Document:

First Supplemental Indenture

 Exhibit 4.2 
  

  
 AMERICAN FINANCIAL REALTY TRUST 
  
 Issuer

  
 and 
  
 DEUTSCHE BANK TRUST COMPANY AMERICAS 
  
 Trustee 
  
 FIRST SUPPLEMENTAL INDENTURE 
  

Dated as of October 1, 2004 
  
 To 
  
 INDENTURE 
  
 Dated as of July 9, 2004 
  
 4.375%
CONVERTIBLE SENIOR NOTES DUE 2024 
  

 TABLE OF CONTENTS 
  

			
	 	  	Page

	 ARTICLE 1 Relation to Indenture; Definitions
	  	2
	     SECTION 1.01. Relation to Indenture.
	  	2
	     SECTION 1.02. Definitions.
	  	2
	     SECTION 1.03. General References.
	  	2
		
	 ARTICLE 2 The Notes
	  	2
	     SECTION 2.01. The Form and Title of the Notes.
	  	2
	     SECTION 2.02. Amount.
	  	2
	     SECTION 2.03. Stated Maturity.
	  	3
	     SECTION 2.04. Interest and Interest Rates.
	  	3
	     SECTION 2.05. Place of Payment.
	  	3
	     SECTION 2.06. Optional Redemption.
	  	3
	     SECTION 2.07. Satisfaction and Discharge.
	  	3
	     SECTION 2.08. Global Notes; Restrictions on Transfer and Exchange.
	  	3
	     SECTION 2.09. Transfer and Exchange.
	  	3
	     SECTION 2.10. Legends.
	  	4
	     SECTION 2.11. Registration Rights Agreement.
	  	5
		
	 ARTICLE 3 Miscellaneous
	  	6
	     SECTION 3.01. Certain Trustee Matters.
	  	6
	     SECTION 3.02. Supplemental Indentures.
	  	6
	     SECTION 3.03. Continued Effect.
	  	6
	     SECTION 3.04. Governing Law.
	  	6
	     SECTION 3.05. Counterparts.
	  	6

  
 EXHIBITS 
  
 Exhibit A: Form of
Note 
  
 Exhibit B: Form of Certificate to be
Delivered upon Exchange or Registration of Transfer of Notes 
  

					
	 	 	 	 	First Supplemental Indenture

 FIRST SUPPLEMENTAL INDENTURE, dated as of October 1, 2004 (this “First Supplemental
Indenture”), between AMERICAN FINANCIAL REALTY TRUST, a real estate investment trust organized under the laws of the State of Maryland (the
“Company”), having its principal office at 1725 The Fairway, Jenkintown, Pennsylvania 19046, and DEUTSCHE BANK TRUST COMPANY
AMERICAS, as trustee under the Indenture referred to below (in such capacity, the “Trustee”). 
  
 RECITALS OF THE COMPANY 
  
 WHEREAS, the Company and the Trustee have heretofore entered into an Indenture, dated as of July 9, 2004 (the “Original
Indenture”) (the Original Indenture, as supplemented from time to time, including without limitation pursuant to this First Supplemental Indenture being referred to herein as the “Indenture”); and 
  
 WHEREAS, pursuant to the Original Indenture, the Company and the Trustee
executed global Note No. 1, dated July 9, 2004, in the principal amount of $300,000,000 (the “Old Note”); and 
  
 WHEREAS, the Board of Trustees has authorized the issuance of notes on the same terms as the Old Note in the additional principal amount of up to
$150,000,000, in accordance with the provisions of the Original Indenture, to be established by a supplemental indenture executed by the Company and by the Trustee; and 
  
 WHEREAS, the Company is initially issuing $135,000,000 principal amount of 4.375% Convertible Senior Notes due 2024 hereby
(the “Notes”) and is authorized to issue Notes in the additional principal amount of up $15,000,000 on the same terms as the Old Note (the “Additional Authorized Amount”); and 
  
 WHEREAS, the Company may reopen the series of Notes and reissue Notes in an
amount up to the Additional Authorized Amount at any time pursuant to a new global note; and 
  
 WHEREAS, the Company proposes to cancel the Old Note and to issue a new global note, Note No. 2, in the principal amount of $435,000,000 (the “New Note”) to include both the Old Note and the Notes issued
hereby; and 
  
 WHEREAS, all acts and things necessary to make the
Notes (as herein defined), when executed by the Company and authenticated and delivered by the Trustee as provided in the Original Indenture and this First Supplemental Indenture, the valid and binding obligations of the Company and to make this
First Supplemental Indenture a valid and binding agreement in accordance with the Original Indenture have been done or performed; and 
  
 WHEREAS, the Company has entered into a Registration Rights Agreement dated as of October 1, 2004 (the “Registration Rights
Agreement”) relating to the Notes between the Company and the Initial Purchaser named therein; 
  

					
	 	 	 	 	First Supplemental Indenture

 NOW, THEREFORE, in consideration of the premises, agreements and obligations set forth herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree, for the equal and proportionate benefit of all Holders (in this First Supplemental Indenture, such term having the
same meaning as in the Registration Rights Agreement) of the Notes, as follows: 
  
 ARTICLE 1 
 RELATION TO INDENTURE;
DEFINITIONS 
  
 SECTION 1.01.
Relation to Indenture. 
  
 With respect to the Notes, this First Supplemental Indenture constitutes an integral part of the Indenture. 
  
 SECTION 1.02. Definitions.  
  
 For all purposes of this First Supplemental Indenture, capitalized terms used herein and not otherwise defined herein shall
have the meanings assigned thereto in the Original Indenture. 
  
 SECTION 1.03. General References.  
  
 All references in this First Supplemental Indenture to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections
of this First Supplemental Indenture; and the term “herein”, “hereof”, “hereunder” and any other word of similar import refers to this First Supplemental Indenture. 
  
 ARTICLE 2 
 THE NOTES 
  
 SECTION 2.01. The Form and Title of the Notes.  
  
 The Notes shall be substantially in the form attached as Exhibit A hereto, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as the Company may deem
appropriate or as may be required or appropriate to comply with any laws or with any rules made pursuant thereto or with the rules of any securities exchange or automated quotation system on which the Notes may be listed or traded, or to conform to
general usage, or as may, consistently with the Indenture, be determined by the officers executing such Notes, as evidenced by their execution thereof. 
  
 The Notes shall be executed, authenticated and delivered in accordance with the provisions of, and shall in all respects be subject to, the terms,
conditions and covenants of the Original Indenture as supplemented by this First Supplemental Indenture (including the form of Note set forth as Exhibit A hereto (the terms of which are incorporated in and made a part of this First
Supplemental Indenture for all intents and purposes)). 
  
 SECTION 2.02. Amount.  
  
 The aggregate principal amount of the Notes which may be authenticated and delivered pursuant hereto is unlimited. The Trustee shall cancel the Old Note and initially authenticate and deliver the New Note for original
issue in an initial aggregate principal amount of $435,000,000 upon delivery to the Trustee of a Company Order for the authentication and delivery of such Note. The aggregate principal amount of the Notes to be issued hereunder may be increased at
any time hereafter and the series may be reopened for issuances of additional Notes without the consent of any Holder. The Notes issued on the date hereof and any such additional Notes, including Notes in an amount up to the Additional Authorized
Amount, that may be issued hereafter shall be part of the same series of Notes for all purposes under the Indenture. 
  

					
	 	 	2	 	First Supplemental Indenture

 SECTION 2.03. Stated Maturity. 
  
 The Notes may be issued on any Business Day on or after October 1, 2004, and
the Stated Maturity of the Notes shall be July 15, 2024. 
  
 SECTION 2.04. Interest and Interest Rates.  
  
 The rate or rates at which the Notes shall bear interest, the date or dates from which such interest shall accrue, the Interest Payment Dates on which any
such interest shall be payable and the Regular Record Date for any interest payable on any Interest Payment Date, in each case, shall be as set forth in the form of Note set forth as Exhibit A hereto. 
  
 SECTION 2.05. Place of Payment.

  
 As long as any Notes are outstanding, the Company shall
maintain an office or agency in the Borough of Manhattan, The City of New York, where Notes may be presented for payment, as set forth in Section 5.02 of the Original Indenture. 
  
 SECTION 2.06. Optional Redemption. 
  
 At its option, the Company may redeem the Notes, in whole or in part, in
principal amounts of $1,000 or any integral multiple thereof, at any time or from time to time, at the applicable redemption price determined as set forth in the form of Note attached hereto as Exhibit A, in accordance with the terms set
forth in the Notes and in accordance with the Original Indenture. 
  
 SECTION 2.07. Satisfaction and Discharge. 
  
 Article 13 of the Original Indenture shall apply to the Notes. 
  
 SECTION 2.08. Global Notes; Restrictions on Transfer and Exchange.  
  
 The Notes shall initially be issued in the form of one or more Global Notes. Such Global Notes, as necessary, (i) shall bear the legends applicable to
Global Notes set forth in Section 2.05(c) of the Original Indenture, (ii) may be exchanged in whole or in part for Notes in definitive form upon the terms and subject to the conditions provided in Section 2.05(a) of the Original Indenture and in
this First Supplemental Indenture and (iii) shall otherwise be subject to the applicable provisions of the Indenture. 
  
 (1) Rule 144A Global Notes. The Notes offered and sold to “qualified institutional buyers”
(“QIBs” or individually, a “QIB”) (which term shall have the meaning assigned to it in Rule 144A under the Notes Act of 1933, as amended (the “Notes Act”)) in the United States
of America in reliance on Rule 144A will initially be issued as permanent Global Notes (the “Rule 144A Global Notes”), without interest coupons, substantially in the form of Exhibit A hereto. The Rule 144A Global Notes
will be duly executed by the Company, authenticated by the Trustee, deposited with the Trustee (as custodian for The Depository Trust Company (“DTC”), which shall act as Depositary with respect to the Notes constituting
Global Notes) and registered in the name of DTC or a nominee thereof. 
  
 SECTION 2.09. Transfer and Exchange.  
  
 (1) Transfer and Exchange of Notes in Certificated Form. In addition to the requirements set forth in Section 2.05 of the Original
Indenture, the Notes in certificated form that are Registrable Securities under the Registration Rights Agreement (the “Transfer Restricted Notes”) presented or surrendered for registration of transfer or exchange pursuant to
Section 2.05 of the Original Indenture shall be accompanied by the following additional information and documents, as applicable, upon which the Note Registrar may conclusively rely: 
  
 (a) if such Transfer Restricted Notes are being delivered to the Note Registrar by a Holder for registration
in the name of such Holder, without transfer, a certification from such Holder to that effect (in substantially the form of Exhibit B hereto); or 
  

					
	 	 	3	 	First Supplemental Indenture

 (b) if such Transfer Restricted Notes are being transferred (1) to a QIB in accordance
with Rule 144A under the Notes Act or (2) pursuant to an exemption from registration in accordance with Rule 144 under the Notes Act (and based upon an opinion of counsel if the Company or the Trustee so requests) or (3) pursuant to an effective
registration statement under the Notes Act, a certification to that effect from such holder (in substantially the form of Exhibit B hereto); or 
  
 (c) if such Transfer Restricted Notes are being transferred in reliance on and in compliance with another exemption from the registration
requirements of the Notes Act, a certification to that effect from such Holder (in substantially the form of Exhibit B hereto) and an opinion of counsel to that effect if the Company or the Trustee so requests. 
  
 (2) Transfer and Exchange of Global Notes. The
transfer and exchange of the Global Notes (as defined below) or beneficial interests therein shall be effected through the Depositary, upon the terms and subject to the conditions provided in Section 2.05 of the Original Indenture and Article 2 of
this First Supplemental Indenture (including the restrictions on transfer set forth therein and herein) and the rules and procedures of the Depositary therefor, which shall include restrictions on transfer comparable to those set forth therein and
herein to the extent required by the Notes Act. 
  
 SECTION
2.10. Legends.  
  
 (1) Excepted as permitted by the following paragraph (2) immediately below, each certificate evidencing the Rule 144A Global Notes (each a “Global Note”) or any other Notes in certificated form (and all Notes issued
in exchange therefor or substitution thereof other than the Exchange Notes (as defined below)) shall bear a legend in substantially the following form: 
  
 THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE
MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF AMERICAN FINANCIAL REALTY TRUST (THE “COMPANY”) THAT (A) THIS NOTE
MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF
RULE 144A, (II) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (III) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (IV) TO THE 
  

					
	 	 	4	 	First Supplemental Indenture

 COMPANY OR ANY OF ITS SUBSIDIARIES, IN EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY SUBSEQUENT PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 
  
 THIS NOTE IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR U.S. FEDERAL
INCOME TAX PURPOSES. SOLELY FOR PURPOSES OF APPLYING THE RELEVANT U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT RULES, THE ISSUE PRICE OF EACH NOTE IS $980.00 PER $1,000.00 OF ORIGINAL PRINCIPAL AMOUNT, THE ISSUE DATE IS JULY 9, 2004 AND THE YIELD
TO MATURITY IS 4.846% PER ANNUM, COMPOUNDED SEMI-ANNUALLY. IF THE NOTE IS NOT REPURCHASED ON OR BEFORE JULY 15, 2009, THEN SOLELY FOR PURPOSES OF APPLYING THE RELEVANT U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT RULES, THE NOTE WILL BE TREATED
AS IF IT WERE REPURCHASED ON THAT DATE AND A NEW NOTE ISSUED FOR AN AMOUNT EQUAL TO THE ADJUSTED ISSUE PRICE OF THE NOTE ON THAT DATE. 
  
 THE HOLDER OF THIS SECURITY IS ENTITLED TO THE BENEFITS OF A REGISTRATION RIGHTS AGREEMENT DATED OCTOBER 1, 2004 AND, BY ITS ACCEPTANCE HEREOF, AGREES TO
BE BOUND BY AND TO COMPLY WITH THE PROVISIONS OF SUCH REGISTRATION RIGHTS AGREEMENT. 
  
 (2) Upon any sale or transfer of a Transfer Restricted Security (including any Transfer Restricted Security represented by a Global Note)
pursuant to Rule 144 under the Notes Act or an effective registration statement under the Notes Act, which effectiveness shall be certified by the Company to the Trustee and Note Registrar upon which each may conclusively rely: 
  
 (a) in the case of any Transfer Restricted Security in
definitive form, the Note Registrar shall permit the Holder thereof to exchange such Transfer Restricted Security for a Note in definitive form that does not bear the legend set forth in (1) above and rescind any restriction on the transfer of such
Transfer Restricted Security; and 
  
 (b) in the
case of any Transfer Restricted Security represented by a Global Note, such Transfer Restricted Security shall not be required to bear the legend(s) set forth in (1) above if all other interests in such Global Note have been or are concurrently
being sold or transferred pursuant to Rule 144 under the Notes Act or pursuant to an effective registration statement under the Notes Act, but such Transfer Restricted Security shall continue to be subject to the provisions of Section 2.05 of the
Original Indenture and this Section 2.10 of this First Supplemental Indenture. 
  
 SECTION 2.11. Registration Rights Agreement.  
  
 Holders of the Notes shall have the benefit of the Company’s registration obligations with respect to the Notes, and such Holders shall also have
certain obligations to indemnify the Company under certain circumstances, all as more fully set forth in the Registration Rights Agreement. 
  

					
	 	 	5	 	First Supplemental Indenture

 ARTICLE 3 
 MISCELLANEOUS 
  
 SECTION 3.01. Certain Trustee Matters.  
  
 The recitals contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. 
  
 The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture or the Notes or
the proper authorization or the due execution hereof or thereof by the Company. 
  
 SECTION 3.02. Supplemental Indentures.  
  
 The provisions of Article 11 of the Original Indenture shall not be supplemented or amended by any provision of this First Supplemental Indenture, and any
future Supplemental Indenture adopted pursuant to Article 11 (including, but not limited to, Section 11.01(g)) shall apply to the Notes issued pursuant to this First Supplemental Indenture to the same extent as to the Notes issued pursuant to the
Original Indenture. 
  
 SECTION 3.03.
Continued Effect.  
  
 Except as expressly supplemented and amended by this First Supplemental Indenture, the Original Indenture shall continue in full force and effect in accordance with the provisions thereof, and the Original Indenture is in all respects
hereby ratified and confirmed. This First Supplemental Indenture and all its provisions shall be deemed a part of the Original Indenture in the manner and to the extent herein and therein provided. 
  
 SECTION 3.04. Governing Law. 

  
 This First Supplemental Indenture and the Notes shall be
governed by and construed in accordance with the laws of the State of New York. 
  
 SECTION 3.05. Counterparts.  
  
 This instrument may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same instrument. 
  
 [Remainder of Page Intentionally Left Blank] 
  

					
	 	 	6	 	First Supplemental Indenture

 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed
and delivered, all as of the day and year first above written. 
  

			
	 AMERICAN FINANCIAL REALTY TRUST

		
	 By:
	 	 /s/    Glen Blumenthal

	 Name:
	 	 Glen Blumenthal

	 Title:
	 	 Senior Vice President—Asset Management and Chief Operating Officer

	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Trustee

		
	 By:
	 	 /s/    Yana Kalachikova

	 Name:
	 	Yana Kalachikova
	 Title:
	 	Authorized Signatory/Associate

  

					
	 	 	 	 	First Supplemental Indenture

 EXHIBIT A 
  

[Include only for Global Notes:] 
  
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (THE
“DEPOSITARY”, WHICH TERM INCLUDES ANY SUCCESSOR DEPOSITARY FOR THE CERTIFICATES) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREIN IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE,
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
  
 [Include only for Notes that are Restricted Securities:] 
  
 THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, (THE “SECURITIES
ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE
EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF AMERICAN FINANCIAL REALTY TRUST (THE “COMPANY”) THAT (A) THIS NOTE MAY BE OFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) PURSUANT TO
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (III) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (IV) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, IN EACH OF
CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY SUBSEQUENT PURCHASER OF THIS NOTE FROM IT OF THE RESALE
RESTRICTIONS REFERRED TO IN (A) ABOVE. 

 THIS NOTE IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR U.S. FEDERAL INCOME TAX PURPOSES. SOLELY FOR PURPOSES OF
APPLYING THE RELEVANT U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT RULES, THE ISSUE PRICE OF EACH NOTE IS $980.00 PER $1,000.00 OF ORIGINAL PRINCIPAL AMOUNT, THE ISSUE DATE IS JULY 9, 2004 AND THE YIELD TO MATURITY IS 4.846% PER ANNUM, COMPOUNDED
SEMI-ANNUALLY. IF THE NOTE IS NOT REPURCHASED ON OR BEFORE JULY 15, 2009, THEN SOLELY FOR PURPOSES OF APPLYING THE RELEVANT U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT RULES, THE NOTE WILL BE TREATED AS IF IT WERE REPURCHASED ON THAT DATE AND A
NEW NOTE ISSUED FOR AN AMOUNT EQUAL TO THE ADJUSTED ISSUE PRICE ON THE NOTE ON THAT DATE. 
  
 THE HOLDER OF THIS NOTE IS ENTITLED TO THE BENEFITS OF A REGISTRATION RIGHTS AGREEMENT DATED OCTOBER 1, 2004 AND, BY ITS ACCEPTANCE HEREOF, AGREES TO BE BOUND BY AND TO COMPLY WITH THE PROVISIONS OF SUCH REGISTRATION
RIGHTS AGREEMENT. 

 AMERICAN FINANCIAL REALTY TRUST 
  
 4.375% CONVERTIBLE SENIOR NOTE DUE 2024 
  
 CUSIP: 02607PAA5 
  

			
	 No.
	 	principal amount $

  
 American Financial
Realty Trust, a real estate investment trust, duly organized and validly existing under the laws of the State of Maryland (herein called the “Company”, which term includes any successor corporation under the Indenture referred to on
the reverse hereof), for value received hereby promises to pay to CEDE & CO. or its registered assigns, the principal sum set forth on Schedule I hereto on July 15, 2024 at the office or agency of the Company maintained for that purpose in
accordance with the terms of the Indenture, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay regular interest, semiannually on January 15
and July 15 of each year, commencing January 15, 2005, on said principal sum at said office or agency, in like coin or currency, at the rate per annum of 4.375%, from January 15 or July 15, as the case may be, next preceding the date of this Note to
which interest has been paid or duly provided for, unless the date hereof is a date to which interest has been paid or duly provided for, in which case from the date of this Note, or unless no interest has been paid or duly provided for on the
Notes, in which case from July 9, 2004 until payment of said principal sum has been made or duly provided for. Notwithstanding the foregoing, if the date hereof is after any January 1 or July 1, as the case may be, and before the following January
15 or July 15, this Note shall bear regular interest, if any, from such January 15 or July 15; provided that if the Company shall default in the payment of interest due on such January 15 or July 15, then this Note shall bear interest from
the next preceding January 15 or July 15 to which interest has been paid or duly provided for; and provided further that if no interest has been paid or duly provided for on this Note, then this Note shall bear interest from July 9, 2004.
Except as otherwise provided in the Indenture, Interest payable on the Note pursuant to the Indenture on any January 15 or July 15 will be paid to the Person entitled thereto as it appears in the Note Register at the close of business on the Regular
Record Date, which shall be the January 1 or July 1 (whether or not a Business Day) next preceding such January 15 or July 15, as provided in the Indenture; provided that any such Interest not punctually paid or duly provided for shall be
payable as provided in the Indenture. The Company shall pay Interest (i) on any Notes in certificated form by check mailed to the address of the Person entitled thereto as it appears in the Note Register (or, upon written notice, by wire transfer in
immediately available funds, if such Person is entitled to interest on Notes with an aggregate principal amount in excess of $1,000,000) or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or
its nominee. 

 The Company promises to pay interest on overdue principal and (to the extent that payment of such
interest is enforceable under applicable law) Interest at the rate of 1%, per annum, compounded semi-annually. 
  
 Reference is made to the further provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving the holder of
this Note the right to convert this Note into Common Shares, cash or a combination of cash and Common Shares on the terms and subject to the limitations referred to on the reverse hereof and as more fully specified in the Indenture. Such further
provisions shall for all purposes have the same effect as though fully set forth at this place. 
  
 This Note shall be deemed to be a contract made under the laws of the State of New York, and for all purposes shall be construed in accordance with and
governed by the laws of the State of New York (including Section 5-1401 of the New York General Obligations Law or any successor to such statute). 
  
 This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been manually signed by the
Trustee or a duly authorized authenticating agent under the Indenture. 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 
  

			
	 AMERICAN FINANCIAL REALTY
 TRUST

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  
 October 1, 2004 
  
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes described in the within-named Indenture. 
  
 DEUTSCHE BANK TRUST COMPANY AMERICAS 
 as Trustee 
  

			
		
	 By:
	 	  

	 	 	 Authorized Signatory

		
	 	 	, or
		
	 By:
	 	  

	 	 	 As Authenticating Agent

	 	 	 (if different from Trustee)

  

					
			
	 	 	 By:
	 	  

	 	 	 	 	 Authorized Signatory

 FORM OF REVERSE OF NOTE 
  
 AMERICAN FINANCIAL REALTY TRUST 
  
 4.375% CONVERTIBLE SENIOR NOTE DUE 2024 
  
 This Note is one of a duly authorized issue of Notes of the Company, designated as its 4.375% Convertible Senior Notes due 2024 (herein called the
“Notes”), issued and to be issued under and pursuant to an Indenture dated as of July 9, 2004 (herein called the “Original Indenture”), and the First Supplemental Indenture to the Indenture dated as of October 1,
2004 (the “First Supplemental Indenture” and, together with the Original Indenture, the “Indenture”) between the Company and Deutsche Bank Trust Company Americas, as trustee (herein called the
“Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and
the holders of the Notes. 
  
 In case an Event of Default shall
have occurred and be continuing, the principal of and accrued Interest on all Notes may be declared by either the Trustee or the holders of not less than 25% in aggregate principal amount of the Notes then Outstanding, and upon said declaration
shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 
  
 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders of at least a majority in aggregate principal
amount of the Notes at the time Outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the
rights of the holders of the Notes; provided that no such supplemental indenture shall (i) change the Stated Maturity of, or any payment date of any installment of Interest on, any Note; reduce the principal amount or Redemption Price of, or
the rate of Interest on, any Note, whether upon acceleration, redemption or otherwise, or alter the manner of calculation of interest or the rate of accrual thereof on any Note; change the currency for payment of principal of, or Interest on, any
Note; impair the right to institute suit for the enforcement of any payment of any amount with respect to any Note when due; adversely affect the conversion rights provided in Article 15; modify the provisions of the Indenture requiring the Company
to make an offer to repurchase Notes upon a Change in Control pursuant to Section 3.05, or to repurchase the Notes at the option of the holders pursuant to Section 3.06; reduce the percentage of principal amount of the Outstanding Notes necessary to
modify or amend the Indenture or to consent to any waiver provided for in the Indenture; waive a default in the payment of any amount or Common Shares with respect to any Note 

 when due (except as provided in Section 7.01); or make any changes to Section 7.07 or Section 11.02 or (ii) reduce the
aforesaid percentage in principal amount of Notes, the holders of which are required to consent to any such supplemental indenture, without the consent of the holders of all Notes then Outstanding. Subject to the provisions of the Indenture, the
holders of a majority in aggregate principal amount of the Notes at the time Outstanding may on behalf of the holders of all of the Notes waive any past default or Event of Default under the Indenture and its consequences except (A) a default in the
payment of Interest on or the principal of any of the Notes, (B) a failure by the Company to convert any Notes into Common Shares, cash or a combination of cash and Common Shares in accordance with the terms of the Indenture or (C) a default in
respect of a covenant or provision of the Indenture which under of the Indenture cannot be modified or amended without the consent of the holders of each or all Notes then Outstanding or affected thereby. Any such consent or waiver by the holder of
this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such holder and upon all future holders and owners of this Note and any Notes which may be issued in exchange or substitution hereof, irrespective of
whether or not any notation thereof is made upon this Note or such other Notes. 
  
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and Interest on
this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed. 
  
 Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 
  
 The Notes are issuable in fully registered form, without interest coupons, in
denominations of $1,000 principal amount and any multiple of $1,000. At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service
charge but with payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration or exchange of Notes, Notes may be exchanged for a like aggregate principal amount of Notes
of any other authorized denominations. 
  
 At any time on or after
July 20, 2009 and prior to maturity, the Notes may be redeemed at the option of the Company, in whole or in part, in cash upon mailing a notice of such redemption not less than 30 days but not more than 60 days before the Redemption Date to the
holders of Notes at their last registered addresses, all as provided in the Indenture, at a Redemption Price equal to 100% of the principal amount of Notes being redeemed plus accrued and unpaid Interest up to, but not including, the Redemption
Date; provided that if the applicable Redemption Date falls after a Regular Record Date and on or prior to the 

 corresponding Interest Payment Date, the Interest payable on such Interest Payment Date shall be paid on such Interest
Payment Date to the holders of record of such Notes on the corresponding Regular Record Date instead of the holders surrendering such Notes for redemption on such date. 
  
 In no event will any Note be redeemable at the option of the Company before July 20, 2009. 
  
 The Company may not give notice of any redemption of the Notes if a default
in the payment of Interest on the Notes has occurred and is continuing. 
  
 The Notes are not subject to redemption through the operation of any sinking fund. 
  
 If a Change in Control occurs at any time prior to maturity of the Notes, this Note will be redeemable on a Change in Control Repurchase Date, specified by the Company, which shall be not less than 45 days nor more
than 60 days after the date the Change in Control Repurchase Notice is given, at the option of the holder of this Note at a Change in Control Repurchase Price equal to 100% of the aggregate principal amount thereof, together with accrued and unpaid
Interest thereon up to but not including the Change in Control Repurchase Date; provided that if the Change in Control Repurchase Date is between the close of business on an Interest Record Date and the opening of business on the related
Interest Payment Date, accrued and unpaid Interest will be payable to the holders in whose names the Notes were registered at the close of business on the relevant Interest Record Date. The Company shall mail to all holders of record of the Notes a
notice of the occurrence of a Change in Control and of the repurchase right arising as a result thereof on or before the thirty (30) days after the occurrence of such Change in Control. For a Note to be so repurchased at the option of the holder,
the Company must receive at the office or agency of the Company maintained for that purpose in accordance with the terms of the Indenture, such Note with the form entitled “Form of Change in Control Repurchase Election” on the
reverse thereof duly completed, together with such Note, duly endorsed for transfer at any time prior to the close of business on the third Business Day immediately preceding the Change in Control Repurchase Date. 
  
 Subject to the terms and conditions of the Indenture, the Company shall
become obligated to repurchase, at the option of the holder, all or any portion of the Notes held by such holder on July 15, 2009, July 15, 2014 and July 15, 2019 in integral multiples of $1,000 at a Company Repurchase Price of 100% of the principal
amount, plus any accrued and unpaid Interest on such Note up to but not including the Company Repurchase Date; provided that if the applicable Company Repurchase Date is an Interest Payment Date, the Interest payable on such Interest Payment
Date shall be paid on such Interest Payment Date to the 

 holders of record of such Notes on the applicable record date instead of the holders surrendering such Notes for
repurchase on such date. To exercise such right, a holder shall deliver to the Company such Note with the form entitled “Form of Company Repurchase Election” on the reverse thereof duly completed, together with the Note, duly
endorsed for transfer, at any time from the opening of business on the date that is twenty (20) Business Days prior to such Company Repurchase Date until the close of business on the Business Day immediately preceding the Company Repurchase Date,
and shall deliver the Notes to the Trustee (or other Paying Agent appointed by the Company) as set forth in the Indenture. 
  
 The Company Repurchase Price to be paid on any of July 15, 2009, July 15, 2014 and July 15, 2019 and the Change in Control Repurchase Price to be paid on
any Change in Control Repurchase Date shall be paid in cash, subject to the terms and conditions of the Indenture. 
  
 Holders have the right to withdraw any Change in Control Repurchase Election or a Company Repurchase Election by delivering to the Trustee (or other
Paying Agent appointed by the Company) a written notice of withdrawal up to (1) the close of business on the Business Day prior to the Change in Control Repurchase Date or (2) the close of business on the Company Repurchase Date, as the case may be,
all as provided in the Indenture. 
  
 If money sufficient to pay
the Repurchase Price with respect to all Notes or portions thereof to be repurchased as of any Repurchase Date is deposited with the Trustee (or other Paying Agent appointed by the Company), then on and after such Repurchase Date, Interest will
cease to accrue on such Notes (or portions thereof), and the holder thereof shall have no other rights as such other than the right to receive the Repurchase Price upon surrender of such Note. 
  
 Subject to the occurrence of certain events and in compliance with the
provisions of the Indenture, prior to the Stated Maturity of the Notes, the holder hereof has the right, at its option, to convert each $1,000 principal amount of the Notes into shares of the Company’s Common Shares at an initial Conversion
Rate of 56.0538 Common Shares per $1,000 principal amount of the Notes (an initial Conversion Price of approximately $17.84 per share), subject to the Company’s right to deliver, in lieu of Common Shares, cash or a combination of cash and
Common Shares, as such shares shall be constituted at the date of conversion and subject to adjustment from time to time as provided in the Indenture, upon surrender of this Note with the form entitled “Form of Conversion Notice” on
the reverse hereof duly completed, to the Company at the office or agency of the Company maintained for that purpose in accordance with the terms of the Indenture, or at the option of such holder, the Corporate Trust Office, and, unless the Common
Shares issuable on conversion are to be issued in the same name as this Note, duly endorsed by, or accompanied by instruments of transfer in form 

 satisfactory to the Company duly executed by, the holder or by its duly authorized attorney. The Company will notify the
holder thereof of any event triggering the right to convert the Notes as specified above in accordance with the Indenture. 
  
 If the Company (i) is a party to a consolidation, merger, statutory share exchange or combination, (ii) reclassifies the Common Shares, or (iii) sells or
conveys its properties and assets substantially as an entirety to any Person, the right to convert a Note into Common Shares may be changed into a right to convert it into the kind or amount of cash, securities or other property receivable upon such
event, in each case in accordance with the Indenture. 
  
 In
addition, following certain corporate transactions as set forth in Section 15.01(b) that occur on or prior to July 15, 2009 and that constitute a Change in Control (other than relating to the composition of the Board of Trustees as described in
clause (d) of the definition of Change in Control in Section 1.01) and for which 10% or more of the fair market value of the consideration for the Common Shares (as determined by the Board of Trustees, whose determination shall be conclusive
evidence of such fair market value) in the corporate transaction consists of (i) cash, (ii) other property or (iii) securities that are not traded or scheduled to be traded immediately following such transaction on a U.S. national securities
exchange or the Nasdaq National Market, a Noteholder who elects to convert its Notes in connection with such corporate transaction will be entitled to receive Additional Shares of Common Shares upon conversion in certain circumstances, subject to
the Company’s payment elections set forth in the Indenture. 
  
 No adjustment in respect of Interest on any Note converted or dividends or distributions on any Common Shares issued upon conversion of such Note will be made upon any conversion except as set forth in the next sentence. If this Note (or
portion hereof) is surrendered for conversion during the period from the close of business on any record date for the payment of Interest to the opening of business on the immediately following Interest Payment Date, this Note (or portion hereof
being converted) must be accompanied by payment by the holder, in immediately available funds or other funds acceptable to the Company, of an amount equal to the Interest otherwise payable on such Interest Payment Date on the principal amount being
converted; provided that no such payment shall be required (1) if the Company has specified a Redemption Date that is after a Regular Record Date and on or prior to the Business Day immediately following the next Interest Payment Date, (2) if
the Company has specified a Repurchase Date following a Change in Control that is after a Regular Record Date and prior to the next Interest Payment Date or (3) to the extent of any overdue Interest, if any overdue Interest exists at the time of
conversion with respect to such Note. 
  
 No fractional shares
will be issued upon any conversion, but an adjustment and payment in cash will be made, as provided in the Indenture, in respect of any fraction of a Common Share which would otherwise be issuable upon the surrender of any Note or Notes for
conversion. 

 A Note in respect of which a holder is exercising its right to require repurchase upon a Change in
Control or repurchase on a Repurchase Date may be converted only if such holder withdraws its election to exercise such right in accordance with the terms of the Indenture. 
  
 Any Note called for redemption, unless surrendered for conversion by the holders thereof on or before the close of business
on the redemption date, may be deemed to be redeemed from the holders of such Notes for an amount equal to the applicable redemption price, together with accrued and unpaid Interest to, but not including, the date fixed for redemption, by one or
more investment banks or other purchasers who may agree with the Company (i) to purchase such Notes from the holders thereof and convert them into Common Shares and (ii) to make payment for such Notes as aforesaid to the Trustee in trust for the
holders. 
  
 Upon due presentment for registration of transfer of
this Note at the office or agency of the Company maintained for that purpose in accordance with the terms of the Indenture, a new Note or Notes of authorized denominations for an equal aggregate principal amount will be issued to the transferee in
exchange thereof, subject to the limitations provided in the Indenture, without charge except for any tax, assessment or other governmental charge imposed in connection therewith. 
  
 The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any Note Registrar may deem
and treat the registered holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon made by anyone other than the Company or any Note Registrar)
for the purpose of receiving payment hereof, or on account hereof, for the conversion hereof and for all other purposes, and neither the Company nor the Trustee nor any other authenticating agent nor any Paying Agent nor other Conversion Agent nor
any Note Registrar shall be affected by any notice to the contrary. All payments made to or upon the order of such registered holder shall, to the extent of the sum or sums paid, satisfy and discharge liability for monies payable on this Note.

  
 No recourse for the payment of the principal of or Interest on
this Note, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any supplemental indenture or in any Note, or because of the creation of
any indebtedness represented thereby, shall be had against any incorporator, shareholder, employee, agent, officer or trustee or subsidiary, as such, past, present or future, of the Company or of any successor corporation, either directly or through
the Company or any successor corporation, whether by virtue of any 

 constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability
being, by acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 
  
 Terms used in this Note and defined in the Indenture are used herein as therein defined. Unless otherwise provided, section references in the Note shall
be references to the appropriate section of the Indenture. 

 ABBREVIATIONS 
  
 The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were
written out in full according to applicable laws or regulations. 
  

					
	 TEN COM -
	  	as tenants in common	  	UNIF GIFT MIN ACT -         Custodian         
	 TEN ENT -
	  	as tenant by the entireties	  	(Cust) (Minor)
	 JT TEN -
	  	as joint tenants with right of	  	under Uniform Gifts to Minors Act
	 	  	survivorship and not as tenants in	  	___________________________
	 	  	common	  	                        (State)

  
 Additional
abbreviations may also be used though not in the above list. 
  

					
	 	 	A-1	 	First Supplemental Indenture

 FORM OF 
 CONVERSION NOTICE 
  

			
		
	TO:	 	AMERICAN FINANCIAL REALTY TRUST
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS

  
 The undersigned
registered owner of this Note hereby irrevocably exercises the option to convert this Note, or the portion thereof (which is $1,000 or a multiple thereof) below designated, into Common Shares of American Financial Realty Trust in accordance with the
terms of the Indenture referred to in this Note, subject to the Company’s payment elections, and directs that the shares issuable and deliverable payable upon such conversion, together with any check in payment of amounts due upon conversion or
for fractional shares and any Notes representing any unconverted principal amount hereof, be issued and delivered to the registered holder hereof unless a different name has been indicated below. Capitalized terms used herein but not defined shall
have the meanings ascribed to such terms in the Indenture. If shares, any portion of this Note not converted or a check for cash payable are to be issued in the name of a person other than the undersigned, the undersigned will provide the
appropriate information below and pay all transfer taxes payable with respect thereto. Any amount required to be paid by the undersigned on account of Interest accompanies this Note. 
  
 Dated:                     

  

	
	

	  

	Signature(s)

  

					
	 	 	A-2	 	First Supplemental Indenture

	
	 Signature(s) must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or
in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.
  

	
	
 Signature Guarantee

  
 Fill in the
registration of Common Shares if to be issued, and Notes if to be delivered, and the name of the check to be issued, if any, other than to and in the name of the registered holder: 
  
  

	
	
 (Name)

	
	
 (Street Address)

	
	
 (City, State and Zip Code)

	
	
 Please print name and address

	
	 Principal amount to be converted

	 (if less than all):

	
	 $

	
	 Social Security or Other Taxpayer

	 Identification Number:
  

  

					
	 	 	A-3	 	First Supplemental Indenture

 FORM OF 
 CHANGE IN CONTROL REPURCHASE ELECTION 
  

			
	TO:	 	 AMERICAN FINANCIAL REALTY TRUST

	 	 	 DEUTSCHE BANK TRUST COMPANY AMERICAS

  
 The undersigned
registered owner of this Note hereby irrevocably acknowledges receipt of a notice from American Financial Realty Trust (the “Company”) as to the occurrence of a Change in Control with respect to the Company and requests and
instructs the Company to repurchase the entire principal amount of this Note, or the portion thereof (which is $1,000 or a multiple thereof) below designated, in accordance with the terms of the Indenture referred to in this Note at the price of
100% of such principal amount or portion thereof, together with accrued Interest up to, but not including, the Change in Control Repurchase Date, to the registered holder hereof. Capitalized terms used herein but not defined shall have the meanings
ascribed to such terms in the Indenture. 
  
 Dated:                     
  

	
	
  

	
 Signature(s)

  
 NOTICE: The above signatures of
the holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever. 
  
 Note Certificate Number (if applicable): 
  
 Principal amount to be repurchased (if less than all): 
  
 Social Security or Other Taxpayer Identification Number: 
  

					
	 	 	A-4	 	First Supplemental Indenture

 FORM OF 
 COMPANY REPURCHASE ELECTION 
  

			
	 TO:
	 	 AMERICAN FINANCIAL REALTY TRUST

	 	 	 DEUTSCHE BANK TRUST COMPANY AMERICAS

  
 The undersigned
registered owner of this Note hereby irrevocably acknowledges receipt of a notice from American Financial Realty Trust (the “Company”) regarding the right of holders to elect to require the Company to repurchase the Notes and
requests and instructs the Company to repay the entire principal amount of this Note, or the portion thereof (which is $1,000 or an integral multiple thereof) below designated, in accordance with the terms of the Indenture at the price of 100% of
such entire principal or portion thereof, together with accrued Interest up to, but not including, the Company Repurchase Date, to the registered holder hereof. Capitalized terms used herein but not defined shall have the meanings ascribed to such
terms in the Indenture. The Notes shall be repurchased by the Company as of the Company Repurchase Date pursuant to the terms and conditions specified in the Indenture. 
  
 Dated:                     

  

	
	
  

	
 Signature(s)

  
 NOTICE: The above signatures of
the holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever. 
  
 Note Certificate Number (if applicable): 
  
 Principal amount to be repurchased (if less than all): 
  
 Social Security or Other Taxpayer Identification Number: 
  

					
	 	 	A-5	 	First Supplemental Indenture

 ASSIGNMENT 
  

For value received                     
hereby sell(s) assign(s) and transfer(s) unto                      (Please insert social security or other Taxpayer Identification Number of
assignee) the within Note, and hereby irrevocably constitutes and appoints                      attorney to transfer said Note on the books of
the Company, with full power of substitution in the premises. 
  
 In connection with any transfer of the Note prior to the expiration of the holding period applicable to sales thereof under Rule 144(k) under the Securities Act (or any successor provision), the undersigned confirms that such Note is being
transferred: 
  

	 	 ̈	To American Financial Realty Trust or a subsidiary thereof; or 

  

	 	 ̈	To a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act of 1933, as amended; or 

  

	 	 ̈	Pursuant to and in compliance with Rule 144 under the Securities Act of 1933, as amended; or 

  

	 	 ̈	Pursuant to a Registration Statement which has been declared effective under the Securities Act of 1933, as amended, and which continues to be effective at the time of transfer;

  
 and unless the Note has been transferred to American Financial
Realty Trust or a subsidiary thereof, the undersigned confirms that such Note is not being transferred to an “affiliate” of the Company as defined in Rule 144 under the Securities Act of 1933, as amended. 
  
 Unless one of the boxes is checked, the Trustee will refuse to register
any of the Notes evidenced by this certificate in the name of any person other than the registered holder thereof. 
  
 Dated:                      
  

	
	

	  

	 Signature(s)

  

					
	 	 	A-6	 	First Supplemental Indenture

	
	 Signature(s) must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or
in substitution for, STAMP, al in accordance with the Securities Exchange Act of 1934, as amended.
  

	
	

	 Signature Guarantee

  
 NOTICE: The
signature on the Conversion Notice, the Change in Control Repurchase Election, the Company Repurchase Election or the Assignment must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement
or any change whatever. 
  

					
	 	 	A-7	 	First Supplemental Indenture

 Schedule I 
  
 AMERICAN FINANCIAL REALTY TRUST. 
 4.375%
Convertible Senior Notes Due 2024 
  
 No. 
  

							
	 Date

	 	 Principal Amount

	 	 Notation Explaining Principal
Amount Recorded

	  	 Authorized Signature
 of Trustee or
 Custodian

  

					
	 	 	A-8	 	First Supplemental Indenture

 EXHIBIT B 
  

FORM OF CERTIFICATE TO BE DELIVERED UPON EXCHANGE 
 OR REGISTRATION OF TRANSFER OF NOTES 
  
 Re: 4.375% Convertible Senior Notes due 2024 of American Financial Realty Trust (the “Notes”). 
  
 This Certificate relates to $             principal amount of Notes held by
                     (the “Transferor”). 
  
 The Transferor has requested the Trustee by written order to exchange or register the transfer of a Note or Notes. 
  
 In connection with such request and in respect of each such Note, the
Transferor does hereby certify that the Transferor is familiar with the Indenture relating to the above-captioned Notes and that the transfer of this Note does not require registration under the Notes Act (as defined below) because:** 
  

	 	•	Such Note is being acquired for the Transferor’s own account without transfer. 

  

	 	•	Such Note is being transferred to a “qualified institutional buyer” (as defined in Rule 144A under the Notes Act of 1933, as amended (the “Notes Act”)), in
accordance with Rule 144A under the Notes Act. 

  

	 	•	Such Note is being transferred (i) pursuant to an exemption from registration in accordance with Rule 144 under the Notes Act (and based upon an opinion of counsel if the Company or
the Trustee so requests) or (ii) pursuant to an effective registration statement under the Notes Act. 

  

	 	•	Such Note is being transferred in reliance on and in compliance with another exemption from the registration requirements of the Notes Act (and based upon an opinion of counsel if
the Company or the Trustee so requests). 

  
  
  

			
	 [INSERT NAME OF TRANSFEROR]

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	 Address:
	 	 

  
 Date:
                     

	**	Check appropriate box. 

  

					
	 	 	B-1	 	First Supplemental IndentureRegistration Rights Agreement, dated July 9, 2004

 Exhibit 4.4 
  
 EXECUTION COPY 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 Dated as of July 9, 2004 
  
 by and among 
  
 AMERICAN FINANCIAL REALTY TRUST, 
  
 DEUTSCHE BANK SECURITIES INC. 
  
 and 
  
 BANC OF AMERICA SECURITIES LLC 
  
 4.375% Convertible Senior Notes Due 2024 
  
  

 TABLE OF CONTENTS 
  

					
			
	1.	  	 Definitions.
	  	1
			
	2.	  	 Shelf Registration.
	  	4
			
	3.	  	 Liquidated Damages.
	  	7
			
	4.	  	 Registration Procedures.
	  	9
			
	4A.	  	 Holders' Obligations.
	  	14
			
	5.	  	 Registration Expenses.
	  	14
			
	6.	  	 Indemnification.
	  	14
			
	7.	  	 Rules 144 and 144A.
	  	18
			
	8.	  	 Underwritten Registrations.
	  	18
			
	9.	  	 Miscellaneous.
	  	18

  

 -i- 

 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (this “Agreement”) is dated as of July 9, 2004, by and between American
Financial Realty Trust, a Maryland real estate investment trust (the “Company”) and Deutsche Bank Securities Inc. and Banc of America Securities LLC (the “Initial Purchasers”). 
  
 This Agreement is entered into in connection with the Purchase Agreement, as
amended, dated June 24, 2004 (the “Purchase Agreement”), between the Company, First States Group, L.P., a Delaware limited partnership and the Initial Purchasers, which provides for the sale by the Company to the Initial Purchasers
of $300 million aggregate principal amount of the Company’s 4.375% Convertible Senior Notes Due 2024 (the “Firm Notes”), plus up to an additional $85 million aggregate principal amount of the same which Deutsche Bank Securities
Inc. may subsequently elect to purchase pursuant to the terms of the Purchase Agreement (the “Option Notes” and, together with the Firm Notes, the “Notes”), which are convertible into common shares of beneficial
interest, par value $.001 per share, of the Company (the “Underlying Shares”). The Notes are being issued pursuant to an Indenture dated as of the date hereof (the “Indenture”), by and between the Company and
Deutsche Bank Trust Company Americas, as Trustee. 
  
 In order to
induce the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed to provide the registration rights set forth in this Agreement for the benefit of the Initial Purchasers and subsequent holders of the Notes or Underlying
Shares as provided herein. The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase the Firm Notes under the Purchase Agreement. 
  
 The parties hereto hereby agree as follows: 
  
 1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 
  
 “Agreement”: See the first introductory paragraph hereto.

  
 “Amendment Effectiveness Deadline Date”: See
Section 2(d)(i) hereof. 
  
 “Amount of Registrable
Securities”: (a) With respect to Notes constituting Registrable Securities, the aggregate principal amount of all such Notes then outstanding, (b) with respect to Underlying Shares constituting Registrable Securities, the aggregate number
of such Underlying Shares outstanding multiplied by the Conversion Price (as defined in the Indenture) in effect at the time of computing the Amount of Registrable Securities or, if no Notes are then outstanding, the Conversion Price shall be
calculated as if the Notes were continuously outstanding to the date of calculation, giving effect to any adjustments to the Conversion Price set forth in the Indenture as if the Indenture continued to be in effect, and (c) with respect to
combinations thereof, the sum of (a) and (b) for the relevant Registrable Securities. 

 “Business Day”: Any day that is not a Saturday, Sunday or a day on which banking
institutions in the City of New York are authorized or required by law or executive order to be closed. 
  
 “Closing Date”: July 9, 2004. 
  
 “Company”: See the first introductory paragraph hereto. 
  
 “Controlling Person”: See Section 6 hereof. 
  
 “Damages Payment Date”: See Section 3(c) hereof. 
  
 “Deferral Period”: See Section 3(b) hereof. 
  
 “Depositary”: The Depository Trust Company until a successor
is appointed by the Company. 
  
 “Designated
Counsel”: One nationally recognized firm of counsel experienced in securities law matters chosen by the Holders of a majority in Amount of Registrable Securities to be included in a Shelf Registration Statement, with the consent of the
Company (which consent will not be unreasonably withheld). 
  
 “Effectiveness Date”: The 180th day after the Closing Date. 
  
 “Effectiveness Period”: See Section 2(a) hereof. 

 
 “Exchange Act”: The Securities Exchange Act of 1934, as
amended, and the rules and regulations of the SEC promulgated thereunder. 
  
 “Filing Date”: The 90th day after the Closing Date. 
  
 “Firm Notes”: See the second introductory paragraph hereto.

  
 “Holder”: Any beneficial owner from time to
time of Registrable Securities. 
  
 “Indemnified
Holder”: See Section 6 hereof. 
  
 “Indemnified
Person”: See Section 6 hereof. 
  
 “Indemnifying
Person”: See Section 6 hereof. 
  
 “Indenture”: See the second introductory paragraph hereto. 
  
 “Initial Purchasers”: See the first introductory paragraph hereto. 
  
 “Initial Shelf Registration Statement”: See Section 2(a) hereof. 
  

 -2- 

 “Inspectors”: See Section 4(k) hereof. 
  
 “Liquidated Damages”: See Section 3(a) hereof. 

 
 “Notes”: See the second introductory paragraph hereto.

  
 “Notice and Questionnaire”: means a written
notice delivered to the Company containing substantially the information called for by the Form of Selling Securityholder Notice and Questionnaire attached as Appendix A to the Offering Memorandum of the Company relating to the Notes. 
  
 “Option Notes”: See the second introductory paragraph
hereto. 
  
 “Person”: An individual, partnership,
corporation, limited liability company, unincorporated association, trust or joint venture, or a governmental agency or political subdivision thereof. 
  
 “Prospectus”: The prospectus included in any Registration Statement (including, without limitation, any prospectus subject to completion
and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus
supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
  
 “Purchase Agreement”: See the second introductory paragraph
hereto. 
  
 “Records”: See Section 4(k) hereof.

  
 “Registrable Securities”: All Notes and all
Underlying Shares upon original issuance thereof and at all times subsequent thereto until the earliest to occur of (i) a Registration Statement covering such Notes and Underlying Shares having been declared effective by the SEC and such Notes or
Underlying Shares having been disposed of in accordance with such effective Registration Statement, (ii) such Notes or Underlying Shares having been sold in compliance with Rule 144 or being able to be sold in compliance with Rule 144(k) (except
with respect to affiliates of the Company within the meaning of the Securities Act), or (iii) such Notes or Underlying Shares ceasing to be outstanding. 
  
 “Registration Default”: See Section 3(a) hereof. 
  

“Registration Statement”: Any registration statement of the Company filed with the SEC pursuant to the provisions of this Agreement,
including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all documents incorporated by reference or deemed to be incorporated by reference in such registration
statement. 
  

 -3- 

 “Rule 144”: Rule 144 promulgated under the Securities Act, as such Rule may be amended
from time to time, or any similar rule (other than Rule 144A) or regulation hereafter adopted by the SEC providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent holders that are not
affiliates of an issuer of such securities being free of the registration and prospectus delivery requirements of the Securities Act. 
  
 “Rule 144A”: Rule 144A promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other
than Rule 144) or regulation hereafter adopted by the SEC. 
  
 “Rule 415”: Rule 415 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
  
 “SEC”: The U.S. Securities and Exchange Commission.

  
 “Securities Act”: The Securities Act of 1933,
as amended, and the rules and regulations of the SEC promulgated thereunder. 
  
 “Selling Holder”: On any date, any Holder that has delivered a Notice and Questionnaire to the Company on or prior to such date. 
  
 “Shelf Registration Statement”: See Section 2(b) hereof. 
  
 “Subsequent Shelf Registration Statement”: See Section 2(b)
hereof. 
  
 “TIA”: The Trust Indenture Act of
1939, as amended, and the rules and regulations of the SEC promulgated thereunder. 
  
 “Trustee”: The Trustee under the Indenture. 
  
 “Underlying Shares”: See the second introductory paragraph hereto. 
  
 “Underwritten Registration” or “Underwritten Offering”: A registration in which Registrable Securities are sold to an
underwriter for reoffering to the public. 
  
 2. Shelf Registration.

  
 (a) Initial Shelf Registration Statement. The Company
shall file with the SEC a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 registering the resale from time to time by the Holders of all of the Registrable Securities (the “Initial Shelf
Registration Statement”) on or prior to the Filing Date. 
  
 The Initial Shelf Registration Statement shall be on Form S-3 or another appropriate form permitting registration of the Registrable Securities for resale by Holders in the manner or manners designated by them (excluding Underwritten
Offerings) and set forth in the 

  

 -4- 

 
Initial Shelf Registration Statement. The Company shall not permit any securities other than the Registrable Securities to be included in the Initial Shelf
Registration Statement or any Subsequent Shelf Registration Statement (as defined below). 
  
 The Company shall use its commercially reasonable efforts to cause the Initial Shelf Registration Statement to be declared effective under the Securities Act on or prior to the Effectiveness Date and to keep the
Initial Shelf Registration Statement continuously effective under the Securities Act until the date (A) that is two years after the Closing Date, or if later, the date on which the Option Notes were issued, (such period, as it may be shortened
pursuant to clauses (i), (ii) or (iii) immediately following, the “Effectiveness Period”), or such shorter period ending when (i) all of the Registrable Securities covered by the Initial Shelf Registration Statement have been sold
in the manner set forth and as contemplated in the Initial Shelf Registration Statement, (ii) the date on which all the Registrable Securities (x) held by Persons who are not affiliates of the Company may be resold pursuant to Rule 144(k) under the
Securities Act or (y) cease to be outstanding, or (iii) all the Registrable Securities have been resold pursuant to Rule 144 under the Securities Act, or (B) when a Subsequent Shelf Registration Statement covering all of the Registrable Securities
has been declared effective under the Securities Act. 
  
 (b)
Subsequent Shelf Registration Statements. If the Initial Shelf Registration Statement ceases to be effective for any reason at any time during the Effectiveness Period (other than because of the sale of all of the Registrable Securities
registered thereunder), the Company shall use its commercially reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within 45 days of such cessation of effectiveness amend the
Initial Shelf Registration Statement in a manner reasonably expected by the Company to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional “shelf” Registration Statement pursuant to Rule 415
covering all of the Registrable Securities (a “Subsequent Shelf Registration Statement”). If a Subsequent Shelf Registration Statement is filed, the Company shall use its commercially reasonable efforts to cause the Subsequent Shelf
Registration Statement to be declared effective under the Securities Act as soon as practicable after such filing (or if filed during a Deferral Period, after expiration of such Deferral Period) and to keep such Registration Statement continuously
effective for the balance of the Effectiveness Period. As used herein, the term “Shelf Registration Statement” means the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement. 
  
 (c) Supplements and Amendments. The Company shall promptly supplement
and amend a Shelf Registration Statement if required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement, if required by the Securities Act, or as necessary to name a Selling
Holder as a selling shareholder pursuant to Section (d) below. 
  
 (d) Notice and Questionnaire. Each Holder agrees that if such Holder wishes to sell Registrable Securities pursuant to a Shelf Registration Statement and related Prospectus, it will do so only in accordance with this Section 2(d) and
Section 4A hereof. Each Holder wishing to sell Registrable Securities pursuant to a Shelf Registration Statement and related 

  

 -5- 

 
Prospectus when the Initial Shelf Registration Statement first becomes effective agrees to deliver a Notice and Questionnaire to the Company at least five
(5) Business Days prior to the date that the Initial Shelf Registration Statement is declared effective under the Securities Act. From and after the date the Initial Shelf Registration Statement is declared effective, the Company shall, as promptly
as practicable after the date a fully completed and legible Notice and Questionnaire, together with such other information as the Company may reasonably request, is received by the Company, and in any event within the later of (x) twenty (20) days
after such date or (y) ten (10) Business Days after the expiration of any Deferral Period in effect when the Notice and Questionnaire and such other information is received by the Company: 
  
 (i) if required by applicable law, file with the SEC a
post-effective amendment to the Initial Shelf Registration Statement or a Subsequent Shelf Registration Statement or prepare and, if required by applicable law, file a supplement to the related Prospectus or a supplement or amendment to any document
incorporated therein by reference or file any other required document so that the Holder delivering such Notice and Questionnaire is named as a selling securityholder in the Initial Shelf Registration Statement or a Subsequent Shelf Registration
Statement and the related Prospectus in such a manner as to permit such Holder to deliver such Prospectus to purchasers of the Registrable Securities (subject to the rights of the Company under Section 3(b) to create a Deferral Period) in accordance
with applicable law and, if the Company shall file a post-effective amendment to the Initial Shelf Registration Statement or a Subsequent Shelf Registration Statement, use its commercially reasonable efforts to cause such post-effective amendment to
be declared effective under the Securities Act as promptly as practicable, but in any event by the date (the “Amendment Effectiveness Deadline Date”) that is forty-five (45) days after the date such post-effective amendment is
required by this clause to be filed; 
  
 (ii)
provide such Holder copies of any documents filed pursuant to Section 2(d)(i); and 
  
 (iii) notify such Holder as promptly as practicable after the effectiveness under the Securities Act of any post-effective amendment filed
pursuant to Section 2(d)(i); 
  
 provided that if such
Notice and Questionnaire is delivered during a Deferral Period, the Company shall so inform the Holder delivering such Notice and Questionnaire and shall take the actions set forth in clauses (i), (ii) and (iii) above within five (5) Business Days
of the expiration of the Deferral Period. 
  
 Notwithstanding anything contained herein to the contrary, (i) the Company shall be under no obligation to name any Holder that has not delivered a fully complete and legible Notice and Questionnaire to the Company, together with such other
information as the Company may reasonably request, in accordance with this Section 2(d) and (ii) the Amendment Effectiveness Deadline Date shall be extended by up to ten (10) Business 

  

 -6- 

 
Days from the expiration of a Deferral Period (and the Company shall incur no obligation to pay Liquidated Damages during such extension) if such Deferral
Period shall be in effect on the Amendment Effectiveness Deadline Date. 
  
 3.
Liquidated Damages. 
  
 (a) The Company and the Initial
Purchasers agree that the Holders of Registrable Securities will suffer damages if the Company fails to fulfill its obligations under Section 2 hereof and that it would not be feasible to ascertain the extent of such damages with precision.
Accordingly, the Company agrees to pay liquidated damages on the Registrable Securities (“Liquidated Damages”) under the circumstances and to the extent set forth below (each of which shall be given independent effect; each a
“Registration Default”): 
  
 (i)
if the Initial Shelf Registration Statement is not filed on or prior to the Filing Date, then commencing on the day after the Filing Date, Liquidated Damages shall accrue on the Registrable Securities at a rate of 0.50% per annum on the Amount of
Registrable Securities; 
  
 (ii) if a Shelf
Registration Statement is not declared effective by the SEC on or prior to the Effectiveness Date, then commencing on the day after the Effectiveness Date, Liquidated Damages shall accrue on the Registrable Securities at a rate of 0.50% per annum on
the Amount of Registrable Securities; 
  
 (iii)
if any post-effective amendment filed pursuant to Section 2(d)(i) has not become effective under the Securities Act on or prior to the Amendment Effectiveness Deadline Date, then commencing on the day after the Amendment Effectiveness Deadline Date,
Liquidated Damages shall accrue solely on the Registrable Securities that are registered by such post-effective amendment at a rate of 0.50% per annum on such Amount of Registrable Securities; and 
  
 (iv) if the aggregate duration of Deferral Periods in any
period exceeds the number of days permitted in respect of such period pursuant to Section 3(b), then commencing on the day that caused the limit on the aggregate duration of Deferral Periods to be exceeded, Liquidated Damages shall accrue on the
Registrable Securities at a rate of 0.50% per annum on the Amount of Registrable Securities; 
  
 provided that Liquidated Damages on the Registrable Securities may not accrue under more than one of the foregoing clauses (i), (ii), (iii) and (iv) at any one time; and provided further that (1) upon
the filing of the Initial Shelf Registration Statement as required hereunder (in the case of clause (a)(i) of this Section 3), (2) upon the effectiveness of a Shelf Registration Statement as required hereunder (in the case of clause (a)(ii) of this
Section 3), (3) upon the effectiveness of a post-effective amendment as required hereunder (in the case of clause (a)(iii) of this Section 3), or (4) upon the termination of the Deferral Period that caused the limit on the aggregate duration of
Deferral Periods to be exceeded (in the case of clause (a)(iv) of this Section 3), Liquidated 

  

 -7- 

 
Damages on the Registrable Securities as a result of such clause shall cease to accrue. It is understood and agreed that, notwithstanding any provision to
the contrary, no Liquidated Damages shall accrue on any Registrable Securities that are then covered by, and may be sold under, an effective Shelf Registration Statement. Notwithstanding the foregoing, no Liquidated Damages shall accrue as to any
security from and after the earlier of (x) the date such security ceases to be a Registrable Security and (y) the expiration of the Effectiveness Period. 
  
 (b) Notwithstanding Section 3(a), the Company, upon written notice to the Holders, shall be permitted to suspend the availability of a
Registration Statement covering the Registrable Securities for any bona fide reason whatsoever for up to 30 consecutive days (the “Deferral Period”) in any 90-day period without being obligated to pay Liquidated Damages; provided
that in the event the suspension relates to a previously undisclosed proposed or pending material business transaction, the disclosure of which the Company determines in good faith would be reasonably likely to impede the Company’s ability
to consummate such transaction, the Company may extend a Deferral Period from 30 days to 45 days without being obligated to pay Liquidated Damages; provided further that Deferral Periods may not total more than 90 days in the aggregate in any
twelve-month period. The Company shall not be required to specify in the written notice to the Holders the nature of the event giving rise to the Deferral Period. 
  
 (c) So long as Notes remain outstanding, the Company shall notify the Trustee within five Business Days
after each and every date on which an event occurs in respect of which Liquidated Damages are required to be paid. Any amounts of Liquidated Damages due pursuant to clause (a)(i), (a)(ii), (a)(iii) or (a)(iv) of this Section 3 will be payable in
cash semiannually on January 15 or July 15 of each year (each, a “Damages Payment Date”), commencing with the first such Damages Payment Date occurring after any such Liquidated Damages commences to accrue, to Holders to whom
regular interest is payable on the Damages Payment Date, with respect to Notes that are Registrable Securities, and to Persons that are registered Holders on January 1 or July 1 immediately prior to a Damages Payment Date with respect to Underlying
Shares that are Registrable Securities, provided that any Liquidated Damages accrued with respect to any Note or portion thereof called for redemption by the Company on a redemption date or converted into Underlying Shares on a conversion
date prior to the Damages Payment Date, shall, in any such event, be paid instead to the Holder who submitted such Note or portion thereof for redemption or conversion on the applicable redemption date or conversion date, as the case may be, on such
date (or promptly following the conversion date, in the case of conversion). The amount of Liquidated Damages for Registrable Securities will be determined by multiplying the applicable rate of Liquidated Damages by the Amount of Registrable
Securities outstanding on the first Damages Payment Date following such Registration Default in the case of the first such payment of Liquidated Damages with respect to a Registration Default (and thereafter at the next succeeding Damages Payment
Date until the cure of such Registration Default), multiplied by a fraction, the numerator of which is the number of days such Liquidated Damages rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve
30-day months and, in the case of a partial month, the actual number of days elapsed), and the denominator of which is 360. The parties agree that the sole monetary damages payable for a violation of the terms of this Agreement with respect to which
Liquidated Damages are expressly provided shall be such Liquidated Damages. 

  

 -8- 

 4.Registration Procedures. 
  
 In connection with its registration obligations pursuant to Section 2 hereof, the Company shall: 
  
 (a) Prepare and file with the SEC, on or prior to the Filing Date, a
Registration Statement or Registration Statements as prescribed by Section 2 hereof, and use its commercially reasonable efforts to cause each such Registration Statement to become effective and remain effective as provided herein; provided
that before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Company shall furnish to and afford the Initial Purchasers a reasonable opportunity to review copies of all such documents proposed to be filed
(in each case, where possible, at least three Business Days prior to such filing, or such later date as is reasonable under the circumstances) and use reasonable efforts to reflect in each such document when so filed reasonable comments of the
Initial Purchasers. 
  
 (b) Subject to Section 2(b), prepare and
file with the SEC such amendments and post-effective amendments to each Shelf Registration Statement, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period; cause the related Prospectus to be
supplemented by any prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 promulgated under the Securities Act (or any similar provisions then in force); and use its reasonable best efforts to
comply with the provisions of the Securities Act applicable to it with respect to the disposition of all Registrable Securities covered by such Registration Statement during the Effectiveness Period in accordance with the intended methods of
distribution set forth in such Registration Statement as so amended or in such Prospectus as so supplemented. 
  
 (c) Notify the Selling Holders and Designated Counsel, if any, as promptly as practicable, (i) when a Prospectus or any prospectus supplement or
post-effective amendment to a Registration Statement has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective under the Securities Act (including in such notice a written
statement that any Holder may, upon written request, obtain, at the sole expense of the Company, one conformed copy of such Registration Statement or post-effective amendment, including financial statements and schedules, documents incorporated or
deemed to be incorporated by reference and exhibits), (ii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any Prospectus or the initiation of
any proceedings for that purpose, (iii) of the happening of any event, the existence of any condition or any information becoming known (but not the nature or details concerning such event, condition or information) that makes any statement made in
such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in or amendments or supplements to such
Registration Statement, Prospectus or documents so that, in the case of the Registration 

  

 -9- 

 
Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading (provided, however, that no notice by the Company pursuant to this clause (iii) shall be required in the event that the Company promptly files a prospectus supplement to
update the Prospectus or a Current Report on Form 8-K or other appropriate Exchange Act report that is incorporated by reference into the Registration Statement which, in either case, contains the requisite information with respect to such event,
condition or information that results in such Registration Statement no longer containing any untrue statement of a material fact or omitting to state a material fact necessary to make the statements contained therein not misleading) and (iv) of the
Company’s determination that a post-effective amendment to a Registration Statement would be appropriate, which notice may in any case, at the discretion of the Company, state that it constitutes a notice of deferral under Section 3(b) hereof.

  
 (d) Use its commercially reasonable efforts to prevent the
issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus and, if any such order is issued, to use its commercially reasonable efforts to obtain the withdrawal of
any such order at the earliest possible moment or if any such order or suspension is during any Deferral Period, at the earliest possible time after such Deferral Period ends, and provide prompt notice to the Selling Holders of the withdrawal of any
such order. 
  
 (e) Furnish as promptly as reasonably practicable
after the filing of such documents with the SEC to each Selling Holder and Designated Counsel, if any, upon written request and at the sole expense of the Company, one conformed copy of the Registration Statement or Registration Statements and each
post-effective amendment thereto, including financial statements and schedules, and all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 
  
 (f) Deliver during the Effectiveness Period (except during any Deferral Period) to each Selling Holder and Designated
Counsel, if any, at the sole expense of the Company, as many copies of the Prospectus (including each form of preliminary prospectus) and each amendment or supplement thereto as such Persons may reasonably request; and, subject to Sections 4A(a) and
4A(c) hereof, the Company hereby consents (except during any Deferral Period) to the use of such Prospectus and each amendment or supplement thereto by each Selling Holder in connection with the offering and sale of the Registrable Securities
covered by such Prospectus and any amendment or supplement thereto in the manner set forth therein. 
  
 (g) Prior to any public offering of Registrable Securities pursuant to a Registration Statement, use its reasonable best efforts to file registrations or
qualifications required to be filed in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities or offer and sale under the securities 

  

 -10- 

 
or Blue Sky laws of such jurisdictions within the United States as any Selling Holder reasonably requests, use its commercially reasonable efforts to keep
each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective in connection with such Holder’s offer and sale of Registrable Securities pursuant to such
registration or qualification (or exemption therefrom) and do any and all other acts or things reasonably necessary or advisable under Blue Sky laws to enable the disposition in such jurisdictions of the Registrable Securities in the manner set
forth in the Registration Statement; provided that the Company shall not be required to (i) qualify generally to do business or as a dealer in any jurisdiction where it is not then so qualified, (ii) take any action that would subject it to
general service of process in any such jurisdiction where it is not then so subject or (iii) subject itself to taxation in any such jurisdiction where it is not then so subject. 
  
 (h) Unless Registrable Securities shall be in book-entry form only, cooperate with the Selling Holders and their respective
counsel to facilitate the timely preparation and delivery of certificates representing shares of Registrable Securities sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository
Trust Company; and enable such shares of Registrable Securities to be in such denominations and registered in such names as the Selling Holders may reasonably request in connection with any sale of Registrable Securities. 
  
 (i) Upon the occurrence of any event contemplated by Section 4(c)(ii),
4(c)(iii) or 4(c)(iv) hereof, as promptly as practicable prepare and (subject to Section 4(a) hereof) file with the SEC, at the sole expense of the Company, a supplement or post-effective amendment to the Registration Statement or a supplement to
the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, any
such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading; provided that if such event shall occur during a Deferral Period, the Company shall take the actions set forth in this clause (i) within five (5) Business Days of the expiration of the Deferral Period. 
  
 (j) Prior to the effective date of the first Registration Statement relating
to the Registrable Securities, (i) provide the Trustee for the Notes and the transfer agent for the common shares of beneficial interest with certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust
Company and (ii) provide a CUSIP number for the Registrable Securities. 
  
 (k) During the Effectiveness Period, if requested in connection with a disposition of Registrable Securities pursuant to a Registration Statement, make available at reasonable times for inspection by one or more representatives of the
Selling Holders and any attorney or accountant retained by any such Selling Holders (collectively, the “Inspectors”), at the offices where normally kept, during reasonable business hours, at such time or times as 

  

 -11- 

 
shall be mutually convenient for the Company and the Inspectors as a group, all relevant financial and other records, pertinent corporate documents and
instruments of the Company and its subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees
of the Company and its subsidiaries to supply all information reasonably requested by any such Inspector in connection with such Registration Statement in accordance with this Section; provided that the Company shall have no obligation to
provide any such information prior to the execution by the party receiving such information of a confidentiality agreement in a form reasonably acceptable to the Company to the effect that records that the Company determines, in good faith, to be
confidential and any Records that it notifies the Inspectors are confidential shall not be used for any purpose other than satisfying “due diligence” obligations under the Securities Act and exercising rights under this Agreement and shall
not be disclosed by any Inspector unless (i) the disclosure of such Records is necessary to avoid or correct a material misstatement or material omission in such Registration Statement, (ii) the release of such Records is ordered pursuant to a
subpoena or other order from a court of competent jurisdiction, (iii) disclosure of such information is required by law or (iv) the information in such Records has been made generally available to the public other than through the acts of such
Inspector; provided that prior notice shall be provided as soon as practicable to the Company of the potential disclosure of any information by such Inspector pursuant to clauses (ii) of this sentence to permit the Company to obtain a
protective order (or waive the provisions of this Section 4(k)). Each Inspector shall take such actions as are reasonably necessary to protect the confidentiality of such information (if practicable) to the extent such actions are otherwise not
inconsistent with, an impairment of or in derogation of the rights and interests of the Holder or any Inspector, unless and until such information in such Records has been made generally available to the public other than as a result of a breach of
this Agreement. The foregoing inspection and information gathering shall, to the greatest extent possible, be coordinated on behalf of all the Selling Holders and the other parties entitled thereto by Designated Counsel. 
  
 (l) During the Effectiveness Period, use its reasonable best efforts to
comply with all rules and regulations of the SEC applicable to any Registration Statement and make generally available to its security holders earning statements (which need not be audited) satisfying the provisions of Section 11(a) of the
Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any 12-month period (or 90 days after the end of any 12-month period if such period is a fiscal year) commencing
on the first day of the first fiscal quarter of the Company after the effective date of a Registration Statement, which statements shall cover said 12-month periods. 
  
 (m) Cause the Indenture to be qualified under the TIA not later than the effective date of the first Registration Statement
relating to the Registrable Securities; and in connection therewith, cooperate with the Trustee and the Holders of the Registrable Securities and their respective counsel to effect such changes to the Indenture as may be required for the Indenture
to be so qualified in accordance with the terms of the TIA; and execute, and use all reasonable efforts to cause the Trustee to execute, all documents as may be required to effect such changes and all other forms and documents required to be filed
with the SEC to enable the Indenture to be so qualified in a timely manner. 

  

 -12- 

 (n) Use its commercially reasonable efforts to take all other steps necessary to effect the registration
of the Registrable Securities covered by a Registration Statement contemplated hereby; provided that the Company shall not be required to take any action in connection with an Underwritten Offering. 
  
 4A. Holders’ Obligations. (a) Each Holder agrees, by acquisition
of the Registrable Securities, that no Holder shall be entitled to sell any of such Registrable Securities pursuant to a Registration Statement or to receive a Prospectus relating thereto, unless such Holder has furnished the Company with a Notice
and Questionnaire as required pursuant to Section 2(d) hereof (including the information required to be included in such Notice and Questionnaire) and the information set forth in the next sentence. Each Selling Holder agrees promptly to furnish to
the Company all information required to be disclosed in order to make the information previously furnished to the Company by such Selling Holder not misleading and any other information regarding such Selling Holder and the distribution of such
Registrable Securities as the Company may from time to time reasonably request. Any sale of any Registrable Securities by any Holder shall constitute a representation and warranty by such Holder that the information relating to such Holder and its
plan of distribution is as set forth in the Prospectus delivered by such Holder in connection with such disposition, that such Prospectus does not as of the time of such sale contain any untrue statement of a material fact relating to or provided by
such Holder or its plan of distribution and that such Prospectus does not as of the time of such sale omit to state any material fact relating to or provided by such Holder or its plan of distribution necessary to make the statements in such
Prospectus, in the light of the circumstances under which they were made, not misleading. 
  
 (b) The Company may require each Selling Holder of Registrable Securities as to which any registration is being effected to furnish to the Company such additional information regarding such Holder and its plan of
distribution of such Registrable Securities as the Company may, from time to time, reasonably request to the extent necessary or advisable to comply with the Securities Act. The Company may exclude from any registration the Registrable Securities of
any Selling Holder if such Holder fails to furnish such additional information within twenty (20) Business Days after receiving such request. Each Selling Holder as to which any Shelf Registration Statement is being effected agrees to furnish
promptly to the Company all information required to be disclosed so that the information previously furnished to the Company by such Holder is not materially misleading and does not omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the circumstances under which they were made. 
  
 (c) Each Holder of Registrable Securities agrees by acquisition of such Registrable Securities that, upon actual receipt of any notice from the Company
suspending the availability of the Registration Statement pursuant to Section 3(b) hereof, or upon the happening of any event of the kind described in Section 4(c)(ii), 4(c)(iii) or 4(c)(iv) hereof (each Holder agrees to keep any such notice
confidential), such Holder will forthwith discontinue disposition 

  

 -13- 

 
of such Registrable Securities covered by such Registration Statement or Prospectus until such Holder’s receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 4(i) hereof, or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and it has received copies of any additional or supplemental filings that are
incorporated or deemed incorporated by reference in such Prospectus thereto. 
  
 5. Registration Expenses. (a) All fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne by the Company, including, without limitation, (i) all registration and filing fees
(including, without limitation, fees and expenses of compliance with state securities or Blue Sky laws, including, without limitation, reasonable fees and disbursements of its counsel in connection with Blue Sky qualifications of the Registrable
Securities and determination of the eligibility of the Registrable Securities for investment under the laws of such jurisdictions as provided in Section 4(g) hereof), (ii) printing expenses, including, without limitation, expenses of printing
certificates for Registrable Securities in a form eligible for deposit with The Depository Trust Company, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability
insurance, if the Company desires such insurance, (vi) fees and expenses of all other Persons retained by the Company, (vii) internal expenses of the Company (including, without limitation, all salaries and expenses of officers and employees of the
Company performing legal or accounting duties), (viii) the expense of any annual audit, (ix) the fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange, if applicable, and (x) the
expenses relating to printing, word processing and distributing all Registration Statements and any other documents necessary in order to comply with this Agreement. Notwithstanding anything in this Agreement to the contrary, each Holder shall pay
all brokerage commissions or other selling expenses with respect to any Registrable Securities sold by it and, except as set forth in Section 5(b) below, the Company shall not be responsible for the fees and expenses of any counsel, accountant or
advisor for the Holders. 
  
 (b) The Company shall bear or
reimburse the Holders of the Registrable Securities being registered in a Shelf Registration Statement for the reasonable fees and disbursements of Designated Counsel of up to $25,000. 
  
 6. Indemnification. 
  
 (a) The Company agrees to indemnify and hold harmless (x) each Holder covered by a Shelf Registration Statement and the Initial Purchasers, (y) each
Person, if any, who controls (within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act) any such Holder, (z) the respective officers, directors, partners, employees, representatives and agents of such Holder
(including any predecessor holder) (any person referred to in clause (x), (y) or (z) may hereinafter be referred to as an “Indemnified Holder”), against any losses, claims, damages or liabilities to which such Indemnified Holder may
become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any
material fact contained in any Registration Statement or any amendment or supplement thereto, in each case at the time such became 

  

 -14- 

 
effective under the Securities Act, or any Prospectus or related preliminary prospectus or (ii) the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, in the light of the circumstances under which they were made; provided that the Company will not be liable under this Section 6(a), (x) to the
extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement, or omission or alleged omission made therein in reliance upon and in conformity with written information relating
to any Holder furnished to the Company by or on behalf of such Holder specifically for use therein, (y) with respect to any untrue statement or alleged untrue statement, or omission or alleged omission made in any preliminary prospectus if the
person asserting any such loss, claim, damage or liability who purchased Registrable Securities which are the subject thereof did not receive a copy of the Prospectus (or the preliminary prospectus as then amended or supplemented if the Company
shall have furnished such Indemnified Holder with such amendment or supplement thereto on a timely basis) at or prior to the written confirmation of the sale of such Registrable Securities to such person and, in any case where such delivery is
required by applicable law, the untrue statement or alleged untrue statement or omission or alleged omission of a material fact made in such preliminary prospectus was corrected in the Prospectus (or the preliminary prospectus as then amended or
supplemented if the Company shall have furnished such Indemnified Holder with such amendment or supplement thereto on a timely basis) or (z) arising from the offer or sale of Registrable Securities during any Deferral Period, if notice thereof was
given to such Holder. The Company shall notify such Indemnified Holder promptly of the institution, threat or assertion of any claim, proceeding (including any governmental investigation) or litigation in connection with the matters addressed by
this Agreement that involves the Company or such Indemnified Holder. 
  
 (b) Subject to Section 6(d) below, the Company agrees to reimburse each Indemnified Holder upon demand for any out-of-pocket expenses reasonably incurred by such Indemnified Holder (including reasonable fees and disbursements of counsel
chosen in accordance with Section 6(d) below) in connection with investigating or defending any such loss, claim, damage or liability, any action or proceeding or in responding to a subpoena or governmental inquiry related to the offering of the
Registrable Securities, whether or not such Indemnified Holder is a party to any action or proceeding. In the event that it is finally judicially determined that an Indemnified Holder was not entitled to receive payments for legal and other expenses
pursuant to this Section 6, such Indemnified Holder will promptly return all sums that had been advanced pursuant hereto. 
  
 (c) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors and officers and each Person who controls the
Company (within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act) to the same extent as the indemnity provided in Section 6(a) from the Company to each Holder, but only with reference to such losses, claims,
damages or liabilities which are caused by any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to a Holder furnished to the Company in writing by such Holder
expressly for use in any Registration Statement or Prospectus, or any amendment or supplement thereto or any related preliminary prospectus. The liability of any Holder under this Section 6(c) shall in no event exceed the proceeds received by such
Holder from sales of Registrable Securities giving rise to such obligation. 

  

 -15- 

 (d) In case any suit, action, proceeding (including any governmental or regulatory investigation), claim
or demand shall be brought or asserted against any Person in respect of which indemnity may be sought pursuant to Section 6(a) or (c), such Person (the “Indemnified Person”) shall promptly notify the Person or Persons against whom
such indemnity may be sought (each an “Indemnifying Person”) in writing. No indemnification provided for in Section 6(a) or (c) shall be available to any Person who shall have failed to give notice as provided in this Section 6(d)
if the party to whom notice was not given was unaware of the proceeding to which such notice would have related and was materially prejudiced by the failure to give such notice. Nevertheless, the failure to give such notice shall not relieve the
Indemnifying Person or Persons from any liability which it or they may have to the Indemnified Person for contribution or otherwise than on account of the provisions of Section 6(a) or (c). In case any such proceeding shall be brought against any
Indemnified Person and it shall notify the Indemnifying Person of the commencement thereof, the Indemnifying Person shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other Indemnifying Person similarly
notified, to assume the defense thereof, with counsel selected by such Indemnifying Person (and reasonably satisfactory to such Indemnified Person) and shall pay the fees and disbursements of such counsel related to such proceeding. In any such
proceeding, any Indemnified Person shall have the right to retain its own counsel at its own expense. Notwithstanding the foregoing, the Indemnifying Person shall pay the reasonable fees and expenses of the counsel retained by the Indemnified Person
in the event (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded parties) include both the Indemnifying Person and
the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them or (iii) the Indemnifying Person shall have failed to assume the defense of and employ
counsel reasonably satisfactory to the Indemnified Person within a reasonable period of time in light of the circumstances after notice of commencement of the action. It is understood that the Indemnifying Person shall not, in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm for all such Indemnified Persons as group. Such firm shall be designated in writing by Holders of a majority in
Amount of Registrable Securities in the case of parties indemnified pursuant to Section 6(a) and by the Company in the case of parties indemnified pursuant to Section 6(c). The Indemnifying Person shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify the Indemnified Person from and against any loss or liability by reason
of such settlement or judgment. In addition, the Indemnifying Person will not, without the prior written consent of the Indemnified Person, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or
proceeding of which indemnification may be sought hereunder (whether or not any Indemnified Person is an actual or potential party to such claim, action or proceeding) unless such settlement, compromise or consent includes an unconditional release
of each Indemnified Person from all liability arising out of such claim, action or proceeding. 

  

 -16- 

 (e) To the extent the indemnification provided for in this Section 6 is unavailable to or insufficient to
hold harmless an Indemnified Person under Section 6(a) or (c) in respect of any losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to therein, except by reason of the exceptions set forth in Section 6(a)
or (c) or the failure of the Indemnified Person to give notice as required in Section 6(d), then each Indemnifying Person shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or
liabilities (or actions or proceedings in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the Indemnifying Person on the one hand and the Indemnified Person on the other hand from the offering of
the Notes pursuant to the Purchase Agreement and the Registrable Securities pursuant to any Shelf Registration Statement. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law, then each
Indemnifying Person shall contribute to such amount paid or payable by such Indemnified Person in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Indemnifying Person on the one hand and
the Indemnified Person on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions or proceedings in respect thereof), as well as any other relevant equitable considerations.
The relative benefits received by the Company shall be deemed to be equal to the total net proceeds (before deducting expenses) received by the Company under the Purchase Agreement from the offering and sale of the Registrable Securities giving rise
to such obligations. The relative benefits received by any Holder shall be deemed to be equal to the value of receiving securities registered under the Securities Act. The relative fault of the parties shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand, such Indemnified Holder on the other, and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
  
 (f) The Company and the Initial Purchasers agree that it would not be just and equitable if contribution pursuant to Section 6(e) were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in Section 6(e). The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages or
liabilities (or actions or proceedings in respect thereof) referred to in Section 6(e) shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Person in connection with investigating or defending any such
action or claim or enforcing any rights hereunder. Notwithstanding the provisions of Section 6(e) and (f), (i) in no event shall any Holder be required to contribute any amount in excess of the amount by which the net proceeds received by such
Holder from the offering or sale of the Registrable Securities pursuant to a Shelf Registration Statement exceeds the amount of damages which such Holder would have otherwise been required to pay by reason of such untrue or alleged untrue statement
or omission or alleged omission and (ii) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. 

  

 -17- 

 (g) The remedies provided for in this Section 6 are not exclusive and shall not limit any rights or
remedies that may otherwise be available to any indemnified party at law or in equity. 
  
 (h) The indemnity and contribution agreements contained in this Section 6 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on
behalf of any Holder or any Person controlling any Holder or by or on behalf of the Company, its officers or directors or any other Person controlling the Company and (iii) acceptance of and payment for any of the Registrable Securities. 

 
 7. Rules 144 and 144A. 
  
 The Company covenants that it will use its reasonable best efforts to file
the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and,
if at any time before the expiration of the Effectiveness Period the Company is not required to file such reports, it will, upon the request of any Holder, make available such information necessary to permit sales pursuant to Rule 144A under the
Securities Act. The Company further covenants that until the Effectiveness Period has expired, it will use all reasonable efforts to take such further action as any Holder of Registrable Securities may reasonably request, all to the extent required
from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 and Rule 144A under the Securities Act, as such rules may be amended
from time to time. The Company will provide a copy of this Agreement to prospective purchasers of Registrable Securities identified to the Company by the Initial Purchasers upon written request. Upon the request of any Holder, the Company shall
deliver to such Holder a written statement as to whether it is subject to and has complied with such reporting requirements. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its
securities pursuant to the Exchange Act. 
  
 8. Underwritten Registrations.

  
 No Holder of Registrable Securities may participate in any
Underwritten Registration hereunder. 
  
 9. Miscellaneous. 
  
 (a) No Inconsistent Agreements. The Company has not, as of the date
hereof, and the Company shall not, after the date of this Agreement, enter into any agreement with respect to any of its securities that conflicts with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise
conflicts with the provisions hereof. 

  

 -18- 

 (b) Adjustments Affecting Registrable Securities. The Company shall not take any action with
respect to the Registrable Securities as a class with the intent of adversely affecting the ability of the Holders of Registrable Securities to include such Registrable Securities in a registration undertaken pursuant to this Agreement. 

 
 (c) Amendments and Waivers. The provisions of this Agreement may
not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, otherwise than with the prior written consent of the Company and the Holders of not less than a majority in Amount of
Registrable Securities; provided that Section 6 and this Section 9(c) may not be amended, modified or supplemented without the prior written consent of the Company and each Holder (including, in the case of an amendment, modification or
supplement of Section 6, any Person who was a Holder of Registrable Securities disposed of pursuant to any Registration Statement). Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that
relates exclusively to the rights of Holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of
Registrable Securities may be given by Holders of at least a majority in Amount of Registrable Securities being sold by such Holders pursuant to such Registration Statement. Each Holder of Registrable Securities outstanding at the time of any
amendment, modification, supplement, waiver, or consent or thereafter shall be bound by any such amendment, modification, supplement, waiver, or consent effected pursuant to this Section, whether or not any notice of such amendment, modification,
supplement, waiver, or consent is delivered to such Holder. 
  
 (d) Notices. All notices, requests and other communications (including without limitation any notices or other communications to the Trustee) provided for or permitted hereunder shall be made in writing and delivered by
hand-delivery, registered first-class mail, next-day air courier or facsimile: 
  

 -19- 

 (1) if to a Holder of Registrable Securities, at the most current address of such Holder set forth on (x)
the records of the registrar under the Indenture, in the case of Holders of Notes, and (y) the stock ledger of the Company, in the case of Holders of common shares of beneficial interest of the Company, unless, in either such case, any Holder shall
have provided notice information in a Notice and Questionnaire or any amendment thereto, in which case such information shall control. 
  

	 	(2)	if to the Initial Purchasers: 

  
 Deutsche Bank Securities Inc. 
 60 Wall Street 
 New York, New York 10005 
 Facsimile No.: (212) 797-8974 
 Attention: Equity Capital Markets 
 with a copy to the General Counsel 
 Facsimile No.: (212) 797-4564 
  
 Banc of America Securities LLC 
 9 West 57th Street 
 New York, NY 10019 
 Fax: (212) 933-2217 Attention: Matt Stewart 
  
 if to the Company: 
  
 American Financial Realty Trust 
 1725 The Fairway 
 Jenkintown, Pennsylvania 19046 
 Facsimile No.: (215) 887-2585 
 Attention: General Counsel 
  
 All
such notices, requests and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; the earlier of the date indicated on the notice of receipt and five (5) Business Days after being deposited in the
mail, postage prepaid, if mailed; one Business Day after being timely delivered to a next-day air courier; and when the addressor receives facsimile confirmation, if sent by facsimile during normal business hours, and otherwise on the next Business
Day during normal business hours. 
  
 (e) Successors and
Assigns. Any person who purchases any Registrable Securities from the Initial Purchasers shall be deemed, for purposes of this Agreement, to be an assignee of such Initial Purchaser. This Agreement shall inure to the benefit of and be binding
upon the successors and assigns of each of the parties and shall inure to the benefit of and be binding upon each Holder of any Registrable Securities, provided that nothing herein shall be deemed to permit any assignment, transfer or other
disposition of Registrable Securities in 

  

 -20- 

 
violation of the terms of the Indenture. If any transferee of any Holder shall acquire Registrable Securities, in any manner, whether by operation of law or
otherwise, such Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Securities, such person shall be conclusively deemed to have agreed to be bound by and to perform all of
the terms and provisions of this Agreement and such person shall be entitled to receive the benefits hereof. 
  
 (f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, including via
facsimile, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 (g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

  
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE
JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS SITTING IN MANHATTAN, NEW YORK CITY, THE STATE OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
  
 (i) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the
parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to
be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
  
 (j) Securities Held by the Company or Its Affiliates. Whenever the
consent or approval of Holders of a specified percentage in Amount of Registrable Securities is required hereunder, Registrable Securities held by the Company or its affiliates (as such term is defined in Rule 405 under the Securities Act) other
than the Initial Purchasers or Holders deemed to be affiliates solely by reason of their holdings of such Registrable Securities shall not be counted in determining whether such consent or approval was given by the Holders of such required
percentage. 
  

 -21- 

 (k) Third-Party Beneficiaries. Holders of Registrable Securities are intended third party
beneficiaries of this Agreement and this Agreement may be enforced by such Persons. 
  
 (l) Entire Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is intended by the parties as a final and exclusive statement of the agreement and understanding of the parties
hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements, representations, or warranties, contracts, understandings, correspondence, conversations and memoranda between the Initial
Purchasers on the one hand and the Company on the other, or between or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are
merged herein and replaced hereby. 
  

 -22- 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first
written above. 
  

									
	 	 	 	 	AMERICAN FINANCIAL REALTY TRUST
					
	 	 	 	 	 	 	By:	 	 /s/  JAMES T. RATNER

	 	 	 	 	 	 	 	 	 Name: James T. Ratner

	 	 	 	 	 	 	 	 	 Title: Senior VP and Chief Financial Officer

			
	 	 	 	 	DEUTSCHE BANK SECURITIES INC.
					
	 	 	 	 	 	 	By:	 	 /s/  TIM RYAN

	 	 	 	 	 	 	 	 	 Name: Tim Ryan

	 	 	 	 	 	 	 	 	 Title: Director

					
	 	 	 	 	 	 	By:	 	 /s/  IMRAN AHMED

	 	 	 	 	 	 	 	 	 Name: Imran Ahmed

	 	 	 	 	 	 	 	 	 Title: Director

			
	 	 	 	 	 BANC OF AMERICA SECURITIES LLC

					
	 	 	 	 	 	 	By:	 	 /s/  DEREK DILLON

	 	 	 	 	 	 	 	 	 Name: Derek Dillon

	 	 	 	 	 	 	 	 	 Title: Managing Director

					
	 	 	 	 	 	 	By:	 	 /s/  M. BRADLEY SMITH

	 	 	 	 	 	 	 	 	 Name: M. Bradley Smith

	 	 	 	 	 	 	 	 	 Title: Managing Director

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