EXHIBIT
10.4


 


CALCULATION
AND EXCHANGE RATE AGENT AGREEMENT


 


BETWEEN


 


CENTERPOINT
PROPERTIES TRUST


 


AND


 


SUNTRUST
BANK


 


Dated as of July 12, 2004


 


CenterPoint Properties
Trust, a Maryland real estate investment trust (the “Company”), proposes to
issue and sell Medium-Term Notes (the “Notes”) from time to time under, and
pursuant to, the terms of an Indenture, dated as of March 12, 2004, between the
Company and SunTrust Bank, as trustee (the “Trustee”), as supplemented by the
First Supplemental Indenture dated as of July 7, 2004 (as so supplemented, the
“Indenture”). Capitalized terms used herein not otherwise defined shall have
the meanings assigned to them in the Notes or the Indenture, as the case may
be.


 


For the purpose of providing
for an agent of the Company to calculate the base rates applicable to those
Notes on which interest is to accrue at a variable or floating rate (“Floating
Rate Notes”), determined by reference to LIBOR, the Commercial Paper Rate, the
Treasury Rate, the CD Rate, the CMT Rate, the Federal Funds Rate or the Prime
Rate (collectively, the “Base Rates”) as are specified and described in the
Floating Rate Notes, a form of which is attached hereto as Exhibit A, and to
calculate exchange rates with respect to Notes (“Non-Dollar Notes”) denominated
in any foreign or composite currency (“Specified Currency”) for the purpose of
converting Specified Currency into U.S. dollars and for other purposes, the
Company and SunTrust Bank hereby agree as follows:


 


SECTION 1. Appointment of
Calculation and Exchange Rate Agent. The Company hereby appoints SunTrust
Bank as Calculation and Exchange Rate Agent (the “Calculation and Exchange Rate
Agent”) of the Company with respect to any Floating Rate Notes and Non-Dollar
Notes to be issued by the Company under and pursuant to the terms of the
Indenture, and the Calculation and Exchange Rate Agent hereby accepts its
obligations as set forth in the Agreement upon the terms and conditions set
forth herein.


 


SECTION 2.  Notice of Issuance of Floating Rate Notes
or Non-Dollar Notes.  The Company
shall notify the Calculation and Exchange Rate Agent of the issuance of any
Floating Rate Notes or Non-Dollar Notes prior to the issuance thereof and
deliver to the Calculation and Exchange Rate Agent copies of the proposed forms
of such Floating Rate Notes or Non-Dollar Notes.  The Company shall not issue any Floating Rate Notes or Non-Dollar
Notes prior to the receipt of confirmation from the Calculation and Exchange
Rate Agent of its acceptance of the proposed form of such Floating Rate Notes
and Non-Dollar Notes.  The Calculation
and Exchange Rate Agent hereby acknowledges its acceptance of the proposed form
of Note attached hereto as Exhibit A.


 


SECTION 3. (a) Calculation
of Base Rates.  As soon as
reasonably practical on or after 


 


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each interest determination date for any Floating Rate Note, the
Calculation and Exchange Rate Agent shall determine the applicable interest
rate for such Note (computed without regard to the Spread or Spread Multiplier,
if any, applicable to such Note) (the “Interest Rate Base”) and notify the
Company and the Trustee of such Interest Rate Base. Upon the request of the
Holder of any Floating Rate Note, the Calculation and Exchange Rate Agent shall
provide the Interest Rate Base then in effect with respect to such Note and, if
determined, the Interest Rate Base that will become effective on the next
Interest Reset Date with respect to such Note. All Interest Rate Base
determinations made by the Calculation and Exchange Rate Agent with respect to
the Floating Rate Notes, shall, in the absence of manifest error, be conclusive
for all purposes and binding upon the Company. Upon the issuance and sale of
any Floating Rate Note, the Company shall promptly cause the Calculation and
Exchange Rate Agent to receive a copy of the pricing supplement with respect to
such Note.


 


(b) Determination of
Exchange Rates Upon Issuance of Notes. 
Upon any issuance of Non-Dollar Notes from time to time, the Calculation
and Exchange Rate Agent shall determine the U.S. dollar equivalent of the
aggregate public offering price or purchase price of such Notes on the basis of
the noon buying rate for cable transfers payable in the applicable Foreign
Currencies in the City of New York on the applicable issue date, as certified
for customs purposes by the Federal Reserve Bank of New York (the “Market
Exchange Rate”).


 


(c)             Exchange of Currencies.  With respect to any payments to be made in
respect of a Non-Dollar Note, the Calculation and Exchange Rate Agent will
determine the amount of any U.S. dollar payment in respect of such Note by
selecting at approximately 11:00 a.m., New York City time, on the second
Business Day preceding the applicable Payment Date, the indicative quotations
for the Specified Currency appearing at such time on the bank composite or
multi-contributor pages of the Quoting Source (as defined below) for the first
three banks, in descending order of their appearance, on a list of banks to be
agreed to by the Company and the Calculation and Exchange Rate Agent (any of
which may include an Agent or the Calculation and Exchange Rate Agent) prior to
such second Business Day, which are offering quotes on the Quoting Source. The
Calculation and Exchange Rate Agent shall select from among the selected
quotations the one which will yield the largest number of U.S. dollars upon
conversion from such Specified Currency. The “Quoting Source” shall mean
Reuters Monitor Foreign Exchange Service, or if the Calculation and Exchange
Rate Agent determines that such service is not available, Telerate Monitor
Foreign Exchange Service. If the Calculation and Exchange Rate Agent determines
that neither service is available, the Company and the Calculation and Exchange
Rate Agent shall agree on a comparable display or other comparable manner of
obtaining quotations and such display or manner shall become the Quoting
Source.


 


(d)            Determination Upon Unavailability
or Non-Use of Specified Currency. 
If (i) fewer than three bid quotations are available at the time a
determination is to be made by the Calculation and Exchange Rate Agent pursuant
to subsection 2(c), or (ii) the Calculation and Exchange Rate Agent received no
later than 12:00 noon, New York City time, on such second Business Day
preceding the applicable Payment Date notice from the Company that there exist
exchange controls or other circumstances beyond the Company’s control rendering
such Specified Currency unavailable, then the Calculation and Exchange Rate
Agent shall, prior to such Payment Date, notify the Company and the Trustee of
the noon buying rate in New York City for cable transfers, in the Specified
Currency indicated in such notice, as certified for customers’ purposes by the
Federal Reserve Bank of New York (the “Market Exchange Rate”) as of such second


 


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Business Day. If the Market
Exchange Rate for such date is not then available, the Calculation and Exchange
Rate Agent shall immediately notify the Company and the Trustee of the most
recently available Market Exchange Rate for such Specified Currency.


 


(e)            Upon determining any exchange rate
as provided in this Section, the Calculation and Exchange Rate Agent shall as
soon as practicable notify the applicable Trustee or Trustees, the paying
agents and the Company by facsimile, telex or telecopy of such exchange rate.


 


SECTION 4. New Base Rates.  If the Company proposes to issue Floating
Rate Notes with an interest rate determined on a basis or formula not referred
to herein (a “New Base Rate”), the Company shall deliver to the Calculation and
Exchange Rate Agent, prior to the issuance of such Floating Rate Notes, a copy
of the proposed form of such Floating Rate Notes, including a copy of all terms
and conditions relating to the New Base Rate thereunder. The Company shall not
issue any such Floating Rate Notes prior to the receipt of confirmation from
the Calculation and Exchange Rate Agent of its acceptance of the proposed form
of such Floating Rate Notes. The Calculation and Exchange Rate Agent shall
determine if it is able and willing to calculate the New Base Rate and, upon
its agreement in writing to do so, the term “Base Rate” shall be deemed to
include the New Base Rate. If the Calculation and Exchange Rate Agent notifies
the Company that it is not able or willing to calculate the New Base Rate, or
that it is only willing to do so on the basis of an increase of its fees not
acceptable to the Company, the Calculation and Exchange Rate Agent shall have
no responsibility with respect to such New Base Rate and the Company shall
appoint a different calculation agent to determine the New Base Rate.


 


SECTION 5.  Reference Banks.  The Company shall notify the Calculation and
Exchange Rate Agent at least three Business Days prior to the issuance of any
Floating Rate Notes with an Interest Rate Base to be determined by any formula
that would require the Calculation and Exchange Rate Agent to select banks,
securities dealers or other third parties (the “Reference Banks”) for purposes
of quoting rates.  Immediately prior to
seeking such quotes from such Reference Banks, the Calculation and Exchange
Rate Agent shall notify the Company (unless, in accordance with the Floating
Rate Notes, the selection of such Reference Banks must be made after
consultation with the Company) and the Trustee of the names and addresses of
such Reference Banks.  The Calculation
and Exchange Rate Agent shall not be responsible to the Company or any third
party for any failure of the Reference Banks to fulfill their duties or meet
their obligations as Reference Banks or as a result of the Calculation and
Exchange Rate Agent having acted (except in the event of gross negligence or
willful misconduct) on any quotation or other information given by any Reference
Bank which subsequently may be found to be incorrect.


 


SECTION 6. Fees and
Expenses.  The Calculation and
Exchange Rate Agent shall be entitled to such compensation for its services
under this Agreement as may be agreed upon with the Company, and the Company
shall pay such compensation and shall reimburse the Calculation and Exchange
Rate Agent for all reasonable out-of-pocket expenses, disbursements and
advances incurred or made by the Calculation and Exchange Rate Agent in
connection with the services rendered by it under this Agreement, except any
expenses, disbursements or advances attributable to its gross negligence or bad
faith.


 


SECTION 7. Rights and
Liabilities of Calculation and Exchange Rate Agent.  The 


 


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Calculation and Exchange Rate Agent shall incur no liability for, or in
respect of, any action taken, omitted to be taken or suffered by it in reliance
upon any Floating Rate Note or Non-Dollar Note, certificate, affidavit,
instruction, notice, request, direction, order, statement or other paper,
document or communication reasonably believed by it to be genuine. Any order,
certificate, affidavit, instruction, notice, request, direction, statement or
other communication from the Company made or given by it and sent, delivered or
directed to the Calculation and Exchange Rate Agent under, pursuant to or as
permitted by any provision of this Agreement shall be sufficient for purposes
of this Agreement if such communication is in writing and signed by any officer
of the Company. The Calculation and Exchange Rate Agent may consult with
counsel satisfactory to it and the opinion of such counsel shall constitute
full and complete authorization and protection of the Calculation and Exchange
Rate Agent with respect to any action taken, omitted to be taken or suffered by
it hereunder in good faith and in accordance with and in reliance upon the
opinion of such counsel. In acting under this Agreement, the Calculation and
Exchange Rate Agent (in its capacity as such) does not assume any obligation
towards, or any relationship of agency or trust for or with the holders of the
Notes.


 


SECTION 8. Right of
Calculation and Exchange Rate Agent to Own Floating Rate or Non-Dollar Notes.  The Calculation and Exchange Rate Agent may
act as Trustee under any Indenture and it, its officers, employees and
shareholders may become owners of, or acquire any interests in Floating Rate or
Non-Dollar Notes, with the same rights as if the Calculation and Exchange Rate
Agent were not the Calculation and Exchange Rate Agent, and may engage in, or
have an interest in, any financial or other transaction with the Company as if
the Calculation and Exchange Rate Agent were not the Calculation and Exchange
Rate Agent.


 


SECTION 9. Duties of
Calculation and Exchange Rate Agent. 
The Calculation and Exchange Rate Agent shall be obligated only to
perform such duties as are specifically set forth herein and no other duties or
obligations on the part of the Calculation and Exchange Rate Agent, in its
capacity as such, shall be implied by this Agreement


 


SECTION 10. Termination,
Resignation or Removal of Calculation and Exchange Rate Agent. The
Calculation and Exchange Rate Agent may at any time terminate this Agreement by
giving no less than 75 days’ written notice to the Company unless the Company
consents in writing to a shorter time. Upon receipt of notice of termination
from the Calculation and Exchange Rate Agent, the Company agrees promptly to
appoint a successor Calculation and Exchange Rate Agent. The Company may
terminate this Agreement at any time by giving written notice to the
Calculation and Exchange Rate Agent and Trustee and specifying the date when
the termination shall become effective; provided, however, that no termination
by the Calculation and Exchange Rate Agent or by the Company shall become
effective prior to the date of the appointment by the Company, as provided in
Section 9 hereof, of a successor Calculation and Exchange Rate Agent and the
acceptance of such appointment by such successor Calculation and Exchange Rate
Agent.  In the event the Calculation and
Exchange Rate Agent has given not less than 75 day’s written notice of its
termination of this Agreement, and during such 75 days there has not been
acceptance by a successor Calculation and Exchange Rate Agent of its
appointment as successor Calculation and Exchange Rate Agent, the Calculation
and Exchange Rate Agent so terminating this Agreement may petition any court of
competent jurisdiction for the appointment of a successor Calculation and
Exchange Rate Agent. Upon termination by either party pursuant to the
provisions of this Section, the Calculation and Exchange Rate Agent shall be
entitled to the payment of any compensation owed to it by the Company hereunder
and to the reimbursement of 


 


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all reasonable out-of-pocket expenses, disbursements and advances
incurred or made by the Calculation and Exchange Rate Agent in connection with
the services rendered by it hereunder, as provided by Section 4 hereof,
and the provisions of Section 10 shall remain in effect following such
termination.


 


SECTION 11. Appointment
of Successor Calculation and Exchange Rate Agent.  Any successor Calculation and Exchange Rate Agent appointed by
the Company following termination of this Agreement pursuant to the provisions
of Section 8 hereof shall execute and deliver to the Calculation and Exchange
Rate Agent, the Trustee and the Company an instrument accepting such
appointment, and thereupon such successor Calculation and Exchange Rate Agent
shall, without any further act or instrument become vested with all the rights,
immunities, duties obligations of the Calculation and Exchange Rate Agent, with
like effect as if originally named as Calculation and Exchange Rate Agent
hereunder, and the predecessor Calculation and Exchange Rate Agent shall
thereupon be obligated to transfer and deliver, and such successor Calculation
and Exchange Rate Agent shall be entitled to receive and accept, copies of any
available records maintained by the predecessor Calculation and Exchange Rate
Agent in connection with the performance of its obligations hereunder.


 


SECTION 12. Indemnification.  Notwithstanding any satisfaction or
discharge of the Notes or the Indenture, the Company shall indemnify and hold
harmless the Calculation and Exchange Rate Agent, its officers and employees
from and against all actions, claims, damages, liabilities, losses and expenses
(including reasonable legal fees and expenses) relating to or arising out of
actions or omissions in any capacity hereunder, except actions, claims,
damages, liabilities, losses and expenses caused by the material default, gross
negligence, willful misconduct or bad faith of the Calculation and Exchange Rate
Agent, its directors, officers, employees and representatives. Except as
provided in the preceding sentence, the Calculation and Exchange Rate Agent
shall incur no liability and shall be indemnified and held harmless by the
Company for, or in respect of, any actions taken or suffered to be taken in
good faith by the Calculation and Exchange Rate Agent in reliance upon (i) the
written opinion or advice of counsel or (ii) written instructions from the
Company.


 


SECTION 13. Merger,
Consolidation or Sale of Business by Calculation and Exchange Rate Agent.  Any corporation into which the Calculation
and Exchange Rate Agent may be merged, converted, or consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the
Calculation and Exchange Rate Agent may be a party, or any corporation to which
the Calculation and Exchange Rate Agent may sell or otherwise transfer all or
substantially all of its corporate trust business, shall, to the extent
permitted by applicable law, become the Calculation and Exchange Rate Agent
under this Agreement without the execution of any paper or any further act by
the parties hereto. Notice of such merger, conversion or consolidation shall
forthwith be given to the Company and the Trustee.


 


SECTION
14.  Terms and Conditions.  The Calculation and Exchange Rate Agent
accepts its obligations herein set forth upon the terms and conditions hereof,
including the following, to all of which the Company agrees:


 


(a)           in acting under this Agreement, the
Calculation and Exchange Rate Agent, acting as agent for the Company, does not
assume any obligation towards, or any relationship of agency or trust for or
with, any of the Holders of the Notes;


 


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(b)           unless herein otherwise specifically
provided, any order, certificate, notice, request or communication from the
Company made or given under any provisions of this Agreement shall be
sufficient if signed by any person whom the Calculation and Exchange Rate Agent
reasonably believes to be a duly authorized officer or attorney-in-fact of the
Company;


 


(c)           the Calculation and Exchange Rate
Agent shall be protected and shall incur no liability for or in respect of any
action taken or omitted to be taken or anything suffered by it in reliance upon
anything contained in a Note or any notice, direction, consent, certificate,
affidavit, statement or other paper, document or communication reasonably
believed by it to be genuine and to have been approved or signed by the proper party
or parties, which is supplied to it by the Company pursuant to this Agreement,
including the information to be supplied pursuant to paragraph 3 above; and


 


(d)            the Calculation and Exchange Rate Agent shall incur no
liability hereunder except for loss sustained by reason of its own material
default, gross negligence, willful misconduct or bad faith, or that of its
directors, officers, employees or representatives;


 


SECTION 15. Notices.  Any notice, request or other communication
given hereunder shall be delivered in person, sent by letter, telecopy or telex
or communicated by telephone (subject, in the case of communication by
telephone, to written confirmation dispatched within 24 hours) to the addresses
given below or such other address as the party to receive such notice may have
previously specified:


 


To the Company:


 


CenterPoint Properties Trust


1808 Swift Road


Oak Brook, Illinois 60523


Attention: Paul S. Fisher


Telephone:  (630) 586-8000


Telecopy:  (630) 586-8010


 


To the Calculation and
Exchange Rate Agent:


 


SunTrust Bank


919 East Main Street


Richmond, Virginia  23219


Telephone:  (804) 782-5170


Telecopy:  (804) 782-7855


 


To the Trustee:


 


SunTrust Bank


919 East Main Street


Richmond, VA  23219


Attention:  Corporate Trust Department, Mail Code HDQ
5310


Telephone:  (804) 782-5170


Telecopy:  (804) 782-7855


 


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Any notice hereunder given by letter, telecopy or telex shall be deemed
to have been received when it would have been received in the ordinary course
of post or transmission, as the case may be.


 


SECTION 16. Benefit of
Agreement.  Except as provided
herein, this Agreement is solely for the benefit of the parties hereto and
their successors and assigns and no other person shall acquire or have any
rights under or by virtue hereof. The terms “successors” and “assigns” shall
not include any purchasers of any Notes merely because of such purchase.


 


SECTION 17. Governing
Law.  This agreement shall be
governed by and construed in accordance with the laws of the State of New York.


 


SECTION 18. Counterparts.  This Agreement may be executed by one or
more parties to this Agreement on any number of separate counterparts, and all
of said counterparts taken together shall be deemed to constitute one and the
same instrument.


 


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IN WITNESS HEREOF, this Agreement has been entered
into the day and year first above written.


 


 


	
   

  	
   

  	
   

  	
  CENTERPOINT PROPERTIES TRUST

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/  Rockford O. Kottka

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Rockford O. Kottka

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President and Treasurer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
    /s/  Paul S. Fisher

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Paul S. Fisher

  	
   

  	
   

  
	
  Title:

  	
  Assistant Secretary

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  SUNTRUST BANK,

  
	
   

  	
   

  	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
    /s/  Patricia A. Welling

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 
  Patricia A. Welling

  
	
   

  	
   

  	
   

  	
  Title:  First
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
    /s/  Craig A. Robinson

  	
   

  	
   

  	
   

  
	
  Name:  Craig
  A. Robinson

  	
   

  	
   

  
	
  Title:  Trust
  Officer