggregate
principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited
The Securities shall be issued in one or more series. There shall be
established in one or more Board Resolutions or pursuant to authority granted by
one or more Board Resolutions and set forth or established in or pursuant to one
or more indentures supplemental hereto, prior to the issuance of Securities of
any series, any or all of the following, as applicable:
(1) the title of the Securities of the series (which shall
distinguish the Securities of such series from all other series of
Securities);
(2) the limit upon the aggregate principal amount of the
Securities of the series that may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to Section 304, 305, 306, 906 or
1107);
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(3) the date or dates, or the method by which such date or dates
will be determined, on which the principal of the Securities of the
series shall be payable;
(4) the rate or rates at which the Securities of the series shall
bear interest, the date or dates from which such interest shall accrue,
the Interest Payment Dates on which such interest will be payable and
the Regular Record Date for the interest payable on any Security on any
Interest Payment Date;
(5) the place or places, if any, other than or in addition to The
Borough of Manhattan, The City of New York, where the principal of (and
premium, if any), interest payable in respect of, Securities of the
series shall be payable, any Securities of the series may be surrendered
for registration of transfer or exchange and notices or demands to or
upon the Operating Partnership in respect of the Securities of the
series and this Indenture may be served;
(6) the obligation, if any, of the Operating Partnership to
redeem, repay or purchase Securities of the series at the option of a
Holder thereof, and the period or periods within which or the date or
dates on which, the price or prices at which, and other terms and
conditions upon which Securities of the series shall be redeemed, repaid
or purchased, in whole or in part, pursuant to such obligation;
(7) if other than the Trustee, the identity of each Security
Registrar and/or Paying Agent;
(8) provisions, if any, granting special rights to the Holders of
Securities of the series upon the occurrence of such events as may be
specified;
(9) any deletions from, modifications of, or additions to the
Events of Default or covenants of the Operating Partnership with respect
to Securities of the series, whether or not such Events of Default or
covenants are consistent with the Events of Default or covenants set
forth herein;
(10) the Person to whom any interest on any Security of the
series shall be payable, if other than the Person in whose name that
Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest; and
(11) any other terms of the series and any deletions from or
modifications or additions to this Indenture in respect of such
Securities (whether or not consistent with the other provisions of this
Indenture).
All Securities of any one series and the Guarantees appertaining to any
Securities of such series shall be substantially identical except as to
denomination and except as may otherwise be provided by the Operating
Partnership in the Board Resolution, or pursuant to the Board Resolution and set
forth in the Officers' Certificate, or in any indenture or indentures
supplemental hereto, as the case may be, pertaining to such series of
Securities. The terms of the
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Securities of any series may provide, without limitation, that the Securities
shall be authenticated and delivered by the Trustee on original issue from time
to time upon telephonic or written order of persons designated in or pursuant to
the relevant Board Resolution, Officers' Certificate or supplemental indenture,
as the case may be (telephonic instructions to be promptly confirmed in writing
by such person) and that such persons are authorized to determine, consistent
with such Board Resolution, Officers' Certificate or supplemental indenture, as
the case may be, such terms and conditions of the Securities of such series as
are specified in such Board Resolution, Officers' Certificate or supplemental
indenture, as the case may be. All Securities of any one series need not be
issued at the same time and, unless otherwise provided in the applicable
supplemental indenture, a series may be reopened, without the consent of the
Holders, for issuance of additional Securities of such series.
SECTION 302. DENOMINATIONS. The Securities of any series shall be
issuable in denominations of $1,000 and any integral multiple thereof.
SECTION 303. EXECUTION, AUTHENTICATION, DELIVERY AND DATING. The
Securities shall be executed on behalf of the Operating Partnership by its
General Partner by such General Partner's Chairman, President or any Vice
President. If a Guarantor is a corporation its Guarantee shall be executed on
behalf of such Guarantor by its Chairman, President or any Vice President and if
a Guarantor is a partnership or a limited liability company its Guarantee shall
be executed on behalf of such Guarantor by the Chairman, President or any Vice
President of its general partner or manager, as applicable. The signature of any
of these officers on the Securities or Guarantees, if any, may be manual or
facsimile signatures of the present or any future such authorized officer and
may be imprinted or otherwise reproduced on the Securities or the Guarantees.
The Guarantees or Securities bearing the manual or facsimile signatures
of individuals who were at any time the proper officers of the Operating
Partnership's General Partner, the Guarantors (or the general partner or manager
of such Guarantor) or any corporate successor of the Operating Partnership or
any Guarantor, as applicable, shall bind the Operating Partnership or the
applicable Guarantor, notwithstanding that such individuals or any of them have
ceased to hold such offices prior to the authentication and delivery of such
Securities or Guarantees or did not hold such offices at the date of such
Securities or Guarantees.
Each Security and Guarantee shall be dated the date of its
authentication.
No Security or Guarantee shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there appears on such
Security a certificate of authentication substantially in the form provided for
herein duly executed by the Trustee by manual signature of an authorized
signatory, and such certificate upon any Security shall be conclusive evidence,
and the only evidence, that such Security has been duly authenticated and
delivered hereunder and is entitled to the benefits of this Indenture.
Notwithstanding the foregoing, if any Security shall have been authenticated and
delivered hereunder but never issued and sold by the Operating Partnership, and
the Operating Partnership shall deliver such Security to the Trustee for
cancellation as provided in Section 309 together with a written statement (which
need not
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comply with Section 102 and need not be accompanied by an Opinion of Counsel)
stating that such Security has never been issued and sold by the Operating
Partnership, for all purposes of this Indenture such Security shall be deemed
never to have been authenticated and delivered hereunder and shall never be
entitled to the benefits of this Indenture.
SECTION 304. TEMPORARY SECURITIES. Pending the preparation of
definitive Securities of any series, the Operating Partnership may execute, and
upon Operating Partnership Order the Trustee shall authenticate and deliver,
temporary Securities which are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the
tenor of the definitive Securities in lieu of which they are issued, in
registered form, and with such appropriate insertions, omissions, substitutions
and other variations as the officers executing such Securities may determine, as
conclusively evidenced by their execution of such Securities. In the case of
Securities of any series, such temporary Securities may be in global form.
If temporary Securities of any series are issued, the Operating
Partnership will cause definitive Securities of that series to be prepared
without unreasonable delay. After the preparation of definitive Securities of
such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities
of such series at the office or agency of the Operating Partnership in a Place
of Payment for that series, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities of any series, the
Operating Partnership shall execute and the Trustee shall authenticate and
deliver in exchange therefor a like principal amount of definitive Securities of
the same series of authorized denominations. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series.
SECTION 305. REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE. The
Operating Partnership shall cause to be kept at the Corporate Trust Office of
the Trustee or in any office or agency of the Operating Partnership in a Place
of Payment a register for any series of Securities (the registers maintained in
such office or in any such office or agency of the Operating Partnership in a
Place of Payment being herein sometimes referred to collectively as the
"Security Register") in which, subject to such reasonable regulations as it may
prescribe, the Operating Partnership shall provide for the registration of
Securities and of transfers and exchanges of Securities. The Security Register
shall be in written form or any other form capable of being converted into
written form within a reasonable time. The Trustee, at its Corporate Trust
Office and at the office of its affiliate in the Borough of Manhattan, The City
of New York at the address set forth in Section 1002 (or at such other address
at which the Trustee's affiliate's New York office may subsequently be located),
is hereby initially appointed "Security Registrar" for the purpose of
registering Securities and transfers and exchanges of Securities on such
Security Register as herein provided. In the event that the Trustee shall cease
to be Security Registrar, it shall have the right to examine the Security
Register at all reasonable times.
Subject to the provisions of this Section 305, upon surrender for
registration of transfer of any Security of any series at any office or agency
of the Operating Partnership in a Place of
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Payment for that series, the Operating Partnership shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Securities of the same series, of any authorized
denominations and of a like aggregate principal amount, bearing a number not
contemporaneously outstanding, and containing identical terms and provisions.
Subject to the provisions of this Section 305, at the option of the Holder,
Securities of any series may be exchanged for other Securities of the same
series, of any authorized denomination or denominations and of a like aggregate
principal amount, containing identical terms and provisions, upon surrender of
the Securities to be exchanged at any such office or agency. Whenever any such
Securities are so surrendered for exchange, the Operating Partnership shall
execute, and the Trustee shall authenticate and deliver, the Securities which
the Holder making the exchange is entitled to receive.
Any permanent global Security shall be exchangeable only as provided in
this paragraph. If the depositary for any permanent global Security is DTC,
then, unless the terms of such global Security expressly permit such global
Security to be exchanged in whole or in part for definitive Securities, a global
Security may be transferred, in whole but not in part, only to a nominee of DTC,
or by a nominee of DTC to DTC, or to a successor to DTC for such global Security
selected or approved by the Operating Partnership or to a nominee of such
successor to DTC. If at any time (i) DTC notifies the Operating Partnership that
it is unwilling or unable to continue as depositary for the applicable global
Security or Securities or if at any time DTC ceases to be a clearing agency
registered under the Securities Exchange Act of 1934 if so required by
applicable law or regulation, and, in either case, a successor depositary is not
appointed by the Operating Partnership within 90 days after the Operating
Partnership receives such notice or becomes aware of such ineligibility, (ii)
the Operating Partnership in its sole discretion determines that such global
Securities shall be exchangeable for definitive Securities or (iii) there shall
have occurred and be continuing an Event of Default under this Indenture with
respect to the Securities of any series and beneficial owners representing a
majority in aggregate principal amount of the Outstanding Securities represented
by such global Securities advise DTC to cease acting as depositary, then the
Operating Partnership shall execute, and the Trustee shall authenticate and
deliver, definitive Securities of like series, rank, tenor and terms in
definitive form in an aggregate principal amount equal to the principal amount
of such global Security or Securities. If any beneficial owner of an interest in
a permanent global Security is otherwise entitled to exchange such interest for
Securities of such series and of like tenor and principal amount of another
authorized form and denomination, as specified by Board Resolution and the
applicable supplemental indenture as contemplated by Section 301 and provided
that any applicable notice provided in the permanent global Security shall have
been given, then without unnecessary delay but in any event not later than the
earliest date on which such interest may be so exchanged, the Operating
Partnership shall execute, and the Trustee shall authenticate and deliver,
definitive Securities in aggregate principal amount equal to the principal
amount of such beneficial owner's interest in such permanent global Security. On
or after the earliest date on which such interests may be so exchanged, such
permanent global Security shall be surrendered for exchange by DTC or such other
depositary as shall be specified in the Operating Partnership Order with respect
thereto to the Trustee, as the Operating Partnership's agent for such purpose.
If a Security is issued in exchange for any portion of a permanent global
Security after the close of business at the office or agency where such exchange
occurs on (i) any Regular Record Date
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and before the opening of business at such office or agency on the relevant
Interest Payment Date, or (ii) any special Record Date and before the opening of
business at such office or agency on the related proposed date for payment of
Defaulted Interest, Interest or Defaulted Interest, as the case may be, such
interest will not be payable on such Interest Payment Date or proposed date for
payment, as the case may be, in respect of such Security, but will be payable on
such Interest Payment Date or proposed date for payment, as the case may be,
only to the Person to whom interest in respect of such portion of such permanent
global Security is payable in accordance with the provisions of this Indenture.
All Securities issued upon any registration of transfer or exchange of
Securities shall be the valid obligations of the Operating Partnership,
evidencing the same Debt, and entitled to the same benefits under this
Indenture, as the Securities surrendered upon such registration of transfer or
exchange.
Every Security presented or surrendered for registration of transfer or
for exchange or redemption shall (if so required by the Operating Partnership or
the Security Registrar) be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Operating Partnership and the
Security Registrar duly executed by the Holder thereof or his attorney duly
authorized in writing.
No service charge shall be made to the Holder for any registration of
transfer or exchange of Securities, but the Operating Partnership may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 304, 906 or 1107.
The Operating Partnership or the Trustee, as applicable, shall not be
required (i) to issue, register the transfer of or exchange any Security if such
Security may be among those selected for redemption during a period beginning at
the opening of business 15 days before selection of the Securities to be
redeemed under Section 1103 and ending at the close of business on the day of
the mailing of the relevant notice of redemption, or (ii) to register the
transfer of or exchange any Security so selected for redemption in whole or in
part, except, in the case of any Security to be redeemed in part, the portion
thereof not to be redeemed, or (iii) if applicable, to issue, register the
transfer of or exchange any Security which has been surrendered for repayment at
the option of the Holder, except the portion, if any, of such Security not to be
so repaid.
SECTION 306. MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES. If any
mutilated Security or a Security with a Guarantee appertaining thereto is
surrendered to the Trustee or the Operating Partnership, together with, in
proper cases, indemnity as may be required by the Operating Partnership or the
Trustee to save each of them or any agent of either of them harmless, the
Operating Partnership shall execute and the Trustee shall authenticate and
deliver in exchange therefor a new Security of the same series and principal
amount, containing identical terms and provisions and bearing a number not
contemporaneously outstanding, with Guarantees corresponding to the Guarantees
appertaining to the surrendered Security.
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If there shall be delivered to the Operating Partnership and to the
Trustee (i) evidence to their satisfaction of the destruction, loss or theft of
any Security or Guarantee, and (ii) such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless,
then, in the absence of notice to the Operating Partnership or the Trustee that
such Security or Guarantee has been acquired by a bona fide purchaser, the
Operating Partnership shall execute and upon its request the Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or stolen Security
or in exchange for the Security to which a destroyed, lost or stolen Guarantee
appertains, a new Security of the same series and principal amount, containing
identical terms and provisions and bearing a number not contemporaneously
outstanding with Guarantees corresponding to the Guarantees appertaining to such
destroyed, lost or stolen Security or to the Security to which such destroyed,
lost or stolen Guarantee appertains.
Notwithstanding the provisions of the previous two paragraphs, in case
any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Operating Partnership in its discretion may, instead
of issuing a new Security, pay such Security.
Upon the issuance of any new Security under this Section, the Operating
Partnership may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected therewith.
Every new Security of any series issued pursuant to this Section in lieu
of any destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Operating Partnership, whether or not
the destroyed, lost or stolen Security shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of that series duly issued
hereunder.
The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities or Guarantees.
SECTION 307. PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED. Except as
otherwise specified with respect to a series of Securities in accordance with
the provisions of Section 301, interest on any Security that is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be paid
to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest at the office or agency of the Operating Partnership
maintained for such purpose pursuant to Section 1002; provided, however, that
each installment of interest on any Security may at the Operating Partnership's
option be paid by (i) mailing a check for such interest, payable to or upon the
written order of the Person entitled thereto pursuant to Section 308, to the
address of such Person as it appears on the Security Register or (ii) wire
transfer to an account maintained by the payee located in the United States.
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Unless otherwise provided as contemplated by Section 301, interest, if
any, payable on any permanent global Security on any Interest Payment Date will
be paid to DTC, with respect to that portion of such permanent global Security
held for its account by Cede & Co. (or by another nominee of DTC or by DTC) for
the purpose of permitting such party to credit the interest received by it in
respect of such permanent global Security to the accounts of the beneficial
owners thereof.
Except as otherwise specified with respect to a series of Securities in
accordance with the provisions of Section 301, any interest on any Security of
any series that is payable, but is not punctually paid or duly provided for, on
any Interest Payment Date (herein called "Defaulted Interest") shall forthwith
cease to be payable to the registered Holder thereof on the relevant Regular
Record Date by virtue of having been such Holder, and such Defaulted Interest
may be paid by the Operating Partnership, at its election in each case, as
provided in clause (1) or (2) below:
(1) The Operating Partnership may elect to make payment of any Defaulted
Interest to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest, which shall be
fixed in the following manner. The Operating Partnership shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to be paid on
each Security of such series and the date of the proposed payment (which shall
not be less than 20 days after such notice is received by the Trustee), and at
the same time the Operating Partnership shall deposit with the Trustee an amount
of money (except as otherwise specified pursuant to Section 301 for the
Securities of such series) equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements satisfactory to
the Trustee for such deposit on or prior to the date of the proposed payment,
such money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this clause provided. Thereupon the
Trustee shall fix a Special Record Date for the payment of such Defaulted
Interest which shall be not more than 15 days and not less than 10 days prior to
the date of the proposed payment and not less than 10 days after the receipt by
the Trustee of the notice of the proposed payment. The Trustee shall promptly
notify the Operating Partnership of such Special Record Date and, in the name
and at the expense of the Operating Partnership, shall cause notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor
to be mailed, first-class postage prepaid, to each Holder of such series at his
address as it appears in the Security Register not less than 10 days prior to
such Special Record Date. The Trustee shall, in the name and at the expense of
the Operating Partnership, cause a similar notice to be published at least once
in an Authorized Newspaper in each Place of Payment, but such publications shall
not be a condition precedent to the establishment of such Special Record Date.
Notice of the proposed payment of such Defaulted Interest and the Special Record
Date therefor having been mailed as aforesaid, such Defaulted Interest shall be
paid to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on
such Special Record Date and shall no longer be payable pursuant to the
following clause (2).
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(2) The Operating Partnership may make payment of any Defaulted Interest
on the Securities of any series in any other lawful manner not inconsistent with
the requirements of any securities exchange on which such Securities may be
listed, and upon such notice as may be required by such exchange, if, after
notice given by the Operating Partnership to the Trustee of the proposed payment
pursuant to this clause, such manner of payment shall be deemed practicable by
the Trustee.
Subject to the foregoing provisions of this Section and Section 305,
each Security delivered under this Indenture upon registration of transfer of or
in exchange for or in lieu of any other Security shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other
Security.
SECTION 308. PERSONS DEEMED OWNERS. Prior to due presentment of a
Security for registration of transfer, the Operating Partnership, the
Guarantors, the Trustee and any agent of the Operating Partnership or the
Trustee may treat the Person in whose name such Security is registered as the
owner of such Security for the purpose of receiving payment of principal of (and
premium, if any), and (subject to Sections 305 and 307) interest on, such
Security and for all other purposes whatsoever, whether or not such Security be
overdue, and neither the Operating Partnership, the Guarantors, the Trustee nor
any agent of the Operating Partnership, the Guarantors or the Trustee shall be
affected by notice to the contrary.
None of the Operating Partnership, the Guarantors, the Trustee, any
Paying Agent or the Security Registrar will have any responsibility or liability
for any aspect of the records relating to or payments made on account of
beneficial ownership interests of a Security in global form or for maintaining,
supervising or reviewing any records relating to such beneficial ownership
interests.
Notwithstanding the foregoing, with respect to any global Security,
nothing herein shall prevent the Operating Partnership, the Trustee, or any
agent of the Operating Partnership or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by any depositary,
as a Holder, with respect to such global Security or impair, as between such
depositary and owners of beneficial interests in such global Security, the
operation of customary practices governing the exercise of the rights of such
depositary (or its nominee) as Holder of such global Security.
SECTION 309. CANCELLATION. All Securities surrendered for payment,
redemption, repayment at the option of the Holder, or registration of transfer
or exchange shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee, and any such Securities surrendered directly to the
Trustee for any such purpose shall be promptly canceled by it. The Operating
Partnership may at any time deliver to the Trustee for cancellation any
Securities previously authenticated and delivered hereunder which the Operating
Partnership may have acquired in any manner whatsoever, and may deliver to the
Trustee (or to any other Person for delivery to the Trustee) for cancellation
any Securities previously authenticated hereunder which the Operating
Partnership has not issued and sold, and all Securities so delivered shall be
promptly canceled by the Trustee. If the Operating Partnership shall so acquire
any of the Securities, however, such acquisition shall not operate as a
redemption or
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satisfaction of the indebtedness represented by such Securities unless and until
the same are surrendered to the Trustee for cancellation. No Securities shall be
authenticated in lieu of or in exchange for any Securities canceled as provided
in this Section, except as expressly permitted by or pursuant to this Indenture.
Canceled Securities held by the Trustee shall be destroyed by the Trustee and
the Trustee shall deliver a certificate of such destruction to the Operating
Partnership, unless by a Operating Partnership Order the Operating Partnership
directs their return to it.
SECTION 310. COMPUTATION OF INTEREST. Interest on the Securities of any
series shall be computed on the basis of a 360-day year consisting of twelve
30-day months.
ARTICLE FOUR
SATISFACTION AND DISCHARGE
SECTION 401. SATISFACTION AND DISCHARGE OF INDENTURE. This Indenture
shall upon Operating Partnership Request cease to be of further effect with
respect to any series of Securities specified in such Operating Partnership
Request (except as hereinafter provided in this Section 401). The Trustee, upon
receipt of an Operating Partnership Order, and at the expense of the Operating
Partnership, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture as to such series when:
(1) either:
(A) all Securities of such series theretofore authenticated and
delivered have been delivered to the Trustee for cancellation; or
(B) all Securities of such series (x):
(i) have become due and payable, or
(ii) will become due and payable at their Stated Maturity
within one year, or
(iii) if redeemable at the option of the Operating
Partnership, are to be called for redemption within one year
under arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the
expense, of the Operating Partnership,
and (y) the Operating Partnership, in the case of (i), (ii) or
(iii) above, has irrevocably deposited or caused to be deposited
with the Trustee as trust funds in trust, an amount sufficient to
pay and discharge the entire indebtedness on such Securities, for
principal (and premium, if any) and interest to the date of such
deposit (in the case of Securities which have become due and
payable) or to the Stated Maturity or Redemption Date, as the
case may be;
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(2) the Operating Partnership has paid or caused to be paid all other
sums payable hereunder by the Operating Partnership; and
(3) the Operating Partnership has delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this
Indenture as to such series have been complied with.
Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Operating Partnership to the Trustee and any predecessor
Trustee under Section 606, the obligations of the Operating Partnership to any
Authenticating Agent under Section 611 and, if money shall have been deposited
with and held by the Trustee pursuant to subclause (B) of clause (1) of this
Section, the obligations of the Operating Partnership and the Trustee with
respect to the Securities of such series under Sections 305, 306, 402, 1002 and
1003, shall survive.
SECTION 402. APPLICATION OF TRUST FUNDS. Subject to the provisions of
the last paragraph of Section 1003, all money deposited with the Trustee
pursuant to Section 401 shall be held in trust and applied by it, in accordance
with the provisions of the Securities and this Indenture, to the payment, either
directly or through any Paying Agent (other than the Operating Partnership
acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium, if any), and interest, if any,
for whose payment such money has been deposited with or received by the Trustee,
but such money need not be segregated from other funds except to the extent
required by law.
ARTICLE FIVE
REMEDIES
SECTION 501. EVENTS OF DEFAULT. "Event of Default," means, with respect
to any series of Securities, any one of the following events (whatever the
reason for such Event of Default and whether or not it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):
(1) default in the payment of any interest on any Security of
that series, when such interest becomes due and payable, and continuance
of such default for a period of 30 days; or
(2) default in the payment of any principal of or premium, if
any, on any Security of that series when it becomes due and payable at
its Maturity (whether at Stated Maturity, upon redemption or otherwise);
or
(3) default in the performance or breach of any covenant or
warranty of the Operating Partnership in this Indenture with respect to
any Security of that series (other than a covenant or warranty a default
in whose performance or whose breach is elsewhere in this Section
specifically dealt with or included herein solely for the benefit of a
series of Securities other than that series), and continuance of such
default or breach for a period
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of 60 days after there has been given, by registered or certified mail,
to the Operating Partnership by the Trustee or to the Operating
Partnership and the Trustee by the Holders of at least 25% in principal
amount of the Outstanding Securities of that series, a written notice
specifying such default or breach and requiring it to be remedied and
stating that such notice is a "Notice of Default" hereunder; or
(4) (a) default by the Operating Partnership or any Subsidiary of the
Operating Partnership in the payment (whether at stated maturity, upon
acceleration, upon required prepayment or otherwise), beyond any period
of grace provided therefor, of any principal of or interest on any bond,
note, debenture or other evidence of indebtedness, or (b) any other
breach or default (or other event or condition) shall occur under any
agreement, indenture or instrument relating to any such bond, Security,
debenture or other evidence of indebtedness beyond any cure period
provided therefor, if as a result thereof the holder or holders of any
such bond, Security, debenture or other evidence of indebtedness (or a
person on behalf of such holder or holders) has the immediate right to
cause (upon the giving of notice, if required) any such bond, Security,
debenture or other evidence of indebtedness to become or be declared due
and payable, or required to be prepaid, redeemed, purchased or defeased
(or an offer of prepayment, redemption, purchase or defeasance be made),
prior to its stated maturity (other than by a scheduled mandatory
prepayment), which in the aggregate under (a) and (b) have a principal
amount equal to or greater than $20,000,000 without such bond, note,
debenture or other evidence of indebtedness having been discharged, or
such breach or default having been cured, within a period of 10 days
after there has been given, by registered or certified mail, to the
Operating Partnership by the Trustee or to the Operating Partnership and
the Trustee by the Holders of at least 25% of the Outstanding Securities
of such series, a written notice specifying such breach or default and
requiring such bond, note, debenture or other evidence of indebtedness
to be discharged, or such breach or default to be cured and stating that
such notice is a "Notice of Default" hereunder; or
(5) Intentionally Omitted
(6) the Operating Partnership, the General Partner or any
Significant Subsidiary pursuant to or within the meaning of any
Bankruptcy Law:
(A) commences a voluntary case or proceeding,
(B) consents to the entry of an order or decree for relief
against it in an involuntary case or to the commencement of any
bankruptcy or insolvency case or proceeding against it,
(C) consents to the appointment of a Custodian (as defined
below) of it or for any substantial part of its property, or
(D) makes a general assignment for the benefit of its
creditors; or
(7) a court of competent jurisdiction enters an order or decree
under any Bankruptcy Law that:
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(A) is for relief against the Operating Partnership, the
General Partner or any Significant Subsidiary in an involuntary
case,
(B) adjudges the Operating Partnership, the General
Partner or any Significant Subsidiary bankrupt or insolvent,
(C) approves as properly filed a petition seeking
reorganization, arrangement, adjustment or composition of or in
respect of the Operating Partnership, the General Partner or any
Significant Subsidiary,
(D) appoints a Custodian of the Operating Partnership, the
General Partner or any Significant Subsidiary or for all or any
substantial part of the property of the Operating Partnership,
the General Partner or any Significant Subsidiary, or
(E) orders the winding up or liquidation of the Operating
Partnership, the General Partner or any Significant Subsidiary,
and the order or decree described in this clause (7) remains unstayed
and in effect for 60 days.
As used in this Section 501, the term "Bankruptcy Law" means Title 11
U.S. Code or any similar federal or state law for the relief of debtors and the
term "Custodian" means any receiver, trustee, assignee, liquidator, sequestrator
or other similar official under any Bankruptcy Law.
SECTION 502. ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT. If an
Event of Default with respect to Securities of any series at the time
outstanding occurs and is continuing, then and in every such case the Trustee or
the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series may declare the principal of all the Securities of
that series to be due and payable immediately, by a notice in writing to the
Operating Partnership (and to the Trustee if given by the Holders), and upon the
delivery of any such declaration to the Operating Partnership such principal or
specified portion thereof shall become immediately due and payable.
At any time after such a declaration of acceleration with respect to
Securities of any series has been made and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this
Article provided, the Holders of not less than a majority in principal amount of
the Outstanding Securities of that series, by written notice to the Operating
Partnership and the Trustee, may rescind and annul such declaration and its
consequences if:
(1) the Operating Partnership has paid or deposited with the
Trustee a sum sufficient to pay:
(A) all overdue installments of interest on all
Outstanding Securities of that series,
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(B) the principal of (and premium, if any, on) any
Outstanding Securities of that series which have become due
otherwise than by such declaration of acceleration and interest
thereon at the rate or rates borne by or provided for in such
Securities,
(C) to the extent that payment of such interest is lawful,
interest upon overdue installments of interest at the rate or
rates borne by or provided for in such Securities, and
(D) all sums paid or advanced by the Trustee hereunder and
the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel; and
(2) all Events of Default with respect to Securities of that
series, other than the nonpayment of the principal of (or premium, if
any) or interest on Securities of that series which have become due
solely by such declaration of acceleration, have been cured or waived as
provided in Section 513.
No such rescission shall affect any subsequent default or impair any right
consequent thereon.
SECTION 503. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
TRUSTEE. The Operating Partnership covenants that if:
(1) default is made in the payment of any installment of interest
on any Security of any series when such interest becomes due and payable
and such default continues for a period of 30 days, or
(2) default is made in the payment of the principal of (or
premium, if any, on) any Security of any series at its Maturity,
then the Operating Partnership will, upon demand of the Trustee and provided
that such default has not been cured, pay to the Trustee, for the benefit of the
Holders of such Securities of such series, the whole amount then due and payable
on such Securities for principal (and premium, if any) and interest, with
interest upon any overdue principal (and premium, if any) and, to the extent
that payment of such interest shall be legally enforceable, upon any overdue
installments of interest at the rate or rates borne by or provided for in such
Securities, and, in addition thereto, such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel.
If the Operating Partnership fails to pay such amounts forthwith upon
such demand, the Trustee, in its own name and as trustee of an express trust,
may institute a judicial proceeding for the collection of the sums so due and
unpaid, and may prosecute such proceeding to judgment or final decree, and may
enforce the same against the Operating Partnership or any Guarantor or any other
obligor upon such Securities or Guarantees of such series and collect the moneys
adjudged or decreed to be payable in the manner provided by law out of the
property of the Operating
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Partnership or Guarantor or any other obligor upon such Securities or Guarantees
of such series, wherever situated.
If an Event of Default with respect to Securities of any series occurs
and is continuing, the Trustee may in its discretion proceed to protect and
enforce its rights and the rights of the Holders of Securities of such series
and any related Guarantees by such appropriate judicial proceedings as the
Trustee shall deem most effectual to protect and enforce any such rights,
whether for the specific enforcement of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted herein, or to enforce
any other proper remedy.
SECTION 504. TRUSTEE MAY FILE PROOFS OF CLAIM. In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to
the Operating Partnership, any Guarantor or any other obligor upon the
Securities or the property of the Operating Partnership, any Guarantor or of
such other obligor, the Trustee (irrespective of whether the principal of the
Securities of any series shall then be due and payable as therein expressed or
by declaration or otherwise and irrespective of whether the Trustee shall have
made any demand on the Operating Partnership or any Guarantor for the payment of
overdue principal, premium, if any, or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise:
(i) to file and prove a claim for the whole amount, or such
lesser amount as may be provided for in the Securities of such series,
of principal (and premium, if any) and interest owing and unpaid in
respect of the Securities or Guarantees and to file such other papers or
documents as may be necessary or advisable in order to have the claims
of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and
counsel) and of the Holders allowed in such judicial proceeding, and
(ii) to collect and receive any moneys or other property payable
or deliverable on any such claims and to distribute the same;
and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or
other similar official) in any such judicial proceeding is hereby authorized by
each Holder of such series and Guarantees to make such payments to the Trustee,
and in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee and
any predecessor Trustee, their agents and counsel, and any other amounts due the
Trustee or any predecessor Trustee under Section 606.
Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
or Guarantees or the rights of any Holder thereof, or to authorize the Trustee
to vote in respect of the claim of any Holder in any such proceeding.
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SECTION 505. TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF
SECURITIES. All rights of action and claims under this Indenture or any of the
Securities or Guarantees may be prosecuted and enforced by the Trustee without
the possession of any of the Securities or Guarantees or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, be for the ratable benefit of the Holders of the Securities or
Guarantees in respect of which such judgment has been recovered.
SECTION 506. APPLICATION OF MONEY COLLECTED. Any money collected by the
Trustee pursuant to this Article shall be applied in the following order, at the
date or dates fixed by the Trustee and, in case of the distribution of such
money on account of principal (or premium, if any) or interest, upon
presentation of the Securities or Guarantees, or any thereof, and the notation
thereon of the payment if only partially paid and upon surrender thereof if
fully paid:
FIRST: To the payment of all amounts due the Trustee and any
predecessor Trustee under Section 606;
SECOND: To the payment of the amounts then due and unpaid upon
the Securities and Guarantees for principal (and premium, if any) and
interest in respect of which or for the benefit of which such money has
been collected, ratably, without preference or priority of any kind,
according to the aggregate amounts due and payable on such Securities
and Guarantees for principal (and premium, if any) and interest,
respectively; and
THIRD: To the payment of the remainder, if any, to the Operating
Partnership.
SECTION 507. LIMITATION ON SUITS. No Holder of any Security of any
series shall have any right to institute any proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless:
(1) such Holder has previously given written notice to the
Trustee of a continuing Event of Default with respect to the Securities
of that series;
(2) the Holders of not less than 25% in principal amount of the
Outstanding Securities of that series shall have made written request to
the Trustee to institute proceedings in respect of such Event of Default
in its own name as Trustee hereunder;
(3) such Holder or Holders have offered to the Trustee indemnity
reasonably satisfactory to the Trustee against the costs, expenses and
liabilities to be incurred in compliance with such request;
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(4) the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute any such
proceeding; and
(5) no direction inconsistent with such written request has been
given to the Trustee during such 60-day period by the Holders of a
majority in principal amount of the Outstanding Securities of that
series;
it being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other of
such Holders, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Indenture, except in
the manner herein provided and for the equal and ratable benefit of all such
Holders.
SECTION 508. UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL,
PREMIUM, IF ANY, AND INTEREST. Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right which is absolute and
unconditional to receive payment of the principal of (and premium, if any) and
(subject to Sections 305 and 307) interest on such Security on the due date
expressed in such Security (or, in the case of redemption, on the Redemption
Date) and (subject to Section 507) to institute suit for the enforcement of any
such payment, and such rights shall not be impaired without the consent of such
Holder.
SECTION 509. RESTORATION OF RIGHTS AND REMEDIES. If the Trustee or any
Holder has instituted any proceeding to enforce any right or remedy under this
Indenture and such proceeding has been discontinued or abandoned for any reason,
or has been determined adversely to the Trustee or to such Holder, then and in
every such case, the Operating Partnership, each Guarantor, the Trustee and the
Holders shall, subject to any determination in such proceeding, be restored
severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding had been instituted.
SECTION 510. RIGHTS AND REMEDIES CUMULATIVE. Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities or Guarantees in the last paragraph of Section 306, no
right or remedy herein conferred upon or reserved to the Trustee or to the
Holders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.
SECTION 511. DELAY OR OMISSION NOT WAIVER. No delay or omission of the
Trustee or of any Holder to exercise any right or remedy accruing upon any Event
of Default shall impair any such right or remedy or constitute a waiver of any
such Event of Default or an acquiescence therein. Every right and remedy given
by this Article Five or by law to the
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Trustee or to the Holders may be exercised from time to time, and as often as
may be deemed expedient, by the Trustee or by the Holders, as the case may be.
SECTION 512. CONTROL BY HOLDERS. The Holders of not less than a
majority in principal amount of the Outstanding Securities of any series shall
have the right to direct the Trustee as to the time, method and place of
conducting any proceeding for any remedy available or exercising any trust or
power conferred on the Trustee with respect to the Securities of such series,
provided that
(1) such direction shall not be in conflict with any rule of law
or with this Indenture,
(2) the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction, and
(3) the Trustee need not take any action which, in its reasonable
determination, might involve it in personal liability or be unduly
prejudicial to the Holders of such series not joining therein.
SECTION 513. WAIVER OF PAST DEFAULTS. The Holders of not less than a
majority in principal amount of the Outstanding Securities of any series may on
behalf of the Holders of all the Securities of such series waive any past
default hereunder with respect to such series and its consequences, except a
default
(1) in the payment of the principal of (or premium, if any) or
interest on or payable in respect of any Security of such series, or
(2) in respect of a covenant or provision hereof which under
Article Nine cannot be modified or amended without the consent of the
Holder of each Outstanding Security of such series affected.
Upon any such waiver, such default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured, for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other default or Event of Default or impair any right consequent thereon.
SECTION 514. WAIVER OF USURY, STAY OR EXTENSION LAWS. The Operating
Partnership covenants (to the extent that it may lawfully do so) that it will
not at any time insist upon, or plead, or in any manner whatsoever claim or take
the benefit or advantage of, any usury, stay or extension law wherever enacted,
now or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Operating Partnership (to the extent that
it may lawfully do so) hereby expressly waives all benefit or advantage of any
such law, and covenants that it will not hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.
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SECTION 515. UNDERTAKING FOR COSTS. All parties to this Indenture
agree, and each Holder of any Security by his acceptance thereof shall be deemed
to have agreed, that any court may in its discretion require in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken or omitted by it as Trustee, the filing by any
party litigant in such suit of any undertaking to pay the costs of such suit,
and that such court may in its discretion assess reasonable costs, including
reasonable attorneys' fees, against any party litigant in such suit having due
regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Holder, or group of
Holders, holding in the aggregate more than 10% in principal amount of the
Outstanding Securities of any series, or to any suit instituted by any Holder
for the enforcement of the payment of the principal of (or premium, if any) or
interest on any Security on or after the respective Stated Maturities and
Interest Payment Dates expressed in such Security (or, in the case of
redemption, on or after the Redemption Date).
ARTICLE SIX
THE TRUSTEE
SECTION 601. NOTICE OF DEFAULTS. Within 90 days after the occurrence of
any default hereunder with respect to the Securities of any series, the Trustee
shall transmit, in the manner and to the extent provided in TIA Section 313(c),
notice to Holders of such default hereunder actually known to the Trustee,
unless such default shall have been cured or waived; provided, however, that,
except in the case of a default in the payment of the principal of (or premium,
if any) or interest on any Security of such series, the Trustee shall be
protected in withholding such notice if and so long as a Responsible Officer of
the Trustee in good faith determines, that the withholding of such notice is in
the interests of such Holders; and provided further that in the case of any
default or breach of the character specified in Section 501(4) with respect to
the Securities, no such notice to Holders shall be given until at least 60 days
after the occurrence thereof. For the purpose of this Section, the term
"default" means any event which is, or after notice or lapse of time or both
would become, an Event of Default with respect to the Securities of such series.
SECTION 602. CERTAIN RIGHTS OF TRUSTEE. Subject to the provisions of TIA
Section 315(a) through 315(d):
(1) the Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order,
bond, debenture, Security, coupon or other paper or document believed by
it to be genuine and to have been signed or presented by the proper
party or parties;
(2) any request or direction of the Operating Partnership
mentioned herein shall be sufficiently evidenced by an Operating
Partnership Request or an Operating Partnership Order (other than
delivery of any Security to the Trustee for authentication and delivery
pursuant to Section 303 which shall be sufficiently evidenced as
provided
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therein) and any resolution of the Board of Directors shall be
sufficiently evidenced by a Board Resolution;
(3) whenever in the administration of this Indenture the Trustee
shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless
other evidence be herein specifically prescribed) may, in the absence of
bad faith on its part, rely upon an Officers' Certificate;
(4) the Trustee may consult with counsel and the advice of such
counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon;
(5) the Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders Securities of any series pursuant to
this Indenture, unless such Holders shall have offered to the Trustee
security or indemnity reasonably satisfactory to the Trustee against the
costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction;
(6) the Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order,
bond, debenture, Security, coupon or other paper or document, but the
Trustee, in its discretion, may make such reasonable further inquiry or
investigation into such facts or matters as it may reasonably determine,
and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and
premises of the Operating Partnership, personally or by agent or
attorney reasonably related to such inquiry;
(7) the Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct
or negligence on the part of any agent or attorney appointed with due
care by it hereunder; and
(8) the Trustee shall not be liable for any action taken,
suffered or omitted by it in good faith and reasonably believed by it to
be authorized or within the discretion or rights or powers conferred
upon it by this Indenture.
The Trustee shall not be required to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.
Except during the continuance of an Event of Default, the Trustee
undertakes to perform only such duties as are specifically set forth in this
Indenture, and no implied covenants or obligations shall be read into this
Indenture against the Trustee.
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SECTION 603. NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.
The recitals contained herein and in the Securities and Guarantees, except the
Trustee's certificate of authentication, shall be taken as the statements of the
Operating Partnership and each Guarantor, as applicable, and neither the Trustee
nor any Authenticating Agent assumes any responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Securities or the Guarantees, except that the Trustee
represents that it is duly authorized to execute and deliver this Indenture,
authenticate the Securities and perform its obligations hereunder. Neither the
Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Operating Partnership of Securities or the proceeds thereof.
SECTION 604. MAY HOLD SECURITIES AND GUARANTEES. The Trustee, any
Paying Agent, Security Registrar, Authenticating Agent or any other agent of the
Operating Partnership, in its individual or any other capacity, may become the
owner or pledgee of Securities and Guarantees and, subject to TIA Sections
310(b) and 311, may otherwise deal with the Operating Partnership or any
Guarantor with the same rights it would have if it were not Trustee, Paying
Agent, Security Registrar, Authenticating Agent or such other agent.
SECTION 605. MONEY HELD IN TRUST. Money held by the Trustee in trust
hereunder need not be segregated from other funds except to the extent required
by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed in writing with the
Operating Partnership.
SECTION 606. COMPENSATION AND REIMBURSEMENT. The Operating Partnership
agrees:
(1) to pay to the Trustee from time to time reasonable
compensation for all services rendered by it hereunder (which
compensation shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust);
(2) except as otherwise expressly provided herein, to reimburse
each of the Trustee and any predecessor Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any provision of this Indenture (including
the reasonable compensation and the expenses and disbursements of its
agents and counsel), except any such expense, disbursement or advance as
may be attributable to its negligence or willful misconduct; and
(3) to indemnify each of the Trustee and any predecessor Trustee
for, and to hold it harmless against, any loss, liability or expense
incurred without negligence or bad faith on its own part, arising out of
or in connection with the acceptance or administration of the trust or
trusts hereunder, including the costs and expenses of defending itself
against any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder.
When the Trustee incurs expenses or renders services in connection with
an Event of Default specified in Section 501(6) or Section 501(7), the expenses
(including the reasonable
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charges and expenses of its counsel) and the compensation for the services are
intended to constitute expenses of administration under any applicable Federal
or state bankruptcy, insolvency or other similar law.
As security for the performance of the obligations of the Operating
Partnership under this Section, the Trustee shall have a lien for payment of the
Trustee's fees and expenses prior to the Securities upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the
payment of principal of (or premium, if any) with respect to the Securities.
The provisions of this Section shall survive the termination of this
Indenture.
SECTION 607. CORPORATE TRUSTEE REQUIRED; ELIGIBILITY; CONFLICTING
INTERESTS. There shall at all times be a Trustee hereunder which shall be
eligible to act as Trustee under TIA Section 310(a) (1) and shall have a
combined capital and surplus of at least $100,000,000 (or which trust company
shall have an ultimate parent holding company with a combined capital and
surplus of at least $100,000,000). If such corporation (or ultimate parent
holding company, as the case may be) publishes reports of condition at least
annually, pursuant to law or the requirements of federal, state, territorial or
District of Columbia supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such corporation (or
ultimate parent holding company, as the case may be) shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect hereinafter specified in this Article.
SECTION 608. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.
(a) No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 609.
(b) The Trustee may resign at any time with respect to the
Securities of one or more series by giving written notice thereof to the
Operating Partnership. If an instrument of acceptance by a successor
Trustee shall not have been delivered to the Trustee within 30 days
after the giving of such notice of resignation, the resigning Trustee
may petition any court of competent jurisdiction for the appointment of
a successor Trustee.
(c) The Trustee may be removed at any time with respect to the
Securities of any series by Act of the Holders of a majority in
principal amount of the Outstanding Securities of such series delivered
to the Trustee and to the Operating Partnership.
(d) If at any time:
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(1) the Trustee shall fail to comply with the provisions
of TIA Section 310(b) after written request therefor by the
Operating Partnership or by any Holder who has been a bona fide
Holder for at least six months, or
(2) the Trustee shall cease to be eligible under Section
607 and shall fail to resign after written request therefor by
the Operating Partnership or by any Holder who has been a bona
fide Holder for at least six months, or
(3) the Trustee shall become incapable of acting or shall
be adjudged a bankrupt or insolvent or a receiver of the Trustee
or of its property shall be appointed or any public officer shall
take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or
liquidation,
then, in any such case, (i) the Operating Partnership by or pursuant to
a Board Resolution may remove the Trustee and appoint a successor
Trustee with respect to all Securities, or (ii) subject to TIA Section
315(e), any Holder who has been a bona fide Holder for at least six
months may, on behalf of such Holder and all others similarly situated,
petition any court of competent jurisdiction for the removal of the
Trustee with respect to all Securities and the appointment of a
successor Trustee or Trustees.
(e) If the Trustee shall resign, be removed or become incapable
of acting, or if a vacancy shall occur in the office of Trustee for any
cause with respect to the Securities of one or more series, the
Operating Partnership, by or pursuant to a Board Resolution, shall
promptly appoint a successor Trustee or Trustees with respect to the
Securities of that or those series (it being understood that any such
successor Trustee may be appointed with respect to the Securities of one
or more or all of such series and that at any time there shall be only
one Trustee with respect to the Securities of any particular series).
If, within one year after such resignation, removal or incapability, or
the occurrence of such vacancy, a successor Trustee with respect to the
Securities of any series shall be appointed by Act of the Holders of a
majority in principal amount of the Outstanding Securities of such
series delivered to the Operating Partnership and the retiring Trustee,
the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment, become the successor Trustee with respect to the
Securities of such series and to that extent supersede the successor
Trustee appointed by the Operating Partnership. If no successor Trustee
with respect to the Securities of any series shall have been so
appointed by the Operating Partnership or the Holders of Securities of
such Series and accepted appointment in the manner hereinafter provided,
any Holder who has been a bona fide Holder of a Security of such series
for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of
such series.
(f) The Operating Partnership shall give notice of each
resignation and each removal of the Trustee with respect to the
Securities of any series and each appointment of a successor Trustee
with respect to the Securities of such series in the manner provided for
notices to the Holders in section 106. Each notice shall include the
name of the
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successor Trustee with respect to the Securities of such series and the
address of its Corporate Trust Office.
SECTION 609. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.
(a) In case of the appointment hereunder of a successor Trustee
with respect to all Securities, every such successor Trustee shall
execute, acknowledge and deliver to the Operating Partnership and to the
retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become
effective and such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and
duties of the retiring Trustee; but, on request of the Operating
Partnership or the successor Trustee, such retiring Trustee shall, upon
payment of its charges, execute and deliver an instrument transferring
to such successor Trustee all the rights, powers and trusts of the
retiring Trustee, and shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee
hereunder, subject nevertheless to its lien and claim, if any, provided
for in Section 606.
(b) In case of the appointment hereunder of a successor Trustee
with respect to the Securities of one or more (but not all) series, the
Operating Partnership, the retiring Trustee and each successor Trustee
with respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto, pursuant to Article Nine
hereof, wherein each successor Trustee shall accept such appointment and
which (1) shall contain such provisions as shall be necessary or
desirable to transfer and confirm to, and to vest in, each successor
Trustee all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates, (2) if the retiring
Trustee is not retiring with respect to all Securities, shall contain
such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series as to which the
retiring Trustee is not retiring shall continue to be vested in the
retiring Trustee, and (3) shall add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, it
being understood that nothing herein or in such supplemental indenture
shall constitute such Trustees as co-trustees of the same trust and that
each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by
any other such Trustee; and upon the execution and delivery of such
supplemental indenture the resignation or removal of the retiring
Trustee shall become effective to the extent provided therein and each
such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of
the retiring Trustee with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates; but,
on request of the Operating Partnership or any successor Trustee, such
retiring Trustee shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee
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hereunder with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates.
(c) Upon request of any such successor Trustee, the Operating
Partnership shall execute any and all instruments for more fully and
certainly vesting in and confirming to such successor Trustee all such
rights, powers and trusts referred to in paragraph (a) or (b) of this
Section, as the case may be.
(d) No successor Trustee shall accept its appointment unless at
the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article Six.
SECTION 610. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO
BUSINESS. Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto. In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Securities so authenticated with the same
effect as if such successor Trustee had itself authenticated such Securities. In
case any Securities shall not have been authenticated by such predecessor
Trustee, any such successor Trustee may authenticate and deliver such
Securities, in either its own name or that of its predecessor Trustee, with the
full force and effect which this Indenture provides for the certificate of
authentication of the Trustee.
SECTION 611. APPOINTMENT OF AUTHENTICATING AGENT. At any time when any
of the Securities remain Outstanding, the Trustee may appoint an Authenticating
Agent or Agents with respect to one or more series of Securities which shall be
authorized to act on behalf of the Trustee to authenticate Securities of such
series issued upon exchange, registration of transfer or partial redemption or
repayment thereof, and Securities so authenticated shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes as
if authenticated by the Trustee hereunder. Any such appointment shall be
evidenced by an instrument in writing signed by a Responsible Officer of the
Trustee, a copy of which instrument shall be promptly furnished to the Operating
Partnership. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by the Trustee or the Trustee's certificate of
authentication, such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent and a certificate
of authentication executed on behalf of the Trustee by an Authenticating Agent.
Each Authenticating Agent shall be acceptable to the Operating Partnership and
shall at all times be a bank or trust company or corporation organized and doing
business and in good standing under the laws of the United States of America or
of any State or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having (or whose bank holding company has) a combined
capital and surplus of not less than $100,000,000 and subject to supervision or
examination by Federal or
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state authorities. If such Authenticating Agent publishes reports of condition
at least annually, pursuant to law or the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such Authenticating Agent shall be deemed to be
its combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time an Authenticating Agent shall cease
to be eligible in accordance with the provisions of this Section, such
Authenticating Agent shall resign immediately in the manner and with the effect
specified in this section.
Any corporation into which an Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which such Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section, without the execution or filing of any paper or further act
on the part of the Trustee or the Authenticating Agent.
An Authenticating Agent for any series of Securities may at any time
resign by giving written notice of resignation to the Trustee for such series
and to the Operating Partnership. The Trustee for any series of Securities may
at any time terminate the agency of an Authenticating Agent by giving written
notice of termination to such Authenticating Agent and to the Operating
Partnership. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time such Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section, the Trustee for such
series may appoint a successor Authenticating Agent which shall be acceptable to
the Operating Partnership and shall give notice of such appointment to all
Holders of Securities of the series with respect to which such Authenticating
Agent will serve in the manner set forth in Section 106. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all the rights, powers and duties of its predecessor hereunder, with
like effect as if originally named as an Authenticating Agent herein. No
successor Authenticating Agent shall be appointed unless eligible under the
provisions of this Section.
The Operating Partnership agrees to pay to each Authenticating Agent
from time to time reasonable compensation including reimbursement of its
reasonable expenses for its services under this Section.
If an appointment with respect to one or more series is made pursuant to
this Section, the Securities of such series may have endorsed thereon, in
addition to or in lieu of the Trustee's certificate of authentication, an
alternate certificate of authentication substantially in the following form:
This is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture.
[full name of Trustee]
as Trustee
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By:
----------------------------------
as Authenticating Agent
By:
----------------------------------
Authenticating Officer
ARTICLE SEVEN
HOLDERS' LISTS AND REPORTS BY TRUSTEE AND OPERATING PARTNERSHIP
SECTION 701. DISCLOSURE OF NAMES AND ADDRESSES OF HOLDERS. Every
Holder, by receiving and holding the Securities, agrees with the Operating
Partnership and the Trustee that neither the Operating Partnership nor the
Trustee nor any Authenticating Agent nor any Paying Agent nor any Security
Registrar shall be held accountable by reason of the disclosure of any
information as to the names and addresses of the Holders in accordance with TIA
Section 312, regardless of the source from which such information was derived,
and that the Trustee shall not be held accountable by reason of mailing any
material pursuant to a request made under TIA Section 312(b).
SECTION 702. REPORTS BY TRUSTEE. Within 60 days after May 15 of each
year commencing with the first May 15 after the first issuance of Securities
pursuant to this Indenture, the Trustee shall transmit by mail to all Holders as
provided in TIA Section 313 (c) a brief report dated as of such May 15 if
required by TIA Section 313(a).
SECTION 703. OPERATING PARTNERSHIP TO FURNISH TRUSTEE NAMES AND
ADDRESSES OF HOLDERS. The Operating Partnership will furnish or cause to be
furnished to the Trustee:
(a) semi-annually, not later than 15 days after the
Regular Record Date for interest for any series of Securities, a
list, in such form as the Trustee may reasonably require, of the
names and addresses of the Holders of such series as of such
Regular Record Date, and
(b) at such other times as the Trustee may request in
writing, within 30 days after the receipt by the Operating
Partnership of any such request, a list of similar form and
content as of a date not more than 15 days prior to the time such
list is furnished,
provided, however, that, so long as the Trustee is the Security Registrar, no
such list shall be required to be furnished
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ARTICLE EIGHT
CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE
SECTION 801. CONSOLIDATIONS AND MERGERS OF OPERATING PARTNERSHIP AND
SALES, LEASES AND CONVEYANCES PERMITTED SUBJECT TO CERTAIN CONDITIONS. The
Operating Partnership will not, in any transaction or series of related
transactions, consolidate with, or sell, lease, assign, transfer or otherwise
convey all or substantially all of its assets to, or merge with or into, any
other Person unless (i) either the Operating Partnership shall be the continuing
Person, or the successor Person (if other than the Operating Partnership) formed
by or resulting from any such consolidation or merger or which shall have
received the transfer of such assets shall be a corporation, partnership,
limited liability company or other entity organized and existing under the laws
of the United States of America or a State thereof or the District of Columbia
and shall expressly assume, by supplemental indenture executed by such successor
Person and delivered by it to the Trustee (which supplemental indenture shall
comply with Article Nine hereof and shall be reasonably satisfactory to the
Trustee), the due and punctual payment of the principal of (and premium, if any)
and interest payable in respect of, all of the Outstanding Securities, according
to their tenor, and the due and punctual performance and observance of all of
the other covenants and conditions contained in this Indenture and the
Securities to be performed or observed by the Operating Partnership; (ii)
immediately after giving effect to such transaction and treating any Debt
(including Acquired Debt) which becomes an obligation of the Operating
Partnership or any of its Affiliates as a result thereof as having been incurred
by the Operating Partnership or such Affiliate at the time of such transaction,
no Event of Default, and no event which, after notice or the lapse of time, or
both, would become an Event of Default, shall have occurred and shall be
continuing; and (iii) the Operating Partnership shall have delivered to the
Trustee the Officers' Certificate and Opinion of Counsel required pursuant to
Section 803 below. In the event that the Operating Partnership is not the
continuing Person, then, for purposes of clause (ii) of the preceding sentence,
the successor Person shall be deemed to be the "Operating Partnership" referred
to in such clause (ii).
SECTION 802. RIGHTS AND DUTIES OF SUCCESSOR PERSON. In case of any such
consolidation, sale, lease, assignment, transfer, conveyance or merger and upon
any such assumption by the successor, such successor Person shall succeed to and
be substituted for and may exercise every right and power of the Operating
Partnership, with the same effect as if it had been named as the "Operating
Partnership" herein; and the predecessor Person shall be released, except in the
case of a lease, from any further obligation under this Indenture and the
Securities.
SECTION 803. OFFICERS' CERTIFICATE AND OPINION OF COUNSEL. Any
consolidation, sale, lease, assignment, transfer, conveyance or merger permitted
under Section 801 is also subject to the condition precedent that the Trustee
receive an Officers' Certificate and an Opinion of Counsel to the effect that
any such consolidation, sale, lease, assignment, transfer, conveyance or merger,
and the assumption by any successor Person, complies with the provisions of this
Article and that all conditions precedent herein provided for relating to such
transaction have been complied with.
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ARTICLE NINE
SUPPLEMENTAL INDENTURES
SECTION 901. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.
Without the consent of any Holders, the Operating Partnership, when authorized
by or pursuant to a Board Resolution, the applicable Guarantors and the Trustee,
at any time and from time to time, may enter into one or more indentures
supplemental hereto, in form satisfactory to the Trustee, for any of the
following purposes:
(1) to evidence the succession of another Person to the Operating
Partnership or any Guarantor and the assumption by any such successor of
the covenants of the Operating Partnership herein and in the Securities
or Guarantees; or
(2) to add to the covenants of the Operating Partnership or any
Guarantor for the benefit of the Holders of all or any series of
Securities (and if such covenants are to be for the benefit of less than
all series of Securities, stating that such covenants are expressly
being included solely for the benefit of such series) or to surrender
any right or power herein conferred upon the Operating Partnership or
any Guarantor; or
(3) to add any additional Events of Default for the benefit of
the Holders of all or any series of Securities (and if such Events of
Default are to be for the benefit of less than all series of Securities,
stating that such Events of Default are expressly being included solely
for the benefit of such series); provided, however, that in respect of
any such additional Events of Default such supplemental indenture may
provide for a particular period of grace after default (which period may
be shorter or longer than that allowed in the case of other defaults) or
may provide for an immediate enforcement upon such default or may limit
the remedies available to the Trustee upon such default or may limit the
right of the Holders of a majority in aggregate principal amount of that
or those series of Securities to which such additional Events of Default
apply to waive such default; or
(4) to add or change any provisions of this Indenture to
facilitate the issuance of the Securities in certificate form, provided
that such amendment shall not adversely affect the interest of the
Holders of any Securities in any material respect; or
(5) to secure the Securities or Guarantees; or
(6) to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee with respect to the Securities of one
or more series and to add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee; or
(7) to cure any ambiguity, to correct or supplement any provision
herein which may be defective or inconsistent with any other provision
herein or to make any other provisions with respect to matters or
questions arising under this Indenture which shall not be inconsistent
with the provisions of this Indenture, provided such action shall not
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adversely affect the interests of the Holders of Securities of any
series or any related Guarantees in any material respect; or
(8) to supplement any of the provisions of this Indenture to such
extent as shall be necessary to permit or facilitate the discharge,
defeasance or covenant defeasance, as the case may be, of any series of
Securities pursuant to Sections 401, 1202 and 1203; provided that any
such action shall not adversely affect the interests of the Holders of
Securities of such series and any related Guarantees or any other series
of Securities in any material respect.
SECTION 902. SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS. With the
consent of the Holders of not less than a majority in principal amount of all
Outstanding Securities of any series affected by such supplemental indenture, by
Act of said Holders delivered to the Operating Partnership, the Guarantors and
the Trustee, the Operating Partnership, when authorized by or pursuant to a
Board Resolution, and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of the
Securities of such series or of modifying in any manner the rights of the
Holders of Securities of such series and any related Guarantees under this
Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of any Outstanding Security affected thereby:
(1) change the Stated Maturity of the principal of (or premium,
if any, on) or any installment of principal of, or premium, if any, or
the Interest Payment Date with respect to, any Security; or reduce the
principal amount thereof or the rate or amount of interest thereon, or
any premium payable thereon, or adversely affect any right of the Holder
to repayment of such Security at such Holder's option, or change any
Place of Payment where, or the coin or currency in which, the principal
of any Security or any premium or interest thereon is payable, or impair
the right to institute suit for the enforcement of any such payment on
or after the Stated Maturity, or Interest Payment Date, as applicable,
thereof (or, in the case of redemption, on or after the Redemption Date)
or that would be provable in bankruptcy, or
(2) reduce the percentage in principal amount of the Outstanding
Securities of any series, the consent of whose Holders is required for
any such supplemental indenture, or the consent of whose Holders is
required for any waiver with respect to such series (or compliance with
certain provisions of this Indenture or certain defaults hereunder and
their consequences) provided for in this Indenture, or reduce the
requirements of Section 1304 for quorum or voting, or
(3) modify any of the provisions of this Section, Section 513 or
Section 1013, except to increase the percentage required to effect such
action or to provide that certain other provisions of this Indenture
cannot be modified or waived without the consent of the Holder of any
Outstanding Security affected thereby, or
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(4) impair the right to institute suit for the enforcement of any
payment on or with respect to any such Security.
It shall not be necessary for any Act of Holders under this Section to
approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such Act shall approve the substance thereof. A supplemental
indenture which changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or
more particular series of Securities, or which modifies the rights of the
Holders of Securities of such series with respect to such covenant or other
provision, shall be deemed not to affect the rights under this Indenture of the
Holders of Securities of any other series.
SECTION 903. EXECUTION OF SUPPLEMENTAL INDENTURES. In executing, or
accepting the additional trusts created by, any supplemental indenture permitted
by this Article or the modification thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture. The
Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee's own rights, duties or immunities under
this Indenture or otherwise.
SECTION 904. EFFECT OF SUPPLEMENTAL INDENTURES. Upon the execution of
any supplemental indenture under this Article Nine, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a
part of this Indenture for all purposes; and every Holder theretofore
authenticated and delivered hereunder shall be bound thereby.
SECTION 905. CONFORMITY WITH TRUST INDENTURE ACT. Every supplemental
indenture executed pursuant to this Article Nine shall conform to the
requirements of the Trust Indenture Act as then in effect.
SECTION 906. REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.
Securities authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article Nine may, and shall, if required by the
Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Operating Partnership shall
so determine, new Securities of any series so modified as to conform, in the
opinion of the Trustee and the Operating Partnership, to any such supplemental
indenture may be prepared and executed by the Operating Partnership and
authenticated and delivered by the Trustee in exchange for Outstanding
Securities of such series.
ARTICLE TEN
COVENANTS
SECTION 1001. PAYMENT OF PRINCIPAL, PREMIUM, IF ANY, AND INTEREST. The
Operating Partnership covenants and agrees for the benefit of the Holders of any
series of Securities that it will duly and punctually pay the principal of (and
premium, if any) and interest on the Securities of that series in accordance
with the terms of such series of Securities and this Indenture.
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SECTION 1002. MAINTENANCE OF OFFICE OR AGENCY. The Operating Partnership
shall maintain in each Place of Payment for any series of Securities an office
or agency where Securities of that series may be presented or surrendered for
payment or conversion, where Securities of that series may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Operating Partnership in respect of the Securities of that series and this
Indenture may be served. The Operating Partnership will give prompt written
notice to the Trustee of the location, and any change in the location, of each
such office or agency. If at any time the Operating Partnership shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands
shall be made or served at the Corporate Trust Office of the Trustee (and the
Operating Partnership hereby appoints the Trustee its agent to receive all such
presentations, surrenders, notices and demands), and the Operating Partnership
hereby appoints the same as its agent to receive such presentations, surrenders,
notices and demands.
The Operating Partnership may from time to time designate one or more
other offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all of such purposes, and may from time to
time rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Operating Partnership of its
obligation to maintain an office or agency in accordance with the requirements
set forth above for Securities of any series for such purposes. The Operating
Partnership will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other
office or agency. Unless otherwise specified pursuant to Section 301 with
respect to a series of Securities, the Operating Partnership hereby designates
as the Place of Payment for any series of Securities the office or agency of the
Operating Partnership in the Borough of Manhattan, The City of New York, and
initially appoints the Trustee, at the office of its affiliate, State Street
Bank and Trust Company, which on the date of this Indenture are located at 00
Xxxxxxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000 in such city and as its agent to
receive all such presentations, surrenders, notices and demands and appoints the
Trustee, at its Corporate Trust Office and at the office of its affiliate, State
Street Bank and Trust Company, in the Borough of Manhattan, The City of New
York, as Paying Agent and Security Registrar. The Operating Partnership may
subsequently appoint a different office or agency in the Borough of Manhattan,
The City of New York and a different Paying Agent and Security Registrar for the
Securities of any Series.
SECTION 1003. MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST. If the
Operating Partnership shall at any time act as its own Paying Agent with respect
to any series of any Securities, it will, on or before each due date of the
principal of (or premium, if any) or interest on the Securities of that series,
segregate and hold in trust for the benefit of the Persons entitled thereto the
sum in which the Securities of such series are payable (except as otherwise
specified pursuant to Section 301 for the Securities of such series) sufficient
to pay the principal (and premium, if any) and interest so becoming due until
such sums shall be paid to such Persons or otherwise disposed of as herein
provided, and will promptly notify the Trustee of its action or failure so to
act.
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Whenever the Operating Partnership shall have one or more Paying Agents
for any series of Securities, it will, on or before each due date of the
principal of (or premium, if any) or interest on any Securities of that series,
deposit with a Paying Agent a sum sufficient to pay the principal (and premium,
if any) and interest so becoming due, such sum to be held in trust for the
benefit of the Persons entitled to such principal, premium and interest and
(unless such Paying Agent is the Trustee) the Operating Partnership will
promptly notify the Trustee of its action or failure so to act.
The Operating Partnership will cause each Paying Agent other than the
Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee, subject to the provisions of this Section,
that such Paying Agent will:
(1) hold all sums held by it for the payment of principal of (and
premium, if any) and interest on the Securities in trust for the benefit
of the Persons entitled thereto until such sums shall be paid to such
Persons or otherwise disposed of as herein provided;
(2) give the Trustee notice of any default by the Operating
Partnership (or any other obligor upon the Securities) in the making of
any such payment of principal (or premium, if any) or interest; and
(3) at any time during the continuance of any such default upon
the written request of the Trustee, forthwith pay to the Trustee all
sums so held in trust by such Paying Agent.
The Operating Partnership may at any time, for the purpose of obtaining
the satisfaction and discharge of this Indenture or for any other purpose, pay,
or by Operating Partnership Order direct any Paying Agent to pay, to the Trustee
all sums held in trust by the Operating Partnership or such Paying Agent, such
sums to be held by the Trustee upon the same trusts as those upon which such
sums were held by the Operating Partnership or such Paying Agent; and, upon such
payment by any Paying Agent to the Trustee, such Paying Agent shall be released
from all further liability with respect to such sums.
Any money deposited with the Trustee or any Paying Agent, or held by the
Operating Partnership, in trust for the payment of the principal of (or premium,
if any) or interest on any Security of any series and remaining unclaimed for
two years after such principal (or premium, if any), or interest has become due
and payable shall, if such money was then on deposit with the Trustee or any
Paying Agent, be paid to the Operating Partnership upon Operating Partnership
Request or (if then held by the Operating Partnership) shall be discharged from
such trust; and the Holder of such Security shall thereafter, as an unsecured
general creditor, look only to the Operating Partnership and the Guarantors for
payment of such principal of (or premium, if any) or interest on, such Security,
and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Operating Partnership as trustee thereof, shall
thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the
Operating Partnership cause to be published once, in an Authorized Newspaper,
notice that such money remains unclaimed and that, after a date
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specified therein, which shall not be less than 30 days from the date of such
publication, any unclaimed balance of such money then remaining will be repaid
to the Operating Partnership.
SECTION 1004. AGGREGATE DEBT TEST. The Operating Partnership will not,
and will not permit any of its Subsidiaries to, incur any Debt (including,
without limitation, Acquired Debt) if, immediately after giving effect to the
incurrence of such Debt and the application of the proceeds therefrom on a pro
forma basis, the aggregate principal amount of all outstanding Debt of the
Operating Partnership and its Subsidiaries (determined on a consolidated basis
in accordance with GAAP) is greater than 60% of the sum of (without duplication)
(i) the Total Assets of the Operating Partnership and its Subsidiaries as of the
last day of the then most recently ended fiscal quarter and (ii) the aggregate
purchase price of any real estate assets or mortgages receivable acquired, and
the aggregate amount of any securities offering proceeds received (to the extent
such proceeds were not used to acquire real estate assets or mortgages
receivable or used to reduce Debt), by the Operating Partnership or any of its
Subsidiaries since the end of such fiscal quarter, including the proceeds
obtained from the incurrence of such additional Debt, determined on a
consolidated basis in accordance with GAAP. For purposes of the foregoing Debt
shall be deemed to be "incurred" by the Operating Partnership or a Subsidiary
whenever the Operating Partnership and its Subsidiary shall create, assume,
guarantee or otherwise become liable in respect thereof.
SECTION 1005. DEBT SERVICE TEST. The Operating Partnership will not, and
will not permit any of its Subsidiaries to, incur any Debt (including, without
limitation, Acquired Debt) if the ratio of Consolidated Income Available for
Debt Service to the Annual Debt Service Charge for the period consisting of the
four consecutive fiscal quarters most recently ended prior to the date on which
such additional Debt is to be incurred shall have been less than 1.5:1 on a pro
forma basis after giving effect to the incurrence of such Debt and the
application of the proceeds therefrom, and calculated on the assumption that (i)
such Debt and any other Debt (including, without limitation, Acquired Debt)
incurred by the Operating Partnership or any of its Subsidiaries since the first
day of such four-quarter period had been incurred, and the application of the
proceeds therefrom (including to repay or retire other Debt) had occurred, on
the first day of such period, (ii) the repayment or retirement of any other Debt
of the Operating Partnership or any of its Subsidiaries since the first day of
such four-quarter period had occurred on the first day of such period (except
that, in making such computation, the amount of Debt under any revolving credit
facility, line of credit or similar facility shall be computed based upon the
average daily balance of such Debt during such period), and (iii) in the case of
any acquisition or disposition by the Operating Partnership or any of its
Subsidiaries of any asset or group of assets, in any such case with a fair
market value (determined in good faith by the Board of Directors) in excess of
$1 million, since the first day of such four-quarter period, whether by merger,
stock purchase or sale or asset purchase or sale or otherwise, such acquisition
or disposition had occurred as of the first day of such period with the
appropriate adjustments with respect to such acquisition or disposition being
included in such pro forma calculation. If the Debt giving rise to the need to
make the foregoing calculation or any other Debt incurred after the first day of
the relevant four-quarter period bears interest at a floating rate then, for
purposes of calculating the Annual Debt Service Charge, the interest rate on
such Debt shall be computed on a pro forma basis by applying the average daily
rate which would have been in effect during the entire such
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four-quarter period to the greater of the amount of such Debt outstanding at
the end of such period or the average amount of Debt outstanding during such
period. For purposes of the foregoing Debt shall be deemed to be "incurred" by
the Operating Partnership or a Subsidiary whenever the Operating Partnership and
its Subsidiary shall create, assume, guarantee or otherwise become liable in
respect thereof.
SECTION 1006. SECURED DEBT TEST. The Operating Partnership will not, and
will not permit any of its Subsidiaries to, incur any Debt (including, without
limitation, Acquired Debt) secured by any Lien on any property or assets of the
Operating Partnership or any of its Subsidiaries, whether owned on the date of
this Indenture or thereafter acquired, if, immediately after giving effect to
the incurrence of such Debt and the application of the proceeds therefrom on a
pro forma basis, the aggregate principal amount (determined on a consolidated
basis in accordance with GAAP) of all outstanding Debt of the Operating
Partnership and its Subsidiaries which is secured by any Lien on any property or
assets of the Operating Partnership or any of its Subsidiaries is greater than
40% of the sum of (without duplication) (i) the Total Assets of the Operating
Partnership and its Subsidiaries as of the last day of the then most recently
ended fiscal quarter and (ii) the aggregate purchase price of any real estate
assets or mortgages receivable acquired, and the aggregate amount of any
securities offering proceeds received (to the extent such proceeds were not used
to acquire real estate assets or mortgages receivable or used to reduce Debt),
by the Operating Partnership or any of its Subsidiaries since the end of such
fiscal quarter, including the proceeds obtained from the incurrence of such
additional Debt, determined on a consolidated basis in accordance with GAAP. For
purposes of the foregoing Debt shall be deemed to be "incurred" by the Operating
Partnership or a Subsidiary whenever the Operating Partnership and its
Subsidiary shall create, assume, guarantee or otherwise become liable in respect
thereof.
SECTION 1007. MAINTENANCE OF TOTAL UNENCUMBERED ASSETS. The Operating
Partnership will not have at any time Total Unencumbered Assets of less than
150% of the aggregate principal amount of all outstanding Unsecured Debt of the
Operating Partnership and its Subsidiaries, determined on a consolidated basis
in accordance with GAAP.
SECTION 1008. EXISTENCE. Subject to Article Eight, the Operating
Partnership will do or cause to be done all things necessary to preserve and
keep in full force and effect its existence, rights (charter and statutory) and
franchises; provided, however, that the Operating Partnership will not be
required to preserve any right or franchise if the applicable Board of Directors
determines that the preservation thereof is no longer desirable in the conduct
of its business and that the loss thereof is not disadvantageous in any material
respect to the Holders.
SECTION 1009. MAINTENANCE OF PROPERTIES. The Operating Partnership will
cause all of its properties used or useful in the conduct of its business or the
business of any Subsidiary to be maintained and kept in good condition, repair
and working order and supplied with all necessary equipment and will cause to be
made all necessary repairs, renewals, replacements, betterments and improvements
thereof, all as in the judgment of the Operating Partnership may be necessary so
that the business carried on in connection therewith may be properly and
advantageously conducted at all times.
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SECTION 1010. INSURANCE. The Operating Partnership will, and will cause
each of its Subsidiaries to, keep in force upon all of its properties and
operations policies of insurance carried with responsible companies in such
amounts and covering all such risks as shall be customary in the industry in
accordance with prevailing market conditions and availability.
SECTION 1011. PAYMENT OF TAXES AND OTHER CLAIMS. The Operating
Partnership will pay or discharge or cause to be paid or discharged, before the
same shall become delinquent, (1) all taxes, assessments and governmental
charges levied or imposed upon it or any Subsidiary or upon the income, profits
or property of the Operating Partnership or any Subsidiary, and (2) all lawful
claims for labor, materials and supplies which, if unpaid, might by law become a
lien upon the property of the Operating Partnership or any Subsidiary; provided,
however, that the Operating Partnership will not be required to pay or discharge
or cause to be paid or discharged any such tax, assessment, charge or claim
whose amount, applicability or validity is being contested in good faith by
appropriate proceedings.
SECTION 1012. PROVISION OF FINANCIAL INFORMATION. The Operating
Partnership will:
(1) file with the Trustee, within 15 days after the Operating
Partnership or the General Partner is required to file the same with the
Commission, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the
foregoing as the Commission may from time to time by rules and
regulations prescribe) which the Operating Partnership or the General
Partner may be required to file with the Commission pursuant to Section
13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the
Operating Partnership or the General Partner is not required to file
information, documents or reports pursuant to any of such Sections, then
it will file with the Trustee and the Commission, in accordance with
rules and regulations prescribed from time to time by the Commission,
such of the supplementary and periodic information, documents and
reports which may be required pursuant to Section 13 of the Securities
Exchange Act of 1934 in respect of a security listed and registered on a
national securities exchange as may be prescribed from time to time in
such rules and regulations;
(2) file with the Trustee and the Commission, in accordance with
rules and regulations prescribed from time to time by the Commission,
such additional information, documents and reports with respect to
compliance by the Operating Partnership and the General Partner with the
conditions and covenants of this Indenture as may be required from time
to time by such rules and regulations; and
(3) transmit by mail to the Holders, within 30 days after the
filing thereof with the Trustee, in the manner and to the extent
provided in TIA Section 313(c), such summaries of any information,
documents and reports required to be filed by the Operating Partnership
and the Guarantor pursuant to paragraphs (1) and (2) of this
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Section as may be required by rules and regulations prescribed from time
to time by the Commission.
SECTION 1013. SUBSIDIARY GUARANTEES. (a) The Operating Partnership will
not permit any of its Subsidiaries to guarantee or secure through the granting
of Liens, the payment of any Debt of the Company or any Guarantor and (b) the
Operating Partnership will not and will not permit any of its Subsidiaries to
pledge any intercompany Securities representing obligations of any of its
Subsidiaries, to secure the payment of any debt of the Operating Partnership or
any Guarantor, in each case unless such Subsidiary (a "Subsidiary Guarantor"),
the Operating Partnership and the Trustee execute and deliver a supplemental
indenture evidencing such Subsidiary's Guarantee (providing for the
unconditional Guarantee by such Subsidiary, on a senior basis, of the
notes). If any Subsidiary Guarantor is released from all of its obligations
described in clause (a) or (b) of the preceding sentence, such Subsidiary
Guarantor shall also be released from its unconditional Guarantee of the
Securities pursuant to such supplemental indenture and Article XIV hereof.
SECTION 1014. WAIVER OF CERTAIN COVENANTS. The Operating Partnership may
omit in any particular instance to comply with any term, provision or condition
set forth in Sections 1004 to 1012, inclusive, if before or after the time for
such compliance the Holders of at least a majority in principal amount of all
Outstanding Securities of such series, by Act of such Holders, either waive such
compliance in such instance or generally waive compliance with such covenant or
condition, but no such waiver shall extend to or affect such covenant or
condition except to the extent so expressly waived, and, until such waiver shall
become effective, the obligations of the Operating Partnership and the duties of
the Trustee in respect of any such term, provision or condition shall remain in
full force and effect.
SECTION 1015. STATEMENT AS TO COMPLIANCE. The Operating Partnership will
deliver to the Trustee, within 120 days after the end of each fiscal year, a
brief certificate from its General Partner's principal executive officer,
principal financial officer or principal accounting officer as to his or her
knowledge of the Operating Partnership's compliance with all conditions and
covenants under this Indenture and, in the event of any noncompliance,
specifying such noncompliance and the nature and status thereof, provided that
if the Operating Partnership has been succeeded to by a corporate successor
pursuant to the provisions hereof such certificate will be from such successor's
principal executive officer, principal financial officer or principal accounting
officer. For purposes of this Section 1015, such compliance shall be determined
without regard to any period of grace or requirement of notice under this
Indenture.
ARTICLE ELEVEN
REDEMPTION OF SECURITIES
SECTION 1101. APPLICABILITY OF ARTICLE. Securities of any series which
are redeemable before their Stated Maturity, shall be, unless set forth
otherwise in the supplemental indenture applicable to such series, redeemable,
in whole or in part, before their
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Stated Maturity at the option of the Operating Partnership on any date (a
"Redemption Date") at the Redemption Price.
SECTION 1102. ELECTION TO REDEEM; NOTICE TO TRUSTEE. The election of the
Operating Partnership to redeem any Securities shall be evidenced by or pursuant
to a Board Resolution. In case of any redemption at the election of the
Operating Partnership of less than all of the Securities of any series, the
Operating Partnership shall, at least 45 days prior to the giving of the notice
of redemption referred to in Section 1104 (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee of such Redemption Date and of
the principal amount of Securities of such series to be redeemed.
SECTION 1103. SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED. If less
than all the Securities of any series are to be redeemed, the particular
Securities to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series
not previously called for redemption (excluding any such Outstanding Securities
held by the Operating Partnership or any of its Subsidiaries), by such method as
the Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of portions (equal to the minimum authorized
denomination for Securities of that series or any integral multiple thereof) of
the principal amount of Securities of such series of a denomination larger than
the minimum authorized denomination for Securities of that series.
The Trustee shall promptly notify the Operating Partnership and the
Security Registrar (if other than itself) in writing of the Securities selected
for redemption and, in the case of any Securities selected for partial
redemption, the principal amount thereof to be redeemed.
For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate,
in the case of any Security redeemed or to be redeemed only in part, to the
portion of the principal amount of such Security which has been or is to be
redeemed.
SECTION 1104. NOTICE OF REDEMPTION. Notice of redemption shall be given
in the manner provided in Section 106 and may be further specified in an
indenture supplemental hereto, not less than 30 days nor more than 60 days prior
to the Redemption Date to each Holder to be redeemed, but failure to give such
notice in the manner herein provided to the Holder of any Security designated
for redemption as a whole or in part, or any defect in the notice to any such
Holder, shall not affect the validity of the proceedings for the redemption of
any other such Security or portion thereof.
Any notice that is mailed to the Holders in the manner herein provided
shall be conclusively presumed to have been duly given, whether or not the
Holder receives the notice.
All notices of redemption shall state:
(1) the Redemption Date,
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(2) the Redemption Price and the amount of accrued interest to
the Redemption Date payable as provided in Section 1106, if any,
(3) if less than all Outstanding Securities of any series are to
be redeemed, the identification (and, in the case of partial redemption,
the principal amount) of the particular Security or Securities to be
redeemed,
(4) in case any Security is to be redeemed in part only, the
notice shall state that on and after the Redemption Date, upon surrender
of such Security, the Holder will receive, without a charge, a new
Security or Securities of such series of authorized denominations for
the principal amount thereof remaining unredeemed,
(5) that on the Redemption Date the Redemption Price and accrued
interest to the Redemption Date payable as provided in Section 1106,
will become due and payable upon each such Security, or the portion
thereof, to be redeemed and, if applicable, that interest thereon shall
cease to accrue on and after said date,
(6) the Place or Places of Payment where such Securities,
maturing after the Redemption Date, are to be surrendered for payment of
the Redemption Price and accrued interest, and
(7) the CUSIP number and series of such Security.
SECTION 1105. DEPOSIT OF REDEMPTION PRICE. At or prior to 12:00 noon
(New York Time) on any Redemption Date, the Operating Partnership shall deposit
with the Trustee or with a Paying Agent (or, if the Operating Partnership is
acting as its own Paying Agent, segregate and hold in trust as provided in
Section 1003) an amount of money sufficient to pay on the Redemption Date the
Redemption Price of, and (except if the Redemption Date shall be an Interest
Payment Date) accrued interest on all the Securities or portions thereof which
are to be redeemed on that date.
SECTION 1106. SECURITIES PAYABLE ON REDEMPTION DATE. Notice of
redemption having been given as aforesaid, the Securities so to be redeemed
shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified (together with accrued interest to the Redemption Date), and
from and after such date (unless the Operating Partnership shall default in the
payment of the Redemption Price or accrued interest) such Securities shall cease
to bear interest. Upon surrender of any such Security for redemption in
accordance with said notice such Security shall be paid by the Operating
Partnership at the Redemption Price, together with accrued interest to the
Redemption Date.
Installments of interest on Securities which are due and payable on an
Interest Payment Date falling on or prior to the relevant Redemption Date shall
be payable to the Holders of such Securities registered as such at the close of
business on the relevant Regular Record Date according to their terms and the
provisions of the Indenture.
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If any Security called for redemption shall not be so paid upon
surrender thereof for redemption, the principal (and premium, if any) shall,
until paid, bear interest from the Redemption Date at the rate borne by or
provided in the Security.
SECTION 1107. SECURITIES REDEEMED IN PART. Any Security which is to be
redeemed only in part (pursuant to the provisions of this Article) shall be
surrendered at a Place of Payment therefor (with, if the Operating Partnership
or the Trustee so requires, due endorsement by, or a written instrument of
transfer in form satisfactory to the Operating Partnership and the Trustee duly
executed by, the Holder thereof or his attorney duly authorized in writing) and
the Operating Partnership shall execute and the Trustee shall authenticate and
deliver to the Holder of such Security without service charge a new Security or
Securities of the same series, of any authorized denomination as requested by
such Holder in aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Security so surrendered.
ARTICLE TWELVE
DEFEASANCE AND COVENANT DEFEASANCE
SECTION 1201. OPERATING PARTNERSHIP'S OPTION TO EFFECT DEFEASANCE OR
COVENANT DEFEASANCE. The Operating Partnership may at its option by Board
Resolution, at any time, with respect to any series of Securities elect to have
Section 1202 or Section 1203 be applied to such Outstanding Securities upon
compliance with the conditions set forth below in this Article. The Operating
Partnership's right, if any, to elect defeasance pursuant to Section 1202 or
covenant defeasance pursuant to Section 1203 may only be exercised with respect
to all of the Outstanding Securities of any series.
SECTION 1202. DEFEASANCE AND DISCHARGE. Upon the Operating Partnership's
exercise of the above option applicable to this Section 1202 with respect to any
Securities of or within a series, the Operating Partnership shall be deemed to
have been discharged from its obligations with respect to such Outstanding
Securities on the date the conditions set forth in Section 1204 are satisfied
(hereinafter "defeasance"). For this purpose, such defeasance means that the
Operating Partnership shall be deemed to have paid and discharged the entire
indebtedness represented by such Outstanding Securities, which shall thereafter
be deemed to be "Outstanding" only for the purposes of Section 1205 and the
other Sections of this Indenture referred to in clauses (A) through (D) below,
and to have satisfied all of its other obligations under such Securities and
this Indenture insofar as such Securities are concerned (and the Trustee, at the
expense of the Operating Partnership, shall execute proper instruments
acknowledging the same), except for the following which shall survive until
otherwise terminated or discharged hereunder: (A) the rights of Holders of such
outstanding Securities to receive, solely from the trust fund described in
Section 1204 and as more fully set forth in such Section, payments in respect of
the principal of (and premium, if any) and interest, on such Securities when
such payments are due, (B) the Operating Partnership's obligations with respect
to such Securities under Sections 304, 305, 306, 1002 and 1003, (C) the rights,
powers, trusts, duties and immunities of the Trustee hereunder (including,
without limitation, those in Section 606 hereof) and (D) this Article Twelve.
Subject to compliance with this Article Twelve,
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the Operating Partnership may exercise its option under this Section 1202
notwithstanding the prior exercise of its option under Section 1203 with respect
to such Securities.
SECTION 1203. COVENANT DEFEASANCE. Upon the Operating Partnership's
exercise of the above option applicable to this Section 1203 with respect to any
Securities of or within a series, the Operating Partnership shall be released
from its obligations under Sections 1004 to 1012, inclusive, (except that the
Operating Partnership shall remain subject to the covenant set forth in Section
1008 to preserve and keep in full force and effect its corporate existence,
except as permitted under Article Eight) and its obligations under any other
covenant, with respect to such Outstanding Securities appertaining thereto on
and after the date the conditions set forth in Section 1204 are satisfied
(hereinafter, "covenant defeasance"), and such Securities shall thereafter be
deemed to be not "Outstanding" for the purposes of any direction, waiver,
consent or declaration or Act of Holders (and the consequences of any thereof)
in connection with Sections 1004 to 1012, inclusive, or such other covenant, but
shall continue to be deemed "Outstanding" for all other purposes hereunder. For
this purpose, such covenant defeasance means that with respect to such
Outstanding Securities the Operating Partnership may omit to comply with and
shall have no liability in respect of any term, condition or limitation set
forth in any such Section or such other covenant, whether directly or
indirectly, by reason of any reference elsewhere herein to any such Section or
such other covenant or by reason of reference in any such Section or such other
covenant to any other provision herein or in any other document, and such
omission to comply shall not constitute a default or an Event of Default under
Section 501(3) or otherwise, as the case may be, provided, however, that except
as specified above, the remainder of this Indenture and such Securities shall be
unaffected thereby.
SECTION 1204. CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE. The
following shall be the conditions to application of Section 1202 or Section 1203
to any Outstanding Securities of or within a series:
(a) The Operating Partnership shall irrevocably have
deposited or caused to be deposited with the Trustee (or another
trustee satisfying the requirements of Section 607 who shall
agree to comply with the provisions of this Article Twelve
applicable to it) funds in trust for the purpose of making the
following payments, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of such
Securities, (1) an amount as is then specified as payable at
Stated Maturity and on Interest Payment Dates, as applicable, or,
if such defeasance or covenant defeasance is to be effected in
compliance with subsection (f) below, on the relevant Redemption
Date, as the case may be, (2) Government Obligations applicable
to such Securities which through the scheduled payment of
principal and interest in respect thereof in accordance with
their terms will provide, not later than one day before the due
date of any payment of principal of (and premium, if any) and
interest on such Securities, money in an amount as is then
specified as payable at Stated Maturity and on Interest Payment
Dates, as applicable, or, if such defeasance or covenant
defeasance is to be effected in compliance with subsection (f)
below, on the relevant Redemption Date, as the case may be, or
(3) a combination thereof, in any case, in an amount sufficient,
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without consideration of any reinvestment of such principal and
interest, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and
discharge, and which shall be applied by the Trustee (or other
qualifying trustee) to pay and discharge the principal of (and
premium, if any) and interest on such Outstanding Securities on
the Stated Maturity of such principal or installment of
principal, Interest Payment Dates, on the applicable Redemption
Date, as the case may be.
(b) Such defeasance or covenant defeasance shall not
result in a breach or violation of, or constitute, a default
under, this Indenture or any other material agreement or
instrument to which the Operating Partnership is a party or by
which it is bound.
(c) No Event of Default or event which with notice or
lapse of time or both would become an Event of Default with
respect to such Securities shall have occurred and be continuing
on the date of such deposit or, insofar as Sections 501(6) and
501(7) are concerned, at any time during the period ending on the
91st day after the date of such deposit (it being understood that
this condition shall not be deemed satisfied until the expiration
of such period).
(d) In the case of an election under Section 1202, the
Operating Partnership shall have delivered to the Trustee an
Opinion of Counsel stating that (i) the Operating Partnership has
received from, or there has been published by, the Internal
Revenue Service a ruling, or (ii) since the date of this
Indenture there has been a change in the applicable Federal
income tax law, in either case to the effect that, and based
thereon such opinion shall confirm that, the Holders of such
Outstanding Securities will not recognize income, gain or loss
for Federal income tax purposes as a result of such defeasance
and will be subject to Federal income tax on the same amounts, in
the same manner and at the same times as would have been the case
if such defeasance had not occurred.
(e) In the case of an election under Section 1203, the
Operating Partnership shall have delivered to the Trustee an
Opinion of Counsel to the effect that the Holders of such
Outstanding Securities will not recognize income, gain or loss
for Federal income tax purposes as a result of such covenant
defeasance and will be subject to Federal income tax on the same
amounts, in the same manner and at the same times as would have
been the case if such covenant defeasance had not occurred.
(f) If the monies or Government Obligations or combination
thereof, as the case may be, deposited under subsection (a) above
are sufficient to pay the principal of, and premium, if any, and
interest on such Securities provided such Securities are redeemed
on a particular Redemption Date, the Operating Partnership shall
have given the Trustee irrevocable instructions to redeem such
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Securities on such date and to provide notice of such redemption
to Holders as provided in or pursuant to this Indenture.
(g) The Operating Partnership shall have delivered to the
Trustee an Officers' Certificate and an Opinion of Counsel, each
stating that all conditions precedent to the defeasance under
Section 1202 or the covenant defeasance under Section 1203 (as
the case may be) have been complied with and an Opinion of
Counsel to the effect that, as a result of a deposit pursuant to
subsection (a) above and the related exercise of the Operating
Partnership's option under Section 1202 or Section 1203 (as the
case may be), registration is not required under the Investment
Company Act of 1940, as amended, by the Operating Partnership,
with respect to the trust funds representing such deposit or by
the Trustee for such trust funds.
SECTION 1205. DEPOSITED MONEY AND GOVERNMENT OBLIGATIONS TO BE HELD IN
TRUST; OTHER MISCELLANEOUS PROVISIONS. Subject to the provisions of the last
paragraph of Section 1003, all money and Government Obligations (including the
proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 1205, the "Trustee") pursuant to
Section 1204 in respect of any Outstanding Securities of any series shall be
held in trust and applied by the Trustee, in accordance with the provisions of
such Securities and this Indenture, to the payment, either directly or through
any Paying Agent (other than the Operating Partnership acting as its own Paying
Agent) as the Trustee may determine, to the Holders of such Securities of all
sums due and to become due thereon in respect of principal (and premium, if any)
and interest, but such money need not be segregated from other funds except to
the extent required by law.
The Operating Partnership shall pay and indemnify the Trustee against
any tax, fee or other charge imposed on or assessed against the Government
Obligations deposited pursuant to Section 1204 or the principal and interest
received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the Holders of such Outstanding Securities.
Anything in this Article to the contrary notwithstanding, subject to
Section 606, the Trustee shall deliver or pay to the Operating Partnership from
time to time upon Operating Partnership Request any money or Government
Obligations (or other property and any proceeds therefrom) held by it as
provided in Section 1204 which, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then
be required to be deposited to effect a defeasance or covenant defeasance, as
applicable, in accordance with this Article.
SECTION 1206. REINSTATEMENT. If the Trustee or Paying Agent is unable to
apply any cash or Government Obligations deposited pursuant to Section 1204 in
accordance with this Indenture or the Securities of the applicable series by
reason of any legal proceeding or by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the Operating Partnership's obligations under this
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Indenture and the Securities of such series shall be revived and reinstated as
though no deposit had occurred pursuant to Section 1204 until such time as the
Trustee or Paying Agent is permitted to apply such money in accordance with this
Indenture and the Securities of such series; provided, however, that if the
Operating Partnership makes any payment of principal of, premium, if any, or
interest on any Security of such series following the reinstatement of its
obligations, the Operating Partnership shall be subrogated to the rights of the
Holders of such Securities to receive such payment from the cash and Government
Obligations held by the Trustee or Paying Agent.
ARTICLE THIRTEEN
MEETINGS OF HOLDERS
SECTION 1301. PURPOSES FOR WHICH MEETINGS MAY BE CALLED. A meeting of
Holders of Securities of any series may be called at any time and from time to
time pursuant to this Article to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be made, given or taken by Holders of Securities of such
series.
SECTION 1302. CALL, NOTICE AND PLACE OF MEETINGS.
(a) The Trustee may at any time call a meeting of Holders
of Securities of any series for any purpose specified in Section
1301, to be held at such time and at such place in The City of
New York as the Trustee shall determine. Notice of every meeting
of Holders of Securities of any series, setting forth the time
and the place of such meeting and in general terms the action
proposed to be taken at such meeting, shall be given, in the
manner provided in Section 106, not less than 21 nor more than
180 days prior to the date fixed for the meeting.
(b) In case at any time the Operating Partnership,
pursuant to a Board Resolution, or the Holders of at least 25% in
principal amount of the Outstanding Securities of any series
shall have requested the Trustee to call a meeting of the Holders
of such series for any purpose specified in Section 1301, by
written request setting forth in reasonable detail the action
proposed to be taken at the meeting, and the Trustee shall not
have made the first publication of the notice of such meeting
within 21 days after receipt of such request or shall not
thereafter proceed to cause the meeting to be held as provided
herein, then the Operating Partnership or the Holders of
Securities of such series in the amount above specified, as the
case may be, may determine the time and the place in The City of
New York for such meeting and may call such meeting for such
purposes by giving notice thereof as provided in subsection (a)
of this Section.
SECTION 1303. PERSONS ENTITLED TO VOTE AT MEETINGS. To be entitled to
vote at any meeting of Holders of Securities of any series, a Person shall be
(1) a Holder of one or more Outstanding Securities of such series, or (2) a
Person appointed by an instrument in writing as proxy for a Holder or Holders of
one or more Outstanding Securities of such series by such Holder or Holders. The
only Persons who shall be entitled to be present or to
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speak at any meeting of Holders of Securities of any series shall be the Persons
entitled to vote at such meeting and their counsel, any representatives of the
Trustee and its counsel, any representatives of the Guarantors and their counsel
and any representatives of the Operating Partnership and its counsel.
SECTION 1304. QUORUM; ACTION. The Persons entitled to vote a majority in
principal amount of the Outstanding Securities of a series shall constitute a
quorum for a meeting of Holders of Securities of such series; provided, however,
that if any action is to be taken at such meeting with respect to a consent or
waiver which this Indenture expressly provides may be given by the Holders of
not less than a specified percentage in principal amount of the Outstanding
Securities of a series, the Persons entitled to vote such specified percentage
which is less or more than a majority in principal amount of the Outstanding
Securities of such series shall constitute a quorum. In the absence of a quorum
within 30 minutes after the time appointed for any such meeting, the meeting
shall, if convened at the request of Holders of Securities of such series, be
dissolved. In any other case the meeting may be adjourned for a period of not
less than 10 days as determined by the chairman of the meeting prior to the
adjournment of such meeting. In the absence of a quorum at any such adjourned
meeting, such adjourned meeting may be further adjourned for a period of not
less than 10 days as determined by the chairman of the meeting prior to the
adjournment of such adjourned meeting. Notice of the reconvening of any
adjourned meeting shall be given as provided in Section 1302(a), except that
such notice need be given only once not less than five days prior to the date on
which the meeting is scheduled to be reconvened. Notice of the reconvening of
any adjourned meeting shall state expressly the percentage, as provided above,
of the principal amount of the Outstanding Securities of such series which shall
constitute a quorum.
Except as limited by the proviso to Section 902, any resolution
presented to a meeting or adjourned meeting duly reconvened at which a quorum is
present as aforesaid may be adopted by the affirmative vote of the Holders of a
majority in principal amount of the Outstanding Securities of that series;
provided, however, that, except as limited by the proviso to Section 902, any
resolution with respect to any request, demand, authorization, direction,
notice, consent, waiver or other action which this Indenture expressly provides
may be made, given or taken by the Holders of a specified percentage, which is
less or more than a majority, in principal amount of the Outstanding Securities
of a series may be adopted at a meeting or an adjourned meeting duly reconvened
and at which a quorum is present as aforesaid by the affirmative vote of the
Holders of such specified percentage in principal amount of the Outstanding
Securities of that series.
Any resolution passed or decision taken at any meeting of Holders of
Securities of any series duly held in accordance with this Section shall be
binding on all the Holders of Securities of such series, whether or not present
or represented at the meeting.
Notwithstanding the foregoing provisions of this Section 1304, if any
action is to be taken at a meeting of Holders of Securities of any series with
respect to any request, demand, authorization, direction, notice, consent,
waiver or other action that this Indenture expressly provides may be made, given
or taken by the Holders of a specified percentage in principal
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amount of all Outstanding Securities affected thereby, or by the Holders of a
specified percentage in principal amount of the Outstanding Securities of such
series and each other series:
(i) there shall be no minimum quorum requirement for such
meeting; and
(ii) the principal amount of the Outstanding Securities of such
series that are entitled to vote in favor of such request, demand,
authorization, direction, notice, consent, waiver or other action shall
be taken into account in determining whether such request, demand,
authorization, direction, notice, consent, waiver or other action has
been made, given or taken under this Indenture.
SECTION 1305. DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF
MEETINGS.
(a) Notwithstanding any provisions of this Indenture, the
Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Holders of a series in regard to
proof of the holding of Securities of such series and of the
appointment of proxies and in regard to the appointment and
duties of inspectors of votes, the submission and examination of
proxies, certificates and other evidence of the right to vote,
and such other matters concerning the conduct of the meeting as
it shall deem appropriate. Except as otherwise permitted or
required by any such regulations, the holding of Securities shall
be proved in the manner specified in Section 104 and the
appointment of any proxy shall be proved in the manner specified
in Section 104.
(b) The Trustee shall, by an instrument in writing appoint
a temporary chairman of the meeting, unless the meeting shall
have been called by the Operating Partnership or by Holders as
provided in Section 1302(b), in which case the Operating
Partnership or the Holders of Securities of the series calling
the meeting, as the case may be, shall in like manner appoint a
temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by vote of the Persons
entitled to vote a majority in principal amount of the
Outstanding Securities of such series represented at the meeting.
(c) At any meeting each Holder of Securities of such
series or proxy shall be entitled to one vote for each $1,000
principal amount of the Outstanding Securities of such series
held or represented by him; provided, however, that no vote shall
be cast or counted at any meeting in respect of any Security
challenged as not Outstanding and ruled by the chairman of the
meeting to be not Outstanding. The chairman of the meeting shall
have no right to vote, except as a Holder of a Security of such
series or proxy.
(d) Any meeting of Holders of Securities of any series
duly called pursuant to Section 1302 at which a quorum is present
may be adjourned from time to time by Persons entitled to vote a
majority in principal amount of the
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Outstanding Securities of such series represented at the meeting, and
the meeting may be held as so adjourned without further notice.
SECTION 1306. COUNTING VOTES AND RECORDING ACTION OF MEETINGS. The vote
upon any resolution submitted to any meeting of Holders of Securities of any
series shall be by written ballots on which shall be subscribed the signatures
of the Holders of Securities of such series or of their representatives by proxy
and the principal amounts and serial numbers of the Outstanding Securities of
such series held or represented by them. The permanent chairman of the meeting
shall appoint two inspectors of votes who shall count all votes cast at the
meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports in duplicate of all
votes cast at the meeting. A record, at least in duplicate, of the proceedings
of each meeting of Holders of Securities of any series shall be prepared by the
secretary of the meeting and there shall be attached to said record the original
reports of the inspectors of votes on any vote by ballot taken thereat and
affidavits by one or more persons having knowledge of the fact, setting forth a
copy of the notice of the meeting and showing that said notice was given as
provided in Section 1302 and, if applicable, Section 1304. Each copy shall be
signed and verified by the affidavits of the permanent chairman and secretary of
the meeting and one such copy shall be delivered to the Operating Partnership
and another to the Trustee to be preserved by the Trustee, the latter to have
attached thereto the ballots voted at the meeting. Any record so signed and
verified shall be conclusive evidence of the matters therein stated.
ARTICLE FOURTEEN
THE GUARANTEES
SECTION 1401. GUARANTEES. The provisions of this Article Fourteen shall
be applicable to the Securities and Guarantees. Each Guarantor (which term
includes any successor Person under this Indenture and any Subsidiary Guarantor
pursuant to Section 1013 of this Indenture) for consideration received hereby
jointly and severally unconditionally and irrevocably guarantees on a senior
basis (each a "Guarantee", and collectively, the "Guarantees") to the Holders
from time to time of the Securities (a) the full and prompt payment of the
principal of and any premium, if any, on any Security when and as the same shall
become due, whether at the maturity thereof, by acceleration, redemption or
otherwise and (b) the full and prompt payment of any interest on any Security
when and as the same shall become due and payable. Each and every default in the
payment of the principal of or interest or any premium on any Security shall
give rise to a separate cause of action hereunder, and separate suits may be
brought hereunder as each cause of action arises. The obligations of the
Guarantors hereunder shall be evidenced by Guarantees accompanying the
Securities issued hereunder.
An Event of Default under this Indenture or the Securities shall
constitute an event of default under the Guarantees, and shall entitle the
Holders to accelerate the obligations of the Guarantors hereunder in the same
manner and to the same extent as the obligations of the Company.
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Subject to Section 1013 with respect to Subsidiary Guarantors, the
obligations of the Guarantors hereunder shall be absolute and unconditional and
shall remain in full force and effect until the entire principal and interest
and any premium on the Securities shall have been paid or provided for in
accordance with provisions of this Indenture, and, unless as otherwise expressly
set forth in this Article, such obligations shall not be affected, modified or
impaired upon the happening from time to time of any event, including without
limitation any of the following, whether or not with notice to, or the consent
of, the Guarantors:
(a) the failure to give notice to the Guarantors of the
occurrence of an Event of Default;
(b) the waiver, surrender, compromise, settlement, release
or termination of the payment, performance or observance by the
Operating Partnership or the Guarantors of any or all of the
obligations, covenants or agreements of either of them contained
in this Indenture or the Securities;
(c) the acceleration, extension or any other changes in
the time for payment of any principal of or interest or any
premium on any Security or for any other payment under this
Indenture or of the time for performance of any other
obligations, covenants or agreements under or arising out of this
Indenture or the Securities;
(d) the modification or amendment (whether material or
otherwise) of any obligation, covenant or agreement set forth in
this Indenture or the Securities;
(e) the taking or the omission of any of the actions
referred to in this Indenture and in any of the actions under the
Securities;
(f) any failure, omission, delay or lack on the part of
the Trustee to enforce, assert or exercise any right, power or
remedy conferred on the Trustee in this Indenture, or any other
action or acts on the part of the Trustee or any of the Holders
from time to time of the Securities;
(g) the voluntary or involuntary liquidation, dissolution,
sale or other disposition of all or substantially all the assets,
marshaling of assets and liabilities, receivership, insolvency,
bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition with creditors or
readjustment of, or other similar proceedings affecting the
Guarantors or the Operating Partnership or any of the assets of
any of them, or any allegation or contest of the validity of the
Guarantee in any such proceeding;
(h) to the extent permitted by law, the release or
discharge by operation of law of the Guarantors from the
performance or observance of any obligation, covenant or
agreement contained in this Indenture;
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(i) to the extent permitted by law, the release or
discharge by operation of law of the Operating Partnership from
the performance or observance of any obligation, covenant or
agreement contained in this Indenture;
(j) the default or failure of the Operating Partnership or
the Trustee fully to perform any of its obligations set forth in
this Indenture or the Securities;
(k) the invalidity, irregularity or unenforceability of
this Indenture or the Securities or any part of any thereof;
(l) any judicial or governmental action affecting the
Operating Partnership or any Securities or consent or indulgence
granted by the Operating Partnership by the Holders or by the
Trustee; or
(m) the recovery of any judgment against the Operating
Partnership or any action to enforce the same or any other
circumstance which might constitute a legal or equitable
discharge of a surety or guarantor.
The Guarantees shall remain in full force and effect and continue to be
effective should any petition be filed by or against the Operating Partnership
for liquidation or reorganization of the Operating Partnership, should the
Operating Partnership become insolvent or make an assignment for the benefit of
creditors or should a receiver or trustee be appointed for all or any
significant part of the Operating Partnership's assets, and shall, to the
fullest extent permitted by law, continue to be effective or be reinstated, as
the case may be, if at any time any payment in respect of the Securities is,
pursuant to applicable law, rescinded or reduced in amount, or must otherwise be
restored or returned by any obligee on the Securities, whether as a "voidable
preference," "fraudulent transfer" or otherwise, all as though such payment had
not been made. In the event that any payment, or any part thereof, is rescinded,
reduced, restored or returned, the Securities shall, to the fullest extent
permitted by law, be reinstated and deemed reduced only by such amount paid and
not so rescinded, reduced, restored or returned.
For purposes of this Article 14, each Subsidiary Guarantor's liability
(a Subsidiary Guarantor's "Base Guaranty Liability") shall be that amount from
time to time equal to the aggregate liability of a Guarantor hereunder, but
shall be limited to the lesser of (A) the aggregate amount of the obligation as
stated in the second sentence of this Section 1401 with respect to the
Securities, and (B) the amount, if any, which would not have (i) rendered such
Subsidiary Guarantor "insolvent" (as such term is defined in Section 101(29) of
the Federal Bankruptcy Code and in Section 271 of the Debtor and Creditor Law of
the State of New York, as each is in effect at the date of this Indenture) or
(ii) left it with unreasonably small capital at the time its Guarantee of the
Securities was entered into, after giving effect to the incurrence of existing
Debt immediately prior to such time, provided that, it shall be a presumption in
any lawsuit or other proceeding in which a Subsidiary Guarantor is a party that
the amount guaranteed is the amount set forth in (A) above unless a creditor, or
representative of creditors of such Subsidiary Guarantor or a trustee in
bankruptcy of the Subsidiary Guarantor, as debtor in possession, otherwise
proves in such a lawsuit that the aggregate liability of the Subsidiary
Guarantor is limited to the amount set forth in (B). In making any determination
as to the
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solvency or sufficiency of capital of a Subsidiary Guarantor in accordance with
the previous sentence, the right of such Subsidiary Guarantor to contribution
from other Guarantors, to subrogation pursuant to the next paragraph and any
other rights such Subsidiary Guarantor may have, contractual or otherwise, shall
be taken into account.
The Guarantors shall have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the
rights of the Holders under the Guarantees.
The validity and enforceability of any Guarantee shall not be affected
by the fact that it is not affixed to any particular Security.
Each of the Guarantors hereby agrees that its Guarantee set forth in
Section 1401 shall remain in full force and effect notwithstanding any failure
to endorse on each Security a notation of such Guarantee.
If an officer of a Guarantor whose signature is on this Indenture or a
Security no longer holds that office at the time the Trustee authenticates such
Security or at any time thereafter, such Guarantor's Guarantee of such Security
shall be valid nevertheless.
The delivery of any Security by the Trustee, after the authentication
thereof hereunder, shall constitute due delivery of any Guarantee set forth in
this Indenture on behalf of the Guarantor.
SECTION 1402. PROCEEDINGS AGAINST THE GUARANTORS. In the event of a
default in the payment of principal of or any premium on any Security when and
as the same shall become due, whether at the Stated Maturity thereof, by
acceleration, call for redemption or otherwise, or in the event of a default in
the payment of any interest on any Security when and as the same shall become
due, the Trustee shall have the right to proceed first and directly against the
Guarantors under this Indenture without first proceeding against the Operating
Partnership or exhausting any other remedies which it may have and without
resorting to any other Security held by the Trustee.
The Trustee shall have the right, power and authority to do all things
it deems necessary or otherwise advisable to enforce the provisions of this
Indenture relating to the Guarantees and protect the interests of the Holders of
the Securities and, in the event of a default in payment of the principal of or
any premium on any Security when and as the same shall become due, whether at
the Stated Maturity thereof, by acceleration, call for redemption or otherwise,
or in the event of a default in the payment of any interest on any Security when
and as the same shall become due, the Trustee may institute or appear in such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any of its rights and the rights of the Holders, whether for
the specific enforcement of any covenant or agreement in this Indenture relating
to the Guarantee or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy. Without limiting the generality of the
foregoing, in the event of a default in payment of the principal of or interest
or any premium on any Security when due, the Trustee may institute a judicial
proceeding for the collection of the sums so due and unpaid, and may
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prosecute such proceeding to judgment or final decree, and may enforce the same
against the Guarantors and collect the moneys adjudged or decreed to be payable
in the manner provided by law out of the property of the Guarantors, wherever
situated.
SECTION 1403. GUARANTEES FOR BENEFIT OF HOLDERS. The Guarantees
contained in this Indenture are entered into by the Guarantors for the benefit
of the Holders from time to time of the Securities. Such provisions shall not be
deemed to create any right in, or to be in whole or in part for the benefit of,
any person other than the Trustee, the Guarantors, the Holders from time to time
of the Securities, and their permitted successors and assigns.
SECTION 1404. MERGER OR CONSOLIDATION OF GUARANTORS. Each Guarantor will
not, in any transaction or series of related transactions, consolidate with, or
sell, lease, assign, transfer or otherwise convey all or substantially all of
its assets to, or merge with or into, any other Person unless (i) either such
Guarantor shall be the continuing Person, or the successor Person (if other than
such Guarantor) formed by or resulting from any such consolidation or merger or
which shall have received the transfer of such assets is a corporation,
partnership, limited liability company or other entity organized and existing
under the laws of the United States of America or a State thereof or the
District of Columbia and shall expressly assume, by supplemental indenture
executed by such successor corporation and delivered by it to the Trustee (which
supplemental indenture shall comply with Article Nine hereof and shall be
reasonably satisfactory to the Trustee), all of such Guarantor's obligations
with respect to Outstanding Securities and the observance of all of the
covenants and conditions contained in this Indenture and its Guarantee to be
performed or observed by the Guarantor; (ii) immediately after giving effect to
such transaction, no Event of Default, and no event which, after notice or the
lapse of time, or both, would become an Event of Default, shall have occurred
and shall be continuing; and (iii) such Guarantor shall have delivered to the
Trustee the Officers' Certificate and Opinion of Counsel required pursuant to
below. In the event that such Guarantor is not the continuing corporation, then,
for purposes of clause (ii) of the preceding sentence, the successor corporation
shall be deemed to be such "Guarantor" referred to in such clause (ii). Any
consolidation, merger, sale, lease, assignment, transfer or conveyance permitted
under Section 1404 is also subject to the condition precedent that the Trustee
receive an Officers' Certificate and an Opinion of Counsel to the effect that
any such consolidation, merger, sale, lease, assignment, transfer or conveyance,
and the assumption by any successor corporation, complies with the provisions of
this Article and that all conditions precedent herein provided for relating to
such transaction have been complied with.
SECTION 1405. ADDITIONAL GUARANTORS. Any Person may become a Guarantor
by executing and delivering to the Trustee (a) a supplemental indenture in form
and substance satisfactory to the Trustee, which subjects such person to the
provisions of this Indenture as a Guarantor, and (b) an Opinion of Counsel to
the effect that such supplemental indenture has been duly authorized and
executed by such person and constitutes the legal, valid, binding and
enforceable obligation of such person (subject to such customary exceptions
concerning fraudulent conveyance laws, creditors' rights and equitable
principles as may be acceptable to the Trustee in its discretion).
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IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed, all as of the day and year first above written.
AMB PROPERTY, L.P.
By: AMB PROPERTY CORPORATION,
as General Partner
By:
-------------------------
Name:
Title:
AMB PROPERTY CORPORATION.
By:
-------------------------
Name:
Title:
STATE STREET BANK AND TRUST
COMPANY OF CALIFORNIA, N.A., as Trustee
By:
-------------------------
Name:
Title:
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