Document:

Exhibit 4.2

 

NEW PLAN
EXCEL REALTY TRUST, INC.

 

OFFICERS’ CERTIFICATE
PURSUANT TO

SECTIONS 301 AND 303 OF
THE INDENTURE

 

Pursuant to Sections 301 and 303 of the Indenture,
dated as of January 30, 2004 (the “Indenture”), by and between New Plan Excel
Realty Trust, Inc., a Maryland corporation (the “Company”), and U.S. Bank Trust
National Association, as trustee (the “Trustee”), John B. Roche and Steven F.
Siegel, officers of the Company, do hereby certify that:

 

1.         The title of a series of debt
securities to be issued by the Company under the Indenture is “5.30% Senior
Notes due 2015” (the “Notes”).  The Notes
have been established as a series of securities to be issued under the
Indenture in resolutions adopted by the Board of Directors and the pricing
committee of the Company (the “Board Resolutions”) in accordance with
Section 301 of the Indenture, a copy of said Board Resolutions being
attached hereto as Exhibit A and made a part hereof.

 

2.         The maximum aggregate principal amount
of the Notes that initially may be authenticated and delivered under the
Indenture shall be $100,000,000 (except for Notes authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other
Notes pursuant to Sections 304, 305, 306, 906, 1107 or 1305 of the
Indenture).

 

3.         The principal amount of the Notes shall
be payable on January 15, 2015, subject to the provisions of the Indenture and
the Notes.

 

4.         Interest will accrue from the date of
issuance of the Notes.  The Notes will
bear interest at 5.30% per annum, payable in the manner and on the dates set
forth in, and otherwise according to the terms set forth in, the form of global
certificate representing the Notes attached hereto as Exhibit B and
made a part hereof.

 

5.         The Corporate Trust Office of U.S. Bank
Trust National Association is appointed the principal paying agent, transfer
agent and registrar for the Notes and for the purpose mentioned in
Section 1002 of the Indenture.  The
Notes may be presented for payment at maturity or redemption at such Corporate
Trust Office, or at any other agency as may be appointed by the Company from
time to time in the City of New York.

 

6.         The Notes may be redeemed for cash at
any time at the option of the Company, in whole or in part, in accordance with
the terms of the Notes and Article Eleven of the Indenture, at a redemption
price equal to the sum 

 

 

of (i) the
principal amount of the Notes being redeemed plus accrued and unpaid interest
thereon to the redemption date, and (ii) the Make-Whole Amount (as such term is
defined in the Notes), if any, with respect to the Notes being redeemed.

 

7.         The Notes are subject to the same
Events of Default and covenants of the Company as those that are set forth in
the Indenture.

 

8.         Notes are to be issued as Registered
Securities in global book-entry form through the facilities of The Depository
Trust Company or in certificated form, as shall be directed by the Company by
Company Order.

 

9.         The provisions relating to defeasance
and covenant defeasance contained in Sections 1402 and 1403 of the
Indenture apply to the Notes without modification.

 

10.       The Company will not pay Additional
Amounts as contemplated by Section 1011 of the Indenture on the Notes to
any Holder who is not a United States person (including any modification to the
definition of such term) in respect of any tax, assessment or governmental
charge.

 

11.       The Notes will not be guaranteed.

 

12.       The Notes shall have such other terms and
conditions as are set forth in the form of global certificate representing the
Notes and, except as otherwise expressly set forth herein or in the certificate
representing the Notes, shall be subject to the provisions of the Indenture.

 

Each of the aforementioned officers of the Company has
read all of the conditions precedent relating to the issuance of the Notes
contained in the Indenture and the definitions therein relating thereto, and
has read the Board Resolutions and has examined the form of the global
certificate representing the Notes.  The
statements contained in this Officers’ Certificate are based on the familiarity
of each of the undersigned with the terms of the Indenture, the Board
Resolutions, the global certificate representing the Notes and with the
business, operations and financial condition of the Company.  In the opinion of each of such officers, he
has made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not all such conditions precedent
have been complied with and, in the opinion of each such officer, all such
conditions precedent have been complied with. 
To the best of each of the undersigned’s knowledge, no Event of Default
with respect to any of the securities issued under the Indenture has occurred
and is continuing.  Capitalized terms used
herein shall have the respective meanings set forth for them in the Indenture,
unless otherwise defined herein.

 

2

 

IN WITNESS WHEREOF, the undersigned have hereunto
signed their names this 13th day of January, 2005.

 

	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
  John B. Roche

  
	
   

  	
   

  	
  Chief Financial Officer
  and Executive

  
	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
  Steven F. Siegel

  
	
   

  	
   

  	
  Executive Vice
  President and SecretaryExhibit 4.3

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
55 WATER STREET, NEW YORK, NEW YORK, TO THE COMPANY (AS DEFINED BELOW) 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 IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), 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.

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING SET FORTH
IN THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF DTC
OR A NOMINEE OF DTC.  THIS NOTE IS EXCHANGEABLE FOR NOTES
REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR ANOTHER NOMINEE OF DTC OR BY
DTC OR ITS NOMINEE TO A SUCCESSOR DEPOSITORY OR ITS NOMINEE.

 

Registered No.001

$100,000,000

CUSIP No. 648053 AD 8

 

NEW PLAN EXCEL
REALTY TRUST, INC.

 

5.30% SENIOR NOTE DUE 2015

 

NEW PLAN EXCEL REALTY TRUST, INC., a corporation duly
organized and existing under the laws of the State of Maryland (herein referred
to as the “Company,” which term shall include any successor corporation under
the Indenture hereinafter referred to), for value received, hereby promises to
pay to Cede & Co. or registered assigns, upon presentation, the principal
sum of One Hundred Million Dollars ($100,000,000) on January 15, 2015 (the “Stated
Maturity Date”), unless redeemed in full prior to the Stated Maturity Date, and
to pay interest on the outstanding principal amount thereof from January 13,
2005 or from the immediately preceding Interest Payment Date (as defined below)
to which interest has been paid or duly provided for, semiannually in arrears
on January 15 and July 15 in each year (each, an “Interest Payment Date”),
commencing July 15, 2005, at the rate of 5.30% per annum, until the entire
principal hereof is paid or made available for payment.  The interest so 

 

 

payable and punctually paid or duly
provided for on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note is registered at the
close of business on the Regular
Record Date for such interest, which shall be the December 31 or June 30
(whether or not a Business Day), as
the case may be, next preceding such Interest Payment Date.  Any such interest not so punctually paid or
duly provided for shall forthwith cease to be
payable to the Holder on such Regular Record Date, and may either be paid to the Person in
whose name this Note is registered at the
close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the
Trustee (as defined below), notice whereof shall be given to Holders of the
Notes not more than 15 days and not less than
10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes (as defined below) may be listed, and upon such notice as may
be required by such exchange, all as more fully provided in the Indenture.

 

Payment of the principal of and Make-Whole Amount (as
defined below), if any, and interest on this Note on the Stated Maturity Date
or date of earlier redemption will be made in same day funds against
presentation and surrender of this Note at the office or agency maintained for
that purpose in the City of New York, or elsewhere as provided in the
Indenture, in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts;
provided, however, that if this Note is not a global note, at the option of the
Company, payments of interest on any Interest Payment Date other than the Stated
Maturity Date or date of earlier redemption may be made by check mailed to the address
of the Person entitled thereto as such address shall appear in the Security
Register; provided further, that interest due on an Interest Payment Date on or
prior to a date previously set for redemption will be paid on such Interest
Payment Date to the holder of this Note on the applicable Regular Record
Date.  Interest on this Note will be
computed on the basis of a 360-day year of twelve 30-day months.

 

This Note will be part of a series of debt securities
of the Company (herein called the “Debt Securities”) titled “5.30% Senior Notes
Due 2015” (herein called the “Notes”), issued and to be issued in one or more
series under an Indenture, dated as of January 30, 2004 (the “Indenture”), by and between the Company and U.S. Bank
Trust National Association, as trustee
(herein called the “Trustee,” which term includes any successor trustee
under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Notes and of the terms upon which the Notes are
authenticated and delivered.

 

2

 

This Note may be redeemed at any time at the option of
the Company, in whole or in part, in accordance with the terms of Article
Eleven of the Indenture, at a redemption price equal to the sum of (i) the
principal amount being redeemed plus unpaid interest accrued thereon to the
Redemption Date and (ii) the Make-Whole Amount, if any, with respect thereto.

 

Notwithstanding anything in the Indenture to the
contrary, “Make-Whole Amount” means, in connection with any optional redemption
of any Notes, the excess, if any, of

 

•                  the
aggregate present value as of the Redemption Date of each dollar of principal
being redeemed and the amount of interest, exclusive of interest accrued to the
Redemption Date, that would have been payable in respect of each such dollar of
principal if the redemption had not been made, determined by discounting, on a
semiannual basis, such principal and interest at the Reinvestment Rate (as
defined below), determined on the third business day preceding the date notice
of the redemption is given, from the respective dates on which such principal and interest would have been
payable if the redemption had not been made, to the Redemption Date, over

 

•                  the aggregate principal amount of the Notes being
redeemed.

 

“Reinvestment Rate” means a rate
per annum equal to the sum of 0.150%
plus the arithmetic mean of the yields under the heading “Week Ending” published in the most recent Statistical
Release (as defined below) under the caption “Treasury Constant Maturities” for
the maturity (rounded to the nearest month) corresponding to the remaining life to maturity of the Notes,
as of the Redemption Date of the Notes being redeemed.  If no maturity exactly corresponds to the maturity, yields for the two published maturities
most closely corresponding to that maturity shall be calculated pursuant
to the immediately preceding sentence and the Reinvestment Rate shall be
interpolated or extrapolated from those yields on a straight-line basis,
rounding each of the relevant periods to the nearest month.  For purposes of calculating the Reinvestment
Rate, the most recent Statistical Release published prior to the date of
determination of the Make-Whole Amount shall be used.

 

“Statistical Release” means the
statistical release designated “H.15(519)” or any
successor publication which is published weekly by the Board of Governors of
the Federal Reserve System and which reports yields on actively traded United
States government securities adjusted to constant maturities or, if the
statistical release is not published at the time of any determination of the
Make-Whole Amount, then such other reasonably comparable index which shall be
designated by us.

 

3

 

The Indenture contains provisions
for defeasance at any time of (a) the entire indebtedness of the Company on
this Note and (b) certain restrictive covenants and the related defaults and
Events of Default applicable to the Company, in each case, upon compliance by
the Company with certain conditions set forth in the Indenture, which
provisions apply to this Note.

 

If an Event of Default with
respect to the Notes shall occur and be continuing, the principal of the Notes
may be declared due and payable in the manner and with the effect provided in
the Indenture.

 

As provided in and subject to the
provisions of the Indenture, the Holder of this Note shall not have the right
to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless
such Holder shall have previously given written notice to the Trustee of a
continuing Event of Default with respect to the Notes, the Holders of not less
than 25% in principal amount of the Notes at the time Outstanding shall have
made written request to the Trustee to institute proceedings in respect of such
Event of Default as Trustee and offered the Trustee reasonable indemnity and
the Trustee shall not have received from the Holders of a majority in principal
amount of the Notes at the time Outstanding a direction inconsistent with such
request, and shall have failed to institute any such proceeding, for 60 days
after receipt of such notice, request and offer of indemnity.  The foregoing shall not apply to any suit
instituted by the Holder of this Note for the enforcement of any payment of
principal hereof or any Make-Whole Amount or interest hereon on or after the respective
due dates expressed herein.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Company and the rights of the Holders of
the Outstanding Debt Securities of each series to be affected under the Indenture
at any time by the Company and the Trustee with the consent of the Holders of
not less than a majority in principal amount of all Outstanding Debt Securities
affected thereby.  The Indenture also
contains provisions permitting the Holders of specified percentages in
principal amount of the Notes at the time Outstanding, on behalf of the Holders
of all the Notes, to waive compliance by the Company with certain provisions of
the Indenture and certain past defaults under the Indenture and their
consequences.  Any such consent or waiver
by the Holder of this Note shall be conclusive and binding upon such Holder and
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Note.

 

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 

 

4

 

absolute and unconditional, to
pay the principal of (and Make-Whole Amount, if any) and interest on this Note
at the times, place and rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and
subject to certain limitations therein and herein set forth, the transfer of
this Note is registrable in the Security Register, upon surrender of this Note
for registration of transfer at the office or agency of the Company in any
Place of Payment where the principal of (and Make-Whole Amount, if any) and
interest on this Note are payable, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by the Holder hereof or his or her attorney
duly authorized in writing, and thereupon one or more new Notes, of authorized
denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.

 

The Notes are issuable only in
registered form in denominations of $1,000 and any integral multiple
thereof.  As provided in the Indenture
and subject to certain limitations therein and herein set forth, this Note is
exchangeable for a like aggregate principal amount of Notes of this series of a
different authorized denomination, as requested by the Holder surrendering the
same.

 

No service charge shall be made
for any such registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

 

Prior to due presentment of this
Note for registration of transfer, the Company, the Trustee and any agent of
the Company or the Trustee may treat the Person in whose name this Note is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

 

No recourse under or upon any
obligation, covenant or agreement contained in the Indenture or in this Note,
or because of any indebtedness evidenced hereby or thereby, shall be had
against any promoter, as such, or against any past, present or future
stockholder, officer or director, as such, of the Company or of any successor,
either directly or through the Company or any successor, under any rule of law,
statute or constitutional provision or by the enforcement of any assessment or
by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance of this Note by the Holder thereof
and as part of the consideration for the issue of the Notes.

 

5

 

All capitalized terms used but not
otherwise defined in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

 

THE INDENTURE AND THE NOTES,
INCLUDING THIS NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK.

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused a “CUSIP” number to be printed on the Notes as a convenience
to the Holders of such Notes.  No
representation is made as to the correctness or accuracy of such CUSIP number
as printed on the Notes, and reliance may be placed only on the other
identification numbers printed hereon.

 

Unless the certificate of
authentication hereon has been executed by or on behalf of the Trustee by
manual signature, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

 

6

 

IN WITNESS WHEREOF, NEW PLAN EXCEL
REALTY TRUST, INC. has caused this instrument to be duly executed under
its corporate seal.

 

Dated:  January 13, 2005

 

	
   

  	
  NEW PLAN EXCEL REALTY
  TRUST, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  [Corporate Seal]

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Steven F. Siegel

  	
   

  
	
  Executive Vice President,

  	
   

  
	
  General Counsel and Secretary

  	
   

  
					

 

7

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION:

 

This is one of the Notes of the series designated
therein referred to in the within-mentioned Indenture.

 

	
   

  	
  U.S. BANK TRUST
  NATIONAL ASSOCIATION,

  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

8

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the
undersigned hereby

sells,
assigns and transfers unto

 

PLEASE INSERT SOCIAL

SECURITY OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE

	
   

  

 

	
   

  

(Please Print or
Typewrite Name and Address including
 Zip Code of Assignee)

 

	
   

  

the
within Note of New Plan Excel Realty Trust, Inc.  and hereby does
irrevocably constitute and appoint

 

	
   

  	
   Attorney to
  transfer said Note on the books of the within-named Company with full 

  
	
  power
  of substitution in the premises.

  	
   

  

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

NOTICE:  The signature to this assignment must
correspond with the name as it appears on the first page of the within Note in
every particular, without alteration or enlargement or any change whatever.

 

9

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