Document:

<PAGE>

                                PROMISSORY NOTE                 Exhibit 10.26(a)

$60,000,000.00                                            Milwaukee, Wisconsin
                                                          October 13, 1994

For Value Received, M&I Data Services, Inc., a Wisconsin corporation, on demand
promises to pay to the order of Marshall & Ilsley Corporation the principal sum
of Sixty Million and 00/100 Dollars ($60,000,000.00) or so much thereof as shall
from time to time be disbursed to or for the benefit of M&I Data Services, Inc.
Interest on the principal amount of this note shall be paid quarterly with the
first interest payment due December 31, 1994, and subsequent payments shall be
due and payable on the last day of March, June, and September, thereafter.
Interest payments shall be determined by the sum, since the last interest
payment, of multiplying the daily outstanding balance of this note by the rate
equal to the average commercial paper rate plus 1/4% divided by 365 days.

Payments of both principal and interest are to be paid in lawful money of the
United States of America at the offices of Marshall & Ilsley Corporation, 770
North Water Street, Milwaukee, Wisconsin 53202, or at such other place as the
holder shall designate in writing to the maker.

The maker and all endorsers hereby severally waive presentment for payment,
protest and demand, notice of protest, demand and of dishonor and nonpayment of
this Note, and consent that the holder may extend the time of payment or
otherwise modify the terms of payment of any part or the whole of the debt
evidenced by this Note, at the request of any other person liable hereon, and
such consent shall not alter or diminish the liability of any person.

                                                M&I DATA SERVICES, INC.

                                                /s/ Dennis J. Kuester
                                                ------------------------
                                                    Dennis J. Kuester,
                                                    Chairman and CEO<PAGE>
                                                                Exhibit 10.26(b)
                                                                ----------------

                                PROMISSORY NOTE
                                ---------------

$10,000,000.00                                              Milwaukee, Wisconsin
--------------                                              --------------------
                                                            December 8, 1998
                                                            ----------------

For Value Received, M&I EastPoint Technology, Inc., a New Hampshire Corporation,
on demand promises to pay to the order of Marshall & Ilsley Corporation the
principal sum of Ten Million and 00/100 Dollars ($10,000,000.00) or so much
thereof as shall from time to time be disbursed to or for the benefit of M&I
EastPoint Technoogy, Inc. Interest on the principal amount of this note shall be
paid monthly with the first interest payment due on January 30, 1999, and
subsequent payments shall be due and payable on the last day of each month,
thereafter. Interest payments shall be determined by the sum, since the last
interest payment, of multiplying the daily outstanding balance of this note by
the rate equal to the average commercial paper rate plus 1/4% divided by 365
days.

Payments of both principal and interest are to be paid in lawful money of the
United States of America at the offices of Marshall & Ilsley Corporation, 770
North Water Street, Milwaukee, Wisconsin 53202, or at such other place as the
holder shall designate in writing to the maker.

The maker and all endorsers hereby severally waive presentment for payment,
protest and demand, notice of protest, demand and of dishonor and nonpayment of
this note, and consent that the holder may extend the time of payment or
otherwise modify the terms of payment of any part or the whole of the debt
evidenced by this note, at the request of any other person liable hereon, and
such consent shall not alter or diminish the liability of any person.

                                M&I EastPoint Technology Inc.

                                /s/ Michael A. Hatfield
                                   --------------------------------------------
                                    Michael A. Hatfield, Secretary & Treasurerex4-1

EOP OPERATING LIMITED PARTNERSHIP

Issuer

and

EQUITY OFFICE PROPERTIES TRUST

to

STATE STREET BANK AND TRUST COMPANY

Trustee

INDENTURE

Dated as of August 23, 2000

Senior Debt Securities

 

TABLE OF CONTENTS

									
	RECITALS
	ARTICLE ONE. DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
		SECTION 101. DEFINITIONS.
			Acquired
Indebtedness
			Act
			Additional
Amounts
			Affiliate
			Annual Debt Service Charge
			Authenticating
Agent
			Authorized Newspaper
			Bankruptcy Law
			Bearer Security
			Board of Trustees
			Board Resolution
			Business Day
			Certificated Securities
			Clearstream Luxembourg
			Commission
			Common Depositary
			Common Stock
			Consolidated Income Available for Debt Service
			Consolidated Interest Expense
			Consolidated Net Income
			Corporate Trust Office
			corporation
			Coupon
			Custodian
			CUSIP Number
			Debt
			Defaulted Interest
			Dollar
			DTC
			EOP Charter
			Euroclear
			Event of Default
			Exchange Act
			Exchange Agent
			Exchange Date
			Exchange Price
			Foreign Currency
			GAAP
			General Partner
			global Security
			Government Obligations
			Guarantee
			Guaranteed Securities
			Guarantor
			Guarantor's Board Resolution
			Guarantor's Officers' Certificate
			Guarantor Request
			Holder
			Indenture
			Indexed Security
			Interest
			Interest Payment Date
			Issuer
			Issuer Request
			Issuer Order
			Judgment Currency
			Legal Holiday
			Maturity
			Offering Memorandum
			Officers' Certificate
			Opinion of Counsel
			Original Issue Discount Security
			Outstanding
			Paying Agent
			Person
			Place of Payment
			Predecessor Security
			Recourse Indebtedness
			Redemption Date
			Redemption Price
			Registered Security
			Regular Record Date
			Repayment Date
			Repayment Price
			Responsible Officer
			Restricted Certificated Securities Legend
			Restricted Common Stock Legend
			Restricted Global Securities Legend
			Restricted Securities Legend
			Secured Debt
			Securities Act
			Security
			Security Register
			Security Registrar
			Significant Subsidiary
			Special Paying Agent
			Special Record Date
			Stated Maturity
			Subsidiary
			Total Assets
			Total Unencumbered Assets
			Trust Indenture Act or TIA
			Trustee
			Undepreciated Real Estate Assets
			United States
			United States Person
			Unsecured Debt
			Yield to Maturity
		SECTION 102. COMPLIANCE CERTIFICATES AND OPINIONS
		SECTION 103. FORM OF DOCUMENTS DELIVERED TO TRUSTEE
		SECTION 104. ACTS OF HOLDERS
		SECTION 105. NOTICES, ETC., TO TRUSTEE, ISSUER AND EQUITY OFFICE
		SECTION 106. NOTICE TO HOLDERS; WAIVER
		SECTION 108. SUCCESSORS AND ASSIGNS
		SECTION 109. SEVERABILITY CLAUSE
		SECTION 110. BENEFITS OF INDENTURE
		SECTION 111. GOVERNING LAW
		SECTION 112. LEGAL HOLIDAYS
		SECTION 113. QUALIFICATION UNDER TRUST INDENTURE ACT
		SECTION 114. COUNTERPARTS
		SECTION 115. JUDGMENT CURRENCY
		SECTION 116. NONRECOURSE
	ARTICLE TWO SECURITIES FORMS
	ARTICLE THREE. THE SECURITIES
		SECTION 301. AMOUNT UNLIMITED; ISSUABLE IN SERIES
		SECTION 302. CURRENCY; DENOMINATIONS
		SECTION 303. EXECUTION, AUTHENTICATION, DELIVERY AND DATING
		SECTION 304. TEMPORARY SECURITIES
		SECTION 305. REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE
		SECTION 306. MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES
		SECTION 307. PAYMENT OF INTEREST; INTEREST RIGHTS RESERVE
		SECTION 308. PERSONS DEEMED OWNERS
		SECTION 309. CANCELLATION
		SECTION 310. COMPUTATION OF INTEREST
		SECTION 311. TRANSFER AND EXCHANGE
		SECTION 312. APPLICABILITY OF REIT OWNERSHIP LIMIT
	ARTICLE FOUR SATISFACTION AND DISCHARGE
		SECTION 401. SATISFACTION AND DISCHARGE OF INDENTURE
		SECTION 402. APPLICATION OF TRUST FUNDS
	ARTICLE FIVE. REMEDIES
		SECTION 501. EVENTS OF DEFAULT
		SECTION 502. ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT
		SECTION 503. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE
		SECTION 504. TRUSTEE MAY FILE PROOFS OF CLAIM
		SECTION 505. TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES OR COUPONS
		SECTION 506. APPLICATION OF MONEY COLLECTED
		SECTION 507. LIMITATION ON SUITS
		SECTION 508. UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM,
IF ANY, INTEREST AND ADDITIONAL AMOUNTS
		SECTION 509. RESTORATION OF RIGHTS AND REMEDIES
		SECTION 510. RIGHTS AND REMEDIES CUMULATIVE
		SECTION 511. DELAY OR OMISSION NOT WAIVER
		SECTION 512. CONTROL BY HOLDERS OF SECURITIES
		SECTION 513. WAIVER OF PAST DEFAULTS
		SECTION 514. WAIVER OF USURY, STAY OR EXTENSION LAWS
		SECTION 515. UNDERTAKING FOR COSTS
	ARTICLE SIX. THE TRUSTEE
		SECTION 601. NOTICE OF DEFAULTS
		SECTION 602. CERTAIN RIGHTS OF TRUSTEE
		SECTION 603. NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES
		SECTION 604. MAY HOLD SECURITIES
		SECTION 606. COMPENSATION AND REIMBURSEMENT
		SECTION 607. CORPORATE TRUSTEE REQUIRED ELIGIBILITY; CONFLICTING INTERESTS
		SECTION 608. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR
		SECTION 610. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS
		SECTION 611. APPOINTMENT OF AUTHENTICATING AGENT
	ARTICLE SEVEN. HOLDERS’ LIST AND REPORTS BY TRUSTEE, GUARANTOR AND ISSUER
		SECTION 701. DISCLOSURE OF NAMES AND ADDRESSES OF HOLDERS
		SECTION 702. REPORTS BY TRUSTEE
		SECTION 703. REPORTS BY ISSUER AND GUARANTOR
	ARTICLE EIGHT. CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE
		     SECTION 801. CONSOLIDATIONS AND MERGERS OF ISSUER OR GUARANTOR AND SALES,
LEASES AND CONVEYANCE PERMITTED SUBJECT TO CERTAIN CONDITIONS
		SECTION 802. RIGHTS AND DUTIES OF SUCCESSOR CORPORATION
		SECTION 803. OFFICERS' CERTIFICATE AND OPINION OF COUNSEL
	ARTICLE NINE. SUPPLEMENTAL INDENTURES
		SECTION 901. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS
		SECTION 902. SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS
		SECTION 903. EXECUTION OF SUPPLEMENTAL INDENTURES
		SECTION 904. EFFECT OF SUPPLEMENTAL INDENTURES
		SECTION 906. REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES
		SECTION 907. NOTICE OF SUPPLEMENTAL INDENTURES
	ARTICLE TEN. COVENANTS
		SECTION 1001. PAYMENT OF PRINCIPAL, PREMIUM, IF ANY, INTEREST AND ADDITIONAL AMOUNTS
		SECTION 1002. MAINTENANCE OF OFFICE OR AGENCY
		SECTION 1003. MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST
		SECTION 1004. LIMITATIONS ON INCURRENCE OF DEBT
		SECTION 1005. [intentionally omitted]
		SECTION 1006. EXISTENCE
		SECTION 1007. MAINTENANCE OF PROPERTIES
		SECTION 1008. INSURANCE
		SECTION 1010. PROVISION OF FINANCIAL INFORMATION
		SECTION 1011. STATEMENT AS TO COMPLIANCE
		SECTION 1012. ADDITIONAL AMOUNTS
		SECTION 1013. WAIVER OF CERTAIN COVENANTS
	ARTICLE ELEVEN. REDEMPTION OF SECURITIES
		SECTION 1101. APPLICABILITY OF ARTICLE
		SECTION 1102. ELECTION TO REDEEM; NOTICE TO TRUSTEE
		SECTION 1103. SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED
		SECTION 1104. NOTICE OF REDEMPTION
		SECTION 1105. DEPOSIT OF REDEMPTION PRICE
		SECTION 1106. SECURITIES PAYABLE ON REDEMPTION DATE
		SECTION 1107. SECURITIES REDEEMED IN PART
	ARTICLE TWELVE. SINKING FUNDS
		SECTION 1201. APPLICABILITY OF ARTICLE
		SECTION 1202. SATISFACTION OF SINKING FUND PAYMENT WITH SECURITIES
		SECTION 1203. REDEMPTION OF SECURITIES FOR SINKING FUND
	ARTICLE THIRTEEN. REPAYMENT AT THE OPTION OF HOLDERS
		SECTION 1301. APPLICABILITY OF ARTICLE
		SECTION 1302. REPAYMENT OF SECURITIES
		SECTION 1303. EXERCISE OF OPTION
		SECTION 1304. WHEN SECURITIES PRESENTED FOR REPAYMENT BECOME DUE AND PAYABLE
		SECTION 1305. SECURITIES REPAID IN PART
	ARTICLE FOURTEEN. [INTENTIONALLY OMITTED]
	ARTICLE FIFTEEN. MEETINGS OF HOLDERS OF SECURITIES
		SECTION 1501. PURPOSES FOR WHICH MEETINGS MAY BE CALLED
		SECTION 1502. CALL, NOTICE AND PLACE OF MEETINGS
		SECTION 1503. PERSONS ENTITLED TO VOTE AT MEETINGS
		SECTION 1504. QUORUM; ACTION
		SECTION 1505. DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF MEETINGS
		SECTION 1506. COUNTING VOTES AND RECORDING ACTION OF MEETINGS
		SECTION 1507. EVIDENCE OF ACTION TAKEN BY HOLDERS
		SECTION 1508. PROOF OF EXECUTION OF INSTRUMENTS
	ARTICLE SIXTEEN. SECURITIES IN FOREIGN CURRENCIES
		SECTION 1601. APPLICABILITY OF ARTICLE
	ARTICLE SEVENTEEN. GUARANTEE
		SECTION 1701. GUARANTEE
	ARTICLE EIGHTEEN. EXCHANGE
		SECTION 1801. APPLICABILITY OF ARTICLE
		SECTION 1802. EXCHANGE PRIVILEGES
		SECTION 1803. EXCHANGE PROCEDURES
		SECTION 1804. FRACTIONAL SHARES
		SECTION 1805. TAXES ON EXCHANGE
		SECTION 1806. EQUITY OFFICE TO PROVIDE STOCK
		SECTION 1807. ADJUSTMENTS
		SECTION 1808. VOLUNTARY ADJUSTMENT
		SECTION 1810. NOTICE OF ADJUSTMENT
		SECTION 1811. NOTICE OF CERTAIN TRANSACTIONS
		SECTION 1812. CONSOLIDATION, MERGER OR SALE OF THE GUARANTOR
		SECTION 1813. TRUSTEE'S AND EXCHANGE AGENT'S DISCLAIMER
		SECTION 1814. RESTRICTION ON COMMON STOCK ISSUABLE UPON EXCHANGE

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
							Page
	RECITALS			1	
	
	
	
	

	ARTICLE ONE. DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION			1	
	
	
	
	

		SECTION 101. DEFINITIONS			1	
	
	
	
	

			Acquired Indebtedness			2	
	
	
	
	

			Act			2	
	
	
	
	

			Additional Amounts			2	
	
	
	
	

			Affiliate			2	
	
	
	
	

			Annual Debt Service Charge			2	
	
	
	
	

			Authenticating Agent			2	
	
	
	
	

			Authorized Newspaper			2	
	
	
	
	

			Bankruptcy Law			3	
	
	
	
	

			Bearer Security			3	
	
	
	
	

			Board of Trustees			3	
	
	
	
	

			Board Resolution			3	
	
	
	
	

			Business Day			3	
	
	
	
	

			Certificated Securities			3	
	
	
	
	

			Clearstream Luxembourg			3	
	
	
	
	

			Commission			3	
	
	
	
	

			Common Depositary			3	
	
	
	
	

			Common Stock			3	
	
	
	
	

			Consolidated Income Available for Debt Service			3	
	
	
	
	

			Consolidated Interest Expense			4	
	
	
	
	

			Consolidated Net Income			4	
	
	
	
	

			Corporate Trust Office			4	
	
	
	
	

			corporation			4	
	
	
	
	

			Coupon			4	
	
	
	
	

			Custodian			4	
	
	
	
	

			CUSIP Number			4	
	
	
	
	

			Debt			4	
	
	
	
	

			Defaulted Interest			5	
	
	
	
	

			Dollar			5	
	
	
	
	

			DTC			5	
	
	
	
	

			EOP Charter			5	
	
	
	
	

			Euroclear			5	
	
	
	
	

			Event of Default			5	
	
	
	
	

			Exchange Act			5	
	
	
	
	

			Exchange Agent			5	
	
	
	
	

			Exchange Date			5	
	
	
	
	

			Exchange Price			5	
	
	
	
	

			Foreign Currency			5	
	
	
	
	

			GAAP			5	
	
	
	
	

			General Partner			6	
	
	
	
	

			global Security			6	
			Government Obligations			6	

 

	 	 	 	 	 	 	 	 	 
							Page
	
	
	
	

			Guarantee			6	
	
	
	
	

			Guaranteed Securities			6	
	
	
	
	

			Guarantor			6	
	
	
	
	

			Guarantor’s Board Resolution			6	
	
	
	
	

			Guarantor’s Officers’ Certificate			6	
	
	
	
	

			Guarantor Request			6	
	
	
	
	

			Guarantor Order			6	
	
	
	
	

			Holder			7	
	
	
	
	

			Indenture			7	
	
	
	
	

			Indexed Security			7	
	
	
	
	

			Interest			7	
	
	
	
	

			Interest Payment Date			7	
	
	
	
	

			Issuer			7	
	
	
	
	

			Issuer Request			7	
	
	
	
	

			Issuer Order			7	
	
	
	
	

			Judgment Currency			7	
	
	
	
	

			Legal Holiday			7	
	
	
	
	

			Maturity			7	
	
	
	
	

			Offering Memorandum			7	
	
	
	
	

			Officers’ Certificate			7	
	
	
	
	

			Opinion of Counsel			8	
	
	
	
	

			Original Issue Discount Security			8	
	
	
	
	

			Outstanding			8	
	
	
	
	

			Paying Agent			9	
	
	
	
	

			Person			9	
	
	
	
	

			Place of Payment			9	
	
	
	
	

			Predecessor Security			9	
	
	
	
	

			Recourse Indebtedness			9	
	
	
	
	

			Redemption Date			10	
	
	
	
	

			Redemption Price			10	
	
	
	
	

			Registered Security			10	
	
	
	
	

			Regular Record Date			10	
	
	
	
	

			Repayment Date			10	
	
	
	
	

			Repayment Price			10	
	
	
	
	

			Responsible Officer			10	
	
	
	
	

			Restricted Certificated Securities Legend			10	
	
	
	
	

			Restricted Common Stock Legend			10	
	
	
	
	

			Restricted Global Securities Legend			10	
	
	
	
	

			Restricted Securities Legend			10	
	
	
	
	

			Secured Debt			10	
	
	
	
	

			Securities Act			11	
	
	
	
	

			Security			11	
	
	
	
	

			Security Register			11	
	
	
	
	

			Security Registrar			11	
	
	
	
	

			Significant Subsidiary			11	
	
	
	
	

			Special Paying Agent			11	
	
	
	
	

			Special Record Date			11	
	
	
	
	

			Stated Maturity			11	
	
	
	
	

			Subsidiary			11	
	
	
	
	

			Total Assets			11	
	
	
	
	

			Total Unencumbered Assets			12	

 

	 	 	 	 	 	 	 	 	 
							Page
	
	
	
	

			Trust Indenture Act or TIA			12	
	
	
	
	

			Trustee			12	
	
	
	
	

			Undepreciated Real Estate Assets			12	
	
	
	
	

			United States			12	
	
	
	
	

			United States Person			12	
	
	
	
	

			Unsecured Debt			12	
	
	
	
	

			Yield to Maturity			12	
	
	
	
	

	 	SECTION 102. COMPLIANCE CERTIFICATES AND OPINIONS			12	
	
	
	
	

	 	SECTION 103. FORM OF DOCUMENTS DELIVERED TO TRUSTEE			13	
	
	
	
	

	 	SECTION 104. ACTS OF HOLDERS			14	
	
	
	
	

	 	SECTION 105. NOTICES, ETC., TO TRUSTEE, ISSUER AND EQUITY OFFICE			15	
	
	
	
	

	 	SECTION 106. NOTICE TO HOLDERS; WAIVER			15	
	
	
	
	

	 	SECTION 107. EFFECT OF HEADINGS AND TABLE OF CONTENTS			17	
	
	
	
	

	 	SECTION 108. SUCCESSORS AND ASSIGNS			17	
	
	
	
	

	 	SECTION 109. SEVERABILITY CLAUSE			17	
	
	
	
	

	 	SECTION 110. BENEFITS OF INDENTURE			17	
	
	
	
	

	 	SECTION 111. GOVERNING LAW			17	
	
	
	
	

	 	SECTION 112. LEGAL HOLIDAYS			17	
	
	
	
	

	 	SECTION 113. QUALIFICATION UNDER TRUST INDENTURE ACT			17	
	
	
	
	

	 	SECTION 114. COUNTERPARTS			18	
	
	
	
	

	 	SECTION 115. JUDGMENT CURRENCY			18	
	
	
	
	

	 	SECTION 116. NONRECOURSE			18	
	
	
	
	

	ARTICLE TWO. SECURITIES FORMS			19	
	
	
	
	

	 	SECTION 201. FORMS OF SECURITIES			19	
	
	
	
	

	 	SECTION 202. FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION			19	
	
	
	
	

	 	SECTION 203. SECURITIES ISSUABLE IN GLOBAL FORM			19	
	
	
	
	

	ARTICLE THREE. THE SECURITIES			20	
	
	
	
	

	 	SECTION 301. AMOUNT UNLIMITED; ISSUABLE IN SERIES			20	
	
	
	
	

	 	SECTION 302. CURRENCY; DENOMINATIONS			24	
	
	
	
	

	 	SECTION 303. EXECUTION, AUTHENTICATION, DELIVERY AND DATING			25	
	
	
	
	

	 	SECTION 304. TEMPORARY SECURITIES			27	
	
	
	
	

	 	SECTION 305. REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE			30	
	
	
	
	

	 	SECTION 306. MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES			33	
	
	
	
	

	 	SECTION 307. PAYMENT OF INTEREST; INTEREST RIGHTS RESERVED			34	
	
	
	
	

	 	SECTION 308. PERSONS DEEMED OWNERS			37	
	
	
	
	

	 	SECTION 309. CANCELLATION			38	
	
	
	
	

	 	SECTION 310. COMPUTATION OF INTEREST			38	
	
	
	
	

	 	SECTION 311. TRANSFER AND EXCHANGE			38	
	
	
	
	

	 	SECTION 312. APPLICABILITY OF REIT OWNERSHIP LIMIT			42	
	
	
	
	

	ARTICLE FOUR. SATISFACTION AND DISCHARGE			42	
	
	
	
	

	 	SECTION 401. SATISFACTION AND DISCHARGE OF INDENTURE			42	
	
	
	
	

	 	SECTION 402. APPLICATION OF TRUST FUNDS			44	

 

	 	 	 	 	 	 	 	 	 
							Page
	
	
	
	

	ARTICLE FIVE. REMEDIES			44	
	
	
	
	

	 	SECTION 501. EVENTS OF DEFAULT			44	
	
	
	
	

	 	SECTION 502. ACCELERATION OF MATURITY; RESCISSION AND
					ANNULMENT	46	
	
	
	
	

	 	SECTION 503. COLLECTION OF INDEBTEDNESS AND SUITS FOR
					ENFORCEMENT BY
TRUSTEE	47	
	
	
	
	

	 	SECTION 504. TRUSTEE MAY FILE PROOFS OF CLAIM			48	
	
	
	
	

	 	SECTION 505. TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF
					SECURITIES OR COUPONS	48	
	
	
	
	

	 	SECTION 506. APPLICATION OF MONEY COLLECTED			48	
	
	
	
	

	 	SECTION 507. LIMITATION ON SUITS			48	
	
	
	
	

	 	SECTION 508. UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE
					PRINCIPAL, PREMIUM, IF
ANY, INTEREST AND ADDITIONAL AMOUNTS	48	
	
	
	
	

	 	SECTION 509. RESTORATION OF RIGHTS AND REMEDIES			48	
	
	
	
	

	 	SECTION 510. RIGHTS AND REMEDIES CUMULATIVE			48	
	
	
	
	

	 	SECTION 511. DELAY OR OMISSION NOT WAIVER			48	
	
	
	
	

	 	SECTION 512. CONTROL BY HOLDERS OF SECURITIES			48	
	
	
	
	

	 	SECTION 513. WAIVER OF PAST DEFAULTS			48	
	
	
	
	

	 	SECTION 514. WAIVER OF USURY, STAY OR EXTENSION LAWS			48	
	
	
	
	

	 	SECTION 515. UNDERTAKING FOR COSTS			48	
	
	
	
	

	ARTICLE SIX. THE TRUSTEE			48	
	
	
	
	

	 	SECTION 601. NOTICE OF DEFAULTS			48	
	
	
	
	

	 	SECTION 602. CERTAIN RIGHTS OF TRUSTEE			48	
	
	
	
	

	 	SECTION 603. NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF
					SECURITIES	48	
	
	
	
	

	 	SECTION 604. MAY HOLD SECURITIES			48	
	
	
	
	

	 	SECTION 605. MONEY HELD IN TRUST			48	
	
	
	
	

	 	SECTION 606. COMPENSATION AND REIMBURSEMENT			48	
	
	
	
	

	 	SECTION 607. CORPORATE TRUSTEE REQUIRED ELIGIBILITY; CONFLICTING
					INTERESTS	48	
	
	
	
	

	 	SECTION 608. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR			48	
	
	
	
	

	 	SECTION 609. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR			48	
	
	
	
	

	 	SECTION 610. MERGER, CONVERSION, CONSOLIDATION OR
					SUCCESSION TO BUSINESS	48	
	
	
	
	

	 	SECTION 611. APPOINTMENT OF AUTHENTICATING AGENT			48	
	
	
	
	

	ARTICLE SEVEN. HOLDERS’ LIST AND REPORTS BY TRUSTEE, GUARANTOR AND ISSUER			48	
	
	
	
	

	 	SECTION 701. DISCLOSURE OF NAMES AND ADDRESSES OF HOLDERS			48	
	
	
	
	

	 	SECTION 702. REPORTS BY TRUSTEE			48	
	
	
	
	

	 	SECTION 703. REPORTS BY ISSUER AND GUARANTOR			48	
	
	
	
	

	 	SECTION 704. ISSUER TO FURNISH TRUSTEE NAMES AND ADDRESSES OF
					HOLDERS	48	
	
	
	
	

	ARTICLE EIGHT. CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE			48	
	
	
	
	

	 	SECTION 801. CONSOLIDATIONS AND MERGERS OF ISSUER OR
					GUARANTOR AND SALES,
LEASES AND CONVEYANCE PERMITTED SUBJECT TO CERTAIN CONDITIONS	48	
	
	
	
	

	 	SECTION 802. RIGHTS AND DUTIES OF SUCCESSOR CORPORATION			48	

 

	 	 	 	 	 	 	 	 	 
							Page
	
	
	
	

		SECTION 803. OFFICERS’ CERTIFICATE AND OPINION OF COUNSEL			48	
	
	
	
	

	ARTICLE NINE. SUPPLEMENTAL INDENTURES			48	
	
	
	
	

		SECTION 901. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF
					HOLDER	48	
	
	
	
	

		SECTION 902. SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS			48	
	
	
	
	

		SECTION 903. EXECUTION OF SUPPLEMENTAL INDENTURES			48	
	
	
	
	

		SECTION 904. EFFECT OF SUPPLEMENTAL INDENTURES			48	
	
	
	
	

		SECTION 905. CONFORMITY WITH TRUST INDENTURE ACT			48	
	
	
	
	

		SECTION 906. REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES			48	
	
	
	
	

		SECTION 907. NOTICE OF SUPPLEMENTAL INDENTURES			48	
	
	
	
	

	ARTICLE TEN. COVENANTS			48	
	
	
	
	

		SECTION 1001. PAYMENT OF PRINCIPAL, PREMIUM, IF ANY, INTEREST AND
					  ADDITIONAL AMOUNTS	48	
	
	
	
	

		SECTION 1002. MAINTENANCE OF OFFICE OR AGENCY			48	
	
	
	
	

		SECTION 1003. MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST			48	
	
	
	
	

		SECTION 1004. LIMITATIONS ON INCURRENCE OF DEBT			48	
	
	
	
	

		SECTION 1005. [intentionally omitted]			48	
	
	
	
	

		SECTION 1006. EXISTENCE			48	
	
	
	
	

		SECTION 1007. MAINTENANCE OF PROPERTIES			48	
	
	
	
	

		SECTION 1008. INSURANCE			48	
	
	
	
	

		SECTION 1009. PAYMENT OF TAXES AND OTHER CLAIMS			48	
	
	
	
	

		SECTION 1010. PROVISION OF FINANCIAL INFORMATION			48	
	
	
	
	

		SECTION 1011. STATEMENT AS TO COMPLIANCE			48	
	
	
	
	

		SECTION 1012. ADDITIONAL AMOUNTS			48	
	
	
	
	

		SECTION 1013. WAIVER OF CERTAIN COVENANTS			48	
	
	
	
	

	ARTICLE ELEVEN. REDEMPTION OF SECURITIES			48	
	
	
	
	

		SECTION 1101. APPLICABILITY OF ARTICLE			48	
	
	
	
	

		SECTION 1102. ELECTION TO REDEEM; NOTICE TO TRUSTEE			48	
	
	
	
	

		SECTION 1103. SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED			48	
	
	
	
	

		SECTION 1104. NOTICE OF REDEMPTION			48	
	
	
	
	

		SECTION 1105. DEPOSIT OF REDEMPTION PRICE			48	
	
	
	
	

		SECTION 1106. SECURITIES PAYABLE ON REDEMPTION DATE			48	
	
	
	
	

		SECTION 1107. SECURITIES REDEEMED IN PART			48	
	
	
	
	

	ARTICLE TWELVE. SINKING FUNDS			48	
	
	
	
	

		SECTION 1201. APPLICABILITY OF ARTICLE			48	
	
	
	
	

		SECTION 1202. SATISFACTION OF SINKING FUND PAYMENT WITH
					  SECURITIES	48	
	
	
	
	

		SECTION 1203. REDEMPTION OF SECURITIES FOR SINKING FUND			48	
	
	
	
	

	ARTICLE THIRTEEN. REPAYMENT AT THE OPTION OF HOLDERS			48	
	
	
	
	

		SECTION 1301. APPLICABILITY OF ARTICLE			48	
	
	
	
	

		SECTION 1302. REPAYMENT OF SECURITIES			48	
	
	
	
	

		SECTION 1303. EXERCISE OF OPTION			48	

 

	 	 	 	 	 	 	 	 	 
							Page
	
	
	
	

		SECTION 1304. WHEN SECURITIES PRESENTED FOR REPAYMENT BECOME
					   DUE AND PAYABLE	48	
	
	
	
	

		SECTION 1305. SECURITIES REPAID IN PART			48	
	
	
	
	

	ARTICLE FOURTEEN. [INTENTIONALLY OMITTED]			48	
	
	
	
	

	ARTICLE FIFTEEN. MEETINGS OF HOLDERS OF SECURITIES			48	
	
	
	
	

		SECTION 1501. PURPOSES FOR WHICH MEETINGS MAY BE CALLED			48	
	
	
	
	

		SECTION 1502. CALL, NOTICE AND PLACE OF MEETINGS			48	
	
	
	
	

		SECTION 1503. PERSONS ENTITLED TO VOTE AT MEETINGS			48	
	
	
	
	

		SECTION 1504. QUORUM; ACTION			48	
	
	
	
	

		SECTION 1505. DETERMINATION OF VOTING RIGHTS; CONDUCT AND
					  ADJOURNMENT
OF MEETINGS	48	
	
	
	
	

		SECTION 1506. COUNTING VOTES AND RECORDING ACTION OF MEETINGS			48	
	
	
	
	

		SECTION 1507. EVIDENCE OF ACTION TAKEN BY HOLDERS			48	
	
	
	
	

		SECTION 1508. PROOF OF EXECUTION OF INSTRUMENTS			48	
	
	
	
	

	ARTICLE SIXTEEN. SECURITIES IN FOREIGN CURRENCIES			48	
	
	
	
	

		SECTION 1601. APPLICABILITY OF ARTICLE			48	
	
	
	
	

	ARTICLE SEVENTEEN. GUARANTEE			48	
	
	
	
	

		SECTION 1701. GUARANTEE			48	
	
	
	
	

	ARTICLE EIGHTEEN. EXCHANGE			48	
	
	
	
	

		SECTION 1801. APPLICABILITY OF ARTICLE			48	
	
	
	
	

		SECTION 1802. EXCHANGE PRIVILEGES			48	
	
	
	
	

		SECTION 1803. EXCHANGE PROCEDURES			48	
	
	
	
	

		SECTION 1804. FRACTIONAL SHARES			48	
	
	
	
	

		SECTION 1805. TAXES ON EXCHANGE			48	
	
	
	
	

		SECTION 1806. EQUITY OFFICE TO PROVIDE STOCK			48	
	
	
	
	

		SECTION 1807. ADJUSTMENTS			48	
	
	
	
	

		SECTION 1808. VOLUNTARY ADJUSTMENT			48	
	
	
	
	

		SECTION 1809. CERTAIN DEFINITIONS			48	
	
	
	
	

		SECTION 1810. NOTICE OF ADJUSTMENT			48	
	
	
	
	

		SECTION 1811. NOTICE OF CERTAIN TRANSACTIONS			48	
	
	
	
	

		SECTION 1812. CONSOLIDATION, MERGER OR SALE OF THE GUARANTOR			48	
	
	
	
	

		SECTION 1813. TRUSTEE’S AND EXCHANGE AGENT’S DISCLAIMER			48	
	
	
	
	

		SECTION 1814. RESTRICTION ON COMMON STOCK ISSUABLE UPON
					  EXCHANGE	48	
	
	
	
	

	

 

EOP OPERATING LIMITED PARTNERSHIP

      Reconciliation and Tie between Trust Indenture Act of 1939 (the “TIA” or
“Trust Indenture Act”) and the Indenture, dated as of August 23, 2000

	 	 	 	 	 	 
	Trust Indenture Act Section		Indenture Section
	Sec. 310(a)(1)			607	
	
	
	
	

		(a)(2)			607	
	
	
	
	

		(b)			607,608	
	
	
	
	

	Sec. 312(a)			704	
	
	
	
	

	Sec. 312(c)			701	
	
	
	
	

	Sec. 313(a)			702	
	
	
	
	

		(c)			702	
	
	
	
	

	Sec. 314(a)			703	
	
	
	
	

		(a)(4)			1011	
	
	
	
	

		(c)(1)			102	
	
	
	
	

		(c)(2)			102	
	
	
	
	

		(e)			102	
	
	
	
	

	Sec. 315(b)			601	
	
	
	
	

	Sec. 316(a) (last sentence)			101 	("Outstanding")
	
	
	
	

		(a)(1)(A)			502,512	
	
	
	
	

		(a)(1)(B)			513	
	
	
	
	

		(b)			508	
	
	
	
	

	Sec. 317(a)(1)			503	
	
	
	
	

		(a)(2)			504	
	
	
	
	

	Sec. 318(a)			113	
	
	
	
	

		(c)			113	

	 	 	NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be
a part of the Indenture.

      Attention should also be directed to Section 318(c) of the Trust Indenture
Act, which provides that the provisions of Sections 310 to and including 317 of
the Trust Indenture Act are a part of and govern every qualified indenture,
whether or not physically contained therein.

 

      INDENTURE (this “Indenture”), dated as of August 23, 2000, by and among
EOP OPERATING LIMITED PARTNERSHIP, a Delaware limited partnership (the
“Issuer”), having its principal offices at Two North Riverside Plaza, 21st
Floor, Chicago, Illinois 60606, EQUITY OFFICE PROPERTIES TRUST, a Maryland
real estate investment trust (“Equity Office” or the “Guarantor”) having its
principal offices at Two North Riverside Plaza, 21st Floor, Chicago, Illinois
60606, and STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company,
as Trustee hereunder (the “Trustee”), having its Corporate Trust Office at Two
International Place, Financial Services, Corporate Trust Department, Boston,
Massachusetts 02110.

RECITALS

      The Issuer deems it necessary to issue from time to time for its lawful
purposes senior debt securities (hereinafter called the “Securities”)
evidencing its unsecured and unsubordinated indebtedness, and has duly
authorized the execution and delivery of this Indenture to provide for the
issuance from time to time of the Securities, unlimited as to principal amount,
to bear interest at the rates or formulas, to mature at such times and to have
such other provisions as shall be fixed as hereinafter provided. All things
necessary to make this Indenture a valid agreement of the Issuer, in accordance
with its terms, have been done.

      For value received, the execution and delivery by Equity Office of this
Indenture to provide for the Guarantee in respect of Guaranteed Securities
(each as defined herein) and its obligation to issue Common Stock (as defined
therein) upon an exchange of Securities in accordance with Article Eighteen has
been duly authorized. All things necessary to make this Indenture a valid
agreement of the Guarantor, in accordance with its terms, have been done.

      Upon making the appropriate filings with the Securities and Exchange
Commission, this Indenture will be subject to the provisions of the Trust
Indenture Act of 1939, as amended, and the rules and regulations of the
Securities and Exchange Commission promulgated thereunder that are deemed to be
incorporated into this Indenture and shall, to the extent applicable, be
governed by such provisions.

      NOW, THEREFORE, THIS INDENTURE WITNESSETH:

      For and in consideration of the premises and the purchase of the
Securities by the Holders (as defined herein), it is mutually covenanted and
agreed, for the equal and proportionate benefit of all Holders of the
Securities, as follows:

ARTICLE ONE

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

      SECTION 101. DEFINITIONS. For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise requires:

	 	(i)	 	the terms defined in this Article have the
meanings assigned to them in this Article, and include the
plural as well as the singular;

 

	 	(ii)	 	all other terms used herein which are defined in
the TIA, either directly or by reference therein, have the
meanings assigned to them therein;
	 
	 	(iii)	 	all accounting terms not otherwise defined
herein have the meanings assigned to them in accordance with
GAAP;
	 
	 	(iv)	 	the words “herein,” “hereof,” “hereto” and
“hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular Article,
Section or other subdivision; and
	 
	 	(v)	 	the word “or” is always used inclusively.

      “Acquired Indebtedness” means Debt of a Person (i) existing at the time
the Person becomes a Subsidiary or (ii) assumed in connection with the
acquisition of assets from the Person, in each case, other than Debt incurred
in connection with, or in contemplation of, the Person becoming a Subsidiary or
that acquisition. Acquired Indebtedness shall be deemed to be incurred on the
date of the related acquisition of assets from any Person or the date the
acquired Person becomes a Subsidiary.

      “Act” when used with respect to any Holder, has the meaning specified in
Section 104.

      “Additional Amounts” means any additional amounts which are required by a
Security or by or pursuant to a Board Resolution, under circumstances specified
therein, to be paid by the Issuer in respect of certain taxes, assessments or
other governmental charges imposed on certain Holders and which are owing to
such Holders.

      “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
“control” when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms “controlling” and “controlled” have meanings correlative to the
foregoing.

      “Annual Debt Service Charge” as of any date means the amount which is
expensed in any 12-month period for Consolidated Interest Expense of the Issuer
and its Subsidiaries.

      “Authenticating Agent” means any Person authorized by the Trustee
pursuant to Section 611 to act on behalf of the Trustee to authenticate
Securities of one or more series.

      “Authorized Newspaper” means a newspaper, printed in the English language
or in an official language of the place of publication, customarily published
on each day that is a Business Day in the place of publication, whether or not
published on days that are Legal Holidays in the place of publication, and of
general circulation in each place in connection with which the term is used or
in the financial community of each
such place. Whenever successive publications are required to be made in
Authorized Newspapers, the successive publications may be made in the same or
in different Authorized Newspapers in the same city meeting the

2

foregoing
requirements and in each case on any day that is a Business Day in the place of
publication.

      “Bankruptcy Law” has the meaning specified in Section 501.

      “Bearer Security” means any Security established pursuant to Section 201
which is payable to bearer.

      “Board of Trustees” means the board of trustees of the General Partner or
the Guarantor, as the case may be, or any committee of that board duly
authorized to act thereunder.

      “Board Resolution” means a copy of one or more resolutions certified by
the Secretary or an Assistant Secretary of the General Partner to have been
duly adopted by the Board of Trustees and to be in full force and effect on the
date of such certification, and delivered to the Trustee.

      “Business Day” when used with respect to any Place of Payment or any
other location referred to in this Indenture or in the Securities, means,
unless otherwise specified with respect to any Securities pursuant to Section
301, any day, other than a Saturday or Sunday or other day on which banking
institutions in that Place of Payment or particular location are authorized or
required by law, regulation or executive order to close.

      “Certificated Securities” means Securities issued in definitive, fully
registered (without Coupons) and certificated form.

      “Clearstream
Luxembourg” means Clearstream Banking,  société anonyme, or
its successor.

      “Commission” means the Securities and Exchange Commission, as from time
to time constituted, created under the Exchange Act, or, if at any time after
execution of this Indenture such Commission is not existing and performing the
duties now assigned to it under the TIA, then the body performing such duties
on such date.

      “Common Depositary” has the meaning specified in Section 304(b).

      “Common Stock” means common shares of beneficial interest, $.01 par value
per share, of Equity Office as it exists on the date of this Indenture or as
such shares may be changed or reconstituted from time to time.

      “Consolidated Income Available for Debt Service” for any period means
Consolidated Net Income plus amounts which have been deducted in determining
Consolidated Net Income during such period for (i) Consolidated Interest
Expense, (ii) provision for taxes of the Issuer and its Subsidiaries based
on income, (iii) amortization (other than amortization of debt discount)
and depreciation, (iv) provisions for losses from sales or joint ventures, (v)
increases in deferred taxes and other non-cash items, (vi) charges resulting
from a change in accounting principles and (vii) charges for early
extinguishment of debt, and less amounts which have been added in determining
Consolidated Net Income during such period for (a) provisions

3

for gains from
sales or joint ventures and (b) decreases in deferred taxes and other non-cash
items.

      “Consolidated Interest Expense” means, for any period, and without
duplication, all interest (including the interest component of rentals on
leases reflected in accordance with GAAP as capitalized leases on the Issuer’s
consolidated balance sheet, letter of credit fees, commitment fees and other
like financial charges) and all amortization of debt discount on all Debt
(including, without limitation, payment-in-kind, zero coupon and other
securities) of the Issuer and its Subsidiaries, but excluding legal fees, title
insurance charges and other out-of-pocket fees and expenses incurred in
connection with the issuance of Debt, all determined in accordance with GAAP.

      “Consolidated Net Income” for any period means the amount of net income
(or loss) of the Issuer and its Subsidiaries for such period determined on a
consolidated basis in accordance with GAAP.

      “Corporate Trust Office” means the principal corporate trust office of the
Trustee at which, at any particular time, its corporate trust business shall be
principally administered, which office at the date hereof is located at Two
International Place, Financial Services, Corporate Trust Department, Boston, MA
02110, provided that with respect to presentment of Securities, a “Corporate
Trust Office” is also maintained at the date hereof at the Corporate Trust
Window, Concourse Level, 61 Broadway, New York, New York 10006.

      “corporation” includes corporations and limited liability companies,
associations, partnerships, real estate investment trusts, companies and
business trusts.

      “Coupon” means any interest coupon appertaining to a Bearer Security.

      “Custodian” has the meaning specified in Section 501.

      “CUSIP Number” means the alphanumeric designation assigned to a Security
registered in the name of a nominee of DTC by Standard & Poor’s Corporation,
CUSIP Service Bureau.

      “Debt” of any Person means, without duplication, any indebtedness of such
Person, whether or not contingent, in respect of (i) borrowed money evidenced
by bonds, notes, debentures or similar instruments, (ii) indebtedness secured
by any mortgage, pledge, lien, charge, encumbrance or any security interest
existing on property owned by such Person, (iii) the reimbursement obligations,
contingent or otherwise, in connection with any letters of credit actually
issued or amounts representing the balance deferred and unpaid of the purchase
price of any property except any such balance that constitutes an accrued
expense
or trade payable or (iv) any lease of property by such Person as lessee
which is reflected on such Person’s consolidated balance sheet as a capitalized
lease in accordance with GAAP; in the case of items of indebtedness under (i)
through (iii) above to the extent that any such items (other than letters of
credit) would appear as a liability on such Person’s consolidated balance sheet
in accordance with GAAP, and also includes, to the extent not otherwise
included, any obligation by such Person to be liable for, or to pay, as
obligor, guarantor or otherwise (other than for purposes of collection in the
ordinary course of business), indebtedness of another Person (other than such

4

Person and its Subsidiaries) (it being understood that “Debt” shall be deemed
to be incurred by the Issuer and its Subsidiaries on a consolidated basis
whenever the Issuer and its Subsidiaries on a consolidated basis shall create,
assume, guarantee or otherwise become liable in respect thereof; Debt of a
Subsidiary of the Issuer existing prior to the time it became a Subsidiary of
the Issuer shall be deemed to be incurred upon such Subsidiary’s becoming a
Subsidiary of the Issuer, and Debt of a Person existing prior to a merger or
consolidation of such Person with the Issuer or any Subsidiary of the Issuer in
which such Person is the successor of the Issuer or such Subsidiary shall be
deemed to be incurred upon the consummation of such merger or consolidation);
provided, however, that the term Debt shall not include any such indebtedness
that has been the subject of an “in substance” defeasance in accordance with
GAAP.

      “Defaulted Interest” has the meaning specified in Section 307.

      “Dollar” or
“$” means a dollar or other equivalent unit in such coin or
currency of the United States as at the time shall be legal tender for the
payment of public and private debts.

      “DTC” has the meaning specified in Section 304(b).

      “EOP Charter” means the Articles of Amendment and Restatement of Equity
Office, dated as of July 7, 1997, as thereafter amended.

      “Euroclear” means Morgan Guaranty Trust Company of New York, Brussels
Office, or its successor as operator of the Euroclear System.

      “Event of Default” has the meaning specified in Article Five.

      “Exchange Act” means the Securities Exchange Act of 1934 and any successor
statute thereto, in each case as amended from time to time, and the rules and
regulations of the Commission thereunder.

      “Exchange Agent” has the meaning specified in Section 1809.

      “Exchange Date” has the meaning specified in Section 304(b).

      “Exchange Price” means the initial exchange price specified pursuant to
Section 301, as amended pursuant to adjustments thereto specified in Article
Eighteen.

      “Foreign Currency” means any currency, currency unit or composite
currency, including, without limitation, the Euro, issued by the government of
one or more countries other than the United States or by any recognized
confederation or association of such governments.

      “GAAP” means generally accepted accounting principles, as in effect from
time to time, as used in the United States applied on a consistent basis;
provided that solely for purposes of any calculation required by the financial
covenants contained herein, “GAAP” shall mean generally accepted accounting
principles as used in the United States on the date hereof, applied on a
consistent basis.

5

      “General Partner” means Equity Office Properties Trust, a Maryland real
estate investment trust, as managing general partner of the Issuer.

      “global Security” means a Security issued in definitive, fully registered
(without Coupons) and book-entry or global form.

      “Government Obligations” means securities which are (i) direct obligations
of the United States or the government which issued the Foreign Currency in
which the Securities of a particular series are payable, for the payment of
which its full faith and credit is pledged or (ii) obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of the
United States or such government which issued the Foreign Currency in which the
Securities of such series are payable, the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States or such
other government, which, in either case, are not callable or redeemable at the
option of the Issuer thereof, and shall also include a depositary receipt
issued by a bank or trust company as custodian with respect to any such
Government Obligation or held by such custodian for the account of the holder
of a depositary receipt, provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to
the holder of such depositary receipt from any amount received by the custodian
in respect of the Government Obligation or the specific payment of interest on
or principal of the Government Obligation evidenced by such depositary receipt.

      “Guarantee” means the unconditional guarantee of the payment of the
principal of, or any premium or interest on, or any Additional Amounts with
respect to, the Guaranteed Securities by the Guarantor, as more fully set forth
in Article Seventeen.

      “Guaranteed Securities” means a series of Securities made subject to a
Guarantee (as set forth in Article Seventeen) pursuant to Section 301.

      “Guarantor” or “Equity Office” means the Person named as such in the first
paragraph of this Indenture until a successor Person shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter
“Guarantor” or “Equity Office” shall mean such successor Person.

      “Guarantor’s Board Resolution” means a copy of one or more resolutions,
certified by the Secretary or an Assistant Secretary of the Guarantor to have
been duly adopted by the Guarantor’s Board of Trustees and to be in full force
and effect on the date of such certification, delivered to the Trustee.

      “Guarantor’s Officers’ Certificate” means a certificate signed by the
Chairman, the President or a Vice President (whether or not designated by a
number or a word or words added before or after the title “vice president”),
and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Guarantor, and delivered to the Trustee.

      “Guarantor Request” and “Guarantor Order” mean, respectively, a written
request or order signed in the name of the Guarantor by the Chairman, the
President or a Vice President (whether or not designated by a number or a word
or words added before or after the title “vice president”), and by the
Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of
the Guarantor, and delivered to the Trustee.

6

      “Holder” means, in the case of any Registered Security, the Person in
whose name such Security is registered in the Security Register and, in the
case of any Bearer Security, the bearer thereof and, when used with respect to
any coupon, shall mean the bearer thereof.

      “Indenture” means this instrument as originally executed or as it may from
time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, and shall
include the terms of a particular series of Securities established as
contemplated by Section 301.

      “Indexed Security” means a Security the terms of which provide that the
principal amount thereof payable at Stated Maturity may be more or less than
the principal face amount thereof at original issuance.

      “Interest” when used with respect to (i) an Original Issue Discount
Security which by its terms bears interest only after Maturity, shall mean
interest payable after Maturity, (ii) a Security which provides for the payment
of Additional Amounts pursuant to Section 1012, shall include such Additional
Amounts and (iii) a Security which provides for the payment of liquidated
damages in the event of certain circumstances, shall include such liquidated
damages.

      “Interest Payment Date” when used with respect to any Security, means the
Stated Maturity of an installment of interest on such Security.

      “Issuer” means the Person named as the “Issuer” in the first paragraph of
this Indenture until a successor Person shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter “Issuer” shall mean
such successor Person.

      “Issuer Request” and “Issuer Order” mean, respectively, a written request
or order signed in the name of the Issuer by the General Partner by its
Chairman of the Board of Trustees, its President or a Vice President (whether
or not designated by a number or a word or words added before or after the
title “vice president”), and by its Treasurer, an Assistant Treasurer, its
Secretary or an Assistant Secretary, of the General Partner, and delivered to
the Trustee.

      “Judgment Currency” has the meaning specified in Section 115.

      “Legal Holiday” means a day that is not a Business Day.

      “Maturity” when used with respect to any Security, means the date on which
the principal of such Security or an installment of principal becomes due and
payable as therein or herein provided, whether at the Stated Maturity or by
declaration of acceleration, notice of redemption or repurchase, notice of
option to elect repayment or otherwise, and includes the Redemption Date.

      “Offering Memorandum” means the final offering document relating to the
offering and sale of the Securities of the particular series.

      “Officers’ Certificate” means a certificate signed by the Chairman of the
Board of Trustees, the President or a Vice President (whether or not designated
by a number or a word

7

or words added before or after the title “vice
president”) of the General Partner and by the Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary of the General Partner, and
delivered to the Trustee.

      “Opinion of Counsel” means a written opinion of counsel, who may be
counsel for the Issuer or the Guarantor, as the case may be, or other counsel
or who may be an employee of or other counsel for the Issuer or the General
Partner and who shall be reasonably satisfactory to the Trustee.

      “Original Issue Discount Security” means any Security which provides for
an amount less than the principal amount thereof to be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 502.

      “Outstanding” when used with respect to Securities, means, as of the date
of determination, all Securities theretofore authenticated and delivered under
this Indenture, except:

	 	(i)	 	Securities theretofore canceled by the Trustee or
the Security Registrar or delivered to the Trustee or the
Security Registrar for cancellation;
	 
	 	(ii)	 	Securities, or portions thereof, for whose
payment or redemption or repayment at the option of the Holder
money in the necessary amount has been theretofore deposited
with the Trustee or any Paying Agent (other
than the Issuer or the Guarantor) in trust or set aside and
segregated in trust by the Issuer (if the Issuer or the
Guarantor shall act as its own, or authorize the Guarantor to
act as, Paying Agent) for the Holders of such Securities and
any coupons appertaining thereto, provided that, if such
Securities are to be redeemed, notice of such redemption has
been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee has been made; or
	 
	 	(iii)	 	Securities which have been paid pursuant to
Section 306 or in exchange for or in lieu of which other
Securities have been authenticated and delivered pursuant to
this Indenture, other than any such Securities in respect of
which there shall have been presented to the Trustee proof
satisfactory to it that such Securities are held by a bona
fide purchaser in whose hands such Securities are valid
obligations of the Issuer;

provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or are present at
a meeting of Holders for quorum purposes, and for the purpose of making the
calculations required by TIA Section 313, (i) the principal amount of an
Original Issue Discount Security that may be counted in making such
determination or calculation and that shall be deemed to be Outstanding for
such purpose shall be equal to the amount of principal thereof that would be
(or shall have been declared to be) due and payable, at the time of such
determination or calculation, upon a declaration of acceleration of the
maturity thereof pursuant to Section 502, (ii) the principal amount of any
Security denominated in a Foreign Currency that may be counted in making such
determination or calculation and that shall

8

be deemed Outstanding for such
purpose shall be equal to the Dollar equivalent, determined pursuant to Section
301 as of the date such Security is originally issued by the Issuer, of the
principal amount (or, in the case of an Original Issue Discount Security, the
Dollar equivalent as of such date of original issuance of the amount determined
as provided in clause (i) above) of such Security, (iii) the principal amount
of any Indexed Security that may be counted in making such determination or
calculation and that shall be deemed Outstanding for such purpose shall be
equal to the principal face amount of such Indexed Security at original
issuance, unless otherwise provided with respect to such Security pursuant to
Section 301, and (iv) Securities owned by the Issuer, the Guarantor or any
other obligor upon the Securities or any Affiliate of the Issuer, the Guarantor
or such other obligor shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Trustee shall be protected in making
such determination or calculation or in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which a
Responsible Officer of the Trustee actually knows to be so owned shall be so
disregarded. Securities so owned which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee’s right so to act with respect to such Securities and that
the pledgee is not the Issuer, the Guarantor or any other obligor upon the
Securities or any Affiliate of the Issuer or of such other obligor.

      “Paying Agent” means any Person authorized by the Issuer to pay the
principal of (and premium and Additional Amounts, if any) or interest on any
Securities or coupons on behalf of the Issuer.

      “Person” means any individual, corporation, partnership, limited liability
company, joint venture, joint-stock company, trust, unincorporated
organization, real estate investment trust or government or any agency or
political subdivision thereof.

      “Place of Payment” when used with respect to any Security, means the place
or places where the principal of (and premium and Additional Amounts, if any)
and interest on such Securities are payable as specified as contemplated by
Sections 301 and 1002.

      “Predecessor Security” of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 306 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security or a Security to which a
mutilated, destroyed, lost or stolen coupon appertains shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security or
the Security to which the mutilated, destroyed, lost or stolen coupon
appertains.

      “Recourse Indebtedness” means Debt, other than Secured Debt as to which
Secured Debt the liability of the obligor thereon is limited to its interest in
the collateral securing such Secured Debt, provided that no such Secured Debt
shall constitute Recourse Indebtedness by reason of provisions therein for
imposition of full recourse liability on the obligor for certain wrongful acts,
environmental liabilities, or other customary exclusions from the scope of
so-called “non-recourse” provisions.

9

      “Redemption Date” when used with respect to any Security to be redeemed,
in whole or in part, means the date fixed for such redemption by or pursuant to
this Indenture or such Security.

      “Redemption Price” when used with respect to any Security to be redeemed,
means the price at which it is to be redeemed pursuant to this Indenture or
such Security.

      “Registered Security” shall mean any Security which is registered in the
Security Register.

      “Regular Record Date” for the interest payable on any Interest Payment
Date on any Registered Security of or within any series means the date
specified for that purpose as contemplated by Section 301, whether or not a
Business Day.

      “Repayment Date” means, when used with respect to any Security to be
repaid at the option of the Holder, the date fixed for such repayment by or
pursuant to this Indenture.

      “Repayment Price” means, when used with respect to any Security to be
repaid at the option of the Holder, the price at which it is to be repaid by or
pursuant to this Indenture.

      “Responsible Officer” when used with respect to the Trustee, means any
officer in its corporate trust department (or similar group) having direct
responsibility for the administration of the trusts hereunder and also means,
with respect to a particular corporate trust matter, any other officer to whom
such matter is referred because of such officer’s knowledge and familiarity
with the particular subject.

      “Restricted Certificated Securities Legend” means the legend labeled as
such on Exhibit F hereto.

      “Restricted Common Stock Legend” means the legend labeled as such in
Exhibit D hereto.

      “Restricted Global Securities Legend” means the legend labeled as such in
Exhibit G hereto.

      “Restricted Securities Legend” means the Restricted Certificated
Securities Legend or the Restricted Global Securities Legend, or both, as the
context requires.

      “Secured Debt” means, without duplication, Debt that is secured by a
mortgage, trust deed, deed of trust, deed to secure Debt, security agreement,
pledge, conditional sale or other title retention agreement, capitalized lease,
or other like agreement granting or conveying security title to or a security
interest in real property or other tangible assets. Secured Debt shall be
deemed to be incurred (i) on the date the Issuer or any Subsidiary creates,
assumes, guarantees or otherwise becomes liable in respect thereof if it is
secured in the manner described in the preceding sentence on such date or (ii)
on the date the Issuer or any Subsidiary first secures such Debt in the manner
described in the preceding sentence if such Debt was not so secured on the date
it was incurred.

10

      “Securities Act” means Securities Act of 1933, and any successor statute
thereto, in each case as amended from time to time, and the rules and
regulations of the Commission thereunder.

      “Security” has the meaning stated in the first recital of this Indenture
and, more particularly, means any Security or Securities authenticated and
delivered under this Indenture; provided; however, that, if at any time there
is more than one Person acting as Trustee under this Indenture, “Securities”
with respect to the Indenture as to which such Person is Trustee shall have the
meaning stated in the first recital of this Indenture and shall more
particularly mean Securities authenticated and delivered under this Indenture,
exclusive, however, of Securities of any series as to which such Person is not
Trustee.

      “Security
Register” and “Security Registrar” have the respective meanings
specified in Section 305.

      “Significant Subsidiary” means any Subsidiary which is a “significant
subsidiary” (as defined in Article I, Rule 1-02 of Regulation S-X, promulgated
under the Securities Act) of the Issuer.

      “Special Paying Agent” shall have the meaning specified in Section
301(10).

      “Special Record Date” for the payment of any Defaulted Interest on the
Registered Securities of or within any series means a date fixed by the Trustee
pursuant to Section 307.

      “Stated Maturity” when used with respect to any Security or any
installment of principal thereof or interest thereon or any Additional Amounts
with respect thereto, means the date specified in such Security or a coupon
representing such installment of interest as the fixed date on which the
principal of such Security or such installment of principal or interest, or
such Additional Amounts are due and payable.

      “Subsidiary” means, as to any Person, (i) a corporation, partnership,
limited liability company, trust, real estate investment trust or other entity
a majority of the voting power of the voting equity securities of which are
owned, directly or indirectly, by such Person or by one or more Subsidiaries of
such Person; (ii) a partnership, limited liability company, trust, real estate
investment trust or other entity not treated as a corporation for federal
income tax purposes the majority of the value of the equity interests of which
are owned, directly or indirectly, by such Person or by one or more other
Subsidiaries of such Person; and (iii) one or more corporations which, either
individually or in the aggregate, would be Significant Subsidiaries (as defined
herein, except that the investment, asset and equity thresholds for purposes of
this definition shall be 5%), the majority of the value of the equity interests
of which are owned, directly or indirectly, by such Person or by one or more
Subsidiaries of such Person.

      “Total Assets” as of any date means the sum of (i) the Undepreciated Real
Estate Assets and (ii) all other assets of the Issuer and its Subsidiaries on a
consolidated basis determined in accordance with GAAP (but excluding
intangibles and accounts receivable).

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      “Total Unencumbered Assets” as of any date means the sum of (i) the
Undepreciated Real Estate Assets not securing any portion of Secured Debt and
(ii) all other assets of the Issuer and its Subsidiaries on a consolidated
basis not securing any portion of Secured Debt determined in accordance with
GAAP (but excluding intangibles and accounts receivable).

      “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as
amended and as in force at the date as of which this Indenture was executed,
except as provided in Section 905.

      “Trustee” means the Person named as the “Trustee” in the first paragraph
of this Indenture until a successor Trustee shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter “Trustee” shall
mean or include each Person who is then a Trustee hereunder; provided, however,
that if at any time there is more than one such Person, “Trustee” as used with
respect to the Securities of any series shall mean only the Person which has
agreed in writing to act as Trustee hereunder with respect to Securities of
that series, and its successors hereunder.

      “Undepreciated Real Estate Assets” as of any date means the cost (original
cost plus capital improvements) of real estate assets of the Issuer and its
Subsidiaries on such date, before depreciation and amortization, determined on
a consolidated basis in accordance with GAAP.

      “United States” means, unless otherwise specified with respect to any
Securities pursuant to Section 301, the United States of America (including the
states and the District of Columbia), its territories, its possessions and
other areas subject to its jurisdiction.

      “United States Person” means, unless otherwise specified with respect to
any Securities pursuant to Section 301, an individual who is a citizen or
resident of the United States, a corporation, partnership or other entity
created or organized in or under the laws of the United States or an estate or
trust the income of which is subject to United States federal income taxation
regardless of its source.

      “Unsecured Debt” means Debt of the Issuer or any Subsidiary that is not
Secured Debt.

      “Yield to Maturity” means the yield to maturity, computed at the time of
issuance of a Security (or, if applicable, at the most recent redetermination
of interest on such Security) and as set forth in such Security in accordance
with generally accepted United States bond yield computation principles.

      SECTION 102. COMPLIANCE CERTIFICATES AND OPINIONS. Except as otherwise
expressly provided in this Indenture, upon any application or request by the
Issuer or the Guarantor to the Trustee to take any action under any provision
of this Indenture, the Issuer or the Guarantor, as the case may be, shall
furnish to the Trustee an Officers’ Certificate or a Guarantor’s Officers’
Certificate, as the case may be, stating that all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been
complied with and an Opinion of Counsel stating that in the opinion of such
counsel all such

12

conditions precedent, if any, have been complied with, except
that in the case of any such application or request as to which the furnishing
of such documents is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate
or opinion need be furnished.

      Every certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (including certificates delivered
pursuant to Section 1011) shall include:

	 	(1)	 	a statement that each individual signing such certificate or
opinion has read such condition or covenant and the definitions
herein relating thereto;
	 
	 	(2)	 	a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based;
	 
	 	(3)	 	a statement that, in the opinion of each such individual, he
has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such
condition or covenant has been complied with; and
	 
	 	(4)	 	a statement as to whether, in the opinion of such individual,
such condition or covenant has been complied with.

      SECTION 103. FORM OF DOCUMENTS DELIVERED TO TRUSTEE. In any case where
several matters are required to be certified by, or covered by an opinion of,
any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or
give an opinion as to some matters and one or more other such Persons as to
other matters, and any such Person may certify or give an opinion as to such
matters in one or several documents.

      Any certificate or opinion of an officer of the Issuer or the Guarantor
may be based, insofar as it relates to legal matters, upon an Opinion of
Counsel, or a certificate or representations of or by counsel, unless such
officer knows, or in the exercise of reasonable care should know, that the
opinion, certificate or representations with respect to the matters upon which
his certificate or opinion is based are erroneous. Any such Opinion of Counsel
or certificate or representations may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Issuer or the Guarantor, as the case may be, stating
that the information as to such factual matters is in the possession of the
Issuer or the Guarantor, as the case may be, unless such counsel knows that the
certificate or opinion or representations as to such matters are erroneous.

      Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

13

      SECTION 104. ACTS OF HOLDERS. Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture
to be given or taken by Holders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or
by agents duly appointed in writing. If, but only if, Securities of a series
are issuable as Bearer Securities, any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture
to be given or taken by Holders of Securities of such series may,
alternatively, be embodied in and evidenced by the record of Holders of
Securities of such series voting in favor thereof, either in person or by
proxies duly appointed in writing, at any meeting of Holders of Securities of
such series duly called and held in accordance with the provisions of Article
Fifteen, or a combination of such instruments and any such record. Except as
herein otherwise expressly provided, such action shall become effective when
such instrument or instruments or record or both are delivered to the Trustee
and, where it is hereby expressly required, to the Issuer and Equity Office.
Such instrument or instruments and any such record (and the action embodied
therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such
instrument or instruments or so voting at any such meeting. Proof of execution
of any such instrument or of a writing appointing any such agent, or of the
holding by any Person of a Security, shall be sufficient for any purpose of
this Indenture and (subject to Section 315 of the TIA) conclusive in favor of
the Trustee and the Issuer and Equity Office and any agent of the Trustee or
the Issuer and Equity Office, if made in the manner provided in this Section.
The record of any meeting of Holders of Securities shall be proved in the
manner provided in Section 1506.

      (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved in any reasonable manner which the Trustee
deems sufficient and in accordance with such reasonable rules as the Trustee
may determine; and the Trustee may in any instance require further proof with
respect to any of the matters referred to in this Section.

      (c) The ownership, principal amount and serial numbers of Registered
Securities held by any Person, and the date of the commencement and the date of
the termination of holding the same, shall be proved by the Security Register.

      (d) The ownership, principal amount and serial numbers of Bearer
Securities held by any Person, and the date of the commencement and the date of
the termination of holding the same may be proved by the production of such
Bearer Securities or by a certificate executed, as, depositary, by any trust
company, bank, banker or other depositary reasonably acceptable to the Issuer
and Equity Office, wherever situated, if such certificate shall be deemed by
the Issuer, Equity Office and the Trustee to be satisfactory, showing that at
the date therein mentioned such Person had on deposit with such depositary, or
exhibited to it, the Bearer Securities therein described; or such facts may be
proved by the certificate or affidavit of the Person holding such Bearer
Securities, if such certificate or affidavit is deemed by the Trustee to be
satisfactory. The Trustee, Equity Office and the Issuer may assume that such
ownership of any Bearer Security continues until (1) another certificate or
affidavit bearing a later date issued in respect of the same Bearer Security is
produced, or (2) such Bearer Security is produced to the Trustee by some other
Person, or (3) such Bearer Security is surrendered in exchange for a Registered
Security, or (4) such Bearer Security is no longer Outstanding. The ownership,
principal amount and serial numbers of Bearer Securities held by the Person so
executing such instrument in

14

writing and the date of the commencement and the
date of the termination of holding the same may also be proved in any other
manner which the Trustee deems sufficient.

      (e) If the Issuer or Equity Office shall solicit from the Holders of any
Registered Securities any request, demand, authorization, direction, notice,
consent, waiver or other Act, the Issuer or Equity Office, as the case may be,
may, at its option, in or pursuant to a Board Resolution, fix in advance a
record date for the determination of Holders of Registered Securities entitled
to give such request, demand, authorization, direction, notice, consent, waiver
or other Act, but the Issuer shall have no obligation to do so. If such a
record date is fixed, such request, demand, authorization, direction, notice,
consent, waiver or other Act may be given before or after such record date, but
only the Holders of Registered Securities of record at the close of business on
such record date shall be deemed to be Holders for the purposes of determining
whether Holders of the requisite proportion of Outstanding Securities have
authorized or agreed or consented to such request, demand, authorization,
direction, notice, consent, waiver or other Act, and for that purpose the
Outstanding Securities shall be computed as of such record date,
provided that no such authorization, agreement or consent by the Holders
on such record date shall be deemed effective unless it shall become effective
pursuant to the provisions of this Indenture not later than eleven months
after the record date.

      (f) Any request, demand, authorization, direction, notice, consent, waiver
or other Act of the Holder of any Security shall bind every future Holder of
the same Security and the Holder of every Security issued upon the registration
of transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done, omitted or suffered to be done by the Trustee, any Security
Registrar, any Paying Agent, any Authenticating Agent, Equity Office or the
Issuer in reliance thereon, whether or not notation of such action is made upon
such Security.

      SECTION 105. NOTICES, ETC., TO TRUSTEE, ISSUER AND EQUITY OFFICE. Any
request, demand, authorization, direction, notice, consent, waiver or Act of
Holders or other document provided or permitted by this Indenture to be made
upon, given or furnished to, or filed with

	 	(A)	 	the Trustee by a Holder, Equity Office or the Issuer shall be
sufficient for every purpose hereunder if made, given, furnished or
filed in writing to or with the Trustee at its Corporate Trust
Office, or
	 
	 	(B)	 	the Issuer or Equity Office by the Trustee or by any Holder
shall be sufficient for every purpose hereunder (unless otherwise
herein expressly provided) if in writing and mailed, first class
postage prepaid, to the Issuer or Equity Office, as the case may be,
addressed to it at the address of its principal office specified in
the first paragraph of this Indenture or at any other address
previously furnished in writing to the Trustee by the Issuer.

      SECTION 106. NOTICE TO HOLDERS; WAIVER. Unless otherwise provided in the
Board Resolution authorizing a particular series of Securities in accordance
with Section 301, where this Indenture provides for notice of any event to
Holders of Registered Securities by the Issuer, Equity Office or the Trustee,
such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid,

15

to each such
Holder affected by such event, at his address as it appears in the Security
Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. In any case where notice to
Holders of Registered Securities is given by mail, neither the failure to mail
such notice, nor any defect in any notice so mailed, to any particular Holder
shall affect the sufficiency of such notice with respect to other Holders of
Registered Securities or the sufficiency of any notice to Holders of Bearer
Securities given as provided herein. Any notice mailed to a Holder in the
manner herein prescribed shall be conclusively deemed to have been received by
such Holder, whether or not such Holder actually receives such notice.

      If by reason of the suspension of or irregularities in regular mail
service or by reason of any other cause it shall be impracticable to give such
notice by mail, then such notification to Holders of Registered Securities as
shall be made with the approval of the Trustee shall constitute a sufficient
notification to such Holders for every purpose hereunder.

      Except as otherwise expressly provided herein or otherwise specified with
respect to any Securities pursuant to Section 301, where this Indenture
provides for notice to Holders of Bearer Securities of any event, such notice
shall be sufficiently given if published in an Authorized Newspaper in New York
City and in such other city or cities as may be specified in such Securities on
a Business Day, such publication to be not later than the latest date, and not
earlier than the earliest date, prescribed for the giving of such notice. Any
such notice shall be deemed to have been given on the date of such publication
or, if published more than once, on the date of the first such publication.

      If by reason of the suspension of publication of any Authorized Newspaper
or Authorized Newspapers or by reason of any other cause it shall be
impracticable to publish any notice to Holders of Bearer Securities as provided
above, then such notification to Holders of Bearer Securities as shall be given
with the approval of the Trustee shall constitute sufficient notice to such
Holders for every purpose hereunder. Neither the failure to give notice by
publication to any particular Holder of Bearer Securities as provided above,
nor any defect in any notice so published, shall affect the sufficiency of such
notice with respect to other Holders of Bearer Securities or the sufficiency of
any notice to Holders of Registered Securities given as provided herein.

      Any request, demand, authorization, direction, notice, consent, waiver or
Act required or permitted under this Indenture shall be in the English
language, except that, if the Issuer or Equity Office, as the case may be, so
elects, any published notice may be in an official language of the country of
publication.

      Where this Indenture provides for notice in any manner, such notice may be
waived in writing by the Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Holders shall be filed with the Trustee, but such filing
shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver.

16

      SECTION 107. EFFECT OF HEADINGS AND TABLE OF CONTENTS. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

      SECTION 108. SUCCESSORS AND ASSIGNS. All covenants and agreements in this
Indenture by the Issuer or Equity Office shall bind its successors and assigns,
whether so expressed or not.

      SECTION 109. SEVERABILITY CLAUSE. In case any provision in this Indenture
or in any Security or coupon shall be deemed invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not
in any way be affected or impaired thereby.

      SECTION 110. BENEFITS OF INDENTURE. Nothing in this Indenture or in the
Securities or coupons, express or implied, shall give to any Person, other than
the parties hereto, any Security
Registrar, any Paying Agent, any Authenticating Agent and their successors
hereunder and the Holders any benefit or any legal or equitable right, remedy
or claim under this Indenture.

      SECTION 111. GOVERNING LAW. This Indenture and the Securities and coupons
shall be governed by and construed in accordance with the laws of the State of
New York.

      SECTION 112. LEGAL HOLIDAYS. In any case where any Interest Payment Date,
Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or
Maturity of any Security, or the last date on which a Holder has the right to
exchange Securities of a series that are exchangeable, shall be a Legal Holiday
at any Place of Payment, then (notwithstanding any other provision of this
Indenture or any Security or coupon other than a provision in any Security or
coupon that specifically states that such provision shall apply in lieu
hereof), payment of interest or any Additional Amounts or principal (and
premium, if any) need not be made at such Place of Payment on such date and
such Securities need not be exchanged on such date, but such payment may be
made and such Securities may be exchanged on the next succeeding Business Day
at such Place of Payment with the same force and effect as if made on the
Interest Payment Date, Redemption Date, Repayment Date or sinking fund payment
date, or at the Stated Maturity or Maturity or on such last day for exchange,
provided that no interest shall accrue on the amount so payable for the period
from and after such Interest Payment Date, Redemption Date, Repayment Date,
sinking fund payment date, Stated Maturity or Maturity or last day for
exchange, as the case may be.

      SECTION 113. QUALIFICATION UNDER TRUST INDENTURE ACT. In the event this
Indenture is or becomes qualified under the provisions of the TIA, the
provisions hereof shall be subject to the TIA, all provisions which the TIA
provides as automatically deemed to be included in an indenture to be qualified
thereunder shall be included herein, and, in the event of any conflict between
the provisions hereof and the provisions of the TIA, the provisions of the TIA
shall control.

17

      SECTION 114. COUNTERPARTS. This Indenture may be executed in several
counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

      SECTION 115. JUDGMENT CURRENCY. The Issuer and, if the Securities are
Guaranteed Securities, the Guarantor, jointly and severally, agree to the
fullest extent that it may effectively do so under applicable law, that (a) if
for the purpose of obtaining judgment in any court it is necessary to convert
the sum due in respect of the principal of, or premium or interest, if any, or
Additional Amounts on the Securities of any series (the “Required Currency”)
into a currency in which a judgment will be rendered (the “Judgment Currency”),
the rate of exchange used shall be the rate at which in accordance with normal
banking procedures the Trustee could purchase in The City of New York the
Required Currency with the Judgment Currency on the New York Banking Day
preceding that on which a final unappealable judgment is given and (b) their
obligations under this Indenture to make payments in the Required Currency (i)
shall not be
discharged or satisfied by any tender, or any recovery pursuant to any
judgment (whether or not entered in accordance with clause (a)), in any
currency other than the Required Currency, except to the extent that such
tender or recovery shall result in the actual receipt, by the payee, of the
full amount of the Required Currency expressed to be payable in respect of such
payments, (ii) shall be enforceable as an alternative or additional cause of
action for the purpose of recovering in the Required Currency the amount, if
any, by which such actual receipt shall fall short of the full amount of the
Required Currency so expressed to be payable, and (iii) shall not be affected
by judgment being obtained for any other sum due under this Indenture. For
purposes of the foregoing, “New York Banking Day” means any day except a Legal
Holiday in The City of New York.

      SECTION 116. NONRECOURSE. Unless otherwise provided in the Board
Resolution authorizing a particular series of Securities in accordance with
Section 301, no recourse under or upon any obligation, covenant or agreement
contained in this Indenture, in any Security or coupon appertaining thereto, or
because of any Debt evidenced thereby, or for any claim based thereon or
otherwise in respect thereof, shall be had (i) against any partner other than
the Guarantor in respect of Guaranteed Securities, or any Person which owns an
interest, directly or indirectly, in any partner, in the Issuer, or (ii)
against any promoter, as such, or against any past, present or future
shareholder, officer, trustee or partner, as such, of the Issuer or Equity
Office or of any successor, either directly or through the Issuer or Equity
Office 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 the Securities by the Holders thereof and as part of the
consideration for the issue of the Securities. Unless otherwise provided in
the Board Resolution authorizing a particular series of Securities in
accordance with Section 301, subject to Article Seventeen in respect of
Guaranteed Securities, the Holders of the Securities hereunder acknowledge by
the acceptance of the Securities that their sole remedies under this Indenture
for any Default by the Issuer in the payment of the principal of, or any
premium, if any, interest or any amounts due, or claimed to be due, on any
Security, or otherwise, are limited to claims against the property of the
Issuer as provided in Section 503 hereof.

18

ARTICLE TWO

SECURITIES FORMS

      SECTION 201. FORMS OF SECURITIES. The Registered Securities, if any, of
each series and the Bearer Securities, if any, of each series and related
coupons shall be in substantially the forms as shall be established in one or
more indentures supplemental hereto or approved from time to time by or
pursuant to a Board Resolution in accordance with Section 301, shall have such
appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture or any indenture supplemental hereto,
and may have such letters, numbers or other marks of identification or
designation and such legends or endorsements placed thereon as the Issuer may
deem appropriate and as are not inconsistent with the provisions of this
Indenture, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto
or with any rule or regulation of any stock exchange on which the
Securities may be listed, or to conform to usage.

      Unless otherwise specified as contemplated by Section 301, Bearer
Securities shall have interest coupons attached.

      The Securities and coupons shall be printed, lithographed or engraved or
produced by any combination of these methods on a steel engraved border or
steel engraved borders or may be produced in any other manner, all as
determined by the officers executing such Securities or coupons, as evidenced
by their execution of such Securities or coupons.

      SECTION 202. FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION. Subject to
Section 611, the Trustee’s certificate of authentication shall be in
substantially the following form:

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

	 
	
	[TRUSTEE]

as Trustee
	 
	
	By:________________________________________
	
	      Authorized Signatory

      SECTION 203. SECURITIES ISSUABLE IN GLOBAL FORM. If Securities of or
within a series are issuable in book-entry or global form, as specified as
contemplated by Section 301, then, notwithstanding clause (9) of Section 301
and the provisions of Section 302, any such Security shall represent such of
the Outstanding Securities of such series as shall be specified therein and may
provide that it or any number of such Securities shall represent the aggregate
amount of Outstanding Securities of such series from time to time endorsed
thereon and may also provide that the aggregate amount of Outstanding
Securities of such series represented thereby may from time to time be
increased or decreased to reflect exchanges. Any endorsement of a global
Security to reflect the amount, or any increase or

19

decrease in the amount, of
Outstanding Securities represented thereby shall be made in such manner and by
such Person or Persons as shall be specified therein or in the Issuer Order to
be delivered pursuant to Section 303 or 304. Subject to the provisions of
Section 303 and, if applicable, Section 304, the Trustee shall deliver and
redeliver any global Security in the manner and upon instructions given by the
Person or Persons specified therein or in the applicable Issuer Order. If an
Issuer Order pursuant to Section 303 or 304 has been, or simultaneously is,
delivered, any instructions by the Issuer with respect to endorsement or
delivery or redelivery of a global Security shall be in writing but need not
comply with Section 102 and need not be accompanied by an Opinion of Counsel.

      The provisions of the last sentence of Section 303 shall apply to any
Security represented by a global Security if such Security was never issued and
sold by the Issuer and the Issuer delivers to the Trustee the global Security
together with written instructions (which need not comply with Section 102 and
need not be accompanied by an Opinion of Counsel) with regard to the reduction
in the principal amount of Securities represented thereby, together with the
written statement contemplated by the last sentence of Section 303.

      Notwithstanding the provisions of Section 307, unless otherwise specified
as contemplated by Section 301, payment of principal of, and any premium and
interest on, and any Additional Amounts in respect of, any temporary or
permanent global Security shall be made to the Person or Persons specified
therein.

      Notwithstanding the provisions of Section 308 and except as provided in
the preceding paragraph, the Issuer, the Trustee and any agent of the Issuer
and the Trustee shall treat as the Holder of such principal amount of
Outstanding Securities represented by a global Security (a) in the case of a
global Security in registered form, the Holder of such global Security in
registered form, or (b) in the case of a global Security in bearer form, the
Person or Persons specified pursuant to Section 301.

ARTICLE THREE

THE SECURITIES

      SECTION 301. AMOUNT UNLIMITED; ISSUABLE IN SERIES. The aggregate
principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.

      The Securities may be issued in one or more series. There shall be
established in one or more Board Resolutions and Guarantor’s Board Resolutions
or pursuant to authority granted by one or more Board Resolutions and
Guarantor’s Board Resolutions and, subject to Section 303, set forth, or
determined in the manner provided, in an Officers’ Certificate and Guarantor’s
Officers’ Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series, any or all of the
following, as applicable (each of which (except for the matters set forth in
clauses (1), (2) and (16) below), if so provided, may be determined from time
to time by the Issuer with respect to unissued Securities of the series when
issued from time to time):

20

	 	(1)	 	the title of the Securities of the series (which shall distinguish the
Securities of such series from all other series of Securities);
	 
	 	(2)	 	any limit upon the aggregate principal amount of the Securities of the
series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of
transfer of or in exchange for, or in lieu of, other Securities of the
series pursuant to Sections 304, 305, 306, 906, 1107 or 1305);
	 
	 	(3)	 	the percentage of the principal amount at which the Securities of the
series will be issued and, if other than the principal amount thereof, the
portion of the principal amount thereof payable upon declaration of
acceleration of maturity thereof;
	 
	 	(4)	 	the date or dates, or the method for determining such date or dates, on
which the principal of the Securities of the series shall be payable;
	 
	 	(5)	 	the rate or rates at which the Securities of the series shall bear
interest, if any, or the method by which such rate or rates shall be
determined, the date or dates from which such interest shall accrue or the
method by which such date or dates shall be determined, the Interest
Payment Dates on which such interest will be payable and the Regular
Record Date, if any, for the interest payable on any Registered Security
on any Interest Payment Date, or the method by which such date shall be
determined, and the basis upon which interest shall be calculated if other
than that of a 360-day year of twelve 30-day months;
	 
	 	(6)	 	the place or places, if any, other than the Corporate Trust Office of the
Trustee, where (i) the principal of (and premium, if any), interest, if
any, on, and Additional Amounts, if any, payable in respect of, the
Securities of the series shall be payable, (ii) any Registered Securities
of the series may be surrendered for registration of transfer or exchange
or for exchange into Common Stock and (iii) notices or demands to or upon
the Issuer in respect of the Securities of the series and this Indenture
may be served;
	 
	 	(7)	 	the period or periods within which, the price or prices at which, the
currency or currencies, currency unit or units or composite currency or
currencies in which, and other terms and conditions upon which the
Securities of the series may be redeemed, as a whole or in part, at the
option of the Issuer, if the Issuer is to have such an option;
	 
	 	(8)	 	the obligation, if any, of the Issuer to redeem, repay or purchase the
Securities of the series pursuant to any sinking fund or analogous
provision or at the option of a Holder thereof, and the period or periods
within which or the date or dates on which, the price or prices at which,
the currency or currencies, currency unit or units or composite currency
or currencies in which, and other terms and conditions upon which the
Securities of the series shall be redeemed, repaid or purchased, in whole
or in part, pursuant to such obligation;
	 
	 	(9)	 	if other than denominations of $1,000 and any integral multiple thereof,
the denominations in which any Registered Securities of the series shall
be issuable and, if other than denominations of $5,000 and any integral
multiple thereof, the denomination or denominations in which any Bearer
Securities of the series shall be issuable;

21

	 	(10)	 	if other than the Trustee, the identity of each Security Registrar and/or
Paying Agent and/or offshore Paying Agent (a “Special Paying Agent”)
required to act as paying agent and/or exchange agent for the Securities
of the series outside of the United States;
	 
	 	(11)	 	if other than the principal amount thereof, the portion of the principal
amount of the Securities of the series that shall be payable upon
declaration of acceleration of the
Maturity thereof pursuant to Section 502 or the method by which such
portion shall be determined;
	 
	 	(12)	 	if other than Dollars, the Foreign Currency or Currencies in which
payment of the principal of (and premium, if any) or interest or
Additional Amounts, if any, on the Securities of the series shall be
payable or in which the Securities of the series shall be denominated;
	 
	 	(13)	 	whether the amount of payments of principal of (and premium, if any) or
interest, if any, on the Securities of the series may be determined with
reference to an index, formula or other method (which index, formula or
method may be based, without limitation, on one or more currencies,
currency units, composite currencies, commodities, equity indices or other
indices), and the manner in which such amounts shall be determined;
	 
	 	(14)	 	whether the principal of (and premium, if any) or interest or Additional
Amounts, if any, on the Securities of the series are to be payable, at the
election of the Issuer or a Holder thereof, in a currency or currencies,
currency unit or units or composite currency or currencies other than that
in which such Securities are denominated or stated to be payable, the
period or periods within which, and the terms and conditions upon which,
such election may be made, and the time and manner of, and identity of the
exchange rate agent with responsibility for, determining the exchange rate
between the currency or currencies, currency unit or units or composite
currency or currencies in which such Securities are denominated or stated
to be payable and the currency or currencies, currency unit or units or
composite currency or currencies in which such Securities are to be so
payable;
	 
	 	(15)	 	provisions, if any, granting special rights to the Holders of the
Securities of the series upon the occurrence of such events as may be
specified;
	 
	 	(16)	 	any deletions from, modifications of or additions to the Events of
Default or covenants of the Issuer with respect to the Securities of the
series, whether or not such Events of Default or covenants are consistent
with the Events of Default or covenants set forth herein;
	 
	 	(17)	 	whether the Securities of the series will be in certificated or
book-entry form and, if certificated, whether Securities of the series are
to be issuable as Registered Securities, Bearer Securities (with or
without coupons) or both, any restrictions applicable to the offer, sale
or delivery of Bearer Securities and the terms upon which Bearer
Securities of the series may be exchanged for Registered Securities of the
series and vice versa (if permitted by applicable laws and regulations),
whether any Securities of the series are to be issuable initially in
temporary global form and whether any Securities of the series are 

22

	 	 	 	to be
issuable in permanent global form with or without coupons and, if so,
whether beneficial owners of interests in any such permanent global
Security may exchange such interests for Securities of such series and of
like tenor of any authorized form and denomination and the circumstances
under which any such exchanges may occur, if other than in the manner
provided in Section 305, and, if Registered Securities of the series are
to be issuable as a global Security, the identity of the depositary for
such series;
	 
	 	(18)	 	the date as of which any Bearer Securities of the series and any
temporary global Security representing Outstanding Securities of the
series shall be dated if other than the date of original issuance of the
first Security of the series to be issued;
	 
	 	(19)	 	the Person to whom any interest on any Registered Security of the series
shall be payable, if other than the Person in whose name that Security (or
one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, the manner in which, or the
Person to whom, any interest on any Bearer Security of the series shall be
payable, if otherwise than upon presentation and surrender of the coupons
appertaining thereto as they severally mature, and the extent to which, or
the manner in which, any interest payable on a temporary global Security
on an Interest Payment Date will be paid if other than in the manner
provided in Section 304;
	 
	 	(20)	 	if the Securities of the Series are to be Guaranteed Securities;
	 
	 	(21)	 	if the Securities of the series are to be issuable in definitive form
(whether upon original issue or upon exchange of a temporary Security of
such series) only upon receipt of certain certificates or other documents
or satisfaction of other conditions, then the form and/or terms of such
certificates, documents or conditions;
	 
	 	(22)	 	whether and under what circumstances the Issuer will pay Additional
Amounts on the Securities of the series 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 and, if so,
whether the Issuer will have the option to redeem such Securities rather
than pay such Additional Amounts (and the terms of any such option);
	 
	 	(23)	 	with respect to any Securities that provide for optional redemption or
prepayment upon the occurrence of certain events (such as a change of
control of the Issuer), (i) the possible effects of such provisions on the
market price of the Issuer’s or the General Partner’s securities or in
deterring certain mergers, tender offers or other takeover attempts, and
the intention of the Issuer to comply with the requirements of Rule 14e-1
under the Exchange Act and any other applicable securities laws in
connection with such provisions; (ii) whether the occurrence of the
specified events may give rise to cross-defaults on other indebtedness
such that payment on such Securities may be effectively subordinated; and
(iii) the existence of any limitations on the Issuer’s financial or legal
ability to repurchase such Securities upon the occurrence of such an event
(including, if true, the lack of assurance that such a repurchase can be
effected) and the impact, if any, under the Indenture of such a failure,
including whether and under what circumstances such a failure may
constitute an Event of Default;

23

	 	(24)	 	with respect to any Securities that may be issued in a private offering,
if other than as specified herein, the restrictions on transfer and
legends relating to such Securities of the series and whether Securities
of the series are entitled to registration or exchange rights;
	 
	 	(25)	 	if other than the Trustee named in the first paragraph of this Indenture,
the identity of the Person to act as Trustee for the Securities of the
series; provided that any such Person
shall in writing agree to act as Trustee with respect to such series of
Securities subject to the provisions hereof and of any other agreement
affecting said series;
	 
	 	(26)	 	whether the Securities of the series are exchangeable at the option of
the Holders thereof into Common Stock of Equity Office and, if so, the
initial exchange price therefor, the period or periods within which such
Securities may be exchanged and any other provisions in addition to or in
lieu of the provisions set forth in Article Eighteen; and
	 
	 	(27)	 	any other terms of the series (which terms shall not be inconsistent with
the provisions of this Indenture).

      All Securities of any one series and the coupons, if any, appertaining to
any Bearer Securities of the series shall be substantially identical except, in
the case of Registered Securities, as to denomination and except as may
otherwise be provided in or pursuant to the Board Resolution establishing the
series (subject to Section 303 and the second paragraph of this Section 301)
and set forth in an Officers’ Certificate or in any indenture supplemental
hereto. All Securities of any one series need not be issued at the same time
and, unless otherwise provided, a series may be reopened, without the consent
of the Holders, for issuances of additional Securities of such series.

      If any of the terms of the Securities of any series are established by
action taken pursuant to one or more Board Resolutions or Guarantor’s Board
Resolutions, a copy of an appropriate record of such action(s) shall be
certified by the Secretary or an Assistant Secretary of the General Partner or
the Guarantor, as the case may be, and delivered to the Trustee at or prior to
the delivery of the Officers’ Certificate and the Guarantor’s Officers’
Certificate setting forth the terms of the Securities of such series.

      SECTION 302. CURRENCY; DENOMINATIONS. Unless otherwise provided as
contemplated by Section 301, the principal of, any premium and interest on and
any Additional Amounts with respect to the Securities shall be payable in
Dollars. Unless otherwise provided as contemplated by Section 301, Registered
Securities denominated in Dollars (other than Registered Securities issued in
global form, which may be of any denomination) shall be issuable in
denominations of $1,000 and any integral multiple thereof, and the Bearer
Securities denominated in Dollars (other than Bearer Securities issued in
global form, which may be of any denomination) shall be issuable in
denominations of $5,000 and any integral multiple thereof. Securities not
denominated in Dollars shall be issuable in such denominations as are
established with respect to such Securities in or pursuant to this Indenture.

24

      SECTION 303. EXECUTION, AUTHENTICATION, DELIVERY AND DATING. The Securities and any
coupons appertaining thereto shall be executed on behalf of the Issuer by the
General Partner by its Chairman of the Board, its President or one of its Vice
Presidents (whether or not designated by a number or word or words added before
or after the title “vice president”) and attested by its Secretary or one of
its Assistant Secretaries and on behalf of Equity Office by its Chairman of the
Board, its President or one of its Vice Presidents (whether or not so
designated by a number or word or words added before or after the title “vice
president”). The signature of any of these officers on the Securities and
coupons may be manual or facsimile signatures of the present or any future such
authorized officer and may be imprinted or otherwise reproduced on the
Securities.

      Securities or coupons bearing the manual or facsimile signatures of
individuals who were at any time the proper officers of the General Partner or
Equity Office, as the case may be, Partner shall bind the Issuer or Equity
Office, as the case may be, notwithstanding that such individuals or any of
them have ceased to hold such offices prior to the authentication and delivery
of such Securities or did not hold such offices at the date of such Securities
or coupons.

      At any time and from time to time after the execution and delivery of this
Indenture, the Issuer may deliver the Securities of any series, together with
any coupon appertaining thereto, executed by the Issuer to the Trustee for
authentication, together with an Issuer Order for the authentication and
delivery of such Securities, and the Trustee in accordance with the Issuer
Order shall authenticate and deliver such Securities; provided, however, that,
in connection with its original issuance, no Bearer Security shall be mailed or
otherwise delivered to any location in the United States; and provided further
that, unless otherwise specified with respect to any series of Securities
pursuant to Section 301, a Bearer Security may be delivered in connection with
its original issuance only if the Person entitled to receive such Bearer
Security shall have furnished a certificate to Euroclear or Clearstream
Luxembourg, as the case may be, in the form set forth in Exhibit A-1 to this
Indenture or such other certificate as may be specified with respect to any
series of Securities pursuant to Section 301, dated no earlier than 15 days
prior to the earlier of the date on which such Bearer Security is delivered and
the date on which any temporary Security first becomes exchangeable for such
Bearer Security in accordance with the terms of such temporary Security and
this Indenture. If any Security shall be represented by a permanent global
Bearer Security, then, for purposes of this Section and Section 304, the
notation of a beneficial owner’s interest therein upon original issuance of
such Security or upon exchange of a portion of a temporary global Security
shall be deemed to be delivery in connection with its original issuance of such
beneficial owner’s interest in such permanent global Security. Except as
permitted by Section 306, the Trustee shall not authenticate and deliver any
Bearer Security unless all appurtenant coupons for interest then matured have
been detached and canceled.

      If all the Securities of any series are not to be issued at one time and
if the Board Resolution or supplemental indenture establishing such series
shall so permit, such Issuer Order may set forth procedures acceptable to the
Trustee for the issuance of such Securities and determining the terms of
particular Securities of such series, such as interest rate or formula,
maturity date, date of issuance and date from which interest shall accrue. In
authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such

25

 Securities, the Trustee shall be entitled to receive, and (subject to TIA
Section 315(a) through 315(d)) shall be fully protected in relying upon:

		
	 	      (a) an Opinion of Counsel stating that:

		
	 	      (1) the terms and the form or forms of such
Securities and any coupons have been established
in conformity with the provisions of this
Indenture; and
	 
	 	      (2) such Securities, together with any coupons
appertaining thereto, when completed by
appropriate insertions and executed and delivered
by the Issuer to the Trustee for authentication
in accordance with this Indenture, authenticated
and delivered by the Trustee in accordance with
this Indenture and issued by the Issuer in the
manner and subject to any conditions specified in
such Opinion of Counsel, will constitute legal,
valid and binding obligations of the Issuer,
enforceable in accordance with their terms,
subject to applicable bankruptcy, insolvency,
reorganization and other similar laws of general
applicability relating to or affecting the
enforcement of creditors’ rights generally and to
general equitable principles and will entitle the
Holders thereof to the benefits of this
Indenture, including the Guarantee if such
Securities are Guaranteed Securities; and

		
	 	      (b) an Officers’ Certificate and a Guarantor’s Officers’
Certificate stating that all conditions precedent provided for in
this Indenture relating to the issuance of the Securities have been
complied with and that, to the best of the knowledge of the signers
of such certificate, no Event of Default with respect to any of the
Securities shall have occurred and be continuing.

      If such form or terms have been so established, the Trustee shall not be
required to authenticate such Securities if the issue of such Securities
pursuant to this Indenture will affect the Trustee’s own rights, duties,
obligations or immunities under the Securities and this Indenture or otherwise
in a manner which is not reasonably acceptable to the Trustee.

      Notwithstanding the provisions of Section 301 and of the second preceding
paragraph, if all the Securities of any series are not to be issued at one
time, it shall not be necessary to deliver an Officers’ Certificate or a
Guarantor’s Officers’ Certificate otherwise required pursuant to Section 301 or
an Issuer Order, or an Opinion of Counsel or an Officers’ Certificate or a
Guarantor’s Officers’ Certificate otherwise required pursuant to the second
preceding paragraph at the time of issuance of each Security of such series,
but such order, opinion and certificates, with appropriate modifications to
cover such future issuances, shall be delivered at or before the time of
issuance of the first Security of such series.

26

      Each Registered Security shall be dated the date of its authentication and
each Bearer Security shall be dated as of the date specified as contemplated by
Section 301.

      No Security or coupon shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there appears on
such Security or Security to which such coupon appertains a certificate of
authentication substantially in the form provided for herein duly executed by
the Trustee by manual signature of an authorized signatory, and such
certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered
hereunder and is entitled to the benefits of this Indenture. Notwithstanding
the foregoing, if any Security shall have been authenticated and delivered
hereunder but never issued and sold by the Issuer, and the Issuer shall deliver
such Security to the Trustee for cancellation as provided in Section 309
together with a written statement (which need not comply with Section 102 and
need not be accompanied by an Opinion of Counsel) stating that such Security
has never been issued and sold by the Issuer, for all purposes of this
Indenture such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this
Indenture.

      SECTION 304. TEMPORARY
SECURITIES. (a) Pending the preparation of definitive
Securities of any series, the Issuer may execute, and upon Issuer Order the
Trustee shall authenticate and deliver, temporary Securities which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any
authorized denomination, substantially of the tenor of the definitive
Securities in lieu of which they are issued, in registered form, or, if
authorized, in bearer form with one or more coupons or without coupons, and
with such appropriate insertions, omissions, substitutions and other variations
as the officers executing such Securities may determine, as conclusively
evidenced by their execution of such Securities. Such temporary Securities may
be in global form.

      Except in the case of temporary Securities in global form (which shall be
exchanged in accordance with Section 304(b) or as otherwise provided in or
pursuant to a Board Resolution), if temporary Securities of any series are
issued, the Issuer will cause definitive Securities of that series to be
prepared without unreasonable delay. After the preparation of definitive
Securities of such series, the temporary Securities of such series shall be
exchangeable for definitive Securities of such series upon surrender of the
temporary Securities of such series at the office or agency of the Issuer in a
Place of Payment for that series, without charge to the Holder. Upon surrender
for cancellation of any one or more temporary Securities of any series
(accompanied by any nonmatured coupons appertaining thereto), the Issuer shall
execute and the Trustee shall authenticate and deliver in exchange therefor a
like principal amount of definitive Securities of the same series of authorized
denominations; provided, however, that no definitive Bearer Security shall be
delivered in exchange for a temporary Registered Security, and provided further
that a definitive Bearer Security shall be delivered in exchange for a
temporary Bearer Security only in compliance with the conditions set forth in
this Indenture. Until so exchanged, the temporary Securities of any series
shall in all respects be entitled to the same benefits under this Indenture as
definitive Securities of such series.

      (b) Unless otherwise provided in or pursuant to a Board Resolution, this
Section 304(b) shall govern the exchange of temporary Securities issued in
global form other than through the
facilities of The Depository Trust Company (“DTC”). If any such temporary
Security is issued

27

in global form, then such temporary global Security shall,
unless otherwise provided therein, be delivered to the London office of a
depositary or common depositary (the “Common Depositary”), for the benefit of
Euroclear and Clearstream Luxembourg, for credit to the respective accounts of
the beneficial owners of such Securities (or to such other accounts as they may
direct).

      Without unnecessary delay, but in any event not later than the date
specified in, or determined pursuant to the terms of, any such temporary global
Security (the “Exchange Date”), the Issuer shall deliver to the Trustee
definitive Securities, in aggregate principal amount equal to the principal
amount of such temporary global Security, executed by the Issuer. On or after
the Exchange Date, such temporary global Security shall be surrendered by the
Common Depositary to the Trustee, as the Issuer’s agent for such purpose, to be
exchanged, in whole or from time to time in part, for definitive Securities
without charge, and the Trustee shall authenticate and deliver, in exchange for
each portion of such temporary global Security, an equal aggregate principal
amount of definitive Securities of the same series of authorized denominations
and of like tenor as the portion of such temporary global Security to be
exchanged. The definitive Securities to be delivered in exchange for any such
temporary global Security shall be in bearer form, registered form, permanent
global bearer form or permanent global registered form, or any combination
thereof, as specified as contemplated by Section 301, and, if any combination
thereof is so specified, as requested by the beneficial owner thereof;
provided, however, that, unless otherwise specified in such temporary global
Security, upon such presentation by the Common Depositary, such temporary
global Security is accompanied by a certificate dated the Exchange Date or a
subsequent date and signed by Euroclear as to the portion of such temporary
global Security held for its account then to be exchanged and a certificate
dated the Exchange Date or a subsequent date and signed by Clearstream
Luxembourg as to the portion of such temporary global Security held for its
account then to be exchanged, each in the form set forth in Exhibit A-2 to this
Indenture or in such other form as may be established pursuant to Section 301;
and provided further that definitive Bearer Securities shall be delivered in
exchange for a portion of a temporary global Security only in compliance with
the requirements of Section 303.

      Unless otherwise specified in such temporary global Security, the interest
of a beneficial owner of Securities of a series in a temporary global Security
shall be exchanged for definitive Securities of the same series and of like
tenor following the Exchange Date when the account holder instructs Euroclear
or Clearstream Luxembourg, as the case may be, to request such exchange on his
behalf and delivers to Euroclear or Clearstream Luxembourg, as the case may be,
a certificate in the form set forth in Exhibit A-1 to this Indenture (or in
such other form as may be established pursuant to Section 301), dated no
earlier than 15 days prior to the Exchange Date, copies of which certificate
shall be available from the offices of Euroclear and Clearstream Luxembourg,
the Trustee, any Authenticating Agent appointed for such series of Securities
and each Paying Agent. Unless otherwise specified in such temporary global
Security, any such exchange shall be made free of charge to the beneficial
owners of such temporary global Security, except that a Person receiving
definitive Securities must bear the cost of insurance, postage, transportation
and the like unless such Person takes delivery of such definitive Securities in
person at the offices of Euroclear or Clearstream Luxembourg. Definitive
Securities in bearer form to be delivered in exchange for any portion of a
temporary global Security shall be delivered only outside the United States.

28

      Until exchanged in full as hereinabove provided, the temporary Securities
of any series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of the same series and of like tenor
authenticated and delivered hereunder, except that, unless otherwise specified
as contemplated by Section 301, interest payable on a temporary global Security
on an Interest Payment Date for Securities of such series occurring prior to
the applicable Exchange Date shall be payable to Euroclear and Clearstream
Luxembourg on such Interest Payment Date upon delivery by Euroclear and
Clearstream Luxembourg to the Trustee of a certificate or certificates in the
form set forth in Exhibit A-2 to this Indenture (or in such other forms as may
be established pursuant to Section 301), for credit without further interest on
or after such Interest Payment Date to the respective accounts of Persons who
are the beneficial owners of such temporary global Security on such Interest
Payment Date and who have each delivered to Euroclear or Clearstream
Luxembourg, as the case may be, a certificate dated no earlier than 15 days
prior to the Interest Payment Date occurring prior to such Exchange Date in the
form set forth as Exhibit A-1 to this Indenture (or in such other forms as may
be established pursuant to Section 301). Notwithstanding anything to the
contrary herein contained, the certifications made pursuant to this paragraph
shall satisfy the certification requirements of the preceding two paragraphs of
this Section 304(b) and of the third paragraph of Section 303 of this Indenture
and the interests of the Persons who are the beneficial owners of the temporary
global Security with respect to which such certification was made will be
exchanged for definitive Securities of the same series and of like tenor on the
Exchange Date or the date of certification if such date occurs after the
Exchange Date, without further act or deed by such beneficial owners. Except
as otherwise provided in this paragraph, no payments of principal or interest
owing with respect to a beneficial interest in a temporary global Security will
be made unless and until such interest in such temporary global Security shall
have been exchanged for an interest in a definitive Security. Any interest so
received by Euroclear and Clearstream Luxembourg and not paid as herein
provided shall be returned to the Trustee prior to the expiration of two years
after such Interest Payment Date in order to be repaid to the Issuer.

      (c) Unless otherwise provided in or pursuant to a Board Resolution, this
Section 304(c) shall govern the exchange of temporary Securities issued in
global form through the facilities of DTC. If any such temporary Security is
issued in global form, then such temporary global security shall, unless
otherwise provided therein, be delivered to DTC for credit to the respective
accounts of the beneficial owners of such Securities (or to such other accounts
as they may direct).

      Without unnecessary delay, but in any event not later than the Exchange
Date, the Issuer shall deliver to the Trustee definitive Securities, in
aggregate principal amount equal to the principal amount of such temporary
global Security, executed by the Issuer. On or after the Exchange Date, such
temporary global Security shall be surrendered by DTC to the Trustee, as the
Issuer’s agent for such purpose, to be exchanged, in whole or from time to time
in part, for definitive Securities without charge, and the Trustee shall
authenticate and deliver, in exchange for each portion of such temporary global
Security, an equal aggregate principal amount of definitive Securities of the
same series of authorized denominations and of like tenor as the portion of
such temporary global Security to be exchanged. The definitive Securities to
be
delivered in exchange for any such temporary global Security shall be in
registered form or permanent global registered form, or any combination
thereof, as specified as contemplated by

29

Section 301, and, if any combination
thereof is so specified, as requested by the beneficial owner thereof.

      Unless otherwise specified in such temporary global Security, the interest
of a beneficial owner of Securities of a series in a temporary global Security
shall be exchanged for definitive Securities of the same series and of like
tenor following the Exchange Date when the account holder instructs DTC to
request such exchange on his behalf. Unless otherwise specified in such
temporary global Security, any such exchange shall be made free of charge to
the beneficial owners of such temporary global Security, except that a Person
receiving definitive Securities must bear the cost of insurance, postage,
transportation and the like unless such Person takes delivery of such
definitive Securities in person.

      Until exchanged in full as hereinabove provided, the temporary Securities
of any series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of the same series and of like tenor
authenticated and delivered hereunder, except that, unless otherwise specified
as contemplated by Section 301, interest payable on a temporary global Security
on an Interest Payment Date for Securities for such series occurring prior to
the applicable Exchange Date shall be payable to DTC on such Interest Payment
Date, for credit without further interest on or after such Interest Payment
Date to the respective accounts of Persons who are the beneficial owners of
such temporary global Security on such Interest Payment Date.

      SECTION 305. REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE. The
Issuer shall cause to be kept at the Corporate Trust Office of the Trustee or
in any office or agency of the Issuer in a Place of Payment a register for each
series of Securities (the registers maintained in such office or in any such
office or agency of the Issuer in a Place of Payment being herein sometimes
referred to collectively as the “Security Register”) in which, subject to such
reasonable regulations as it may prescribe, the Issuer or the Guarantor shall
provide for the registration of Registered Securities and of transfers of
Registered Securities. The Security Register shall be in written form or any
other form capable of being converted into written form within a reasonable
time. The Trustee, at its Corporate Trust Office, is hereby appointed
“Security Registrar” for the purpose of registering Registered Securities and
transfers of Registered Securities on such Security Register as herein
provided. The Issuer shall have the right to remove and replace from time to
time the Security Registrar for any series of Securities; provided that no such
removal or replacement shall be effective until a successor Security Registrar
with respect to such series of Securities shall have been appointed by the
Issuer and shall have accepted such appointment by the Issuer. In the event
that the Trustee shall cease to be Security Registrar, it shall have the right
to examine the Security Register at all reasonable times.

      Subject to the provisions of this Section 305, upon surrender for
registration of transfer of any Registered Security of any series at any office
or agency of the Issuer in a Place of Payment for that series, the Issuer shall
execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Registered Securities of
the same series, of any authorized denominations and of a like aggregate
principal amount, bearing a number not contemporaneously outstanding, and
containing identical terms and provisions. Whenever any such Registered
Securities are so surrendered for exchange, the Issuer

30

shall execute, and the
Trustee shall authenticate and deliver, the Registered Securities which the
Holder making the exchange is entitled to receive.

      Unless otherwise specified with respect to any series of Securities as
contemplated by Section 301, Bearer Securities may not be issued in exchange
for Registered Securities. If (but only if) permitted by the applicable Board
Resolution and (subject to Section 303) set forth in the applicable Officers’
Certificate, or in any indenture supplemental hereto, delivered as contemplated
by Section 301, at the option of the Holder, Bearer Securities of any series
may be exchanged for Registered Securities of the same series of any authorized
denominations and of a like aggregate principal amount and tenor, upon
surrender of the Bearer Securities to be exchanged at any such office or
agency, with all unmatured coupons and all matured coupons in default thereto
appertaining. If the Holder of a Bearer Security is unable to produce any such
unmatured coupon or coupons or matured coupon or coupons in default, any such
permitted exchange may be effected if the Bearer Securities are accompanied by
payment in funds acceptable to the Issuer and the Guarantor (if such Bearer
Securities are Guaranteed Securities) in an amount equal to the face amount of
such missing coupon or coupons, or the surrender of such missing coupon or
coupons may be waived by the Issuer and the Guarantor (if such Bearer
Securities are Guaranteed Securities) and the Trustee if there is furnished to
them such security or indemnity as they may require to save each of them and
any Paying Agent harmless. If thereafter the Holder of such Security shall
surrender to any Paying Agent any such missing coupon in respect of which such
a payment shall have been made, such Holder shall be entitled to receive the
amount of such payment; provided, however, that, except as otherwise provided
in Section 1002, interest represented by coupons shall be payable only upon
presentation and surrender of those coupons at an office or agency located
outside the United States. Notwithstanding the foregoing, in case a Bearer
Security of any series is surrendered at any such office or agency in a
permitted exchange for a Registered Security of the same series and like tenor
after the close of business at such office or agency on (i) any Regular Record
Date and before the opening of business at such office or agency on the
relevant Interest Payment Date, or (ii) any Special Record Date and before the
opening of business at such office or agency on the related proposed date for
payment of Defaulted Interest, such Bearer Security shall be surrendered
without the coupon relating to such Interest Payment Date or proposed date for
payment, as the case may be, and interest or Defaulted Interest, as the case
may be, will not be payable on such Interest Payment Date or proposed date for
payment, as the case may be, in respect of the Registered Security issued in
exchange for such Bearer Security, but will be payable only to the Holder of
such coupon when due in accordance with the provisions of this Indenture.
Whenever any Securities are so surrendered for exchange, the Issuer shall
execute, and the Trustee shall authenticate and deliver, the Securities which
the Holder making the exchange is entitled to receive.

      If provided as contemplated by Section 301, at the option of the Holder,
Registered Securities of such series may be exchanged for Bearer Securities
upon such terms and conditions as may be provided in or pursuant to this
Indenture with respect to such series. Whenever any Securities are so
surrendered for exchange, the Issuer shall execute, and the
Trustee shall authenticate and deliver, the Securities which the Holder
making the exchange is entitled to receive.

31

      Notwithstanding the foregoing, except as otherwise specified as
contemplated by Section 301, any permanent global Security shall be
exchangeable only as provided in this paragraph. If the depositary for any
permanent global Security is DTC, then unless the terms of such global Security
expressly permit such global Security to be exchanged in whole or in part for
Certificated Securities, a global Security may be transferred, in whole but not
in part, only to a nominee of DTC, or by a nominee of DTC to DTC, or to a
successor to DTC for such global Security or to a nominee of such successor to
DTC. If at any time DTC notifies the Issuer that it is unwilling or unable to
continue as depositary for the applicable global Security or Securities or if
at any time DTC ceases to be a clearing agency registered under the Exchange
Act if so required by applicable law or regulation, the Issuer shall appoint a
successor depositary with respect to such global Security or Securities. If
(x) a successor depositary for such global Security or Securities is not
appointed by the Issuer within 90 days after the Issuer receives such notice or
becomes aware of such unwillingness, inability or ineligibility, (y) an Event
of Default has occurred and is continuing and the beneficial owners
representing a majority in principal amount of the applicable series of
Securities represented by such global Security or Securities advise DTC to
cease acting as depositary for such global Security or Securities or (z) the
Issuer, in its sole discretion, determines at any time that all Outstanding
Securities (but not less than all) of any series issued or issuable in the form
of one or more global Securities shall no longer be represented by such global
Security or Securities, then the Issuer shall execute, and the Trustee shall
authenticate and deliver Certificated Securities of like series, rank, tenor
and terms in an aggregate principal amount equal to the principal amount of
such global Security or Securities. If any beneficial owner of an interest in
a permanent global Security is otherwise entitled to exchange such interest for
Securities of such series and of like series, rank, tenor and terms in a
principal amount of another authorized form and denomination, as specified as
contemplated by Section 301 and provided that any applicable notice provided in
the permanent global Security shall have been given, then without unnecessary
delay but in any event not later than the earliest day on which such interest
may be so exchanged, the Issuer shall execute, and the Trustee shall
authenticate and deliver Certificated Securities in aggregate principal amount
equal to the principal amount of such beneficial owner’s interest in such
permanent global Security. On or after the earliest date on which such
interests may be so exchanged, such permanent global Security shall be
surrendered for exchange by DTC or such other depositary as shall be specified
in the Issuer Order with respect thereto to the Trustee, as the Issuer’s agent
for such purpose, provided, however, that no such exchanges may occur during a
period beginning at the opening of business 15 days before any selection of
Securities to be redeemed and ending on the relevant Redemption Date if the
Security for which exchange is requested may be among those selected for
redemption; and provided further that no Bearer Security delivered in exchange
for a portion of a permanent global Security shall be mailed or otherwise
delivered to any location in the United States. If a Registered Security is
issued in exchange for any portion of a permanent global Security after the
close of business at the office or agency where such exchange occurs on (i) any
Regular Record Date and before the opening of business at such office or agency
on the relevant Interest Payment Date, or (ii) any Special Record Date and the
opening of business at such office or agency on the related pr
oposed date for
payment of Defaulted Interest, interest or Defaulted Interest, as the case may
be, will not be payable on such Interest Payment Date or proposed date for
payment, as the case may be, in respect of such Registered Security, but will
be payable on such Interest Payment Date or proposed date for payment, as
the case may be,

32

only to the Person to whom interest in respect of such portion
of such permanent global Security is payable in accordance with the provisions
of this Indenture.

      All Securities issued upon any registration of transfer or exchange of
Securities shall be the valid obligations of the Issuer and the Guarantor (if
such Securities are Guaranteed Securities or if such Securities are
exchangeable into Common Stock of Equity Office), respectively, and entitled to
the same benefits under this Indenture as the Securities surrendered upon such
registration of transfer or exchange.

      Every Registered Security presented or surrendered for registration of
transfer or for exchange or redemption shall (if so required by the Issuer or
the Security Registrar) be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Issuer and the Security
Registrar, duly executed by the Holder thereof or his attorney duly authorized
in writing.

      No service charge shall be made for any registration of transfer or
exchange of Securities, but the Issuer may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Sections 304, 906, 1107 or 1305 not involving any
transfer.

      Except as otherwise provided in or pursuant to this Indenture, the Issuer
or the Trustee, as applicable, shall not be required (i) to issue, register the
transfer of or exchange any Security if such Security may be among those
selected for redemption during a period beginning at the opening of business 15
days before selection of the Securities to be redeemed under Section 1103 and
ending at the close of business on (A) if such Securities are issuable only as
Registered Securities, the day of the mailing of the relevant notice of
redemption and (B) if such Securities are issuable as Bearer Securities, the
day of the first publication of the relevant notice of redemption or, if such
Securities are also issuable as Registered Securities and there is no
publication, the mailing of the relevant notice of redemption, or (ii) to
register the transfer of or exchange any Registered Security so selected for
redemption in whole or in part, except, in the case of any Registered Security
to be redeemed in part, the portion thereof not to be redeemed, or (iii) to
exchange any Bearer Security so selected for redemption except that such a
Bearer Security may be exchanged for a Registered Security of that series and
like tenor, provided that such Registered Security shall be simultaneously
surrendered for redemption, or (iv) to issue, register the transfer of or
exchange any Security which has been surrendered for repayment at the option of
the Holder, except the portion, if any, of such Security not to be so repaid.

      SECTION 306. MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES. If any
mutilated Security or a Security with a mutilated coupon appertaining to it is
surrendered to the Trustee or the Issuer, together with, in proper cases, such
security or indemnity as may be required by the Issuer or the Trustee to save
each of them or any agent of either of them harmless, the Issuer shall execute
and the Trustee shall authenticate and deliver in exchange therefor a new
Security of like series, rank, tenor, terms and principal amount, containing
identical terms and provisions and bearing a number not contemporaneously
outstanding, with coupons corresponding to the coupons, if any,
appertaining to the surrendered Security.

33

      If there shall be delivered to the Issuer, the Guarantor (if the Security
is a Guaranteed Security) and to the Trustee (i) evidence to their satisfaction
of the destruction, loss or theft of any Security or coupon, and (ii) such
security or indemnity as may be required by them to save each of them and any
agent of either of them harmless, then, in the absence of notice to the Issuer, the Guarantor (if the Security is a Guaranteed Security) or the Trustee that
such Security or coupon has been acquired by a bona fide purchaser, the Issuer
shall execute and upon its request the Trustee shall authenticate and deliver,
in lieu of any such destroyed, lost or stolen Security or in exchange for the
Security to which a destroyed, lost or stolen coupon appertains (with all
appurtenant coupons not destroyed, lost or stolen), a new Security of the same
series and principal amount, containing identical terms and provisions and
bearing a number not contemporaneously outstanding, with coupons corresponding
to the coupons, if any, appertaining to such destroyed, lost or stolen Security
or to the Security to which such destroyed, lost or stolen coupon appertains.

      Notwithstanding the provisions of the previous two paragraphs, in case any
such mutilated, destroyed, lost or stolen Security or coupon has become or is
about to become due and payable, the Issuer in its discretion may, instead of
issuing a new Security, with coupons corresponding to the coupons, if any,
appertaining to such destroyed, lost or stolen Security or to the Security to
which such destroyed, lost or stolen coupon appertains, pay such Security or
coupon, provided, however, that payment of principal of (and premium, if any),
and interest on and any Additional Amounts with respect to, Bearer Securities
shall, except as otherwise provided in Section 1002, be payable only at an
office or agency located outside the United States and, unless otherwise
specified as contemplated by Section 301, any interest in Bearer Securities
shall be payable only upon presentation and surrender of the coupons
appertaining thereto.

      Upon the issuance of any new Security under this Section, the Issuer may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Trustee) connected therewith.

      Every new Security of any series with its coupons, if any, issued pursuant
to this Section in lieu of any destroyed, lost or stolen Security, or in
exchange for a Security to which a destroyed, lost or stolen coupon appertains,
shall constitute an original additional contractual obligation of the Issuer
and Equity Office (if such Security is a Guaranteed Security or if such
Security is exchangeable into Common Stock of Equity Office), whether or not
the destroyed, lost or stolen Security and its coupons, if any, or the
destroyed, lost or stolen coupon shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of that series and their
coupons, if any, duly issued thereunder.

      The provisions of this Section, as amended or supplemented, are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen
Securities or coupons.

      SECTION 307. PAYMENT OF INTEREST; INTEREST RIGHTS RESERVED. Except as
otherwise specified with respect to a series of Securities in accordance

34

with
the provisions of Section 301, interest on and Additional Amounts with respect
to any Registered Security that is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose
name that Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest at the office or
agency of the Issuer maintained for such purpose pursuant to Section 1002. If
so specified pursuant to Section 301, each installment of interest on any
Registered Security may at the Issuer’s option be paid by (i) mailing a check
for such interest, payable to or upon the written order of the Person entitled
thereto pursuant to Section 308, to the address of such Person as it appears on
the Security Register or (ii) transfer to an account maintained by the payee
located inside the United States; otherwise, such installments shall be paid in
immediately available funds.

      Unless otherwise provided as contemplated by Section 301 with respect to
the Securities of any series, payment of interest may be made, in the case of a
Bearer Security, by transfer to an account maintained by the payee with a bank
located outside the United States.

      Unless otherwise provided as contemplated by Section 301, every permanent
global Security will provide that interest, if any, payable on any Interest
Payment Date will be paid to DTC, Euroclear and/or Clearstream Luxembourg, as
the case may be, with respect to that portion of such permanent global Security
held for its account by Cede & Co. or the Common Depositary, as the case may
be, for the purpose of permitting such party to credit the interest received by
it in respect of such permanent global Security to the accounts of the
beneficial owners thereof.

      In case a Bearer Security of any series is surrendered in exchange for a
Registered Security of such series after the close of business (at an office or
agency in a Place of Payment for such series) on any Regular Record Date and
before the opening of business (at such office or agency) on the next
succeeding Interest Payment Date, such Bearer Security shall be surrendered
without the coupon relating to such Interest Payment Date and interest will not
be payable on such Interest Payment Date in respect of the Registered Security
issued in exchange for such Bearer Security, but will be payable only to the
Holder of such coupon when due in accordance with the provisions of this
Indenture.

      Except as otherwise specified with respect to a series of Securities in
accordance with the provisions of Section 301, any interest on any Registered
Security of any series that is payable, but is not punctually paid or duly
provided for, on any Interest Payment Date (herein called “Defaulted Interest”)
shall forthwith cease to be payable to the registered Holder thereof on the
relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Issuer or the Guarantor (if the
Registered Security is a Guaranteed Security), at its election in each case, as
provided in clause (A) or (B) below:

	 	(A)	 	The Issuer or the Guarantor (if the Registered
Security is a Guaranteed Security) may elect to make payment
of any Defaulted Interest to the Persons in whose names the
Registered Securities of such series (or their respective
Predecessor Securities) are registered at the close of business
on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The
Issuer or the Guarantor (if the Registered 

35

	 	 	 	Security is a
Guaranteed Security) shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each
Registered Security of such series and the date of the proposed
payment (which shall not be less than 20 days after such notice
is received by the Trustee), and at the same time the Issuer or
the Guarantor (if the Registered Security is a Guaranteed
Security), as the case may be, shall deposit with the Trustee an
amount of money in the currency or currencies, currency unit or
units or composite currency or currencies in which the
Securities of such series are payable (except as otherwise
specified pursuant to Section 301 for the Securities of such
series) equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit on or prior to the
date of the proposed payment, such money when deposited to be
held in trust for the benefit of the Persons entitled to such
Defaulted Interest as provided in this clause. Thereupon the
Trustee shall fix a Special Record Date for the payment of such
Defaulted Interest which shall be not more than 15 days and not
less than 10 days prior to the date of the proposed payment and
not less than 10 days after the receipt by the Trustee of the
notice of the proposed payment. The Trustee shall promptly
notify the Issuer or the Guarantor, as the case may be, of such
Special Record Date and, in the name and at the expense of the
Issuer or the Guarantor, as the case may be, shall cause notice
of the proposed payment of such Defaulted Interest and the
Special Record Date therefor to be mailed, first class postage
prepaid, to each Holder of Registered Securities of such series
at his address as it appears in the Security Register not less
than 10 days prior to such Special Record Date. The Trustee
may, in its discretion, in the name and at the expense of the
Issuer or the Guarantor, as the case may be, cause a similar
notice to be published at least once in an Authorized Newspaper
in each Place of Payment, but such publications shall not be a
condition precedent to the establishment of such Special Record
Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefore having been mailed as
aforesaid, such Defaulted Interest shall be paid to the Persons
in whose names the Registered Securities of such series (or
their respective Predecessor Securities) are registered at the
close of business on such Special Record Date and shall no
longer be payable pursuant to the following clause (B). In case
a Bearer Security of any series is surrendered at the office or
agency in a Place of Payment for such series in exchange for a
Registered Security of such series after the close of business
at such office or agency on any Special Record Date and before
the opening of business at such office or agency on the related
proposed date for payment of Defaulted Interest, such Bearer
Security shall be surrendered without the coupon relating to
such proposed date of payment
 and Defaulted Interest will not be
payable on such proposed date of payment in respect of the
Registered Security issued in
exchange for such Bearer Security, but will be payable only to
the Holder of such coupon when due in accordance with the
provisions of this Indenture.
	 
	 	(B)	 	The Issuer or the Guarantor (if the Registered
Security is a Guaranteed Security) may make payment of any
Defaulted Interest on the Registered 

36

	 	 	 	Securities of any series
in any other lawful manner not inconsistent with the
requirements of any securities exchange on which such
Securities may be listed, and upon such notice as may be
required by such exchange, if, after notice given by the
Issuer or the Guarantor, as the case may be, to the Trustee of
the proposed payment pursuant to this clause, such manner of
payment shall be deemed practicable by the Trustee.

      Subject to the foregoing provisions of this Section and Section 305, each
Security delivered under this Indenture upon registration of transfer of or in
exchange for or in lieu of any other Security shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other
Security.

      SECTION 308. PERSONS DEEMED OWNERS. Prior to due presentment of a
Registered Security for registration of transfer, the Issuer, Equity Office,
the Trustee and any agent of the Issuer or the Trustee may treat the Person in
whose name such Registered Security is registered as the owner of such Security
for the purpose of receiving payment of principal of (and premium, if any), and
(subject to Sections 305 and 307) interest on and any Additional Amounts with
respect to such Registered Security and for all other purposes whatsoever,
whether or not such Registered Security be overdue, and none of the Issuer,
Equity Office or the Trustee nor any agent of the Issuer, Equity Office or the
Trustee shall be affected by notice to the contrary.

      Title to any Bearer Security and any coupons appertaining thereto shall
pass by delivery. The Issuer, Equity Office, the Trustee and any agent of the
Issuer, Equity Office or the Trustee may treat the Holder of any Bearer
Security and the Holder of any coupon as the absolute owner of such Security or
coupon for the purpose of receiving any payment with respect to payment thereof
or on account thereof and for all other purposes whatsoever, whether or not any
payment with respect to such Security or coupon be overdue, and none of the
Issuer, Equity Office or the Trustee nor any agent of the Issuer, Equity Office
or the Trustee shall be affected by notice to the contrary.

      No Holder of any beneficial interest in any global Security held on its
behalf by a depositary shall have any rights under this Indenture with respect
to such global Security, and such depositary may be treated by the Issuer,
Equity Office, the Trustee and any agent of the Issuer, the Guarantor (if the
global Security is a Guaranteed Security) or the Trustee as the owner of such
global Security for all purposes whatsoever. None of the Issuer, Equity
Office, the Trustee, any Paying Agent or the Security Registrar will have any
responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests of a global Security
or for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.

      Notwithstanding the foregoing, with respect to any global Security,
nothing herein shall prevent the Issuer, Equity Office, the Trustee, or any
agent of the Issuer, Equity Office, or the Trustee, from giving effect to any
written certification, proxy or other authorization furnished by any
depositary, as a Holder, with respect to such global Security or impair, as
between such depositary and owners of beneficial interests in such global
Security, the operation of customary practices governing the exercise of the
rights of such depositary (or its nominee) as Holder of

37

such global Security.
Accordingly, the Holder of a global Security may grant proxies and otherwise
authorize any person to take any action which a Holder is entitled to take
under this Indenture or the Securities.

      SECTION 309. CANCELLATION. All Securities and coupons surrendered for
payment, exchange to Common Stock, redemption, repayment at the option of the
Holder, registration of transfer or exchange or for credit against any sinking
fund payment shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee, and any such Securities and coupons and Securities
and coupons surrendered directly to the Trustee for any such purpose shall be
promptly canceled by it; provided, however, where the Place of Payment is
located outside of the United States, the Paying Agent at such Place of Payment
may cancel the Securities surrendered to it for such purposes prior to
delivering the Securities to the Trustee. The Issuer or the Guarantor (if the
Security is a Guaranteed Security) may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder
which the Issuer or the Guarantor (if the Security is a Guaranteed Security)
may have acquired in any manner whatsoever, and may deliver to the Trustee (or
to any other Person for delivery to the Trustee) for cancellation any
Securities previously authenticated hereunder which the Issuer has not issued
and sold, and all Securities so delivered shall be promptly canceled by the
Trustee. If the Issuer shall so acquire any of the Securities, however, such
acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented by such Securities unless and until the same are
surrendered to the Trustee for cancellation. No Securities shall be
authenticated in lieu of or in exchange for any Securities canceled as provided
in this Section, except as expressly permitted by this Indenture. Canceled
Securities and coupons held by the Trustee shall be destroyed by the Trustee
and the Trustee shall deliver a certificate of such destruction to the Issuer,
unless by an Issuer Order the Issuer directs their return to it.

      SECTION 310. COMPUTATION OF INTEREST. Except as otherwise specified as
contemplated by Section 301 with respect to Securities of any series, interest
on the Securities shall be computed on the basis of a 360-day year consisting
of twelve 30-day months.

      SECTION 311. TRANSFER AND EXCHANGE. Where Securities are presented to the
Trustee with a request to register a transfer or to exchange them for an equal
principal amount of Securities of other denominations, such Trustee shall
register the transfer or make the exchange if the requirements set forth in
this Indenture and as otherwise may be reasonably required by the Registrar
with respect to such transactions are met. To permit registrations of
transfers and exchanges, the Issuer shall issue and the Trustee shall
authenticate Securities at the Registrar’s request.

      (a) Notwithstanding any provision to the contrary herein, so long as a
global Security remains outstanding and is held by or on behalf of DTC,
transfers of a global Security, in whole or in part, or of any beneficial
interest therein, shall only be made in accordance with Sections 201 and 305
and this Section 311(a); provided, however, that beneficial interests in a
global Security may be transferred to persons who take delivery thereof in the
form of a beneficial interest in the global Security in accordance with the
transfer restrictions set forth under the heading “Notice to Investors” in the
Offering Memorandum and, if applicable, in the Restricted Global Securities
Legend.

38

      Securities offered and sold (i) in reliance on Regulation S under the
Securities Act or (ii) to “qualified institutional buyers” (as defined in Rule
144A under the Securities Act) in reliance on Rule 144A under the Securities
Act shall be issued in the form of one or more permanent global Securities in
definitive, fully registered form (without Coupons) with the Restricted Global
Securities Legend. Any global Security shall be deposited on behalf of the
purchasers of the Securities represented thereby with the Trustee, at its
Boston office, as custodian for DTC, and registered in the name of DTC or a
nominee of DTC for the accounts of the participants in DTC (and, in the case of
Securities held in accordance with Regulation S under the Securities Act,
registered with DTC for the accounts of designated agents holding on behalf of
Euroclear or Clearstream Luxembourg), duly executed by the Issuer and
authenticated by the Trustee. The aggregate principal amount of a global
Security may from time to time be increased or decreased by adjustments made on
the records of the Trustee and DTC or its nominee as hereinafter provided.
Purchasers of Securities who are not qualified institutional buyers within the
meaning of Rule 144A under the Securities Act and did not purchase Securities
sold in reliance on Regulation S under the Securities Act will receive
Certificated Securities in definitive form bearing the Restricted Definitive
Securities Legend. Definitive Securities will bear the Restricted Definitive
Securities Legend unless removed in accordance with clause (b) of this Section
311.

		
	 	      (i) Global
Security to Certificated Security. If an owner of a
beneficial interest in a global Security deposited with DTC or with the
Trustee as custodian for DTC wishes at any time to transfer its interest
in such global Security to a Person who is required to take delivery
thereof in the form of a Certificated Security, such owner may, subject
to the rules and procedures of Euroclear or Clearstream Luxembourg, if
applicable, and DTC, cause the exchange of such interest for one or more
Certificated Securities of any authorized denomination or denominations
and of the same aggregate principal amount and of like series, rank,
tenor and terms. Upon receipt by the Registrar of (1) instructions from
Euroclear or Clearstream Luxembourg, if applicable, and DTC directing the
Trustee to authenticate and deliver one or more Certificated Securities
of the same aggregate principal amount and of like series, rank, tenor
and terms as the beneficial interest in the global Security to be
exchanged, such instructions to contain the name or names of the
designated transferee or transferees, the authorized denomination or
denominations of the Certificated Securities to be so issued and
appropriate delivery instructions, (2) a certificate substantially in the
form of Exhibit B attached hereto given by the owner of such beneficial
interest, (3) a certificate substantially in the form of Exhibit C
attached hereto given by the person acquiring the Certificated Securities
for which such interest is being exchanged, and (4) such other
certifications or other information and, in the case of transfers
pursuant to Rule 144 under
the Securities Act, legal opinions as the Issuer may reasonably
require to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act, then Euroclear or Clearstream
Luxembourg, if applicable, or the Registrar, as the case may be, will
instruct DTC to reduce or cause to be reduced such global Security by the
aggregate principal amount of the beneficial interest therein to be
exchanged and to debit or cause to be debited from the account of the
person making such transfer the beneficial interest in the global
Security that is being transferred, and concurrently with such reduction
and debit the Issuer shall execute, and the Trustee shall authenticate
and deliver, one or more Certificated 

39

		
	 	Securities of the same aggregate
principal amount and of like series, rank, tenor and terms in accordance
with the instructions referred to above.
	 
	 	      (ii) Certificated
Security to Certificated Security. If a Holder
of a Certificated Security wishes at any time to transfer such
Certificated Security (or portion thereof) to a person who is required to
take delivery thereof in the form of a Certificated Security, such Holder
may, subject to the restrictions on transfer set forth herein and in such
Certificated Security, cause the transfer of such Certificated Security
(or any portion thereof in a principal amount equal to an authorized
denomination) to such transferee. Upon receipt by the Registrar of (1)
such Certificated Security, duly endorsed as provided herein, (2)
instructions from such Holder directing the Trustee to authenticate and
deliver one or more Definitive Securities of the same aggregate principal
amount and of like series, rank, tenor and terms as the Certificated
Security (or portion thereof) to be transferred, such instructions to
contain the name or names of the designated transferee or transferees,
the authorized denomination or denominations of the Definitive Securities
to be so issued and appropriate delivery instructions, (3) a certificate
from the Holder of the Certificated Security to be transferred in
substantially the form of Exhibit B attached hereto, (4) a certificate
substantially in the form of Exhibit C attached hereto given by the
person acquiring the Certificated Securities (or portion thereof), and
(5) such other certifications or other information and, in the case of
transfers pursuant to Rule 144 under the Securities Act, legal opinions
as the Issuer may reasonably require to confirm that such transfer is
being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act, then the
Registrar, shall cancel or cause to be canceled such Certificated
Security and concurrently therewith, the Issuer shall execute, and the
Trustee shall authenticate and deliver, one or more Certificated
Securities in the appropriate aggregate principal amount, and like
series, rank, tenor and terms, in accordance with the instructions
referred to above and, if only a portion of a Certificated Security is
transferred as aforesaid, concurrently therewith Issuer shall execute and
the Trustee shall execute and deliver to the transferor a Certificated
Security in a principal amount and of like, series, rank, tenor and terms
equal to the principal amount which has not been transferred. A Holder
of a Certificated Security may at any time exchange such Certificated
Security for one or more Certificated Securities of other authorized
denominations and in the same aggregate principal amount and of like
series, rank, tenor and terms and registered in the same name by
delivering such Definitive Security, duly endorsed as provided herein, to
the Registrar together with instructions directing the Trustee to
authenticate and deliver one or more Certificated Securities in the same
aggregate principal amount and of like series, rank, tenor and terms and
registered in the same name as the Certificated Security to be exchanged,
and the Registrar
thereupon shall cancel or caused to be canceled such Certificated
Security and concurrently therewith the Issuer shall execute and Trustee
shall authenticate and deliver, one or more Certificated Securities in
the same aggregate principal amount and of like series, rank, tenor and
terms and registered in the same name as the Certificated Security being
exchanged.
	 
	 	      (iii) Certificated
Security to Global Security. If a Holder of a
Certificated Security wishes at any time to transfer such Certificated
Security (or portion thereof) to a person who is not required to take
delivery thereof in the form of a 

40

		
	 	Certificated Security, such Holder
shall, subject to the restrictions on transfer set forth herein and in
such Certificated Security and the rules of DTC and Euroclear and
Clearstream Luxembourg, as applicable, cause the exchange of such
Certificated Security for a beneficial interest in the Global Security.
Upon receipt by the Registrar of (1) such Certificated Security, duly
endorsed as provided herein, (2) instructions from such Holder directing
the Trustee to increase the aggregate principal amount of the global
Security deposited with DTC or with the Trustee as custodian for DTC by
the same aggregate principal amount as the Certificated Security to be
exchanged, such instructions to contain the name or names of a member of,
or participant in, the depositary that is designated as the transferee,
the account of such member or participant and other appropriate delivery
instructions, (3) the assignment form on the back of the Certificated
Security completed in full (certifying in effect that such transfer
complies with Rule 144A or Regulation S under the Securities Act or is
otherwise being made to a person who is not required to take delivery of
such Security in the form of a Certificated Security) and (4) such other
certifications or other information and, in the case of transfers
pursuant to Rule 144 under the Securities Act, legal opinions as the
Issuer may reasonably require to confirm that such transfer is being made
pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act, then the Registrar shall
cancel or cause to be canceled such Certificated Security and
concurrently therewith shall increase the aggregate principal amount of
the global Security by the same aggregate principal amount as the
Certificated Security canceled.
	 
	 	      (iv) Other
Exchanges. In the event that a global Security is
exchanged for Certificated Securities pursuant to Section 305, prior to
the effectiveness of a shelf registration statement with respect to such
Securities, such Securities may be exchanged only in accordance with such
procedures as are substantially consistent with the provisions of clauses
(ii) and (iii) above (including the certification requirements intended
to ensure that such transfers comply with Rule 144A or Regulation S under
the Securities Act, as the case may be) and such other procedures as may
from time to time be reasonably adopted by the Issuer.

      (b) Except in connection with a shelf registration statement contemplated
by and in accordance with the terms of any applicable registration rights
agreement, if Securities are issued upon the registration of transfer, exchange
or replacement of Securities bearing a Restricted Securities Legend, or if a
request is made to remove such a Definitive Securities Legend on Securities,
the Securities so issued shall bear the Restricted Securities Legend, or a
Restricted Securities Legend shall not be removed, as the case may be, unless
there is delivered to the Issuer such satisfactory evidence, which, in the case
of a transfer made pursuant to Rule 144
under the Securities Act, may include an opinion of counsel licensed to
practice law in the State of New York, as may be reasonably required by the
Issuer, that neither the Restricted Securities Legend nor the restrictions on
transfer set forth therein are required to ensure that transfers thereof comply
with the provisions of Rule 144A, Rule 144 or Regulation S under the Securities
Act or that such Securities are not “restricted” within the meaning of Rule 144
under the Securities Act. Upon provision to the Issuer of such satisfactory
evidence, the Trustee, at the written direction of the Issuer, shall
authenticate and deliver Securities that do not bear the Restricted Securities
Legend. The Issuer shall not otherwise be entitled to require the delivery of
a legal opinion in connection with any transfer or exchange of Securities.

41

      (c) Neither the Trustee nor any Paying Agent shall have any responsibility
for any actions taken or not taken by DTC, Euroclear or Clearstream Luxembourg.

      (d) The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this
Indenture or under applicable law with respect to any transfer of any interest
in any Security (including any transfers between or among DTC’s participants or
beneficial owners of interests in any global Security) other than to require
delivery of such certificates and other documentation as is expressly required
by, and to do so if and when expressly required by, the terms of this Indenture
and to examine the same to determine compliance as to form with the express
requirements hereof.

      (e) In the event that a minimum denomination is applicable to the
Securities, a transfer by a Holder or beneficial owner of a Security shall be
prohibited if the remaining principal amount of such Security is not at least
equal to such minimum denomination.

      Each of the Issuer and Equity Office shall, during any period in the two
years after the initial issuance of the Securities of any series (or any
shorter period provided for in Rule 144(k) under the Securities Act or any
successor provision thereto) in which it is not subject to Section 13 or 15(d)
of the Exchange Act, make available, upon request, to any Holder of Securities
or Common Stock issued in exchange therefor in connection with any sale thereof
and any prospective purchaser of Securities or Common Stock from such holder
the information specified in Rule 144A(d)(4) under the Securities Act.

      SECTION 312. APPLICABILITY OF REIT OWNERSHIP LIMIT.

      Any Person that Beneficially Owns (as defined in the EOP Charter) or
Constructively Owns (as defined in the EOP Charter) Securities exchangeable
into Common Stock shall be deemed to Beneficially Own or Constructively Own the
Common Stock for which such Security may be exchanged, and the Ownership Limit
(as defined in the EOP Charter) and all of the other provisions of Article
Seven of the EOP Charter shall apply to any such Beneficial Owner of such
Security.

ARTICLE FOUR

SATISFACTION AND DISCHARGE

      SECTION 401. SATISFACTION AND DISCHARGE OF INDENTURE. Upon the direction
of the Issuer by an Issuer Order and the Guarantor by a Guarantor Order (if the
applicable Securities are Guaranteed Securities), this Indenture shall cease to
be of further effect with respect to any series of Securities specified in
such Issuer Order and Guarantor Order (except as to any surviving rights of
exchange, registration of transfer or exchange of Securities of such series
herein expressly provided for and any right to receive Additional Amounts, as
provided in Section 1012), and the Trustee, upon receipt of an Issuer Order and
Guarantor Order, and at the expense of the Issuer and the Guarantor (if the
applicable Securities are Guaranteed Securities), shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture as to
such series when

      (a) either

42

	 	(1)	 	all Securities of such series theretofore authenticated and
delivered and all coupons, if any, appertaining thereto (other than
(i) coupons appertaining to Bearer Securities surrendered in
exchange for Registered Securities and maturing after such exchange,
whose surrender is not required or has been waived as provided in
Section 305, (ii) Securities and coupons of such series which have
been destroyed, lost or stolen and which have been replaced or paid
as provided in Section 306, (iii) coupons appertaining to Securities
called for redemption and maturing after the relevant Redemption
Date, whose surrender has been waived as provided in Section 1106,
and (iv) Securities and coupons of such series for whose payment
money has theretofore been deposited in trust or segregated and held
in trust by the Issuer and thereafter repaid to the Issuer or
discharged from such Trust, as provided in Section 1003) have been
delivered to the Trustee for cancellation; or
	 
	 	(2)	 	all Securities of such series and, in the case of (A) or (B)
below, any coupons appertaining thereto not theretofore delivered to
the Trustee for cancellation

		 	 	(A)	 have become due and payable
or

		 	 	(B)	 will become due and payable at their Stated
Maturity within one year, or

				(C)	 if redeemable at the option of the Issuer, are to
be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of
the Issuer and the Guarantor (if the applicable Securities are
Guaranteed Securities),

	 	 	 	and the Issuer and the Guarantor (if the applicable Securities are
Guaranteed Securities), in the case of (A), (B) or (C) above, has
irrevocably deposited or caused to be deposited with the Trustee as
trust funds in trust for such purpose an
amount in the currency or currencies, currency unit or units or
composite currency or currencies in which the Securities of such
series are payable, sufficient to pay and discharge the entire
indebtedness on such Securities and such coupons not theretofore
delivered to the Trustee for cancellation, for principal (and
premium, if any) and interest, and any Additional Amounts with
respect thereto, to the date of such deposit (in the case of
Securities which have become due and payable) or to the Stated
Maturity or Redemption Date, as the case may be,

      (b) the Issuer and the Guarantor (if the applicable Securities are
Guaranteed Securities) has paid or caused to be paid all other sums payable
hereunder by the Issuer and the Guarantor; and

      (c) the Issuer has delivered to the Trustee an Officers’ Certificate and
an Opinion of Counsel and the Guarantor has delivered to the Trustee a
Guarantor’s Officers’ Certificate and an Opinion of Counsel (if the applicable
Securities are Guaranteed Securities), each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of
this Indenture as to such series have been complied with.

43

      Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Issuer to the Trustee and any predecessor Trustee under
Section 606, the obligations of the Issuer and the Guarantor under any
applicable registration rights agreement relating to the Securities, the
obligations of the Issuer to any Authenticating Agent under Section 611 and, if
money shall have been deposited with and held by the Trustee pursuant to
subclause (B) of clause (1) of this Section, the obligations of the Trustee
under Section 402 and the last paragraph of Section 1003 shall survive.

      SECTION 402. APPLICATION OF TRUST FUNDS. Subject to the provisions of the
last paragraph of Section 1003, all money and Government Obligations deposited
with the Trustee pursuant to Section 401 or Article 14 shall be held in trust
and applied by it, in accordance with the provisions of the Securities, the
coupons and this Indenture, to the payment, either directly or through any
Paying Agent (including the Issuer acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal (and
premium, if any), and any interest and Additional Amounts for whose payment
such money has or Government Obligations have been deposited with or received
by the Trustee, but such money and Government Obligations need not be
segregated from other funds except to the extent required by law.

ARTICLE FIVE

REMEDIES

      SECTION 501. EVENTS OF DEFAULT. “Event of Default,” wherever used herein
with respect to any particular series of Securities, means any one of the
following events (whatever the reason for such Event of Default and whether or
not it shall be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body) unless such event is
specifically deleted
or modified in or pursuant to the supplemental indenture, Board Resolution
or Officers’ Certificate establishing the terms of such series pursuant to this
Indenture:

		
	 	      (a) default in the payment of any interest upon or any Additional
Amounts payable in respect of any Security of that series or of any
coupon appertaining thereto, when such interest or Additional
Amounts or coupon becomes due and payable, and continuance of such
default for a period of 30 days; or
	 
	 	      (b) default in the payment of the principal of (or premium, if
any, on) any Security of that series when it becomes due and payable
at its Maturity; or
	 
	 	      (c) default in the deposit of any sinking fund payment, when and
as due by the terms of any Security of that series; or
	 
	 	      (d) default by Equity Office to deliver the shares of Common
Stock and cash, if applicable, as and when required to be delivered
upon an exchange of any Security of that series in accordance with
the terms thereof;

44

		
	 	      (e) default in the performance, or breach, of any covenant or
warranty of the Issuer or Equity Office in this Indenture or the
Securities (other than a covenant or warranty a default in the
performance or the breach of which is elsewhere in this Section
specifically dealt with), and continuance of such default or breach
for a period of 60 days after there has been given, by registered or
certified mail, to the Issuer and Equity Office by the Trustee or to
the Issuer, Equity Office and the Trustee by the Holders of at least
25% in principal amount of the Outstanding Securities of that
series, a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder; or
	 
	 	      (f) a default under any evidence of Recourse Indebtedness of the
Issuer, or under any mortgage, indenture or other instrument of the
Issuer (including a default with respect to Securities of any series
other than that series) under which there may be issued or by which
there may be secured any Recourse Indebtedness of the Issuer (or by
any Subsidiary, the repayment of which the Issuer has guaranteed or
for which the Issuer is directly responsible or liable as obligor or
guarantor), whether such Recourse Debt now exists or shall hereafter
be created, which default shall constitute a failure to pay an
aggregate principal amount exceeding $5,000,000 of such indebtedness
when due and payable after the expiration of any applicable grace
period with respect thereto and shall have resulted in such
indebtedness in an aggregate principal amount exceeding $5,000,000
becoming or being declared due and payable prior to the date on
which it would otherwise have become due and payable, without such
indebtedness having been discharged, or such acceleration having
been rescinded or annulled, within a period of 10 days after there
shall have been given, by registered or certified mail, to the
Issuer by the Trustee or to the Issuer and the Trustee by the
Holders of at least 25% in principal amount of the Outstanding
Securities of that series of a written notice specifying such
default and requiring the Issuer to cause such indebtedness to be
discharged
or cause such acceleration to be rescinded or annulled and stating
that such notice is a “Notice of Default” hereunder; or
	 
	 	      (g) the Issuer or any Significant Subsidiary pursuant to or
within the meaning of any Bankruptcy Law:

		
	 	      (1) commences a voluntary case;
	 
	 	      (2) consents to the entry of an order for relief
against it in an involuntary case;
	 
	 	      (3) consents to the appointment of a Custodian of it
or for all or substantially all of its property; or
	 
	 	      (4) makes a general assignment for the benefit of its
creditors; or

		
	 	      (h) a court of competent jurisdiction enters an order or decree
under any Bankruptcy Law that:

45

		
	 	      (1) is for relief against the Issuer or any
Significant Subsidiary in an involuntary case,
	 
	 	      (2) appoints a Custodian of the Issuer or any
Significant Subsidiary or for all or substantially all of
either of its property, or
	 
	 	      (3) orders the liquidation of the Issuer or any
Significant Subsidiary, and the order or decree remains
unstayed and in effect for 90 days; or

		
	 	      (i) any other Event of Default provided in or pursuant to this
Indenture with respect to Securities of that series.

As used in this Section 501, the term “Bankruptcy Law” means title 11, U.S.
Code or any similar Federal or state law for the relief of debtors and the term
“Custodian” means any receiver, trustee, assignee, liquidator or other similar
official under any Bankruptcy Law.

      SECTION 502. ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT. If an
Event of Default with respect to Securities of any series at the time
Outstanding occurs and is continuing, then and in every such case the Trustee
or the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series may declare the principal (or, if any Securities are
Original Issue Discount Securities or Indexed Securities, such portion of the
principal as may be specified in the terms thereof) of all the Securities of
that series to be due and payable immediately, by a notice in writing to the
Issuer and the Guarantor (if the Securities are Guaranteed Securities) (and to
the Trustee if given by the Holders), and upon any such declaration such
principal or such lesser amount shall become immediately due and payable.

      At any time after such a declaration of acceleration with respect to
Securities of any series has been made and before a judgment or decree for
payment of the money due has
been obtained by the Trustee as hereinafter in this Article provided, the
Holders of not less than a majority in principal amount of the Outstanding
Securities of that series, by written notice to the Issuer, the Guarantor (if
the Securities are Guaranteed Securities) and the Trustee, may rescind and
annul such declaration and its consequences if:

	 	(a)	 	the Issuer or the Guarantor (if the Securities are Guaranteed
Securities) has paid or deposited with the Trustee a sum sufficient
to pay in the currency or currency unit or composite currency in
which the Securities of such series are payable (except as otherwise
specified pursuant to Section 301 for the Securities of such
series):
	 

		(1)	 	all overdue installments
of interest on and any Additional Amounts payable
in respect of all Outstanding Securities of that
series and any related coupons,
	 
		(2)	 	the principal of (and
premium, if any, on) any Outstanding Securities of
that series which have become due otherwise than
by such declaration of acceleration and interest

46

		 	 	thereon and any Additional Amounts with respect
thereto at the rate or rates borne by or provided
for in such Securities,
	 

		(3)	 	to the extent that
payment of such interest or Additional Amounts is
lawful, interest upon overdue installments of
interest and any Additional Amounts at the rate or
rates borne by or provided for in such Securities,
and
	 
		(4)	 	all sums paid or advanced
by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel; and

	 	(b)	 	all Events of Default with respect to Securities of that
series, other than the nonpayment of the principal of (or premium,
if any) or interest on, and any Additional Amounts with respect to
Securities of that series which have become due solely by such
declaration of acceleration, have been cured or waived as provided
in Section 513.

      No such rescission shall affect any subsequent default or impair any right
consequent thereon.

      SECTION 503. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
TRUSTEE. The Issuer and Equity Office covenant, in each case, that if:

	 	(a)	 	default is made in the payment of any installment of interest
or Additional Amounts, if any, on any Security of any series and any
related coupon when such interest or Additional Amount becomes due
and payable and such default continues for a period of 30 days, or
	 
	 	(b)	 	default is made in the payment of the principal of (or
premium, if any, on) any Security of any series at its Maturity, or
	 
	 	(c)	 	a default is made by Equity Office to deliver Common Stock
and cash, if applicable, as and when required to be delivered upon
an exchange of any Security of any series in accordance with the
terms thereof.

then the Issuer or Equity Office, as the case may be, will, upon demand of the
Trustee, (i) pay to the Trustee, for the benefit of the Holders of such
Securities of such series and coupons, the whole amount then due and payable on
such Securities and coupons for principal (and premium, if any) and interest
and Additional Amounts, with interest upon any overdue principal (and premium,
if any) and, to the extent that payment of such interest shall be legally
enforceable, upon any overdue installments of interest or Additional Amounts,
if any, at the rate or rates borne by or provided for in such Securities, and,
in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel and
(ii) cure the default referred to in clause (c) above.

47

      If the Issuer or Equity Office fails to satisfy the conditions specified
in the preceding paragraph forthwith upon such demand, the Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid or the delivery of the
requisite Common Stock, and may prosecute such proceeding to judgment or final
decree, and may enforce the same against the Issuer or Equity Office or any
other obligor upon such Securities and any related coupons and collect the
monies adjudged or decreed to be payable or the requisite securities upon an
exchange in the manner provided by law out of the property of the Issuer or
Equity Office, as the case may be, or any other obligor upon such Securities
and any related coupons wherever situated.

      If an Event of Default with respect to Securities of any series occurs and
is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Securities of such series and any
related coupons by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any such rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid
of the exercise of any power granted herein or therein, or to enforce any other
proper remedy.

      SECTION 504. TRUSTEE MAY FILE PROOFS OF CLAIM. In case of the pendency of
any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to
the Issuer, Equity Office or any other obligor upon the Securities or the
property of the Issuer, Equity Office or such other obligor or their creditors,
the Trustee (irrespective of whether the principal of the Securities of any
series shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand on
the Issuer or Equity Office for the payment of overdue principal, premium, if
any, or interest or Additional Amounts) shall be entitled and empowered, by
intervention in such proceeding or otherwise:

	 	(a)	 	to file and prove a claim for the whole amount,
or such lesser amount as may be provided for in the Securities
of such series, of principal (and premium, if any) and
interest and Additional Amounts, if any, owing and unpaid in
respect of the Securities and any related coupons, to file
such other claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel) and of the Holders
allowed in such judicial proceeding, including a claim for the
Common Stock and cash, if applicable, due upon an exchange of
Securities, and to take any other action with respect to such
claims, including participating as a member of any official
committee of creditors appointed in the matters as it deems
necessary or advisable, and
	 
	 	(b)	 	to collect and receive any monies or other
securities or property payable or deliverable on any such
claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or
other similar official) in any such judicial proceeding is hereby authorized by
each Holder of the Securities of such series and coupons to make such payments
to the Trustee, and the Trustee is hereby constituted and appointed,
irrevocably, the attorney-in-fact for each of the Holders of the Securities of
such

48

series to collect and receive such monies or other securities or property
and to deduct therefrom any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee and any predecessor
Trustee, their agents and counsel, and any other amounts due the Trustee or any
predecessor Trustee, under Section 606, and in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee and any predecessor Trustee, their
agents and counsel, and any other amounts due the Trustee or any predecessor
Trustee under Section 606.

      Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder of a
Security or coupon any plan of reorganization, arrangement, adjustment or
composition affecting the Securities or coupons or the rights of any Holder
thereof, or to authorize the Trustee to vote in respect of the claim of any
Holder of a Security or coupon in any such proceeding.

      SECTION 505. TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES
OR COUPONS. All rights of action and claims under this Indenture or any of the
Securities or coupons may be prosecuted and enforced by the Trustee without the
possession of any of the Securities or coupons or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, be for the ratable benefit of the Holders of the Securities and
coupons in respect of which such judgment has been recovered.

      SECTION 506. APPLICATION OF MONEY COLLECTED. Any money collected by the
Trustee pursuant to this Article shall be applied in the following order, at
the date or dates fixed by the Trustee and, in case of the distribution of such
money on account of principal (or premium, if any) or interest and any
Additional Amounts, upon presentation of the Securities or coupons, or both, as
the case may be, and the notation thereon of the payment if only partially paid
and upon surrender thereof if fully paid:

		
	 	      FIRST: To the payment of all amounts due the Trustee and any
predecessor Trustee under Section 606;
	 
	 	      SECOND: To the payment of the amounts then due and unpaid upon the
Securities and coupons for principal (and premium, if any) and interest
and any Additional Amounts payable, in respect of which or for the benefit
of which such money has been collected, ratably, without preference or
priority of any kind, according to the aggregate amounts due and payable
on such Securities and coupons for principal (and premium, if any),
interest and Additional Amounts, respectively; and
	 
	 	      THIRD: The balance, if any, to the Issuer.

      SECTION 507. LIMITATION ON SUITS. No Holder of any Security of any series
or any related coupon shall have any right to institute any proceeding,
judicial or

49

otherwise, with respect to this Indenture, or for the appointment
of a receiver or trustee, or for any other remedy hereunder, unless:

	 	(a)	 	such Holder has previously given written notice to the
Trustee of a continuing Event of Default with respect to the
Securities of that series;
	 
	 	(b)	 	the Holders of not less than 25% in principal amount of the
Outstanding Securities of that series shall have made written
request to the Trustee to institute proceedings in respect of such
Event of Default in its own name as Trustee hereunder;
	 
	 	(c)	 	such Holder or Holders have offered to the Trustee indemnity
reasonably satisfactory to the Trustee against the costs, expenses
and liabilities to be incurred in compliance with such request;
	 
	 	(d)	 	the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute any such
proceeding; and
	 
	 	(e)	 	no direction inconsistent with such written request has been
given to the Trustee during such 60-day period by the Holders of a
majority in principal amount of the Outstanding Securities of that
series;

it being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture or any Security to affect, disturb or prejudice the rights of
any other of such Holders, or to obtain or to seek to
obtain priority or preference over any other of such Holders or to enforce any
right under this Indenture, except in the manner herein provided and for the
equal and ratable benefit of all such Holders.

      SECTION 508. UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM,
IF ANY, INTEREST AND ADDITIONAL AMOUNTS. Notwithstanding any other provision
in this Indenture, the Holder of any Security or coupon shall have the right
which is absolute and unconditional to receive payment of the principal of (and
premium, if any) and (subject to Sections 305 and 307) interest on, and any
Additional Amounts in respect of, such Security or payment of such coupon on
the respective Stated Maturity or Maturities specified in such Security or
coupon (or, in the case of redemption, on the Redemption Date or, in the case
of repayment, on the Repayment Date) and to receive delivery of Common Stock
and cash, if applicable, as and when required to be delivered upon an exchange
of any Security in accordance with its terms and to institute suit for the
enforcement of any such payment or delivery, as the case may be, and such
rights shall not be impaired without the consent of such Holder.

      SECTION 509. RESTORATION OF RIGHTS AND REMEDIES. If the Trustee or any
Holder of a Security or coupon has instituted any proceeding to enforce any
right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or
to such Holder, then and in every such case, the Issuer, Equity Office, the
Trustee and the Holders of Securities and coupons shall, subject to any
determination in such proceeding, be restored severally and respectively to
their

50

former positions hereunder and thereafter all rights and remedies of the
Trustee and the Holders shall continue as though no such proceeding had been
instituted.

      SECTION 510. RIGHTS AND REMEDIES CUMULATIVE. Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Securities or coupons in the last paragraph of Section 306, no right or
remedy herein conferred upon or reserved to the Trustee or to each Holder of
Securities or coupons is intended to be exclusive of any other right or remedy,
and every right and remedy shall, to the extent permitted by law, be cumulative
and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other appropriate right or
remedy.

      SECTION 511. DELAY OR OMISSION NOT WAIVER. No delay or omission of the
Trustee or of any Holder of any Security or coupon to exercise any right or
remedy accruing upon any Event of Default shall impair any such right or remedy
or constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article or by law to the Trustee or to
any Holder may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by such Holder of
Securities or coupons, as the case may be.

      SECTION 512. CONTROL BY HOLDERS OF SECURITIES. The Holders of not less
than a majority in principal amount of the Outstanding Securities of any series
shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or
power conferred on the Trustee with respect to the Securities of such series
and any related coupons, provided that

	 	(a)	 	such direction shall not be in conflict with any rule of law
or with this Indenture or with the Securities of any series,
	 
	 	(b)	 	the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction, and
	 
	 	(c)	 	the Trustee need not take any action which might involve it
in personal liability or be unduly prejudicial to the Holders of
Securities of such series not joining therein, and
	 
	 	(d)	 	such Holders have offered the Trustee indemnity reasonably
satisfactory to the Trustee against costs, expenses and liabilities
to be incurred in compliance with such direction.

      SECTION 513. WAIVER OF PAST DEFAULTS. The Holders of not less than a
majority in principal amount of the Outstanding Securities of any series may on
behalf of the Holders of all the Securities of such series and any related
coupons waive any past default hereunder with respect to such series and its
consequences, except a default

	 	(a)	 	in the payment of the principal of (or premium, if any) or
interest on or Additional Amounts payable in respect of any Security
of such series or any related coupons,

51

	 	(b)	 	in respect of a covenant or provision hereof which under
Article Nine cannot be modified or amended without the consent of
the Holder of each Outstanding Security of such series affected, or
	 
	 	(c)	 	in the delivery of Common Stock and cash, if applicable,
required to be delivered upon an exchange of any Security of such
series.

      Upon any such waiver, such default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured, for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other
default or Event of Default or impair any right consequent thereon.

      SECTION 514. WAIVER OF USURY, STAY OR EXTENSION LAWS. Each of the Issuer
and Equity Office covenants, in each case, that (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in
any manner whatsoever claim or take the benefit or advantage of, any usury,
stay or extension law wherever enacted, now or at any time hereafter in force,
which may affect the covenants or the performance of this Indenture; and each
expressly waives (to the extent that it may lawfully do so) all benefit or
advantage of any such law, and covenants that it will not hinder, delay or
impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law had
been enacted.

      SECTION 515. UNDERTAKING FOR COSTS. All parties to this Indenture agree,
and each Holder of any Security by his acceptance thereof shall be deemed to
have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken or omitted by it as Trustee, the filing by any
party litigant in such suit of any undertaking to pay the costs of such suit,
and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in such suit having due
regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Holder, or group of
Holders, holding in the aggregate more than 25% in principal amount of the
Outstanding Securities, or to any suit instituted by any Holder for the
enforcement of the payment of the principal of (or premium, if any) or interest
or Additional Amounts, if any on any Security on or after the respective Stated
Maturities expressed in such Security (or, in the case of redemption, on or
after the Redemption Date or, in the case of repayment, on or after the
Repayment Date) or the delivery of Common Stock and cash, if applicable, as and
when required to be delivered upon an exchange of any Security in accordance
with its terms.

ARTICLE SIX

THE TRUSTEE

      SECTION 601. NOTICE OF DEFAULTS. Within 90 days after the occurrence of
any default hereunder with respect to the Securities of any series for which it
is acting as Trustee, the Trustee shall transmit in the manner and to the
extent provided in TIA Section 313(c), notice of such default hereunder known
to the Trustee, unless such default shall

52

have been cured or waived; provided,
however, that, except in the case of a default in the payment of the principal
of (or premium, if any) or interest on or any Additional Amounts with respect
to any Security of such series, the payment of any sinking fund installment
with respect to the Securities of such series or the delivery of Common Stock
and cash, if applicable, as and when required to be delivered upon an exchange
of any Security in accordance with its terms, the Trustee shall be protected in
withholding such notice if and so long as Responsible Officers of the Trustee
in good faith determine that the withholding of such notice is in the best
interests of the Holders of the Securities and coupons of such series; and
provided further that in the case of any default or breach of the character
specified in Section 501(e) with respect to the Securities and coupons of such
series, no such notice to Holders shall be given until at least 60 days after
the occurrence thereof. For the purpose of this Section, the term “default”
means any event which is, or after
notice or lapse of time or both would become, an Event of Default with
respect to the Securities of such series.

      SECTION 602. CERTAIN RIGHTS OF TRUSTEE.

	 	(a)	 	after the occurrence of an Event of Default hereunder and for
so long as such Event of Default is continuing, with respect to the
series of Securities for which it is acting, the Trustee shall
exercise such of the rights and powers vested in it by the Indenture
and use of the same degree of care and skill in their exercise as a
prudent person would exercise or use under the circumstances in the
conduct of such Person’s own affairs;
	 
	 	(b)	 	nothing herein shall relieve the Trustee from liability for
its own negligent action, its own negligent failure to act or its
own willful misconduct, except that the Trustee shall not be liable
except for the performance of such duties as are specifically set
forth herein;
	 
	 	(c)	 	if different Trustees have been appointed with respect to
different series of Securities, no Trustee shall be responsible for
the actions or omissions of any other Trustee nor have any
liability to the Holders of any series of Securities for which it is
not acting;
	 
	 	(d)	 	the Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, coupon or other paper or document
believed by it to be genuine and to have been signed or presented by
the proper party or parties, and the Trustee may conclusively rely,
as to the truth of the statements and correctness of the opinions
expressed therein, in the absence of bad faith on the part of the
Trustee; provided, however, that the Trustee shall examine such
papers or documents furnished to it pursuant to this Indenture to
determine whether or not such papers or documents conform to the
requirements of the Indenture;
	 
	 	(e)	 	any request or direction of the Issuer or Guarantor mentioned
herein shall be sufficiently evidenced by an Issuer Request or
Issuer Order or Guarantor Request or Guarantor Order, as the case
may be, in each case, other than delivery of any 

53

	 	 	 	Security, together
with any coupons appertaining thereto, to the Trustee for
authentication and delivery pursuant to Section 303 which shall be
sufficiently evidenced as provided therein, and any resolution of
the Board of Trustees may be sufficiently evidenced by a Board
Resolution;
	 
	 	(f)	 	whenever in the administration of this Indenture the Trustee
shall deem it desirable that a matter be proved or established prior
to taking, suffering or omitting any action hereunder, the Trustee
(unless other evidence be herein specifically prescribed) may, in
the absence of bad faith on its part, rely upon an
Officers’ Certificate or, if such matter pertains to the Guarantor,
a Guarantor’s Officers’ Certificate;
	 
	 	(g)	 	the Trustee may consult with counsel and the written advice
of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance
thereon;
	 
	 	(h)	 	the Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders of Securities of any series or
any related coupons pursuant to this Indenture, unless such Holders
shall have offered to the Trustee security or indemnity reasonably
satisfactory to the Trustee against the costs, expenses and
liabilities which might be incurred by it in compliance with such
request or direction;
	 
	 	(i)	 	the Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, coupon or other paper or
document, but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see
fit, and, if the Trustee shall determine to make such further
inquiry or investigation, it shall be entitled to examine the books,
records and premises of the Issuer and the Guarantor, personally or
by agent or attorney following reasonable notice to the Issuer and
the Guarantor;
	 
	 	(j)	 	the Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through
agents or counsel and the Trustee shall not be responsible for any
misconduct or negligence on the part of any agent or counsel
appointed with due care by it hereunder;
	 
	 	(k)	 	the Trustee shall not be charged with knowledge of any
default or Event of Default described in Section 501(d), (e), (f),
(g) or (h) hereof unless a Responsible Officer of the Trustee shall
have actual knowledge of such Event of Default; and
	 
	 	(l)	 	in the event the Issuer shall appoint a Special Paying Agent
in connection with a series of Securities, the Issuer and the
Trustee shall enter into a special paying agent agreement (a
“Special Paying Agent Agreement”) with such Person on terms as may
be mutually agreed by the Issuer, the Trustee and such Special

54

	 	 	 	Paying Agent. Notwithstanding any other provision contained herein,
such Special Paying Agent so appointed shall be a third party
beneficiary of this Agreement, and all of the benefits and
protections of the Trustee provided for herein (including, but not
limited to all of the provisions for the benefit of the Trustee
contained in this Article Six) shall also apply to the Special
Paying Agent, in addition to, and not as a substitute for, such
other benefits and protections as may be provided for in the related
Special Paying Agent Agreement.

      The Trustee shall not be required to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.

      Except during the continuance of an Event of Default, the Trustee
undertakes to perform only such duties as are specifically set forth in this
Indenture, and no implied covenants or obligations shall be read into this
Indenture against the Trustee.

      SECTION 603. NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES. The
recitals contained herein and in the Securities, except the Trustee’s
certificate of authentication, and in any coupons shall be taken as the
statements of the Issuer or Equity Office, as the case may be, and neither the
Trustee nor any Authenticating Agent assumes any responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Securities or coupons. Neither the
Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Issuer of Securities or the proceeds thereof.

      SECTION 604. MAY HOLD SECURITIES. The Trustee, any Paying Agent, Security
Registrar, Authenticating Agent or any other agent of the Trustee, Equity
Office or the Issuer, in its individual or any other capacity, may become the
owner or pledgee of Securities and coupons and, subject to TIA Sections 310(b)
and 311 of the TIA, may otherwise deal with the Issuer or Equity Office with
the same rights it would have if it were not Trustee, Paying Agent, Security
Registrar, Authenticating Agent or such other agent.

      SECTION 605. MONEY HELD IN TRUST. Except as provided in Section 402 and
Section 1003, money held by the Trustee in trust hereunder need not be
segregated from other funds except to the extent required by law. The Trustee
shall be under no liability for interest on any money received by it hereunder
except as otherwise agreed with the Issuer or the Guarantor.

      SECTION 606. COMPENSATION AND REIMBURSEMENT. The Issuer and the
Guarantor, jointly and severally, agree:

	 	(a)	 	to pay to the Trustee from time to time reasonable
compensation for all services rendered by the Trustee hereunder
(which compensation shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust);

55

	 	(b)	 	except as otherwise expressly provided herein, to reimburse
each of the Trustee and any predecessor Trustee upon its request for
all reasonable expenses, disbursements and advances incurred or made
by the Trustee in accordance with any provision of this Indenture
(including the reasonable compensation and the
expenses and disbursements of its agents and counsel), except any
such expense, disbursement or advance as may be attributable to its
negligence or bad faith; and
	 
	 	(c)	 	to indemnify each of the Trustee and any predecessor Trustee
for, and to hold it harmless against, any loss, liability or expense
incurred without negligence or bad faith on its own part, arising
out of or in connection with the acceptance or administration of the
trust or trusts hereunder, including the costs and expenses of
defending itself against any claim or liability in connection with
the exercise or performance of any of its powers or duties
hereunder.

      When the Trustee incurs expenses or renders services in connection with an
Event of Default specified in Section 501(g) or Section 501(h), the expenses
(including the reasonable charges and expenses of its counsel) and the
compensation for the services are intended to constitute expenses of
administration under any applicable Federal or state bankruptcy, insolvency or
other similar law.

      As security for the performance of the obligations of the Issuer and the
Guarantor under this Section, the Trustee shall have a lien prior to the
Securities upon all property and funds held or collected by the Trustee as
such, except funds held in trust for the payment of principal of (or premium,
if any) or interest or any Additional Amounts on particular Securities or any
related coupons.

      The provisions of this Section shall survive the termination of this
Indenture.

      SECTION 607. CORPORATE TRUSTEE REQUIRED ELIGIBILITY; CONFLICTING
INTERESTS. There shall at all times be a Trustee hereunder which shall be
eligible to act as Trustee under TIA Section 310(a)(1) and shall have a
combined capital and surplus of at least $50,000,000. If such corporation
publishes reports of condition at least annually, pursuant to law or the
requirements of Federal, state, territorial or District of Columbia supervising
or examining authority, then for the purposes of this Section, the combined
capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. If at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section, it shall resign immediately in the manner
and with the effect hereinafter specified in this Article.

      SECTION 608. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

      (a) No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 609. Notwithstanding anything to the
contrary contained herein, Section 310(b) of the TIA is hereby incorporated
herein by reference and deemed a part hereof.

56

      (b) The Trustee may resign at any time with respect to the Securities of
one or more series by giving written notice thereof to the Issuer and the
Guarantor. If any instrument of
acceptance by a successor Trustee shall not have been delivered to the
Trustee within 30 days after the giving of such notice of resignation, the
resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to such series.

      (c) The Trustee may be removed at any time with respect to the Securities
of any series by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series delivered to the Trustee, the Issuer and
the Guarantor.

      (d) If at any time:

	 	(1)	 	the Trustee shall fail to comply with
the provisions of TIA Section 310(b) after written
request therefor by the Issuer, the Guarantor or any
Holder of a Security who has been a bona fide Holder of
a Security for at least six months, or
	 
	 	(2)	 	the Trustee shall cease to be
eligible under Section 607 and shall fail to resign
after written request therefor by the Issuer, the
Guarantor or any Holder of a Security who has been a
bona fide Holder of a Security for at least six months,
or
	 
	 	(3)	 	the Trustee shall become incapable of
acting or shall be adjudged a bankrupt or insolvent, or
a receiver of the Trustee or of its property shall be
appointed or any public officer shall take charge or
control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or
liquidation,

then, in any such case, (A) the Issuer or the Guarantor, by or pursuant to a
Board Resolution, may remove the Trustee and appoint a successor Trustee with
respect to all Securities, or (B) subject to TIA Section 315(e), any Holder of
a Security who has been a bona fide Holder of a Security for at least six
months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee with respect
to all Securities of such series and the appointment of a successor Trustee or
Trustees.

      (e) If the Trustee shall resign, be removed or become incapable of acting,
or if a vacancy shall occur in the office of Trustee for any cause with respect
to the Securities of one or more series, the Issuer, or the Guarantor, by or
pursuant to a Board Resolution, shall promptly appoint a successor Trustee or
Trustees with respect to the Securities of that or those series (it being
understood that any such successor Trustee may be appointed with respect to the
Securities of one or more or all of such series and that at any time there
shall be only one Trustee with respect to the Securities of any particular
series) and shall comply with the applicable requirements of Section 609. If,
within one year after such resignation, removal or incapability, or the
occurrence of such vacancy, a successor Trustee with respect to the Securities
of any series shall be appointed by Act of the Holders of a majority in
principal amount of the Outstanding Securities of such series delivered to the
Issuer, the Guarantor and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment in

57

accordance with the applicable requirements of Section 609, become the
successor Trustee with respect to the Securities of such series and to that
extent supersede the successor Trustee
appointed by the Issuer and the Guarantor. If no successor Trustee with
respect to the Securities of any series shall have been so appointed by the
Issuer and the Guarantor or the Holders of Securities and accepted appointment
in the manner provided in Section 609, any Holder of a Security who has been a
bona fide Holder of a Security of such series for at least six months may, on
behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Trustee with respect
to Securities of such series.

      (f) The Issuer and the Guarantor shall give notice of each resignation and
each removal of the Trustee with respect to the Securities of any series and
each appointment of a successor Trustee with respect to the Securities of any
series in the manner provided for notices to the Holders of Securities in
Section 106. Each notice shall include the name of the successor Trustee with
respect to the Securities of such series and the address of its Corporate Trust
Office.

      SECTION 609. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

      (a) In case of the appointment hereunder of a successor Trustee with
respect to all Securities, every such successor Trustee shall execute,
acknowledge and deliver to the Issuer, the Guarantor and to the retiring
Trustee, an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee;
but, on request of the Issuer, the Guarantor or the successor Trustee, such
retiring Trustee shall, upon, payment of its charges, execute and deliver an
instrument transferring to such successor Trustee all the rights, powers and
trusts of the retiring Trustee, and shall duly assign, transfer and deliver to
such successor Trustee all property and money held by such retiring Trustee
hereunder, subject nevertheless to its claim, if any, provided for in Section
606.

      (b) In case of the appointment hereunder of a successor Trustee with
respect to the Securities of one or more (but not all) series, the Issuer, the
Guarantor, the retiring Trustee and each successor Trustee with respect to the
Securities of one or more series shall execute and deliver an indenture
supplemental hereto, pursuant to Article Nine hereof, wherein each successor
Trustee shall accept such appointment and which (1) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and
to vest in, each successor Trustee all the rights, powers, trusts and duties of
the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates, (2) if the retiring
Trustee is not retiring with respect to all Securities, shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series as to which the retiring Trustee is not
retiring shall continue to be vested in the retiring Trustee, and (3) shall add
to or change any of the provisions of this Indenture as shall be necessary to
provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustee’s co-trustees of the same
trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by
any other such Trustee; and upon the execution and delivery of such
supplemental indenture the resignation or removal of the retiring

58

Trustee shall
become effective to the extent provided therein and each such successor
Trustee,
without any further act, deed or conveyance, shall become vested with all
the rights, powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series to which the appointment of such
successor Trustee relates; but, on request of the Issuer, the Guarantor, or
such Trustee, such retiring Trustee shall duly assign, transfer and deliver to
such successor Trustee all property and money held by such retiring Trustee
hereunder with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates.

      (c) Upon request of any such successor Trustee, the Issuer and the
Guarantor shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and
trusts referred to in paragraph (a) or (b) of this Section, as the case may be.

      (d) No successor Trustee shall accept its appointment unless at the time
of such acceptance such successor Trustee shall be qualified and eligible under
this Article.

      SECTION 610. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.
Any corporation into which the Trustee may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto. In case any Securities or coupons shall
have been authenticated, but not delivered, by the Trustee then in office, any
successor by merger, conversion or consolidation to such authenticating Trustee
may adopt such authentication and deliver the Securities or coupons so
authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities or coupons. In case any Securities or coupons
shall not have been authenticated by such predecessor Trustee, any such
successor Trustee may authenticate and deliver such Securities or coupons, in
either its own name or that of its predecessor Trustee, with the full force and
effect which this Indenture provides for the certificate of authentication of
the Trustee.

      SECTION 611. APPOINTMENT OF AUTHENTICATING AGENT. At any time when any of
the Securities remain Outstanding, the Trustee may appoint an Authenticating
Agent or Agents with respect to one or more series of Securities which shall be
authorized to act on behalf of the Trustee to authenticate Securities of such
series or pursuant to Section 306 issued upon original issue, exchange,
registration of transfer or partial redemption or repayment thereof, and
Securities so authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if authenticated by the
Trustee hereunder. Any such appointment shall be evidenced by an instrument in
writing signed by a Responsible Officer of the Trustee, a copy of which
instrument shall be promptly furnished to the Issuer. Wherever reference is
made in this Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee’s certification of authentication, such reference shall
be deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent.

59

      Each Authenticating Agent shall be acceptable to the Issuer and the
Guarantor and shall at all times be a bank or trust company or corporation
organized and doing business and in good standing under the laws of the United
States of America or of any State or the District of Columbia, authorized under
such laws to act as Authenticating Agent, having a combined capital and surplus
of not less than $50,000,000 and subject to supervision or examination by
Federal or State authorities. If such Authenticating Agent publishes reports
of condition at least annually, pursuant to law or the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such Authenticating Agent shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In case at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section,
such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section.

      Any corporation into which an Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which such Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section without the execution or filing of any paper or further act
on the part of the Trustee or the Authenticating Agent.

      An Authenticating Agent for any series of Securities may at any time
resign by giving written notice of resignation to the Trustee for such series,
to the Guarantor and to the Issuer. The Trustee for any series of Securities
may at any time terminate the agency of an Authenticating Agent by giving
written notice of termination to such Authenticating Agent, the Guarantor and
to the Issuer. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time such Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section, the Trustee for
such series may appoint a successor Authenticating Agent which shall be
acceptable to the Issuer and the Guarantor and shall give notice of such
appointment to all Holders of Securities of the series with respect to which
such Authenticating Agent will serve in the manner set forth in Section 106.
Any successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent
herein. No successor Authenticating Agent shall be appointed unless eligible
under the provisions of this Section.

      The Issuer and the Guarantor, jointly and severally, agree to pay to each
Authenticating Agent from time to time reasonable compensation including
reimbursement of its reasonable expenses for its services under this Section.

      If an appointment with respect to one or more series is made pursuant to
this Section, the Securities of such series may have endorsed thereon, in
addition to or in lieu of the Trustee’s certificate of authentication, an
alternate certificate of authentication substantially in the following form:

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

60

	 
	
	[TRUSTEE]

as Trustee
	 
	
	By:________________________________________
	
	      as Authenticating Agent
	 
	
	By:________________________________________
	
	      Authorized Signatory

      If all of the Securities of any series may not be originally issued at one
time, and if the Trustee does not have an office capable of authenticating
Securities upon original issuance located in a Place of Payment where the
Issuer wishes to have Securities of such series authenticated upon original
issuance, the Trustee, if so requested in writing (which writing need not be
accompanied by or contained in an Officers’ Certificate or a Guarantor’s
Officer’s Certificate), shall appoint in accordance with this Section an
Authenticating Agent having an office in a Place of Payment designated by the
Issuer with respect to such series of Securities.

ARTICLE SEVEN

HOLDERS’ LIST AND REPORTS BY TRUSTEE, GUARANTOR AND ISSUER

      SECTION 701. DISCLOSURE OF NAMES AND ADDRESSES OF HOLDERS. Every Holder
of Securities or coupons, by receiving and holding the same, agrees with the
Issuer and the Trustee that none of the Issuer, the Guarantor or the Trustee
nor an Authenticating Agent, any Paying Agent or any Security Registrar shall
be held accountable by reason of the disclosure of any information as to the
names and addresses of the Holders of Securities in accordance with TIA Section
312(c), regardless of the source from which such information was derived, and
that the Trustee shall not be held accountable by reason of mailing any
material pursuant to a request made under TIA Section 312(b).

      SECTION 702. REPORTS BY TRUSTEE.

      (a) Within 60 days after December 31 of each year commencing with the
first December 31 following the first issuance of Securities pursuant to
Section 301, if required by Section 313(a) of the TIA, the Trustee shall
transmit, pursuant to Section 313(c) of the TIA, a brief report dated as of
such December 31 with respect to any of the events specified in said Section
313(a) which may have occurred since the later of the immediately preceding
December 31 and the date of this Indenture.

      (b) The Trustee shall transmit the reports required by Section 313(a) of
the TIA at the times specified therein.

      (c) Reports pursuant to this Section shall be transmitted in the manner
and to the Persons required by Sections 313(c) and 313(d) of the TIA.

61

      SECTION 703. REPORTS BY ISSUER AND GUARANTOR. Each the Issuer and the
Guarantor (with respect to Securities of each series that are Guaranteed
Securities) will, pursuant to TIA Section 314(a):

	 	(a)	 	file with the Trustee, within 15 days after it is required to
file the same with the Commission, copies of the annual reports and
of the information, documents and other reports (or copies of such
portions of any of the foregoing as the Commission may from time to
time by rules and regulations prescribe) which it may be required to
file with the Commission pursuant to Section 13 or Section 15(d) of
the Exchange Act; or, if it is not required to file information,
documents or reports pursuant to either of said Sections, then it
shall file with the Trustee and the Commission, in accordance with
rules and regulations prescribed from time to time by the
Commission, such of the supplementary and periodic information,
documents and reports which may be required pursuant to Section 13
of the Exchange Act in respect of a security listed and registered
on a national securities exchange as may be prescribed from time to
time in such rules and regulations;
	 
	 	(b)	 	file with the Trustee and the Commission, in accordance with
rules and regulations prescribed from time to time by the
Commission, such additional information, documents and reports with
respect to compliance by it with the conditions and covenants of
this Indenture as may be required from time to time by such rules
and regulations; and
	 
	 	(c)	 	transmit by mail to the Holders of Securities, within 30 days
after the filing thereof with the Trustee, in the manner and to the
extent provided in TIA Section 313(c), such summaries of any
information, documents and reports required to be filed by it
pursuant to Section 1010 and paragraphs (a) and (b) of this Section
as may be required by rules and regulations prescribed from time to
time by the Commission.

      SECTION 704. ISSUER TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS. In
accordance with TIA Section 312(a), the Issuer and the Guarantor (with respect
to Securities of each series that are Guaranteed Securities) will furnish or
cause to be furnished to the Trustee:

      (a) semiannually, not later than 15 days after the Regular Record Date for
interest of each series of Securities, a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Holders of Registered
Securities of such series as of such Regular Record Date, or if there is no
Regular Record Date for interest for such series of Securities, semiannually,
upon such dates as are set forth in the Board Resolution or indenture
supplemental hereto authorizing such series, and

      (b) at such other times as the Trustee may request in writing, within 30
days after the receipt by the Issuer or the Guarantor (with respect to
Securities of each series that are
Guaranteed Securities) of any such request, a list of similar form and
content as of a date not more than 15 days prior to the time such list is
furnished,

62

      provided however, that, so long as the Trustee is the Security Registrar, no
such list shall be required to be furnished.

ARTICLE EIGHT

CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE

      SECTION 801. CONSOLIDATIONS AND MERGERS OF ISSUER OR GUARANTOR AND SALES,
LEASES AND CONVEYANCE PERMITTED SUBJECT TO CERTAIN CONDITIONS. Each of the
Issuer and Equity Office may consolidate with, or sell, lease or convey all or
substantially all of its assets to, or merge with or into, any other Person,
provided that (a) the Issuer or Equity Office, as the case may be, shall be the
continuing corporation, or the successor Person or its transferees or assignees
of such assets (if other than the Issuer or Equity Office, as the case may be),
formed by or resulting from any such consolidation or merger or which shall
have received the transfer of such assets by lease (subject to the continuing
obligations of Issuer and Equity Office set forth in Section 802) or otherwise,
either directly or indirectly, shall expressly assume the payment of the
principal of (and premium, if any) and interest on all the Securities, in the
case of the Issuer, or the obligations of the Guarantor under the Guarantee (if
the Securities include Guaranteed Securities) and to deliver Common Stock and
cash, if applicable, upon an exchange of Securities into Common Stock (if the
Securities are so exchangeable), in the case of Equity Office, and the due and
punctual performance and observance of all of the other covenants and
conditions in this Indenture; (b) the successor Person formed by or resulting
from any such consolidation or merger or which shall have received the transfer
of assets pursuant to this Section 801 shall be a United States Person; and (c)
immediately after giving effect to such transaction and treating any Debt which
becomes an obligation of the Issuer or any Subsidiary as a result thereof as
having been incurred by the Issuer or such Subsidiary at the time of such
transaction, no Event of Default, and no event which, after notice or the lapse
of time, or both, would become such an Event of Default, shall have occurred
and be continuing.

      SECTION 802. RIGHTS AND DUTIES OF SUCCESSOR CORPORATION. In case of any
such consolidation, merger, sale, lease or conveyance and upon any such
assumption by the successor corporation, such successor corporation shall
succeed to and be substituted for the Issuer or Equity Office, as the case may
be, with the same effect as if it had been named herein as the party of the
first part, and the predecessor corporation, except in the event of a lease,
shall be relieved of any further obligation under this Indenture and the
Securities. Such successor corporation thereupon may cause to be signed, and
may issue either in its own name or in the name of the Issuer or Equity Office,
as the case may be, any or all of the Securities issuable hereunder which
theretofore shall not have been signed by the Issuer or Equity Office, as the
case may be, and delivered to the Trustee; and, upon the order of such
successor corporation, instead of the Issuer or Equity Office, as the case may
be, and subject to all the terms, conditions and limitations in this Indenture
prescribed, the
Trustee shall authenticate and shall deliver any Securities which
previously shall have been signed and delivered by the officers of the Issuer
or Equity Office, as the case may be, to the Trustee for authentication, and
any Securities which such successor corporation thereafter shall cause to be
signed and delivered to the Trustee for that purpose. All the Securities so
issued shall in all respects have the same legal rank and benefits under this
Indenture as the Securities theretofore

63

or thereafter issued in accordance with
the terms of this Indenture as though all of such Securities had been issued at
the date of the execution hereof.

      In case of any such consolidation, merger, sale, lease or conveyance, such
changes in phraseology and form (but not in substance) may be made in the
Securities thereafter to be issued as may be appropriate.

      SECTION 803. OFFICERS’ CERTIFICATE AND OPINION OF COUNSEL. Any
consolidation, merger, sale, lease or conveyance permitted under Section 801 is
also subject to the condition that the Trustee receive an Officers’ Certificate
or a Guarantor’s Officers’ Certificate and an Opinion of Counsel to the effect
that any such consolidation, merger, sale, lease or conveyance, and the
assumption by any successor corporation, complies with the provisions of this
Article and that all conditions precedent herein provided for relating to such
transaction have been complied with.

ARTICLE NINE

SUPPLEMENTAL INDENTURES

      SECTION 901. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS. Without
the consent of any Holders of Securities or coupons, the Issuer (when
authorized pursuant to a Board Resolution), Equity Office, and the Trustee, at
any time and from time to time, may enter into one or more indentures
supplemental hereto, in form satisfactory to the Trustee, for any of the
following purposes:

		
	 	      (a) to evidence the succession of another Person to the Issuer or
Equity Office, or the addition of another Person and the assumption by
any such successor or additional Person of the covenants of the Issuer or
Equity Office, as the case may be, contained herein and in the
Securities; or
	 
	 	      (b) to add to the covenants of the Issuer or Equity Office, for the
benefit of the Holders of all or any series of Securities (and if such
covenants are to be for the benefit of less than all series of
securities, stating that such covenants are expressly being included
solely for the benefit of such series) or to surrender any right or power
herein conferred upon the Issuer or Equity Office; or
	 
	 	      (c) to add any additional Events of Default for the benefit of the
Holders of all or any series of Securities (and if such Events of Default
are to be for the benefit of less than all series of Securities, stating
that such Events of Default are expressly being included solely for the
benefit of such series); provided, however, that in respect of any such
additional Events of Default such supplemental indenture may provide
for a particular period of grace after default (which period may be
shorter or longer than that allowed in the case of other defaults) or may
provide for an immediate enforcement upon such default or may limit the
remedies available to the Trustee upon such default or may limit the
right of the Holders of a majority in aggregate principal amount of that
or those series of Securities to which such additional Events of Default
apply to waive such default; or

64

		
	 	      (d) to add to or change any of the provisions of this Indenture to
provide that Bearer Securities may be registrable as to principal, to
change or eliminate any restrictions on the payment of principal of or
any premium or interest on or any Additional Amounts with respect to
Bearer Securities, to permit Bearer Securities to be issued in exchange
for Registered Securities, to permit Bearer Securities to be issued in
exchange for Bearer Securities of other authorized denominations or to
permit or facilitate the issuance of Securities in uncertificated form,
provided that any such action shall not adversely affect the interests of
the Holders of Securities of any series or any related coupons in any
material respect; or
	 
	 	      (e) to change or eliminate any of the provisions of this Indenture,
provided that any such change or elimination shall become effective only
when there is no Security Outstanding of any series created prior to the
execution of such supplemental indenture which is entitled to the benefit
of such provision; or
	 
	 	      (f) to secure the Securities; or
	 
	 	      (g) to establish the form or terms of Securities of any series and
any related coupons as permitted by Sections 201 and 301; or
	 
	 	      (h) to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee with respect to the Securities of one or
more series and to add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee; or
	 
	 	      (i) to cure any ambiguity, to correct or supplement any provision
herein which may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or
questions arising under this Indenture which shall not be inconsistent
with the provisions of this Indenture, provided such provisions shall not
adversely affect the interests of the Holders of Securities of any series
or any related coupons in any material respect; or
	 
	 	      (j) to supplement any of the provisions of this Indenture to such
extent as shall be necessary to permit or facilitate the defeasance and
discharge of any series of Securities pursuant to Sections 401, provided
that any such action shall not adversely affect the interests of the
Holders of Securities of such series and any related coupons or any other
series of Securities in any material respect; provided that only the
Trustee appointed with respect to any series of Securities shall be
required to enter into a supplemental indenture affecting such series.

      SECTION 902. SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS. With the
consent of the Holders of not less than a majority in principal amount of all
Outstanding Securities affected by such supplemental indenture, by Act of said
Holders delivered to the Issuer, Equity Office (if the Securities are
Guaranteed Securities or if the Securities are exchangeable into Common Stock
of Equity Office) and the Trustee, the Issuer, when authorized by or pursuant
to a Board Resolution, Equity Office, and the Trustee may enter into an
indenture or indentures supplemental hereto for the purpose of adding any
provisions to

65

or changing in any manner or eliminating any of the provisions of
this Indenture or of modifying in any manner the rights of the Holders of
Securities and any related coupons under this Indenture; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Security affected thereby:

		
	 	      (a) change the Stated Maturity of the principal of (or premium, if
any, on) or any installment of principal of or interest on or any
Additional Amounts with respect to, any Security, or reduce the principal
amount thereof or the rate or amount (or manner of calculation of the
amount) of interest thereon or any Additional Amounts payable in respect
thereof, or change the timing or reduce the amount payable upon the
redemption thereof, or change any obligation of the Issuer to pay
Additional Amounts pursuant to Section 1012 (except as contemplated by
Section 801(a) and permitted by Section 901(a), or reduce the amount of
the principal of an Original Issue Discount Security that would be due
and payable upon a declaration of acceleration of the Maturity thereof
pursuant to Section 502 or the amount thereof provable in bankruptcy
pursuant to Section 504, or adversely affect any right of repayment at
the option of the Holder of any Security, or change any Place of Payment
where, or the currency or currencies, currency unit or units or
composite currency or currencies in which the principal of, any premium
or interest on, or any Additional Amounts with respect to, any Security
is payable, or impair the right to institute suit for the enforcement of
any such payment on or after the Stated Maturity thereof (or, in the case
of redemption or repayment at the option of the Holder, on or after the
Redemption Date or the Repayment Date, as the case may be), or the
delivery of Common Stock and cash, if applicable, upon an exchange of any
Security, or
	 
	 	      (b) reduce the percentage in principal amount of the Outstanding
Securities of any series, the consent of whose Holders is required for
any such supplemental indenture, or the consent of whose Holders is
required for any waiver with respect to such series (or compliance with
certain provisions of this Indenture or certain defaults hereunder and
their consequences) provided for in this Indenture, or reduce the
requirements of Section 1504 for quorum or voting, or
	 
	 	      (c) modify any of the provisions of this Section, Section 513 or
Section 1013, except to increase the required percentage to effect such
action or to provide that certain other provisions of this Indenture
cannot be modified or waived without the consent of the Holder of each
Outstanding Security affected thereby, or
	 
	 	      (d) modify or affect the terms and conditions of the obligations of
the Guarantor in respect of the due and punctual payment of principal of,
or any premium or
interest on, or any sinking fund requirements or Additional Amounts
with respect to, Guaranteed Securities, or
	 
	 	      (e) change any of the terms upon which the Securities of any series
are exchangeable into Common Stock, cash or other securities or property
in a manner adverse to the Holders thereof.

66

      It shall not be necessary for any Act of Holders under this Section to
approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof.

      A supplemental indenture which changes or eliminates any covenant or other
provision of this Indenture which has expressly been included solely for the
benefit of one or more particular series of Securities, or which modifies the
rights of the Holders of Securities of such series with respect to such
covenant or other provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series.

      SECTION 903. EXECUTION OF SUPPLEMENTAL INDENTURES. As a condition to
executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modification thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and
(subject to Section 602(d)) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be
obligated to, enter into any such supplemental indenture which affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise.

      SECTION 904. EFFECT OF SUPPLEMENTAL INDENTURES. Upon the execution of any
supplemental indenture under this Article, this Indenture shall be modified in
accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or
thereafter authenticated and delivered hereunder and of any coupon appertaining
thereto shall be bound thereby.

      SECTION 905. CONFORMITY WITH TRUST INDENTURE ACT. Every supplemental
indenture executed pursuant to this Article following the qualification of the
Indenture under the provisions of the TIA shall conform to the requirements of
the TIA as then in effect.

      SECTION 906. REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.
Securities of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall, if required by
the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Issuer shall so determine,
new Securities of any series so modified as to conform, in the opinion of the
Trustee and the Issuer, to any such supplemental
indenture may be prepared and executed by the Issuer and authenticated and
delivered by the Trustee in exchange for Outstanding Securities of such series.

      SECTION 907. NOTICE OF SUPPLEMENTAL INDENTURES. Promptly after the
execution by the Issuer, Equity Office and the Trustee of any supplemental
indenture pursuant to the provisions of Section 902, the Issuer shall give
notice thereof to the Holders of each Outstanding Security affected, in the
manner provided for in Section 106, setting forth in general terms the
substance of such supplemental indenture.

67

ARTICLE TEN

COVENANTS

      SECTION 1001. PAYMENT OF PRINCIPAL, PREMIUM, IF ANY, INTEREST AND
ADDITIONAL AMOUNTS. The Issuer covenants and agrees for the benefit of the
Holders of each series of Securities that it will duly and punctually pay the
principal of (and premium, if any) and interest on and any Additional Amounts
payable in respect of the Securities of that series in accordance with the
terms of such series of Securities, any coupons appertaining thereto and this
Indenture. Unless otherwise specified as contemplated by Section 301 with
respect to any series of Securities, any interest due on and any Additional
Amounts payable in respect of any Bearer Securities on or before Maturity,
other than Additional Amounts, if any, payable as provided in Section 1012 in
respect of principal of (or premium, if any, on) such a Security, shall be
payable only upon presentation and surrender of the several coupons for such
interest installments as are evidenced thereby as they severally mature.

      Except as otherwise specified as contemplated by Section 301, if the
Securities of a series provide for the payment of interest in excess of a
fixed annual rate under certain conditions, at least 10 days prior to each date
of payment of interest in respect of the Security of that series, the Issuer
shall furnish to the Trustee and the Paying Agent, if other than the Trustee,
an Officers’ Certificate instructing the Trustee and such Paying Agent or
Paying Agents as to the amount of any such additional interest.

      SECTION 1002. MAINTENANCE OF OFFICE OR AGENCY. If Securities of a series
are issuable only as Registered Securities, the Issuer shall maintain in each
Place of Payment for any series of Securities an office or agency where
Securities of that series may be presented or surrendered for payment or
exchange to Common Stock, where Securities of that series may be surrendered
for registration of transfer or exchange and where notices and demands to or
upon the Issuer or Equity Office in respect of the Securities of that series
and this Indenture may be served. If Securities of a series are issuable as
Bearer Securities, the Issuer or the Guarantor will maintain: (A) in the
Borough of Manhattan, New York City, an office or agency where any Securities
of that series may be presented or surrendered for payment or exchange, where
any Securities of that series may be surrendered for registration of transfer,
where Securities of that series may be surrendered for exchange, where notices
and demands to
or upon the Issuer in respect of the Securities of that series and this
Indenture may be served and where Bearer Securities of that series and related
coupons may be presented or surrendered for payment in the circumstances
described in the following paragraph (and not otherwise); (B) subject to any
laws or regulations applicable thereto in a Place of Payment for that series
which is located outside the United States, an office or agency where
Securities of that series and related coupons may be presented and surrendered
for payment (including payment of any Additional Amounts payable on Securities
of that series pursuant to Section 1012), provided, however, that if the
Securities of that series are listed on the Luxembourg Stock Exchange or any
other stock exchange located outside the United States and such stock exchange
shall so require, the Issuer will maintain a Paying Agent for the Securities of
that series in Luxembourg or any other required city located outside the United
States, as the case may be, so long as the Securities of that series are listed
on such exchange and (C) subject to any laws or regulations applicable thereto,
in a Place of Payment for that series located outside the United States an
office or agency

68

where any Registered Securities of that series may be
surrendered for registration of transfer, where Securities of that series may
be surrendered for exchange and where notices and demands to or upon the Issuer
or Equity Office in respect of the Securities of that series and this Indenture
may be served. The Issuer will give prompt written notice to the Trustee of
the location, and any change in the location, of each such office or agency.
If at any time the Issuer shall fail to maintain any such required office or
agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, except that Bearer Securities of that
series and the related coupons may be presented and surrendered for payment
(including payment of any Additional Amounts payable on Bearer Securities of
that series pursuant to Section 1012) at the offices specified in the Security
in Europe, and the Issuer hereby appoints the same as its agent to receive such
respective presentations, surrenders, notices and demands, and the Issuer
hereby appoints the Trustee its agent to receive all such presentations,
surrenders, notices and demands.

      Unless otherwise specified with respect to any Securities pursuant to
Section 301, no payment of principal, premium or interest on or Additional
Amounts in respect of Bearer Securities shall be made at any office or agency
of the Issuer in the United States or by check mailed to any address in the
United States or by transfer to an account maintained with a bank located in
the United States; provided, however, that, if amounts owing with respect to
any Bearer Securities of a series are payable in Dollars, payment of principal
of and any premium and interest on any Bearer Security (including any
Additional Amounts payable on Securities of such series pursuant to Section
1012) shall be made at the office of the designated agent of the Issuer’s
Paying Agent if (but only if) payment in Dollars of the full amount of such
principal, premium, interest or Additional Amounts, as the case may be, at all
offices or agencies outside the United States maintained for the purpose by the
Issuer in accordance with this Indenture, is illegal or effectively precluded
by exchange controls or other similar restrictions.

      The Issuer may from time to time designate one or more other offices or
agencies where the Securities of one or more series may be presented or
surrendered for any or all of such purposes, and may from time to time rescind
such designations, provided, however, that no such designations or rescission
shall in any manner relieve the Issuer of its obligation to maintain an office
or agency in accordance with the requirements set forth above for Securities of
any series for such purposes. The Issuer will give prompt written notice to
the Trustee of any such designation or rescission and of any change in the
location of any such other office or agency.
Unless otherwise specified with respect to any Securities pursuant to
Section 301 with respect to a series of Securities, the Issuer hereby
designates as a Place of Payment for each series of Securities the office or
agency of the Issuer in the Borough of Manhattan, New York City, and initially
appoints the Trustee at its Corporate Trust Office as Paying Agent in such city
and as its agent to receive all such presentations, surrenders, notices and
demands.

      Unless otherwise specified with respect to any Securities pursuant to
Section 301, if and so long as the Securities of any series (i) are denominated
in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long
as it is required under any other provision of the Indenture, then the Issuer
will maintain with respect to each such series of Securities, or as so
required, at least one exchange rate agent.

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      SECTION 1003. MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST. If the
Issuer shall at any time act as its own Paying Agent with respect to any series
of any Securities and any related coupons, it will, on or before each due date
of the principal of (and premium, if any), or interest on or Additional Amounts
in respect of, any of the Securities of that series, segregate and hold in
trust for the benefit of the Persons entitled thereto a sum in the currency or
currencies, currency unit or units or composite currency or currencies in which
the Securities of such series are payable (except as otherwise specified
pursuant to Section 301 for the Securities of such series) sufficient to pay
the principal (and premium, if any) or interest or Additional Amounts so
becoming due until such sums shall be paid to such Persons or otherwise
disposed of as herein provided, and will promptly notify the Trustee of its
action or failure so to act.

      Whenever the Issuer shall have one or more Paying Agents for any series of
Securities and any related coupons, it will, before each due date of the
principal of (and premium, if any), or interest on or Additional Amounts in
respect of, any Securities of that series, deposit with a Paying Agent a sum
(in the currency or currencies, currency unit or units or composite currency or
currencies described in the preceding paragraph) sufficient to pay the
principal (and premium, if any) or interest or Additional Amounts, so becoming
due, such sum to be held in trust for the benefit of the Persons entitled to
such principal, premium or interest or Additional Amounts and (unless such
Paying Agent is the Trustee) the Issuer will promptly notify the Trustee of its
action or failure so to act.

      The Issuer will cause each Paying Agent other than the Trustee to execute
and deliver to the Trustee an instrument in which such Paying Agent shall agree
with the Trustee, subject to the provisions of this Section, that such Paying
Agent will:

	 	(1)	 	hold all sums held by it for the payment of principal of (and
premium, if any) or interest on Securities or Additional Amounts in
trust for the benefit of the Persons entitled thereto until such
sums shall be paid to such Persons or otherwise disposed of as
herein provided;
	 
	 	(2)	 	give the Trustee notice of any default by the Issuer or
Equity Office (or any other obligor upon the Securities) of any
obligation contained in this Indenture or the Securities; and
	 
	 	(3)	 	at any time during the continuance of any such default upon
the written request of the Trustee, forthwith pay to the Trustee all
sums so held in trust by such Paying Agent.

      The Issuer or the Guarantor (in respect of Guaranteed Securities) may at
any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, pay, or by Issuer Order or Guarantor Order,
as the case may be, direct any Paying Agent to pay, to the Trustee all sums
held in trust by the Issuer or such Paying Agent, such sums to be held by the
Trustee upon the same trusts as those upon which such sums were held by the
Issuer or such Paying Agent; and, upon such payment by any Paying Agent to the
Trustee, such Paying Agent shall be released from all further liability with
respect to such sums.

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      Except as otherwise provided in the Securities of any series, any money
deposited with the Trustee or any Paying Agent, or then held by the Issuer, in
trust for the payment of the principal of (and premium, if any) or interest on,
or any Additional Amounts in respect of, any Security of any series or any
related coupon and remaining unclaimed for two years after such principal (and
premium, if any), interest or Additional Amounts have become due and payable
shall be paid to the Issuer upon Issuer Request (or if deposited by the
Guarantor, paid to the Guarantor on Guarantor Request), or (if then held by the
Issuer) shall be discharged from such trust; and the Holder of such Security
shall thereafter, as an unsecured general creditor, look only to the Issuer and
the Guarantor (if the Securities are Guaranteed Securities) for payment of such
principal of (and premium, if any) or interest on, or any Additional Amounts in
respect of, any Security, without interest thereon, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all
liability of the Issuer as trustee thereof, shall thereupon cease, provided,
however, that the Trustee or such Paying Agent, before being required to make
any such repayment, may at the expense of the Issuer cause to be published
once, in an Authorized Newspaper, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from
the date of such publication, any unclaimed balance of such money then
remaining will be repaid to the Issuer or the Guarantor, as the case may be.

      SECTION 1004. LIMITATIONS ON INCURRENCE OF DEBT.

		
	 	      (a) The Issuer will not, and will not permit any Subsidiary to,
incur any Debt other than intercompany Debt (representing Debt to which
the only parties are the Issuer, the General Partner and any of their
Subsidiaries, but only so long as such Debt is held solely by any of the
Issuer, the General Partner and any Subsidiary and provided that, in the
case of Debt owed to Subsidiaries, such Debt is subordinate in right of
payment to the Securities), if, immediately after giving effect to the
incurrence of such additional Debt, the aggregate principal amount of all
outstanding Debt of the Issuer and its Subsidiaries on a consolidated
basis determined in accordance with GAAP is greater than 60% of the sum
of (i) Total Assets as of the end of the fiscal quarter covered in the
Issuer’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as
the case may be, most recently filed with the Commission (or, if such
filing is not permitted under the Exchange Act, with the Trustee) prior
to the incurrence of such additional Debt and (ii) the increase or
decrease in Total Assets from the end of such quarter including, without
limitation,
any increase in Total Assets resulting from the incurrence of such
additional Debt (such increase or decrease together with the Issuer’s
Total Assets is referred to as the “Adjusted Total Assets”); and
	 
	 	      (b) The Issuer will not, and will not permit any Subsidiary to,
incur any Secured Debt of the Issuer or any Subsidiary if, immediately
after giving effect to the incurrence of such additional Secured Debt,
the aggregate principal amount of all outstanding Secured Debt of the
Issuer and its Subsidiaries on a consolidated basis is greater than 40%
of the Adjusted Total Assets; and
	 
	 	      (c) The Issuer will not, and will not permit any Subsidiary to,
incur any Debt other than intercompany Debt (provided that, in the case
of Debt owed to Subsidiaries, such Debt is subordinate in right of
payment to the Securities), if the ratio of the 

71

		
	 	Consolidated Income
Available for Debt Service to the Annual Debt Service Charge for the
period consisting of the four consecutive fiscal quarters most recently
ended prior to the date on which such additional Debt is to be incurred
shall have been less than 1.5 to 1 on a pro forma basis after giving
effect to the incurrence of such Debt and to the application of the
proceeds therefrom, and calculated on the assumption that (i) such Debt
and any other Debt incurred by the Issuer or its Subsidiaries since the
first day of such four-quarter period which was outstanding at the end of
such period, had been incurred at the beginning of such period and
continued to be outstanding throughout such period, and the application
of the proceeds of such Debt, including to refinance other Debt, had
occurred at the beginning of such period, (ii) the repayment or
retirement of any other Debt by the Issuer or its Subsidiaries since the
first day of such four-quarter period had been repaid or retired at the
beginning of such period (except that, in determining the amount of Debt
so repaid or retired, the amount of Debt under any revolving credit
facility shall be computed based upon the average daily balance of such
Debt during such period), (iii) in the case of Acquired Indebtedness or
Debt incurred in connection with any acquisition since the first day of
the four-quarter period, the related acquisition had occurred as of the
first day of the period with the appropriate adjustments with respect to
the acquisition being included in the pro forma calculation, and (iv) in
the case of any increase or decrease in Total Assets, or any other
acquisition or disposition by the Issuer or any Subsidiary of any asset
or group of assets, since the first day of such four-quarter period,
including, without limitation, by merger, stock purchase or sale, or
asset purchase or sale, such increase, decrease, or other acquisition or
disposition or any related repayment of Debt had occurred as of the first
day of such period with the appropriate adjustments to revenues, expenses
and Debt levels with respect to such increase, decrease or other
acquisition or disposition being included in such pro forma calculation;
and
	 
	 	      (d) Issuer will at all times maintain Total Unencumbered Assets of
not less than 150% of the aggregate outstanding principal amount of all
outstanding Unsecured Debt of the Issuer and its Subsidiaries on a
consolidated basis.

      SECTION 1005. [intentionally omitted].

      SECTION 1006. EXISTENCE. Subject to Article Eight, the Issuer will do or
cause to be done all things necessary to preserve and keep in full force and
effect its existence, rights and franchises, provided, however, that the Issuer
shall not be required to preserve any right or, franchise if the Board of
Trustees shall determine that the preservation thereof is no longer desirable
in the conduct of the business of the Issuer and that the loss thereof is not
disadvantageous in any material respect to the Holders.

      SECTION 1007. MAINTENANCE OF PROPERTIES. The Issuer will cause all of its
material properties used or useful in the conduct of its business or the
business of any Subsidiary to be maintained and kept in good condition, repair
and working order and supplied with all necessary equipment and will cause to
be made all necessary repairs, renewals, replacements, betterments and
improvements thereof, all as in the reasonable judgment of the Issuer may be
necessary so that the business carried on in connection therewith may be
properly and advantageously conducted at all times; provided, however, that the
Issuer and its Subsidiaries shall not be prevented from discontinuing the
operation and maintenance of any of

72

such properties if such discontinuance is,
in the judgment of the Issuer, desirable in the conduct of its business and not
disadvantageous in any material respect to the Holders.

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      SECTION 1008. INSURANCE. The Issuer will, and will cause each of its Subsidiaries to,
maintain insurance coverage by financially sound and reputable insurance
companies in such forms and amounts and against such risks as are customary for
companies of established reputation engaged in the same or a similar business
and owning and operating similar properties.

      SECTION 1009. PAYMENT OF TAXES AND OTHER CLAIMS. The Issuer will pay or
discharge or cause to be paid or discharged, before the same shall become
delinquent, (i) all material taxes, assessments and governmental charges levied
or imposed upon it or any Subsidiary or upon the income, profits or property of
the Issuer or any Subsidiary, and (ii) all material lawful claims for labor,
materials and supplies which, if unpaid, might by law become a lien upon the
property of the Issuer or any Subsidiary; provided, however, that the Issuer
shall not be required to pay or discharge or cause to be paid or discharged any
such tax, assessment, charge or claim whose amount, applicability or validity
is being contested in good faith by appropriate proceedings so long as
appropriate reserves are established therefor in accordance with GAAP.

      SECTION 1010. PROVISION OF FINANCIAL INFORMATION. Whether or not the
Issuer or Equity Office is subject to Section 13 or 15(d) of the Exchange Act,
and for so long as any Securities are outstanding, each will, to the extent
permitted under the Exchange Act, file with the Commission the annual reports,
quarterly reports and other documents which it would have been required to file
with the Commission pursuant to such Section 13 or 15(d) (the “Financial
Statements”) if it were so subject, such documents to be filed with the
Commission on or prior to the respective dates (the “Required Filing Dates”) by
which it would have been required so to file such documents if it were so
subject.

      Each of the Issuer and Equity Office will also in any event (x) within 15
days of each Required Filing Date (i) transmit by mail to all Holders, as their
names and addresses appear in the Security Register, without cost to such
Holders, copies of the annual reports and quarterly reports which it would have
been required to file with the Commission pursuant to Section 13 or 15(d) of
the Exchange Act if it were subject to such Sections, and (ii) file with the
Trustee copies of the annual reports, quarterly reports and other documents
which it would have been required to file with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act if it were subject to such Sections,
and (y) if filing such documents by it with the Commission is not made under
the Exchange Act, promptly upon written request and payment of the reasonable
cost of duplication and delivery, supply copies of such documents to any
prospective Holder.

      SECTION 1011. STATEMENT AS TO COMPLIANCE. Each of the Issuer and Equity
Office shall deliver to the Trustee, within 120 days after the end of each
fiscal year, a written statement (which need not be contained in or accompanied
by an Officers’ Certificate or Guarantor’s Officers’ Certificate) signed by the
principal executive officer, the principal financial officer or the principal
accounting officer, acting for itself and as General Partner of the Issuer,
stating that:

      (a) a review of the activities of the Issuer or Equity Office, as the case
may be, during such year and of its performance under this Indenture has been
made under his or her supervision, and

74

      (b) to the best of his or her knowledge, based on such review, (i) the
Issuer or the Guarantor, as the case may be, has complied with all the
conditions and covenants imposed on it under this Indenture throughout such
year, or, if there has been a default in the fulfillment of any such condition
or covenant, specifying each such default known to him or her and the nature
and status thereof, and (ii) no event has occurred and is continuing which is,
or after notice or lapse of time or both would become, an Event of Default, or,
if such an event has occurred and is continuing, specifying each such event
known to him and the nature and status thereof.

      SECTION 1012. ADDITIONAL AMOUNTS. If any Securities of a series provide
for the payment of Additional Amounts, the Issuer and the Guarantor (if the
Securities are Guaranteed Securities) will pay to the Holder of any Security of
such series or any coupon appertaining thereto Additional Amounts as may be
specified as contemplated by Section 301. Whenever in this Indenture there is
mentioned, in any context except in the case of Section 502(a), the payment of
the principal of or any premium or interest on, or in respect of, any Security
of any series or payment of any related coupon or the net proceeds received on
the sale or exchange of any Security of any series, such mention shall be
deemed to include mention of the payment of Additional Amounts provided by the
terms of such series established pursuant to Section 301 to the extent that, in
such context, Additional Amounts are, were or would be payable in respect
thereof pursuant to such terms and express mention of the payment of Additional
Amounts (if applicable) in any provisions hereof shall not be construed as
excluding Additional Amounts in those provisions hereof where such express
mention is not made.

      Except as otherwise specified as contemplated by Section 301, if the
Securities of a series provide for the payment of Additional Amounts, at least
10 days prior to the first Interest Payment Date with respect to that series of
Securities (or if the Securities of that series will not bear interest prior to
Maturity, the first day on which a payment of principal and any premium is
made), and at least 10 days prior to each date of payment of principal and any
premium or interest if there has been any change with respect to the matters
set forth in the below-mentioned Officers’ Certificate, the Issuer shall
furnish to the Trustee and the Paying Agent, if other than the Trustee, an
Officers’ Certificate instructing the Trustee and such Paying Agent or Paying
Agents whether such payment of principal of and any premium or interest on the
Securities of that series shall be made to Holders of Securities of that series
or any related coupons who are not United States persons without withholding
for or on account of any tax, assessment or other governmental charge described
in the Securities of the series. If any such withholding shall be required,
then such Officers’ Certificate shall specify by country the amount, if any,
required to be withheld on such payments to such Holders of Securities of that
series or related coupons and the Issuer will pay to the Trustee or such Paying
Agent the Additional Amounts required by the terms of such Securities. If the
Trustee or any Paying Agent, as the case may be, shall not so receive the
above-mentioned certificate, then the Trustee or such Paying Agent shall be
entitled (i) to assume that no such withholding or deduction is required with
respect to any payment of principal or interest with respect to any Securities
of a series or related coupons until it shall have received a certificate
advising otherwise and (ii) to make all payments of principal and interest
with respect to the Securities of a series or related coupons without
withholding or deductions until otherwise advised. The Issuer and the
Guarantor jointly and severally agree to indemnify the Trustee and any Paying
Agent for, and to hold them harmless against, any loss, liability or expense
reasonably incurred without negligence or bad faith on their part arising out
of or in connection with actions taken or omitted by any of them or in reliance
on any Officers’

75

Certificate furnished pursuant to this Section or in reliance
on the Issuer’s not furnishing such an Officers’ Certificate.

      SECTION 1013. WAIVER OF CERTAIN COVENANTS. The Issuer or Equity Office,
as the case may be, may omit in any particular instance to comply with any
term, provision or condition set forth in Sections 1004 to 1011, inclusive, if
before or after the time for such compliance the Holders of at least a majority
in principal amount of all Outstanding Securities of each series affected by
such omission, by Act of such Holders, either waive such compliance in such
instance or generally waive compliance with such covenant or condition, but no
such waiver shall extend to or affect such covenant or condition except to the
extent so expressly waived, and, until such waiver shall become effective, the
obligations of the Issuer and Equity Office and the duties of the Trustee in
respect of any such term, provision or condition shall remain in full force and
effect.

ARTICLE ELEVEN

REDEMPTION OF SECURITIES

      SECTION 1101. APPLICABILITY OF ARTICLE. Securities of any series which
are redeemable before their Stated Maturity shall be redeemable in accordance
with their terms and (except as otherwise specified as contemplated by Section
301 for Securities of any series) in accordance with this Article.

      SECTION 1102. ELECTION TO REDEEM; NOTICE TO TRUSTEE. Except as otherwise
specified as contemplated by Section 301 for Securities of any series, the
election of the Issuer to redeem any Securities shall be evidenced by or
pursuant to a Board Resolution. In case of any redemption at the election of
the Issuer of less than all of the Securities of any series, the Issuer shall,
at least 45 days prior to the giving of notice of redemption in Section 1104
(unless a shorter notice shall be satisfactory to the Trustee), notify the
Trustee of such Redemption Date and of the principal amount of Securities of
such series to be redeemed. In the case of any redemption of Securities prior
to the expiration of any restriction on such redemption provided in the terms
of such Securities or elsewhere in this Indenture, the Issuer shall furnish the
Trustee with an Officers’ Certificate evidencing compliance with such
restriction.

      SECTION 1103. SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED. If less
than all the Securities of any series issued on the same day with the same
terms are to be redeemed, the particular Securities to be redeemed shall be
selected not more than 60 days prior to the Redemption Date by the Trustee,
from the
Outstanding Securities of such series issued on such date with the same
terms not previously called for redemption, by such method as the Trustee shall
deem fair and appropriate and which may provide for the selection for
redemption of portions (equal to the minimum authorized denomination for
Securities of that series or any integral multiple thereof) of the principal
amount of Securities of such series of a denomination larger than the minimum
authorized denomination for Securities of that series.

76

      The Trustee shall promptly notify the Issuer and the Security Registrar
(if other than itself) in writing of the Securities selected for redemption
and, in the case of any Securities selected for partial redemption, the
principal amount thereof to be redeemed.

      For all purposes of this Indenture, unless the context otherwise requires,
all provisions relating to the redemption of Securities shall relate, in the
case of any Security redeemed or to be redeemed only in part, to the portion of
the principal amount of such Security which has been or is to be redeemed.

      SECTION 1104. NOTICE OF REDEMPTION. Notice of redemption shall be given
in the manner provided in Section 106, not less than 30 days nor more than 60
days prior to the Redemption Date, unless a shorter period is specified by the
terms of such series established pursuant to Section 301, to each Holder of
Securities to be redeemed. Failure to give such notice in the manner herein
provided to the Holder of any Security designated for redemption as a whole or
in part, or any defect in the notice to any such Holder, shall not affect the
validity of the proceedings for the redemption of any other such Security or
portion thereof. Any notice that is mailed to the Holders of Registered
Securities in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not the Holder; receives the notice.

      All notices of redemption shall state:

	 	(a)	 	the Redemption Date;
	 
	 	(b)	 	the Redemption Price, accrued interest to the Redemption Date
payable as provided in Section 1106, if any, and Additional Amounts,
if any,
	 
	 	(c)	 	if less than all Outstanding Securities of any series are to
be redeemed, the identification (and, in the case of partial
redemption, the principal amount) of the particular Security or
Securities to be redeemed,
	 
	 	(d)	 	in case any Security is to be redeemed in part only, the
notice which relates to such Security shall state that on and after
the Redemption Date, upon surrender of such Security, the holder
will receive, without a charge, a new Security or Securities of
authorized denominations for the principal amount thereof remaining
unredeemed,
	 
	 	(e)	 	that on the Redemption Date the Redemption Price and accrued
interest to the Redemption Date payable as provided in Section 1106,
if any, will become due and payable upon each such Security, or the
portion thereof, to be redeemed and, if applicable, that interest
thereon shall cease to accrue on and after said date,
	 
	 	(f)	 	the Place or Places of Payment where such Securities,
together in the case of Bearer Securities with all coupons
appertaining thereto, if any, maturing after the Redemption Date,
are to be surrendered for payment of the Redemption Price and
accrued interest, if any,
	 
	 	(g)	 	that the redemption is for a sinking fund, if such is the
case,

77

	 	(h)	 	that, unless otherwise specified in such notice, Bearer
Securities of any series, if any, surrendered for redemption must be
accompanied by all coupons maturing subsequent to the date fixed for
redemption or the amount of any such missing coupon or coupons will
be deducted from the Redemption Price, unless security or indemnity
satisfactory to the Issuer, the Trustee for such series and any
Paying Agent is furnished,
	 
	 	(i)	 	if Bearer Securities of any series are to be redeemed and any
Registered Securities of such series are not to be redeemed, and if
such Bearer Securities may be exchanged for Registered Securities
not subject to redemption on this Redemption Date pursuant to
Section 305 or otherwise, the last date, as determined by the
Issuer, on which such exchanges may be made,
	 
	 	(j)	 	the CUSIP number or the Euroclear or Clearstream Luxembourg
reference numbers of such Security, if any, and
	 
	 	(k)	 	if applicable, that a Holder of Securities who desires to
exchange Securities called for redemption must satisfy the
requirements for exchange contained in such Securities, the then
existing exchange price or rate, and the date and time when the
option to exchange shall expire.

      A notice of redemption published as contemplated by Section 106 need not
identify particular Registered Securities to be redeemed.

      Notice of redemption of Securities to be redeemed shall be given by the
Issuer or, at the Issuer’s request, by the Trustee in the name and at the
expense of the Issuer.

      SECTION 1105. DEPOSIT OF REDEMPTION PRICE. At least one Business Day
prior to any Redemption Date, the Issuer shall deposit with the Trustee or with
a Paying Agent (or, if the Issuer is acting as its own Paying Agent, which it
may not do in the case of a sinking fund payment under Article Twelve,
segregate and hold in trust as provided in Section 1003) an amount of money in
the currency or currencies, currency unit or units or composite currency or
currencies in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 301 for the Securities of such series)
sufficient to pay on the Redemption Date the Redemption Price of, and (except
if the Redemption Date shall be an Interest Payment Date) accrued interest on
and Additional Amounts with respect thereto, all the Securities or portions
thereof which are to be redeemed on that date.

      SECTION 1106. SECURITIES PAYABLE ON REDEMPTION DATE. Notice
of redemption having been given as aforesaid, the Securities so to be
redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified in the currency or currencies, currency unit
or units or composite currency or currencies in which the Securities of such
series are payable (except as otherwise specified pursuant to Section 301 for
the Securities of such series) (together with accrued interest, if any, to the
Redemption Date), and from and after such date (unless the Issuer shall default
in the payment of the Redemption Price and accrued interest) such Securities
shall, if the same were interest-bearing, cease to bear interest and the
coupons for such interest appertaining to any Bearer Securities so to be

78

redeemed, except to the extent provided below, shall be void. Upon surrender
of any such Security for redemption; in accordance with said notice, together
with all coupons, if any, appertaining thereto maturing after the Redemption
Date, such Security shall be paid by the Issuer at the Redemption Price,
together with accrued interest and Additional Amounts, if any, to the
Redemption Date; provided, however, that installments of interest on Bearer
Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable only at an office or agency located outside the United States (except
as otherwise provided in Section 1002) and, unless otherwise specified as
contemplated by Section 301, only upon presentation and surrender of coupons
for such interest; and provided further that, except as otherwise provided,
installments of interest on Registered Securities whose Stated Maturity is on
or prior to the Redemption Date shall be payable to the Holders of such
Securities, or one or more Predecessor Securities, registered as such at the
close of business on the relevant Record Dates according to their terms and the
provisions of Section 307.

      If any Bearer Security surrendered for redemption shall not be accompanied
by all appurtenant coupons maturing after the Redemption Date, such Security
may be paid after deducting from the Redemption Price an amount equal to the
face amount of all such missing coupons, or the surrender of such missing
coupon or coupons may be waived by the Issuer and the Trustee if there be
furnished to them such security or indemnity as they may require to save each
of them and any Paying Agent harmless. If thereafter the Holder of such
Security shall surrender to the Trustee or any Paying Agent any such missing
coupon in respect of which a deduction shall have been made from the Redemption
Price, such Holder shall be entitled to receive the amount so deducted;
provided, however, that interest represented by coupons shall be payable only
upon presentation and surrender of those coupons at an office or agency located
outside the United States (except as otherwise provided in Section 1002).

      If any Security called for redemption shall not be so paid upon surrender
thereof for redemption, the principal (and premium, if any) and any interest
(to the extent legally permitted) then due shall, until paid, bear interest
from the Redemption Date at the rate borne by the Security.

      SECTION 1107. SECURITIES REDEEMED IN PART. Any Registered Security which
is to be redeemed only in part (pursuant to the provisions of this Article)
shall be surrendered at a Place of Payment therefor (with, if the Issuer or the
Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Issuer and the Trustee duly executed by, the Holder
thereof or his attorney duly authorized in writing) and the Issuer shall
execute and the Trustee shall authenticate and deliver to the Holder of such
Security without service charge a new Registered Security or Securities of the
same series of any
authorized denomination as requested by such Holder in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of
the Security so surrendered. If a Security in global form is so surrendered,
the Issuer shall execute, and the Trustee shall authenticate and deliver to the
depositary for such Security in global form as shall be specified in the Issuer
Order with respect thereto to the Trustee, without service charge, a new
Security in global form in a denomination equal to and in exchange for the
unredeemed portion of the principal of the Security in global form so
surrendered.

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ARTICLE TWELVE

SINKING FUNDS

      SECTION 1201. APPLICABILITY OF ARTICLE. The provisions of this Article
shall be applicable to any sinking fund for the retirement of Securities of a
series except as otherwise specified as contemplated by Section 301 for
Securities of such series.

      The minimum amount of any sinking fund payment provided for by the terms
of Securities of any series is herein referred to as a “mandatory sinking fund
payment,” and any payment in excess of such minimum amount provided for by the
terms of such Securities of any series is herein referred to as an “optional
sinking fund payment.” If provided for by the terms of any Securities of any
series, the cash amount of any mandatory sinking fund payment may be subject to
reduction as provided in Section 1202. Each sinking fund payment shall be
applied to the redemption of Securities of any series as provided for by the
terms of Securities of such series.

      SECTION 1202. SATISFACTION OF SINKING FUND PAYMENT WITH SECURITIES. The
Issuer may, in satisfaction of all or any part of any mandatory sinking fund
payment with respect to the Securities of a series, (1) deliver Outstanding
Securities of such series (other than any Securities previously called for
redemption) together in the case of any Bearer Securities of such series with
all unmatured coupons appertaining thereto and (2) apply as a credit Securities
of such series which have been redeemed either at the election of the Issuer
pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such
Securities, or which have otherwise been acquired by the Issuer; provided that
such Securities so delivered or applied as a credit have not been previously so
credited. Such Securities shall be received and credited for such purpose by
the Trustee at the applicable Redemption Price specified in such Securities for
redemption through operation of the sinking fund and the amount of such
mandatory sinking fund payment shall be reduced accordingly.

      SECTION 1203. REDEMPTION OF SECURITIES FOR SINKING FUND. Not less than 60
days prior to each sinking fund payment date for Securities of any series, the
Issuer will deliver to the Trustee an Officers’ Certificate specifying the
amount of the next ensuing mandatory sinking fund payment for that series
pursuant to the terms of that series, the portion thereof, if any, which is to
be satisfied by payment of cash in the currency or currencies,
currency unit or units or composite currency or currencies in which the
Securities of such series are payable (except as otherwise specified pursuant
to Section 301 for the Securities of such series) and the portion thereof, if
any, which is to be satisfied by delivering and crediting Securities of that
series pursuant to Section 1202, and the optional amount, if any, to be added
in cash to the next ensuing mandatory sinking fund payment, and will also
deliver to the Trustee any Securities to be so delivered and credited. If such
Officers’ Certificate shall specify an optional amount to be added in cash to
the next ensuing mandatory sinking fund payment, the Issuer shall thereupon be
obligated to pay the amount therein specified. Not less than 30 days before
each such sinking fund payment date the Trustee shall select the Securities to
be redeemed upon such sinking fund payment date in the manner specified in
Section 1103 and cause notice of the redemption thereof to be given in the
name of and at the expense of the

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Issuer in the manner provided in Section
1104. Such notice having been duly given, the redemption of such Securities
shall be made upon the terms and in the manner stated in Sections 1106 and
1107.

ARTICLE THIRTEEN

REPAYMENT AT THE OPTION OF HOLDERS

      SECTION 1301. APPLICABILITY OF ARTICLE. Repayment of Securities of any
series before their Stated Maturity at the option of Holders thereof shall be
made in accordance with the terms of such Securities, if any, and (except as
otherwise specified by the terms of such series established pursuant to Section
301) in accordance with this Article.

      SECTION 1302. REPAYMENT OF SECURITIES. Securities of any series subject
to repayment in whole or in part at the option of the Holders thereof will,
unless otherwise provided in the terms of such Securities, be repaid at a price
equal to the principal amount thereof, together with interest, if any, thereon
accrued to the Repayment Date specified in or pursuant to the terms of such
Securities. The Issuer covenants that at least one Business Day prior to the
Repayment Date it will deposit with the Trustee or with a Paying Agent (or, if
the Issuer is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 1003) an amount of money in currency or currencies,
currency unit or units or composite currency or currencies in which the
Securities of such series are payable (except as otherwise specified pursuant
to Section 301 for the Securities of such series) sufficient to pay the
principal (or, if so provided by the terms of the Securities of any series, a
percentage of the principal) of, and (except if the Repayment Date shall be an
Interest Payment Date) accrued interest on, all the Securities or portions
thereof, as the case may be, to be repaid on such date.

      SECTION 1303. EXERCISE OF OPTION. Securities of any series subject to
repayment at the option of the Holders thereof will contain an “Option to
Elect Repayment” form on the reverse of such Securities. In order for any
Security to be repaid at the option of the Holder, the Trustee must receive at
the Place of Payment therefor specified in the terms of such Security (or at
such other place or places of which the Issuer shall from time to time notify
the Holders of such Securities) not earlier than 60 days nor later than 30 days
prior to the Repayment Date (1) the
Security so providing for such repayment together with the “Option to
Elect Repayment” form on the reverse thereof duly completed by the Holder (or
by the Holder’s attorney duly authorized in writing) or (2) a telegram, telex,
facsimile transmission or a letter from a member of a national securities
exchange, or the National Association of Securities Dealers, Inc., or a
commercial bank or trust company in the United States setting forth the name of
the Holder of the Security, the principal amount of the Security, the principal
amount of the Security to be repaid, the CUSIP number, if any, or a description
of the tenor and terms of the Security, a statement that the option to elect
repayment is being exercised thereby and a guarantee that the Security to be
repaid, together with the duly completed form entitled “Option to Elect
Repayment” on the reverse of the Security will be received by the Trustee not
later than the fifth Business Day after the date of such telegram, telex,
facsimile transmission or letter; provided, however, that such telegram, telex,
facsimile transmission or letter shall only be effective if such Security and
form duly completed are received by the Trustee by such fifth Business Day. If
less than the entire principal amount of such Security is to be repaid in

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accordance with the terms of such Security, the principal amount of such
Security to be repaid, in increments of the minimum denominations for
Securities of such series, and the denomination or denominations of the
Security or Securities to be issued to the Holder for the portion of the
principal amount of such Security surrendered that is not to be repaid, must be
specified. The principal amount of any Security providing for repayment at the
option of the Holder thereof may not be repaid in part if, following such
repayment, the unpaid principal amount of such Security would be less than the
minimum authorized denomination of Securities of the series of which such
Security to be repaid is a part. Except as otherwise may be provided by the
terms of any Security providing for repayment at the option of the Holder
thereof, exercise of the repayment option by the Holder shall be irrevocable
unless waived by the Issuer.

      SECTION 1304. WHEN SECURITIES PRESENTED FOR REPAYMENT BECOME DUE AND
PAYABLE. If Securities of any series providing for repayment at the option of
the Holders thereof shall have been surrendered as provided in this Article and
as provided by or pursuant to the terms of such Securities, such Securities or
the portions thereof, as the case may be, to be repaid shall become due and
payable and shall be paid by the Issuer on the Repayment Date therein
specified, and on and after such Repayment Date (unless the Issuer shall
default in the payment of such Securities on such Repayment Date) such
Securities shall, if the same were interest-bearing, cease to bear interest and
the coupons for such interest appertaining to any Bearer Securities so to be
repaid, except to the extent provided below, shall be void. Upon surrender of
any such Security for repayment in accordance with such provisions, together
with all coupons, if any, appertaining thereto maturing after the Repayment
Date, the principal amount of such Security so to be repaid shall be paid by
the Issuer, together with accrued interest, if any, to the Repayment Date;
provided, however, that coupons whose Stated Maturity is on or prior to the
Repayment Date shall be payable only at an office or agency located outside the
United States (except as otherwise provided in Section 1002) and, unless
otherwise specified pursuant to Section 301, only upon presentation and
surrender of such coupons; and provided further that, in the case of Registered
Securities, installments of interest, if any, whose Stated Maturity is on or
prior to the Repayment Date shall be payable (but without interest thereon,
unless the Issuer shall default in the payment thereof) to the Holders of such
Securities, or one or more Predecessor Securities,
registered as such at the close of business on the relevant Record Dates
according to their terms and the provisions of Section 307.

      If any Bearer Security surrendered for repayment shall not be accompanied
by all appurtenant coupons maturing after the Repayment Date, such Security may
be paid after deducting from the amount payable therefor as provided in Section
1302 an amount equal to the face amount of all such missing coupons, or the
surrender of such missing coupon or coupons may be waived by the Issuer and the
Trustee if there be furnished to them such security or indemnity as they may
require to save each of them and any Paying Agent harmless. If thereafter the
Holder of such Security shall surrender to the Trustee or any Paying Agent any
such missing coupon in respect of which a deduction shall have been made as
provided in the preceding sentence, such Holder shall be entitled to receive
the amount so deducted; provided, however, that interest represented by coupons
shall be payable only at an office or agency located outside the United States
(except as otherwise provided in Section 1002) and, unless otherwise specified
as contemplated by Section 301, only upon presentation and surrender of those
coupons.

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      If the principal amount of any Security surrendered for repayment shall
not be so repaid upon surrender thereof, such principal amount (together with
interest, if any, thereon, accrued to such Repayment Date) shall, until paid,
bear interest from the Repayment Date at the rate of, interest or Yield to
Maturity (in the case of Original Issue Discount Securities) set forth in such
Security.

      SECTION 1305. SECURITIES REPAID IN PART. Upon surrender of any Registered
Security which is to be repaid in part only, the Issuer shall execute and the
Trustee shall authenticate and deliver to the Holder of such Security, without
service charge and at the expense of the Issuer, a new Registered Security or
Securities of the same series, of any authorized denomination specified by the
Holder, in an aggregate principal amount equal to and in exchange for the
portion of the principal of such Security so surrendered which is not to be
repaid.

ARTICLE FOURTEEN

[INTENTIONALLY OMITTED]

ARTICLE FIFTEEN

MEETINGS OF HOLDERS OF SECURITIES

      SECTION 1501. PURPOSES FOR WHICH MEETINGS MAY BE CALLED. A meeting of
Holders of Securities of any series may be called at any time and from time to
time pursuant to this Article to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be made, given or taken by Holders of Securities of such
series.

      SECTION 1502. CALL, NOTICE AND PLACE OF MEETINGS.

      (a) The Trustee may at any time call a meeting of Holders of Securities of
any series for any purpose specified in Section 1501, to be held at such time
and at such place in the Borough of Manhattan, New York City, or in London as
the Trustee shall determine. Notice of every meeting of Holders of Securities
of any series, setting forth the time and the place of such meeting and in
general terms the action proposed to be taken at such meeting, shall be given,
in the manner provided in Section 106, not less than 21 nor more than 180 days
prior to the date fixed for the meeting.

      (b) In case at any time the Issuer, pursuant to a Board Resolution, the
Guarantor (if the Securities are Guaranteed Securities) by or pursuant to a
Guarantor’s Board Resolution or any Holders of at least 10% in principal amount
of the Outstanding Securities of any series shall have requested the Trustee to
call a meeting of the Holders of Securities of such series for any purpose
specified in Section 1501, by written request setting forth in reasonable
detail the action proposed to be taken at the meeting, and the Trustee shall
not have made the first publication of the notice of such meeting within 21
days after receipt of such request or shall not thereafter proceed to cause the
meeting to be held as provided herein, then the Issuer, the Guarantor, if

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applicable, or the Holders of Securities of such series in the amount above
specified, as the case may be, may determine the time and the place in the
Borough of Manhattan, New York City, or in London for such meeting and may call
such meeting for such purposes by giving notice thereof as provided in
subsection (a) of this Section.

      SECTION 1503. PERSONS ENTITLED TO VOTE AT MEETINGS. To be entitled to
vote at any meeting of Holders of Securities of any series, a Person shall be
(1) a Holder of one or more Outstanding Securities of such series, or (2) a
Person appointed by an instrument in writing as proxy for a Holder or Holders
of one or more Outstanding Securities of such series by such Holder or Holders.
The only Persons who shall be entitled to be present or to speak at any
meeting of Holders of Securities of any series shall be the Persons entitled to
vote at such meeting and their counsel, any representatives of the Trustee and
its counsel, any representatives of the Guarantor and its counsel and any
representatives of the Issuer and its counsel.

      SECTION 1504. QUORUM; ACTION. The Persons entitled to vote a majority in
principal amount of the Outstanding Securities of a series shall constitute a
quorum for a meeting of Holders of Securities of such series; provided,
however, that if any action is to be taken at such meeting with respect to a
consent or waiver which this Indenture expressly provides may be given by the
Holders of not less than a specified percentage in principal amount of the
Outstanding Securities of a series, the Persons entitled to vote such specified
percentage in principal amount of the Outstanding Securities of such series
shall constitute a quorum. In the absence of a quorum within 30 minutes after
the time appointed for any such meeting, the meeting shall, if convened at the
request of Holders of Securities of such series, be dissolved. In any other
case the meeting may be adjourned for a period of not less than 10 days as
determined by the chairman of the meeting prior to the adjournment of such
meeting. In the absence of a quorum at the
reconvening of any such adjourned meeting, such adjourned meeting may be
further adjourned for a period of not less than 10 days as determined by the
chairman of the meeting prior to the adjournment of such adjourned meeting.
Notice of the reconvening of any adjourned meeting shall be given as provided
in Section 1502(a), except that such notice need to be given only once not less
than five days prior to the date on which the meeting is scheduled to be
reconvened. Notice of the reconvening of any adjournment meeting shall state
expressly the percentage, as provided above, of the principal amount of the
Outstanding Securities of such series which shall constitute a quorum.

      Except as limited by the proviso to Section 902, any resolution presented
to a meeting or adjourned meeting duly reconvened at which a quorum is present
as aforesaid may be adopted by the affirmative vote of the persons entitled to
vote a majority in aggregate principal amount of the Outstanding Securities
represented at such meeting; provided, however, that, except as limited by the
proviso to Section 902, any resolution with respect to any request, demand,
authorization, direction, notice, consent, waiver or other action which this
Indenture expressly provides may be made, given or taken by the Holders of a
specified percentage, which is less than a majority, in principal amount of the
Outstanding Securities of a series may be adopted at a meeting or an adjourned
meeting duly reconvened and at which a quorum is present as aforesaid by the
affirmative vote of the Holders of such specified percentage in principal
amount of the Outstanding Securities of that series.

84

      Any resolution passed or decision taken at any meeting of Holders of
Securities of any series duly held in accordance with this Section shall be
binding on all the Holders of Securities of such series and the related
coupons, whether or not present or represented at the meeting.

      Notwithstanding the foregoing provisions of this Section 1504, if any
action is to be taken at a meeting of Holders of Securities of any series with
respect to any request, demand, authorization, direction, notice, consent,
waiver or other action that this Indenture expressly provides may be made,
given or taken by the Holders of a specified percentage in principal amount of
all Outstanding Securities affected thereby, or of the Holders of such series
and one or more additional series:

	 	(a)	 	there shall be no minimum quorum requirement for
such meeting; and
	 
	 	(b)	 	the principal amount of the Outstanding
Securities of such series that vote in favor of such request,
demand, authorization, direction, notice, consent, waiver or
other action shall be taken into account in determining
whether such request, demand, authorization, direction,
notice, consent, waiver or other action has been made, given
or taken under this Indenture.

      SECTION 1505. DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF
MEETINGS.

      (a) Notwithstanding any provisions of this Indenture, the Trustee may make
such reasonable regulations as it may deem advisable for any meeting of Holders
of Securities of a
series in regard to proof of the holding of Securities of such series and
of the appointment of proxies and in regard to the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem appropriate. Except as otherwise
permitted or required by any such regulations, the holding of Securities shall
be proved in the manner specified in Section 104 and the appointment of any
proxy shall be proved in the manner specified in Section 104 or by having the
signature of the Person executing the proxy witnessed or guaranteed by any
trust company, bank or banker authorized by Section 104 to certify to the
holding of Bearer Securities. Such regulations may provide that written
instruments appointing proxies, regular on their face, may be presumed valid
and genuine without the proof specified in Section 104 or other proof.

      (b) The Trustee shall, by an instrument in writing, appoint a temporary
chairman of the meeting, unless the meeting shall have been canceled by the
Issuer or by Holders of Securities as provided in Section 1502(b), in which
case the Issuer, the Guarantor or the Holders of Securities of the series
calling the meeting, as the case may be, shall in like manner appoint a
temporary chairman. A permanent chairman and a permanent secretary of the
meeting shall be elected by vote of the persons entitled to vote a majority in
principal amount of the Outstanding Securities of such series represented at
the meeting.

      (c) At any meeting each Holder of a Security of such series or proxy shall
be entitled to one vote for each $1,000 principal amount of the Outstanding
Securities of such series held or

85

represented by him; provided, however that no
vote shall be cast or counted at any meeting in respect of any Security
challenged as not Outstanding and ruled by the chairman of the meeting to be
not Outstanding. The chairman of the meeting shall have no right to vote,
except as a Holder of a Security of such series or proxy.

      (d) Any meeting of Holders of Securities of any series duly called
pursuant to Section 1502 at which a quorum is present may be adjourned from
time to time by Persons entitled to vote a majority in principal amount of the
Outstanding Securities of such series represented at the meeting, and the
meeting may be held as so adjourned without further notice.

      SECTION 1506. COUNTING VOTES AND RECORDING ACTION OF MEETINGS. The vote
upon any resolution submitted to any meeting of Holders of Securities of any
series shall be by written ballots on which shall be subscribed the signatures
of the Holders of Securities of such series or of their representatives by
proxy and the principal amounts and serial numbers of the Outstanding
Securities of such series held or represented by them. The permanent chairman
of the meeting shall appoint two inspectors of votes who shall count all votes
cast at the meeting for or against any resolution and who shall make and file
with the secretary of the meeting their verified written reports in duplicate
of all votes cast at the meeting. A record, at least in triplicate, of the
proceedings of each meeting of Holders of Securities of any Series shall be
prepared by the secretary of the meeting and there shall be attached to said
record the original reports of the inspectors of votes on any vote by ballot
taken thereat and affidavits by one or more persons having knowledge of the
fact, setting forth a copy of the notice of the meeting and showing that said
notice was given as provided in Section 1502 and, if applicable, Section 1504.
Each copy shall be signed and verified by the affidavits of the
permanent chairman and secretary of the meeting and one such copy shall be
delivered to the Issuer, another to the Guarantor, and another to the Trustee
to be preserved by the Trustee, the latter to have attached thereto the ballots
voted at the meeting. Any record so signed and verified shall be conclusive
evidence of the matters therein stated.

      SECTION 1507. EVIDENCE OF ACTION TAKEN BY HOLDERS. Any request, demand,
authorization, direction, notice consent, waiver or other action provided by
this Indenture to be given or taken by a specified percentage in principal
amount of the Holders of any or all series may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such specified
percentage of Holders in person or by agent duly appointed in writing, and,
except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee.
Proof and execution of any instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Indenture and (subject to Article
Six) conclusive in favor of the Trustee and the Issuer, if made in the manner
provided in this Article.

      SECTION 1508. PROOF OF EXECUTION OF INSTRUMENTS. Subject to Article Six,
the execution of any instrument by a Holder or his agent or proxy may be proved
in accordance with such reasonable rules and regulations as may be prescribed
by the Trustee or in such manner as shall be satisfactory to the Trustee.

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ARTICLE SIXTEEN

SECURITIES IN FOREIGN CURRENCIES

      SECTION 1601. APPLICABILITY OF ARTICLE. Whenever this Indenture provides
for (a) any action by, or the determination of any of the rights of Holders of
Securities of any series in which not all of such Securities are denominated in
the same currency, or (b) any distribution to Holders of Securities, in the
absence of any provision to the contrary in the form of Security of any
particular series or pursuant to this Indenture or the Securities, any amount
in respect of any Security denominated in a currency other than Dollars shall
be treated for any such action or distribution as that amount of Dollars that
could be obtained for such amount on such reasonable basis of exchange and as
of the record date with respect to Registered Securities of such series (if
any) for such action, determination of rights for distribution (or, if there
shall be no applicable record date, such other date reasonably proximate to the
date of such action, determination of rights or distribution) as the Issuer may
specify in a written notice to the Trustee or, in the absence of such written
notice, as the Trustee may determine.

ARTICLE SEVENTEEN

GUARANTEE

      SECTION 1701. GUARANTEE.

      The Guarantee set forth in this Article Seventeen shall only be in effect
with respect to Securities of a series to the extent such Guarantee is made
applicable to such series in accordance with Section 301. The Guarantor hereby
unconditionally guarantees to each Holder of a Guaranteed Security
authenticated and delivered by the Trustee the due and punctual payment of the
principal of, any premium and interest on, and any Additional Amounts with
respect to, such Guaranteed Security, whether at maturity, by acceleration,
redemption, repayment or otherwise, in accordance with the terms of such
Guaranteed Security and this Indenture. In case of the failure of the Issuer
punctually to pay any such principal, premium, interest or Additional Amounts,
the Guarantor hereby agrees to cause any such payment to be made punctually
when and as the same shall become due and payable, whether at maturity, upon
acceleration, redemption, repayment or otherwise, and as if such payment were
made by the Issuer.

      The Guarantor hereby agrees that its obligations hereunder shall be as
principal and not merely as surety, and shall be absolute, irrevocable and
unconditional, irrespective of, and shall be unaffected by, any invalidity,
irregularity or unenforceability of any Guaranteed Security or this Indenture,
any failure to enforce the provisions of any Guaranteed Security or this
Indenture, or any waiver, modification, consent or indulgence granted with
respect thereto by the Holder of such Guaranteed Security or the Trustee, the
recovery of any judgment against the Issuer or any action to enforce the same,
or any other circumstances which may otherwise constitute a legal or equitable
discharge of a surety or guarantor. The Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of
merger, insolvency or bankruptcy of the Issuer, any right to require a
proceeding first against the Issuer,

87

protest or notice with respect to any such
Guaranteed Security or the Indebtedness evidenced thereby and all demands
whatsoever, and covenants that this Guarantee will not be discharged except by
payment in full of the principal of, any premium and interest on, and any
Additional Amounts required with respect to, the Guaranteed Securities and the
complete performance of all other obligations contained in the Guaranteed
Securities.

      This Guarantee shall continue to be effective or be reinstated, as the
case may be, if at any time payment on any Guaranteed Security, in whole or in
part, is rescinded or must otherwise be repaid to the Issuer or the Guarantor
upon the bankruptcy, liquidation or reorganization of the Issuer, the Guarantor
or otherwise.

      The Guarantor shall be subrogated to all rights of the Holder of any
Guaranteed Security against the Issuer in respect of any amounts paid to such
Holder by the Guarantor pursuant to the provisions of this
Guarantee;  provided,
however, that the Guarantor shall not be entitled to enforce, or to receive any
payments arising out of or based upon, such right of subrogation until the
principal of, any premium and interest on, and any Additional Amounts required
with respect to, all Guaranteed Securities shall have been paid in full.

ARTICLE EIGHTEEN

EXCHANGE

      SECTION 1801. APPLICABILITY OF ARTICLE.

      Securities of any series which are exchangeable into Common Stock or cash
at the option of the Holder shall be exchangeable in accordance with their
terms and (except as otherwise specified as contemplated by Section 301 for
Securities of any series) in accordance with this Article. Each reference in
this Article to “a Security” or “the Securities” refers to the Securities of
the particular series that is exchangeable into Common Stock. If more than one
series of Securities with exchange privileges are outstanding at any time, the
provisions of this Article shall be applied separately to each such series.

      SECTION 1802. EXCHANGE PRIVILEGES.

      A Holder of a Security of any series may exchange the principal amount (or
any portion of the principal amount that is an integral multiple of $1,000,
provided that any remaining principal amount is at least $100,000) of such
Security into Common Stock, at any time during the period specified in the
Securities of that series, at the Exchange Price in effect at the time of such
exchange (in accordance with Section 1803), except that, with respect to any
Security (or portion thereof) called for redemption, such right shall terminate
at the close of business on the Business Day preceding the Redemption Date of
such Security (or portion thereof) (or such other day as may be specified as
contemplated by Section 301 for Securities of such series), unless the Issuer
shall default in payment of the amount due upon redemption thereof, in which
case such right will terminate at the close of business on the date such
payment is made. The number of shares of Common Stock issuable upon an
exchange of a Security is determined by dividing the principal amount being
exchanged by the Exchange Price in effect at the time of such exchange.

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      Notwithstanding the preceding paragraph, unless a Transaction (as defined
in Section 1812) has been consummated, if the Current Market Price per share of
Common Stock on the New York Stock Exchange on the date a Holder of Securities
elects to exercise its exchange rights is less than the Exchange Price, then
the exchanging Holder will receive, in lieu of Common Stock, cash in an amount
equal to 97% of the product of (i) the number of shares of Common Stock into
which the principal amount of Securities subject to the election would
otherwise be exchangeable and (ii) such Current Market Price per share of
Common Stock.

      The initial exchange price or exchange rate in respect of a series of
Securities shall be as specified in the Securities of that series and will be
subject to adjustment on the terms set forth in this Article Eighteen or such
other or different terms, if any, as may be specified as contemplated by
Section 301 for Securities of such series.

      A Holder may exchange any Security in full and may exchange a portion of a
Security if the portion to be exchanged and the remaining portion of such
Security are in
denominations issuable for that series of Securities. Provisions of this
Indenture that apply to exchange of all of a Security also apply to an exchange
of a portion of a Security.

      SECTION 1803. EXCHANGE PROCEDURES.

      To exchange a Security of any series, a Holder must deliver the
Securities, together with a written notice of exchange, a duly completed
assignment of the Securities and payment of interest to the extent required by
the fourth succeeding paragraph (unless the Issuer shall be in default in
respect of any of its payment obligations under the Securities) to the Exchange
Agent. Each exchange of Securities will be deemed to be effective immediately
prior to the close of business on the Trading Day on which the Holder satisfies
all of the foregoing requirements. As soon as practicable after the exchange
date, the Issuer shall deliver to Equity Office a number of Class A Units equal
to the product of (i) the number of shares of Common Stock into which the
Securities being exchanged are exchangeable, multiplied by (ii) the Conversion
Factor (as defined in the Issuer’s agreement of limited partnership) and the
amount of cash (if any) payable in connection with such exchange, and Equity
Office shall deliver to the Holder through the Exchange Agent a certificate for
the number of shares of Common Stock deliverable upon such exchange and cash,
if applicable, and the Exchange Agent shall deliver such Securities to the
Issuer for cancellation. The person in whose name the certificate is registered
becomes a stockholder of record on the exchange date and, except as otherwise
provided herein, the rights of the Holder of the Securities so exchanged as a
Holder thereof cease as of such date.

      If the Holder exchanges more than one Security of any series at the same
time, the number of full shares issuable upon the exchange shall be based on
the total principal amount of the Securities of such series so exchanged.

      Owners of beneficial interests in a global Security may exercise their
exchange rights by delivery to DTC of appropriate instructions for exchange
pursuant to the procedures of DTC and its direct and indirect participants.

89

      Upon surrender of a Security of any series that is exchanged in part, the
Trustee shall authenticate for the Holder a new Security of such series equal
in principal amount to the unexchanged portion of the Security surrendered.

      Equity Office will not be required to deliver certificates for shares of
Common Stock upon an exchange while its stock transfer books are closed for a
meeting of stockholders or for the payment of distributions or for any other
purpose, but certificates for shares of Common Stock shall be delivered as soon
as the stock transfer books shall again be opened.

      If Holders of Registered Securities exchange their Securities for Common
Stock of Equity Office following a Regular Record Date and prior to the related
Interest Payment Date, then Holders of such Securities at the close of business
on such Regular Record Date will be entitled to receive the interest payable on
the related Interest Payment Date. However, Registered Securities presented
and surrendered for exchange during the period between the close of business on
any Regular Record Date and ending with the opening of business on the
related Interest Payment Date (except Registered Securities exchanged
after the issuance of a notice of redemption with respect to a Redemption Date
during such period or coinciding with such Interest Payment Date) must be
accompanied by payment of an amount equal to the interest payable thereon on
such Interest Payment Date. A Holder of Registered Securities on a Regular
Record Date who (or whose transferee) presents and surrenders any Registered
Securities for exchange on such Interest Payment Date will receive the interest
payable on such date, and such Holder need not include payment of the amount of
such interest upon presenting and surrendering such Registered Securities for
exchange. Except as provided above, neither the Issuer nor Equity Office will
make any payment or allowance for unpaid interest, whether or not in arrears,
on Securities presented and surrendered for exchange or for any distribution
on the shares of Common Stock that are issued upon such exchange if the record
date for such distribution was prior to the effective time of such exchange.

      SECTION 1804. FRACTIONAL SHARES.

      Equity Office will not issue a fractional share of Common Stock upon an
exchange of a Security. Instead, Equity Office will pay a cash adjustment equal
to the product of (i) the Current Market Price of a full share of Common Stock
on the last full Trading Day prior to the exchange and (ii) the fraction
(rounded to the nearest 1/100 of a share) of the share of Common Stock
deliverable upon the exchange, with the product being rounded to the nearest
whole cent.

      SECTION 1805. TAXES ON EXCHANGE.

      If a Holder of a Security exchanges such Security, Equity Office shall pay
any documentary, stamp or similar issue or transfer tax due on the delivery of
shares of Common Stock upon the exchange. The Holder, however, shall pay any
such tax which is due because the shares are issued in a name other than the
Holder’s name.

90

      SECTION 1806. EQUITY OFFICE TO PROVIDE STOCK

      Equity Office shall, at all times, reserve out of its authorized but
unissued Common Stock or Common Stock held in treasury a number of shares of
Common Stock sufficient to permit the exchange of all outstanding Securities in
accordance with their terms.

      All shares of Common Stock which may be delivered upon exchange of the
Securities shall be validly issued, fully paid and non-assessable and shall be
free from any preemptive or similar rights. Before taking any action that would
cause an adjustment reducing the Exchange Price below the then-par value of the
shares of Common Stock deliverable upon exchange of the Securities, Equity
Office will take any action that, in the opinion of its counsel, may be
necessary in order that Equity Office may validly issue fully paid and
non-assessable shares of Common Stock at such adjusted Exchange Price.

      In order that Equity Office may lawfully deliver shares of Common Stock
upon exchange of the Securities, Equity Office will endeavor to comply with all
applicable Federal
and State securities laws and, in accordance with any applicable
registration rights agreement, will endeavor to cause such shares to be listed
on each national securities exchange or other national trading market on which
the Common Stock is listed.

      SECTION 1807. ADJUSTMENTS.

      The Exchange Price shall be adjusted from time to time as follows:

	 	(i)	 	If Equity Office shall after the date on which
the Securities of any series are initially issued (the “Issue
Date”) (A) pay or make a distribution to holders of its equity
securities in Common Stock, (B) subdivide its outstanding
Common Stock into a greater number of shares, (C) combine its
outstanding Common Stock into a smaller number of shares or
(D) issue any shares of beneficial interest by
reclassification of its Common Stock, the Exchange Price in
effect at the opening of business on the day following the
date fixed for the determination of shareholders entitled to
receive such distribution or at the opening of business on the
day following the day on which such subdivision, combination
or reclassification becomes effective, as the case may be,
shall be adjusted so that the Holder of any Security
thereafter surrendered for exchange shall be entitled to
receive the number of shares of Common Stock that such Holder
would have owned or have been entitled to receive after the
happening of any of the events described above had such
Security been exchanged immediately prior to the record date
in the case of a distribution or the effective date in the
case of a subdivision, combination or reclassification. An
adjustment made pursuant to this subsection (i) shall become
effective immediately after the opening of business on the day
next following the record date in the case of a distribution
and shall become effective immediately after the opening of
business on the day next following the effective date in the
case of a subdivision, combination or reclassification.

91

	 	(ii)	 	If Equity Office shall issue after the Issue Date
rights, options or warrants to all holders of Common Stock
entitling them to subscribe for or purchase Common Stock (or
securities convertible into or exchangeable for Common Stock)
at a price per share less than the Fair Market Value per share
of Common Stock on the record date for the determination of
shareholders entitled to receive such rights, options or
warrants, then the Exchange Price in effect at the opening of
business on the day next following such record date shall be
adjusted to equal the price determined by multiplying (I) the
Exchange Price in effect immediately prior to the opening of
business on the day following the date fixed for such
determination by (II) a fraction, the numerator of which shall
be the sum of (A) the number of shares of Common Stock
outstanding on the close of business on the date fixed for
such determination and (B) the number of shares that the
aggregate proceeds to Equity Office from the exercise of
such rights, options, or warrants for shares of Common Stock
would purchase at such Fair Market Value, and the denominator
of which shall be the sum of (A) the number of shares of
Common Stock outstanding on the close of business on the date
fixed for such determination and (B) the number of additional
shares of Common Stock offered for subscription or purchase
pursuant to such rights, options or warrants. Such
adjustment shall become effective immediately after the
opening of business on the day next following such record
date (except as provided in the last paragraph of this
Section 1807). In determining whether any rights, options or
warrants entitle the holders of Common Stock to subscribe for
or purchase Common Stock at less than the Fair Market Value,
there shall be taken into account any consideration received
by Equity Office upon issuance and upon exercise of such
rights, options or warrants, the value of such consideration,
if other than cash, to be determined by Equity Office’s Chief
Executive Officer or the Board of Trustees.
	 
	 	(iii)	 	If Equity Office shall distribute to all holders
of its Common Stock any equity securities of Equity Office
(other than Common Stock) or evidence of its indebtedness or
assets (excluding cash distributions paid out of the total
equity applicable to Common Stock, including revaluation
equity, less the amount of stated capital attributable to
Common Stock, determined on the basis of the most recent
annual consolidated cost basis and current value basis and
quarterly consolidated balance sheets of Equity Office and its
consolidated subsidiaries available at the time of the
declaration of the distribution) or rights, options or
warrants to subscribe for or purchase any of its securities
(excluding those rights, options and warrants issued to all
holders of Common Stock entitling them to subscribe for or
purchase Common Stock, which rights, options and warrants are
referred to in and treated under subsection (ii) above) (any
of the forgoing being hereinafter in this subsection (iii)
called the “Assets”), then in each case the Exchange Price
shall be adjusted so that it shall equal the price determined
by multiplying (I) the Exchange Price in effect immediately
prior to the close of business on the date fixed for the

92

	 	 	 	determination of shareholders entitled to receive such
distribution by (II) a fraction, the numerator of which shall
be the Fair Market Value per share of Common Stock on the
record date mentioned below less the then fair market value
(as determined by Equity Office’s Chief Executive Officer or
the Board of Trustees, whose determination shall be
conclusive) of the portion of the shares of beneficial
interest or assets or evidences of indebtedness so distributed
or of such rights, options or warrants applicable to one share
of Common Stock, and the denominator of which shall be the
Fair Market Value per share of Common Stock on the record date
mentioned below. Such adjustment shall become effective
immediately at the opening of business on the business day
next following (except as provided in the last paragraph of
this Section 1807) the record date for the determination of
shareholders entitled to receive such distribution. For the
purposes of this subsection (iii), the distribution of an
Asset, which is distributed not only to the holders of the
Common Stock on the date fixed for the determination of
shareholders entitled to such distribution of such Security,
but also is distributed with each share of Common Stock
delivered to a person exchanging Securities after such
determination date, shall not require an adjustment of the
Exchange Price pursuant to this subsection (iii); provided
that on the date, if any, on which a person exchanging
Securities would no longer be entitled to receive such Asset
with a share of Common Stock (other than as a result of the
termination of all such Assets), a distribution of such
Securities shall be deemed to have occurred, and the Exchange
Price shall be adjusted as provided in this subsection (iii)
(and such day shall be deemed to be “the date fixed for the
determination of the shareholders entitled to receive such
distribution” and “the record date” within the meaning of the
two preceding sentences).
	 
	 	(iv)	 	If (I) Equity Office shall make cash
distributions to all holders of its Common Stock (excluding
any cash portion of distributions referred to in subsection
(iii) above) which, when combined with (A) all such all-cash
distributions made within the preceding 12 months in respect
of which no adjustment has been made, plus (B) the amount by
which any cash and the fair market value, as of the relevant
expiration date, of other consideration payable in respect of
any tender offers by Equity Office for Common Stock expired
within the preceding 12 months in respect of which no
adjustment has been made exceeds the Current Market Price of
the Common Stock acquired in such tender offers, exceeds 15%
of Equity Office’s market capitalization (being the product of
the then Current Market Price of the Common Shares times the
number of shares of Common Stock then outstanding) on the
record date for such distribution (the amount by which such
cash distributions, when combined with (A) plus (B) above,
exceeds such 15% of such market capitalization being referred
to herein as the “Excess Cash Amount”), or (II) a tender offer
made by Equity Office or any of its subsidiaries for all or
any portion of the shares of Common Stock shall expire and
such tender offer shall 

93

	 	 	 	require payment to shareholders of
aggregate consideration having a fair market value which, when
combined with (C) the aggregate of the amount by which the
cash plus the fair market value, as of the expiration of such
tender offer, of other consideration payable in respect of any
other tender offer by the Guarantor or any of its subsidiaries
for all or any portion of the shares of Common Stock expiring
within 12 months preceding the expiration of such tender offer
and in respect of which no adjustment pursuant to this
subsection (iv) has been made exceeds the Current Market Price
of the Common Stock acquired in such tender offer, plus (D)
the aggregate amount of any distributions to all holders of
Common Stock made exclusively in cash within the 12 months
preceding the expiration of such tender offer and in respect
of which no adjustment pursuant to clause (I) above has been
made, exceeds 15% of the product of the Current Market Price
per share of the Common Stock as of the last time tenders
could have been made pursuant to such tender offer times the
number of shares of Common Stock outstanding (including
tendered shares) (the amount by which such aggregate
consideration, when combined with (C) plus (D) above, exceeds
such 15% of such product being referred to herein as the
“Excess Tender Amount”), then in each case the Exchange Price
shall be adjusted so that it shall equal the price determined
by multiplying (Y) the Exchange Price in effect immediately
prior to the close of business on the date fixed for the
determination of shareholders entitled to receive such
distribution or the date of expiration of such tender offer
by (Z) a fraction, the numerator of which shall be the Fair
Market Value per share of Common Stock on the record date
mentioned below less the Excess Cash Amount, if any, and the
Excess Tender Amount, if any, and the denominator of which
shall be the Fair Market Value per share of Common Stock on
the record date mentioned below. Such adjustment shall
become effective immediately at the opening of business on
the business day next following (except as provided in the
last paragraph of this Section 1807) the record date for the
determination of shareholders entitled to receive such
distributions, or the expiration date of such tender offer,
as the case may be.
	 
	 	 	 	No adjustment in the Exchange Price shall be required unless
such adjustment would require a cumulative increase or
decrease of at least 1% in such price; provided, however,
that any adjustments that by reason of this paragraph are not
required to be made shall be carried forward and taken into
account in any subsequent adjustment until made.
Notwithstanding any other provisions of this Article
Eighteen, Equity Office shall not be required to make any
adjustment of the Exchange Price for the issuance of any
Common Stock pursuant to any plan providing for the
reinvestment of distributions or interest payable on
securities of Equity Office and the investment of additional
optional amounts in Common Stock under such plan. All
calculations under this Section 1807 shall be made to the
nearest cent with ($.005 being rounded upward) or to the

94

	 	 	 	nearest one-tenth of a share (with .05 of a share being
rounded upward), as the case may be.
	 
	 	 	 	In any case in which this Section 1807 provides that an
adjustment shall become effective on the date next following
the record date for an event Equity Office may defer until
the occurrence of such event (A) issuing to the Holder of any
Security exchanged after such record date and before the
occurrence of such event the additional shares of Common
Stock issuable upon such exchange by reason of the adjustment
required by such event over and above the shares of Common
Stock issuable upon such exchange before giving effect to
such adjustment and (B) fractionalizing any Security and/or
paying to such Holder any amount of cash in lieu of any
fraction pursuant to Section 1804.
	 
	 	 	 	In the event that, as a result of an adjustment made pursuant
to this Section 1807, the Holder of any Security thereafter
surrendered for exchange shall become entitled to receive any
shares of capital stock of Equity Office other than shares of
its Common Stock, thereafter the Exchange Price of such other
shares so receivable upon exchange of any Securities shall be
subject to adjustment from time to time in a manner and on
the terms as nearly equivalent as practicable to the
provisions with respect to Common Stock contained in this
Article Eighteen.
	 
	 	 	 	In the event that any shares of Common Stock issuable upon
exercise of any of the rights, options or warrants referred
to in subsection (ii) or (iii) above are not delivered prior
to the expiration of such rights, options or warrants, the
Exchange Price shall be readjusted to the Exchange Price
which would otherwise have been in effect had the adjustment
been made on the basis of delivery of only the number of such
rights, options and warrants which were actually exercised.

      SECTION 1808. VOLUNTARY ADJUSTMENT.

      Equity Office at any time may reduce the Exchange Price or increase the
exchange rate, temporarily or otherwise, by any amount but in no event shall
such adjusted Exchange Price or exchange rate result in shares of Common Stock
being issuable upon exchange of the Securities if exchanged at the time of such
adjustment at an effective Exchange Price per share less than the par value of
the Common Stock at the time such adjustment is made.

      A voluntary adjustment of the Exchange Price or exchange rate pursuant to
this Section 1808 does not change or adjust the Exchange Price or exchange rate
otherwise in effect for purposes of Section 1807. If an event requiring an
adjustment to the Exchange Price or exchange rate pursuant to Section 1807
occurs at any time that a voluntary adjustment to the Exchange Price or
exchange rate is in effect pursuant to this Section 1808, then the adjustment
required by the applicable of Section 1807 shall be made to the Exchange Price
or exchange rate that would otherwise have been in effect as of the relevant
date specified in such Section had no voluntary adjustment pursuant to this
Section 1808 been made, and for purposes of applying

95

such Section, any such
voluntary adjustment shall be disregarded. If such adjustment would result in a
lower Exchange Price or a higher exchange rate, as the case may be, than the
Exchange Price or exchange rate as voluntarily adjusted by Equity Office, then
such lower Exchange Price or higher exchange rate shall be the Exchange Price
or exchange rate, as the case may be.

      SECTION 1809. CERTAIN DEFINITIONS.

      For the purposes of this Article, the following terms have the following
meanings:

      “Current Market Price” of publicly traded shares of Common Stock or any
other class of shares of beneficial interest or other security of Equity Office
or any other issuer for any
day shall mean the last reported sales price, regular way, on such day,
or, if no sale takes place on such day, the average of the reported closing bid
and asked prices on such day, regular way, in either case as reported on the
New York Stock Exchange (“NYSE”) or, if such security is not listed or admitted
for trading on the NYSE, on the principal national securities exchange on which
such security is listed or admitted for trading or, if not listed or admitted
for trading on any national securities exchange, on the NASDAQ National Market
or, if such security is not quoted on such NASDAQ National Market, the average
of the closing bid and asked prices on such day in the over-the-counter market
as reported by NASDAQ or, if bid and asked prices for such security on such day
shall not have been reported through NASDAQ, the average of the bid and asked
prices on such day as furnished by any NYSE member firm regularly making a
market in such security selected for such purpose by Equity Office’s Chief
Executive Officer or the Board of Trustees.

      “Exchange Agent” means EquiServe L.P. or such other agent or agents of
Equity Office as may be designated by the Board of Trustees or its designee as
the exchange agent for the Securities.

      “Fair Market Value” shall mean the average of the daily Current Market
Prices per share of Common Stock during the five consecutive Trading Days
selected by Equity Office commencing not more than 20 Trading Days before, and
ending not later than, the earlier of the day in question and the day before
the “ex” date with respect to the issuance or distribution requiring such
computation. The term “ “ex’ date,” when used with respect to any issuance or
distribution, means the first day on which the shares of Common Stock trade
regular way, without the right to receive such issuance or distribution, on the
exchange or in the market, as the case may be, used to determine that day’s
Current Market Price.

      “Trading Day” shall mean any day on which the securities in question are
traded on the NYSE or, if such securities are not listed or admitted for
trading on the NYSE, on the principal national securities exchange on which
such securities are listed or admitted or, if not listed or admitted for
trading on any national securities exchange, on the NASDAQ National Market or,
if such securities are not quoted on such NASDAQ National Market, in the
applicable securities market in which the securities are traded.

96

      SECTION 1810. NOTICE
OF ADJUSTMENT.

      Whenever the Exchange Price or exchange rate is adjusted, the Guarantor
shall promptly give notice of the adjustment to Securityholders in accordance
with Section 105 and 106 hereof and file with the Trustee a Guarantor’s
Officers’ Certificate briefly stating the new Exchange Price or exchange rate,
the date it becomes effective, the facts requiring the adjustment and the
manner of computing it. The Guarantor’s Officer’s Certificate shall be
conclusive evidence that the adjustment is correct, absent manifest error.

      SECTION 1811. NOTICE OF CERTAIN TRANSACTIONS.

      If:

	 	(1)	 	Equity Office takes any action which would require an
adjustment in the Exchange Price or exchange rate;
	 
	 	(2)	 	Equity Office consolidates or merges with, or transfers all
or substantially all of its assets to, another entity; or
	 
	 	(3)	 	there is a liquidation, dissolution or winding up of the
affairs of Equity Office,

a Holder of a Security may desire to exchange such Security into shares of
Common Stock prior to the record date for, or the effective date of, the
transaction so that it receives the rights, warrants, securities or assets
which a holder of shares of Common Stock on that date receives. Therefore,
Equity Office shall give to the Securityholders and the Trustee a written
notice stating the proposed record or effective date, as the case may be,
provided that it shall not be a default hereunder if Equity Office fails to
give such notice prior to the record date or effective date, as the case may
be, of a transaction described in clause (i), (ii) or (iii) above, if Equity
Office could not reasonably know at such time that the applicable transaction
would result in an adjustment of the Exchange Price or exchange rate. Failure
to give the notice or any defect in it shall not affect the validity of any
transaction referred to in clause (1), (2) or (3) of this Section 1811.

      SECTION 1812. CONSOLIDATION, MERGER OR SALE OF THE GUARANTOR.

      If Equity Office shall be a party to any transaction (including, without
limitation, a merger, consolidation, statutory share exchange, self tender
offer for all or substantially all of the shares of Common Stock, sale of all
or substantially all of Equity Office’s assets or recapitalization of the
Common Stock and excluding any transaction as to which subsection (i) of
Section 1807 applied) (each of the foregoing being referred to herein as a
“Transaction”), in each case as a result of which shares of Common Stock shall
be exchanged into the right to receive shares, stock, securities or other
property (including cash or any combination thereof), each Security which is
not exchanged into the right to receive shares, stock, securities or other
property in connection with such Transaction shall thereafter be exchangeable
into the kind and amount of shares, stock, securities or other property
(including cash or any combination thereof) receivable upon the consummation of
such Transaction by a holder of that number of shares of Common Stock into
which such Security was exchangeable immediately prior to such Transaction,
assuming such holder of Common Shares (i) is not a Person with which Equity

97

Office consolidated or into which Equity Office merged or which merged into
Equity Office or to which such sale or transfer was made, as the case may be (a
“Constituent Person”), or an affiliate of a Constituent Person and (ii) failed
to exercise his rights of the election, if any, as to the kind or amount of
shares, stock, securities and other property (including cash) receivable upon
such Transaction (each a “Non-Electing Share”) (provided that if the kind and
amount of shares, stock, securities and other property (including cash)
receivable upon such Transaction is
not the same for each Non-Electing Share, the kind and amount receivable
by each Non-Electing Share shall be deemed to be the kind and amount receivable
per share by a plurality of the Non-Electing Shares). Equity Office shall not
be a party to any Transaction unless the terms of such Transaction are
consistent with the provisions of this Section 1812, and it shall not consent
or agree to the occurrence of any Transaction until it has entered into an
agreement with the successor or purchasing entity, as the case may be, for the
benefit of the holders of the Securities that will contain provisions enabling
the Holders of the Securities that remain Outstanding after such Transaction to
exchange into the consideration received by holders of Common Stock at the
Exchange Price in effect immediately prior to such Transaction. The provisions
of this Section 1812 shall similarly apply to successive Transactions.

      SECTION 1813. TRUSTEE’S AND EXCHANGE AGENT’S DISCLAIMER.

      Neither the Trustee nor any Exchange Agent has any duty to determine when
an adjustment under this Article Eighteen should be made, how it should be made
or what it should be. Neither the Trustee nor any Exchange Agent makes any
representation as to the validity or value of any Common Stock issued upon
exchange of Securities. Neither the Trustee nor any Exchange Agent shall be
responsible for Equity Office’s failure to comply with this Article Eighteen.

      SECTION 1814. RESTRICTION ON COMMON STOCK ISSUABLE UPON EXCHANGE.

      (a) Shares of Common Stock to be issued upon exchange of Securities prior
to the effectiveness of a shelf registration statement shall be physically
delivered in certificated form to the Holders exchanging such Securities and
the certificate representing such shares of Common Stock shall bear the
Restricted Common Stock Legend unless removed in accordance with Section
311(b).

      (b) If (i) shares of Common Stock to be issued upon exchange of a Security
prior to the effectiveness of a shelf registration statement are to be
registered in a name other than that of the Holder of such Security or (ii)
shares of Common Stock represented by a certificate bearing the Restricted
Common Stock Legend are transferred subsequently by such Holder, then, unless
the shelf registration statement has become effective and such shares are being
transferred pursuant to the shelf registration statement, such holder must
deliver to the transfer agent for the Common Stock a certificate in
substantially the form of Exhibit E as to compliance with the restrictions on
transfer applicable to such shares of Common Stock and neither the transfer
agent nor the registrar for the Common Stock shall be required to register any
transfer of such Common Stock not so accompanied by a properly completed
certificate.

98

      (c) Except in connection with a shelf registration statement, if
certificates representing shares of Common Stock are issued upon the
registration of transfer, exchange or replacement of any other certificate
representing shares of Common Stock bearing the Restricted Common Stock Legend,
or if a request is made to remove such Restricted Common Stock Legend from
certificates representing shares of Common Stock, the certificates so
issued shall bear the Restricted Common Stock Legend, or the Restricted Common
Stock Legend shall not be removed, as the case may be, unless there is
delivered to Equity Office such satisfactory evidence, which, in the case of a
transfer made pursuant to Rule 144 under the Securities Act, may include an
opinion of counsel licensed to practice law in the State of New York, as may be
reasonably required by Equity Office, that neither the legend nor the
restrictions on transfer set forth therein are required to ensure that
transfers thereof comply with the provisions of Rule 144A, Rule 144 or
Regulation S under the Securities Act or that such shares of Common Stock are
securities that are not “restricted” within the meaning of Rule 144 under the
Securities Act. Upon provision to Equity Office of such reasonably
satisfactory evidence, Equity Office shall cause the transfer agent for the
Common Stock to countersign and deliver certificates representing shares of
Common Stock that do not bear the Restricted Common Stock Legend.

99

      IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed, and their respective corporate seals to be hereunto affixed and
attested, all as of the day and year first above written.

	 	 
		EOP OPERATING LIMITED PARTNERSHIP

	 	 
		
By:   Equity Office Properties Trust

            as Managing General Partner
	 
		         By:
/s/ STANLEY M. STEVENS

               Name: Stanley
M. Stevens

               Title: Executive
Vice President
	Attest:
	 
	/s/ ROBIN MARIELLA_________

Title: Assistant Secretary
	 
		EQUITY OFFICE PROPERTIES TRUST
	 
		By: /s/ STANLEY M. STEVENS

      Name: Stanley M. Stevens

      Title: Executive Vice President
	 
	Attest:
	 
	/s/ ROBIN MARIELLA_________

Title: Assistant Secretary
	 
		STATE STREET BANK AND TRUST

   COMPANY, as Trustee
	 
		By:/s/ DONALD E. SMITH____

      Name: Donald E. Smith

      Title: Vice President
	Attest:
	 
	/s/__________________________

Title:

 

STATE OF
ILLINOIS                     )

                                          
               )
      ss:

COUNTY OF ILLINOIS                )

      On the 23rd day of August, 2000, before me personally came
Stanley M. Stevens, to me known, who, being by me duly sworn, did depose and
say that he is the Executive Vice President of EQUITY OFFICE
PROPERTIES TRUST, the managing general partner of EOP OPERATING LIMITED
PARTNERSHIP, one of the parties described in and which executed the foregoing
instrument, and that he signed his name thereto by authority of the Board of
Directors.

{Notarial Seal}

	 	 
		/s/ ROLAND A. GALINDO___________

Notary Public

COMMISSION EXPIRES:1/08/01

STATE OF ILLINOIS                     )

                                          
               )
      ss:

COUNTY OF ILLINOIS                )

      On the 23rd day of August, 2000, before me personally came
Stanley M. Stevens, to me known, who, being by me duly sworn, did depose and
say that he is the Executive Vice President of EQUITY OFFICE PROPERTIES TRUST, one of the parties described in and which executed the
foregoing instrument, and that he signed his name thereto by authority of the
Board of Directors.

{Notarial Seal}

	 	 
		/s/ ROLAND A. GALINDO___________

Notary Public

COMMISSION EXPIRES:1/08/01

 

STATE OF MASSACHUSETTS    )

                                          
                )
      ss:

COUNTY OF SUFFOLK                )

      On the 23rd day of August, 2000, before me personally came
Donald E. Smith, to me known, who, being by me duly sworn, did depose and say
that he is Vice President of STATE STREET BANK AND TRUST COMPANY, as
Trustee, one of the parties described in and which executed the foregoing
instrument, and that he is authorized to sign his name thereto on behalf of the
Trustee.

{Notarial Seal}

		 
		/s/ ELLA M. SEXTON______________

Notary Public

COMMISSION EXPIRES: November 24, 2006

 

EXHIBIT A

FORMS OF CERTIFICATION

EXHIBIT A-1

FORM OF CERTIFICATE TO BE GIVEN BY PERSON
ENTITLED

TO RECEIVE BEARER SECURITY OR TO OBTAIN INTEREST

PAYABLE PRIOR TO THE EXCHANGE DATE

CERTIFICATE

{Insert title or sufficient description of Securities to be
delivered}

      This is to certify that, as of the date hereof, and except as set forth
below, the above-captioned Securities held by you for our account (i) are owned
by person(s) that are not citizens or residents of the United States, domestic
partnerships, domestic corporations or any estate or trust the income of which
is subject to United States federal income taxation regardless of its source
(“United States person(s)”), (ii) are owned by United States person(s) that are
(a) foreign branches of United States financial institutions (financial
institutions, as defined in United States Treasury Regulations Section
1.165-12(c)(1)(v) are herein referred to a “financial institutions”) purchasing
for their own account or for resale, or (b) United States person(s) who
acquired the Securities through foreign branches of United States financial
institutions and who hold the Securities through such United States financial
institutions on the date hereof (and in either case (a) or (b), each such
United States financial institution hereby agrees, on its own behalf or through
its agent, that you may advise Equity Office Properties Trust or its agent that
such financial institution will comply with the requirements of Section
165(j)(3)(A), (B) or (C) of the United States Internal Revenue Code of 1986,
amended, and the regulations thereunder), or (iii) are owned by United States
or foreign financial institution(s) for purposes of resale during the
restricted period (as defined in United States Treasury Regulations Section 1.1
63-5(c)(2)(i)(D)(7)), and, in addition if the owner is a United States or
foreign financial institution described in clause (iii) above (whether or not
also described in clause (i) or (ii)), this is to further certify that such
financial institution has not acquired the Securities for purposes of resale
directly or indirectly to a United States person or to a person within the
United States or its possessions.

      As used herein, “United States” means the United States of America
(including the States and the District of Columbia), and its “possessions”
include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake
Island and the Northern Mariana Islands.

      We undertake to advise your promptly by tested telex on or prior to the
date on which you intend to submit your certification relating to the
above-captioned Securities held by you for our account in accordance with
Operating Procedures if any applicable statement herein is not correct on such
date, and in the absence of any such notification it may be assumed that this
certification applies as of such date.

A-1

      This certificate excepts and does not relate to U.S. [  ] of such interest
in the above-captioned Securities in respect of which we are not able to
certify and as to which we understand an exchange for an interest in a
Permanent Global Security or an exchange for and delivery of Certificated
Securities (or, if relevant, collection of any interest) cannot be made until
we do so certify.

      We understand that this certificate may be required in connection with
certain tax legislation in the United States. If administrative or legal
proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.

Dated:_________________________, 20__

(To be dated no earlier than the 15th day prior

to (i) the Exchange Date or (ii) the relevant

Interest Payment Date occurring prior to

the Exchange Date, as applicable)

		 
		(Name of Person Making Certification
	 
		________________________________

(Authorized Signatory)

Name:

Title:

A-2

EXHIBIT A-2

FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR

AND CLEARSTREAM BANKING S.A. IN CONNECTION WITH THE

EXCHANGE OF A PORTION OF A TEMPORARY

GLOBAL SECURITY OR TO OBTAIN INTEREST

PAYABLE PRIOR TO THE EXCHANGE DATE

CERTIFICATE

{Insert title or sufficient description of Securities to be
delivered}

      This is to certify that, based solely on written certifications that we
have received in writing, by tested telex or by electronic transmission from
each of the persons appearing in our records as persons entitled to a portion
of the principal amount set forth below (our “Member Organizations”)
substantially in the form attached hereto, as of the date hereof,
{U.S.} ____________________ principal amount of the
above-captioned Securities (i) is owned by person(s) that are not citizens or
residents of the United States, domestic partnerships, domestic corporations or
any estate or trust the income of which is subject to United States Federal
income taxation regardless of its source (“United States person(s)”), (ii) is
owned by United States person(s) that are (a) foreign branches of United States
financial institutions (financial institutions, as defined in the U.S.
Treasury Regulations Section 1.165-12(c)(1)(v) are herein referred to as
“financial institutions”) purchasing for their own account or for resale, or
(b) United States person(s) who acquired the Securities through foreign
branches of United States financial institutions and who hold the Securities
through such United States financial institutions on the date hereof (and in
either case (a) or (b), each such financial institution has agreed, on its own
behalf or through its agent, that we may advise Equity Office Properties Trust
or its agent that such financial institution will comply with the requirements
of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as
amended, and the regulations thereunder), or (iii) is owned by United States or
foreign financial institution(s) for purposes of resale during the restricted
period (as defined in United States Treasury Regulations Section
1.163-5(c)(2)(i)(D)(7)), and, to the further effect, that financial
institutions described in clause (iii) above (whether or not also described in
clause (i) or (ii)) have certified that they have not acquired the Securities
for purposes of resale directly or indirectly to a United States person or to a
person within the United States or its possessions.

      As used herein “United States” means the United States of America
(including the States and the District of Columbia), and its “possessions”
include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake
Island and the Northern Mariana Islands.

      We further certify that (i) we are not making available herewith for
exchange (or, if relevant, collection of any interest) any portion of the
temporary global Security representing the above-captioned Securities excepted
in the above-referenced certificates of Member Organizations and (ii) as of the
date hereof we have not received any notification from any of our Member
Organizations to the effect that the statements made by such Member
Organizations with respect to any portion of the part submitted herewith for
exchange (or, if relevant, collection of any interest) are no longer true and
cannot be relied upon as of the date hereof.

A-3

      We understand that this certification is required in connection with
certain tax legislation in the United States. If administrative or legal
proceedings are commenced or threatened in connection with which this
certificate is or would be relevant, we irrevocably authorize you to produce
this certificate or a copy thereof to any interested party in such proceedings.

Dated:________________________________, 20__

(To be dated no earlier than the
Exchange

Date or the relevant Interest
Payment Date

occurring prior to the Exchange
Date, as

applicable)

	 
	
	
	{Morgan Guaranty Trust
Company of New York,
	
	
	Brussels Office}, as Operator of the
Euroclear System 
{Clearstream Banking}
	 
	
	
	By:_____________________________________________________
	

	

A-4

EXHIBIT B

FORM OF TRANSFER CERTIFICATE FOR TRANSFER

FROM GLOBAL SECURITY OR CERTIFICATED SECURITY

TO CERTIFICATED SECURITY

(Transfers pursuant to § 311 of the Indenture)

State Street Bank and Trust Company, as Registrar

Attn: Corporate Trust Trustee Administration

	
	
	

	
	
Re:
	
EOP Operating Limited Partnership Senior Exchangeable Notes

	
	
	
due November 15, 2008 (the
“Securities”)                                      

                  
Reference is hereby made to the Indenture, dated as of August 23, 2000
(the “Indenture”), by and among EOP Operating Limited Partnership, as Issuer,
Equity Office Properties Trust and State Street Bank and Trust Company, as
Trustee. Capitalized terms used but not defined herein shall have the meanings
given them in the Indenture.

                  
This letter relates to U.S. $               aggregate
principal amount of Securities which are held [in the form of a [Certificated ]
[Global Security (CUSIP No. _____________)]* in the name of [name of
transferor] (the “Transferor”) to effect the transfer of the Securities.

                  
In connection with such request, and in respect of such Securities, the
Transferor does hereby certify that such Securities are being transferred in
accordance with (i) the transfer restrictions set forth in the Securities and
the Indenture and (ii) to a transferee that the Transferor reasonably believes
is an institutional “accredited investor” (as defined in Rule 501(a)(1), (2),
(3) or (7) of Regulation D under the U.S. Securities Act of 1933, as amended)
(an “Institutional Accredited Investor”) which is acquiring such Securities for
its own account or for one or more accounts, each of which is an Institutional
Accredited Investors, over which it exercises sole investment discretion, for
investment purposes and not for distribution and (iii) in accordance with
applicable securities laws of any state of the United States; and further
certifies that the transferee and each such account, if any, is acquiring at
least $100,000 principal amount of Securities.

	 	
	 	[Name of Transferor]
	 
	 	By_____________________________

     Name:

     Title:

Dated:

cc: Equity Office Properties Trust

Attn: Secretary

________________________

*     Insert, if
appropriate.

B-1

EXHIBIT C

FORM OF ACCREDITED INVESTOR TRANSFEREE CERTIFICATE

(Transfers pursuant to § 311 of the Indenture)

State Street Bank and Trust Company, as Registrar

Attn: Corporate Trust Trustee Administration

	
	
	

	
        Re:
	
	
EOP Operating Limited Partnership Senior Exchangeable

	
	
	
Notes due November 15, 2008 (the “Securities”)      

      
            
Reference is hereby made to the Indenture, dated as of August 23, 2000
(the “Indenture”), by and among EOP Operating Limited Partnership, as Issuer
(“EOP Partnership”), Equity Office Properties Trust (“Equity Office”) and State
Street Bank and Trust Company, as Trustee (the “Trustee”). Capitalized terms
used but not defined herein shall have the meanings given them in the
Indenture.

      
            
In connection with our
proposed purchase of $                aggregate
principal amount of the Securities, which are exchangeable into common shares
of beneficial interest (“Common Stock”) of Equity Office, we confirm that:

		
	 	            1.      
We understand that the Securities and the Common Stock issuable
upon exchange therefor have not been registered under the Securities Act
of 1933, as amended (the “Securities Act”), and may not be sold except as
permitted in the following sentence. We understand and agree, on our own
behalf and on behalf of any accounts for which we are acting as
hereinafter stated, (x) that such Securities are being offered only in a
transaction not involving any public offering within the meaning of the
Securities Act, (y) that if we should resell, pledge or otherwise
transfer any such Securities or any shares of Common Stock issuable upon
exchange thereof prior to the later of (I) two years after the date of
the original issuance of the Securities or (II) three months after we
cease to be an affiliate (within the meaning of Rule 144A under the
Securities Act) of EOP Partnership or Equity Office, such Securities or
the Common Stock issuable upon exchange thereof may be resold, pledged or
transferred only (i) to EOP Partnership or Equity Office, (ii) so long as
such Securities or the shares of Common Stock are eligible for resale
pursuant to Rule 144A under the Securities Act (“Rule 144A”), to a person
whom we reasonably believe is a “qualified institutional buyer” (as
defined in Rule 144A) that purchases for its own account or for the
account of a QIB to whom notice is given that the resale, pledge or
transfer is being made in reliance on Rule 144A (as indicated by the box
checked by the transferor on the Certificate of Transfer on the reverse
of the certificate for the Securities or the Common Shares issuable upon
exchange therefor), (iii) in an offshore transaction in accordance with
Regulation S under the Securities Act (as indicated by the box checked by
the transferor on the Certificate of Transfer on the reverse of the
certificate for the Securities or the shares of Common Stock issuable
upon exchange therefor), (iv) to an institution that is an “accredited
investor” as defined in Rule 501 (a) (1), (2), (3) or (7) under the
Securities Act (as indicated by the box checked by the transferor on the
Certificate of Transfer on the

C-1

		
	 	reverse of the certificate for the Securities or on a comparable
Certificate of Transfer for the Common Stock issuable upon exchange
thereof) that, prior to such transfer, delivers a signed letter to EOP
Partnership and the Trustee (or, in the case of shares of Common Stock
issuable upon exchange therefor, Equity Office and the transfer agent)
certifying that it is such an institutional accredited investor and is
acquiring the securities for investment purposes and not for distribution
and agreeing to the restrictions on transfer of the Securities or the
Common Stock issuable upon exchange therefor (which letter shall be
substantially in the form hereof), (v) pursuant to an exemption from
registration under the Securities Act provided by Rule 144 (if
applicable) under the Securities Act, or (vi) pursuant to an effective
registration statement under the Securities Act, in each case in
accordance with any applicable securities laws of any state or other
jurisdiction of the United States, and (z) we will notify any purchaser
from us of the Securities or the Common Stock issuable upon exchange
therefor of the above resale restrictions, if then applicable. We
further understand that in connection with any transfer by us of the
Securities or the Common Stock issuable upon exchange therefor by
us that
EOP Partnership, Equity Office and the Trustee (or the transfer agent in
the case of Common Stock issuable upon exchange therefor) may request,
and if so requested we will furnish, such certificates, legal opinions
and other information as they may reasonably require to confirm that any
such transfer complies with the foregoing restrictions. Finally, we
understand that in any case we will not directly or indirectly engage in
any hedging transactions with regard to the Securities or the Common
Stock issuable upon exchange of the Securities except as permitted by the
Securities Act.
	 
	 	            2.      
         We are able to fend for ourselves in connection with our purchase
of the Securities, we have such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of
our investment in the Securities, and we and any accounts for which we
are acting are each able to bear the economic risk of our or its
investment and can afford the complete loss of such investment.
	 
	 	            3.      
         We understand that the minimum principal amount of Securities
that may be resold, pledged or otherwise transferred is $100,000.
	 
	 	            4.      
         We understand that EOP Partnership, Equity Office and you and
others will rely upon the truth and accuracy of the foregoing
acknowledgments, representations, agreements and warranties and we agree
that if any of the acknowledgments, representations, agreements or
warranties made or deemed to have been made by us by our purchase of the
Securities, for our own account or for one or more accounts as to each of
which we exercise sole investment discretion, are no longer accurate, we
shall promptly notify EOP Partnership, Equity Office and you.
	 
	 	            5.      
         With respect to the certificates representing Securities, we
understand that the notification requirement referred to in (1) above
requires that, until the expiration of the holding period with respect to
sales of the Securities under Rule 144(k) under the Securities Act, that
such Securities will bear a legend substantially to the following effect:

C-2

      “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING THIS
SECURITY, AGREES FOR THE BENEFIT OF EOP PARTNERSHIP AND EQUITY OFFICE THAT THIS
SECURITY MAY NOT BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED PRIOR TO THE LATER
OF (X) THE SECOND ANNIVERSARY OF THE ISSUANCE HEREOF (OR ANY PREDECESSOR
SECURITY HERETO) OR (Y) THREE MONTHS AFTER SUCH HOLDER CEASES TO BE AN
AFFILIATE OF EOP PARTNERSHIP OR EQUITY OFFICE, IN EITHER CASE OTHER THAN (1) TO
EOP PARTNERSHIP OR EQUITY OFFICE, (2) SO LONG AS THIS SECURITY IS ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A
PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A, PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A (AS
INDICATED BY THE BOX CHECKED BY THE TRANSFEROR ON THE CERTIFICATE OF TRANSFER
ON THE REVERSE OF THIS SECURITY), (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE
WITH REGULATION S UNDER THE SECURITIES ACT (AS INDICATED BY THE BOX CHECKED BY
THE TRANSFEROR ON THE CERTIFICATE OF TRANSFER ON THE REVERSE OF THIS SECURITY),
(4) TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE
501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT (“INSTITUTIONAL ACCREDITED
INVESTOR”) (AS INDICATED BY THE BOX CHECKED BY THE TRANSFEROR ON THE
CERTIFICATE OF TRANSFER ON THE REVERSE OF THIS SECURITY), THAT IS ACQUIRING
THIS SECURITY FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION AND THAT, PRIOR
TO SUCH TRANSFER, DELIVERS TO EOP PARTNERSHIP, EQUITY OFFICE AND THE TRUSTEE A
SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE
RESTRICTIONS ON TRANSFER OF THE SECURITY EVIDENCED HEREBY (THE FORM OF WHICH
LETTER IS ATTACHED TO THIS SECURITY), (5) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 (IF APPLICABLE)
UNDER THE SECURITIES ACT OR (6) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. PRIOR
TO A TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER PURSUANT TO CLAUSE (6)
ABOVE), THE HOLDER OF THIS SECURITY MUST, PRIOR TO SUCH TRANSFER, FURNISH TO
EOP PARTNERSHIP, EQUITY OFFICE AND THE TRUSTEE SUCH CERTIFICATES AND OTHER
INFORMATION AS THEY MAY REASONABLY REQUIRE TO CONFIRM THAT ANY TRANSFER BY IT
OF THIS SECURITY COMPLIES WITH THE FOREGOING RESTRICTIONS. THE HOLDER HEREOF,
BY PURCHASING THIS SECURITY, REPRESENTS AND AGREES FOR THE BENEFIT OF EOP
PARTNERSHIP AND EQUITY OFFICE THAT IT IS (1) A QUALIFIED INSTITUTIONAL BUYER,
(2) AN INSTITUTIONAL ACCREDITED INVESTOR AND THAT IT IS HOLDING THIS SECURITY
FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION OR (3) NOT A U.S. PERSON AND
IS OUTSIDE THE UNITED STATES WITHIN THE MEANING OF

C-3

 (OR AN ACCOUNT SATISFYING THE REQUIREMENTS OF RULE 902(K)(2) UNDER)
REGULATION S UNDER THE SECURITIES ACT. IN ANY CASE, THE HOLDER HEREOF WILL
NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING TRANSACTIONS WITH REGARD TO
THIS SECURITY OR ANY COMMON STOCK ISSUABLE UPON EXCHANGE OF THIS SECURITY
EXCEPT AS PERMITTED BY THE SECURITIES ACT.”

		
	 	            6.      
        With respect to certificates representing shares of Common Stock
issuable upon exchange of the Securities, we understand that the
notification requirement referred to in (3) above requires that, until
the expiration of the holding period with respect to sales of such Common
Stock under Rule 144(k) under the Securities Act, such certificates will
bear a legend substantially to the effect set forth as Exhibit D to the
Indenture and that a copy of such legend may be obtained from the
Trustee.

		
	 	            7.      
        We are acquiring the Securities purchased by us for investment
purposes, and not for distribution, for our own account or for one or
more accounts as to each of which we exercise sole investment discretion
and we are and each such account is an institutional “accredited
investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D
under the Securities Act.

		
	 	            8.      
        You are entitled to rely on this letter and you are irrevocably
authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with
respect to the matters covered hereby.

		 
		Very truly yours,
	 
		____________________________
(Name of Purchaser)
	 
		By:
	 	 
		____________________________

Dated: ________________

cc: Equity Office Properties Trust

     Attn: Secretary

C-4

EXHIBIT D

FORM OF RESTRICTED COMMON STOCK LEGEND

      “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING THIS
SECURITY, AGREES FOR THE BENEFIT OF EOP PARTNERSHIP AND EQUITY OFFICE THAT THIS
SECURITY MAY NOT BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED PRIOR TO THE LATER
OF (X) THE SECOND ANNIVERSARY OF THE ISSUANCE HEREOF (OR ANY PREDECESSOR
SECURITY HERETO) OR (Y) THREE MONTHS AFTER SUCH STOCKHOLDER CEASES TO BE AN
AFFILIATE OF EOP PARTNERSHIP OR EQUITY OFFICE, IN EITHER CASE, OTHER THAN (1)
TO EOP PARTNERSHIP OR EQUITY OFFICE, (2) SO LONG AS THIS SECURITY IS ELIGIBLE
FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A
PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A, PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN
AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES
ACT, (4) TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, AS DEFINED IN RULE
501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT (“INSTITUTIONAL ACCREDITED
INVESTOR”), THAT IS ACQUIRING THE SECURITY FOR INVESTMENT PURPOSES AND NOT FOR
DISTRIBUTION, AND THAT, PRIOR TO SUCH TRANSFER, DELIVERS TO EOP PARTNERSHIP,
EQUITY OFFICE AND THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN
REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THE
SECURITY EVIDENCED HEREBY (THE FORM OF WHICH LETTER MAY BE OBTAINED FROM THE
TRUSTEE), (5) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT PROVIDED BY RULE 144 (IF APPLICABLE) UNDER THE SECURITIES ACT OR (6)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN
EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR
OTHER JURISDICTION OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS
SECURITY, REPRESENTS AND AGREES FOR THE BENEFIT OF EOP PARTNERSHIP AND EQUITY
OFFICE THAT IT IS (1) A QUALIFIED INSTITUTIONAL BUYER, (2) AN INSTITUTIONAL
ACCREDITED INVESTOR AND THAT IT IS HOLDING THIS SECURITY FOR INVESTMENT
PURPOSES AND NOT FOR DISTRIBUTION OR (3) NOT A U.S. PERSON AND IS OUTSIDE THE
UNITED STATES WITHIN THE MEANING OF (OR AN ACCOUNT SATISFYING THE REQUIREMENTS
OF PARAGRAPH (k)(2) OF RULE 902 UNDER) REGULATION S UNDER THE SECURITIES ACT.
IN ANY CASE, THE HOLDER HEREOF WILL NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY
HEDGING TRANSACTION WITH REGARD TO THIS SECURITY OR ANY COMMON SHARES ISSUABLE
UPON EXCHANGE OF THIS SECURITY EXCEPT AS PERMITTED BY THE SECURITIES ACT.”

D-1

EXHIBIT E

FORM OF TRANSFER CERTIFICATE FOR TRANSFER

OF RESTRICTED COMMON STOCK

(Transfers pursuant to §1818 of the Indenture)

[Name and Address of Common Stock Transfer Agent]

			
	      Re:		EOP Operating Limited Partnership Senior Exchangeable
			Notes due 2008 (the
“Securities”)       
               
              

 

                 
Reference is hereby made to the Indenture dated as of August 23, 2000 (the
“Indenture”) between EOP Operating Limited Partnership, as Issuer, Equity
Office Properties Trust and State Street Bank and Trust Company, as Trustee.
Capitalized terms used but not defined herein shall have the meanings given
them in the Indenture.

                 
This letter relates to _________ shares of Common Stock represented by the
accompanying certificate(s) that were issued upon exchange of Securities and
which are held in the name of [name of transferor] (the “Transferor”) to effect
the transfer of such Common Stock.

      In connection with the transfer of such shares of Common Stock, the
undersigned confirms that such shares of Common Stock are being transferred:

CHECK ONE BOX BELOW

	 	 	 	 	 
	(1)		
[  ]
		to the Issuer or Equity Office; or
	 

	
	
	
	

	(2)		
[  ]
		pursuant to and in compliance with
Rule 144A under the Securities Act; or
	 
	
	
	
	

	(3)		
[  ]
		pursuant to and in compliance with
Regulation S under the Securities Act; or
	 
	
	
	
	

	(4)		
[  ]
		to an institutional “accredited
investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under
the Securities Act) that has furnished to the Trustee a signed
letter containing certain representations and agreements (the
form of which letter can be obtained from the Issuer, Equity
Office or the Trustee); or
	 
	
	
	
	

	(5)		
[  ]
		pursuant to an exemption from
registration under the Securities Act provided by Rule 144
thereunder; or
	 
	
	
	
	

	(6)		
[  ]
		pursuant to an effective registration
statement under the Securities Act.

E-1

		
	 	Unless one of the boxes is checked, the transfer agent will refuse
to register any of the Common Stock evidenced by this certificate
in the name of any person other than the registered holder thereof;
provided, however, that if box (2), (3) or (4) is checked, the
transfer agent may require, prior to registering any such transfer
of the Common Stock such certifications and other information, and
if box (4) is checked such legal opinions, as the Company has
reasonably requested in writing, by delivery to the transfer agent
of a standing letter of instruction, to confirm that such transfer
is being made pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities
Act.

	 	 
	 	[Name of Transferor],
	 
	 	By ____________________________

      Name:

      Title:

			

Dated:

cc: Equity Office Properties Trust

      Attn: Secretary

E-2

EXHIBIT F

FORM OF RESTRICTED CERTIFICATED SECURITIES LEGEND

      “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING THIS
SECURITY, AGREES FOR THE BENEFIT OF EOP PARTNERSHIP AND EQUITY OFFICE THAT THIS
SECURITY MAY NOT BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED PRIOR TO THE LATER
OF (X) THE SECOND ANNIVERSARY OF THE ISSUANCE HEREOF (OR ANY PREDECESSOR
SECURITY HERETO) OR (Y) THREE MONTHS AFTER SUCH HOLDER CEASES TO BE AN
AFFILIATE OF EOP PARTNERSHIP OR EQUITY OFFICE, IN EITHER CASE, OTHER THAN (1)
TO EOP PARTNERSHIP OR EQUITY OFFICE, (2) SO LONG AS THIS SECURITY IS ELIGIBLE
FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A
PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A, PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A (AS
INDICATED BY THE BOX CHECKED BY THE TRANSFEROR ON THE CERTIFICATE OF TRANSFER
ON THE REVERSE OF THIS SECURITY), (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE
WITH REGULATIONS UNDER THE SECURITIES ACT (AS INDICATED BY THE BOX CHECKED BY
THE TRANSFEROR ON THE CERTIFICATE OF TRANSFER ON THE REVERSE OF THIS SECURITY),
(4) TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, AS DEFINED IN RULE
501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT (“INSTITUTIONAL ACCREDITED
INVESTOR”) (AS INDICATED BY THE BOX CHECKED BY THE TRANSFER OR ON THE
CERTIFICATE OF TRANSFER ON THE REVERSE OF THIS SECURITY), THAT IS ACQUIRING THE
SECURITY FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION, AND THAT, PRIOR TO
SUCH TRANSFER, DELIVERS TO EOP PARTNERSHIP, EQUITY OFFICE AND THE TRUSTEE A
SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE
RESTRICTIONS ON TRANSFER OF THE SECURITY EVIDENCED HEREBY (THE FORM OF WHICH
LETTER IS ATTACHED TO THIS SECURITY), (5) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 (IF APPLICABLE)
UNDER THE SECURITIES ACT OR (6) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OR ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. PRIOR
TO A TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER PURSUANT TO CLAUSE (6)
ABOVE), THE HOLDER OF THIS SECURITY MUST, PRIOR TO SUCH TRANSFER, FURNISH TO
EOP PARTNERSHIP, EQUITY OFFICE AND THE TRUSTEE SUCH CERTIFICATES AND OTHER
INFORMATION AS THEY MAY REASONABLY REQUIRE TO CONFIRM THAT ANY TRANSFER BY IT
OF THIS SECURITY COMPLIES WITH THE FOREGOING RESTRICTIONS. THE HOLDER HEREOF,
BY PURCHASING THIS SECURITY, REPRESENTS AND AGREES FOR THE BENEFIT OF EOP
PARTNERSHIP AND EQUITY OFFICE THAT IT IS (1) A QUALIFIED INSTITUTIONAL BUYER,
(2) AN

F-1

 INSTITUTIONAL ACCREDITED INVESTOR AND THAT IT IS HOLDING THIS SECURITY FOR
INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION OR (3) NOT A U.S. PERSON AND IS
OUTSIDE THE UNITED STATES WITHIN THE MEANING OF (OR AN ACCOUNT SATISFYING THE
REQUIREMENTS OF RULE 902(k)(2) UNDER REGULATION S UNDER THE SECURITIES ACT. IN
ANY CASE, THE HOLDER HEREOF WILL OT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY
HEDGING TRANSACTION WITH REGARD TO THIS SECURITY OR ANY COMMON SHARES ISSUABLE
UPON EXCHANGE OF THIS SECURITY EXCEPT AS PERMITTED BY THE SECURITIES ACT.”

F-2

EXHIBIT G

FORM OF RESTRICTED GLOBAL SECURITIES LEGEND

      “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING THIS
SECURITY, AGREES FOR THE BENEFIT OF EOP PARTNERSHIP AND EQUITY OFFICE THAT THIS
SECURITY MAY NOT BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED PRIOR TO THE LATER
OF (X) THE SECOND ANNIVERSARY OF THE ISSUANCE HEREOF (OR ANY PREDECESSOR
SECURITY HERETO) OR (Y) THREE MONTHS AFTER SUCH HOLDER CEASES TO BE AN
AFFILIATE OF EOP PARTNERSHIP OR EQUITY OFFICE, IN EITHER CASE OTHER THAN (1) TO
EOP PARTNERSHIP OR EQUITY OFFICE, (2) SO LONG AS THIS SECURITY IS ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON
WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITH THE
MEANING OF RULE 144A, PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE
OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (4) TO AN
INSTITUTION THAT IS AN “ACCREDITED INVESTOR”, AS DEFINED IN RULE 501(A)(1), (2)
(3) OR (7) UNDER THE SECURITIES ACT (“INSTITUTIONAL ACCREDITED INVESTOR”), THAT
IS ACQUIRING THE SECURITY FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION, AND
THAT, PRIOR TO SUCH TRANSFER, DELIVERS TO EOP PARTNERSHIP, EQUITY OFFICE AND
THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
RELATING TO THE RESTRICTIONS ON TRANSFER OR THE SECURITY EVIDENCED HEREBY (THE
FORM OF WHICH LETTER MAY BE OBTAINED FROM THE TRUSTEE), (5) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 (IF
APPLICABLE) UNDER THE SECURITIES ACT OR (6) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE
UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, REPRESENTS AND
AGREES FOR THE BENEFIT OF EOP PARTNERSHIP AND EQUITY OFFICE THAT IT IS (1) A
QUALIFIED INSTITUTIONAL BUYER, (2) AN INSTITUTIONAL ACCREDITED INVESTOR AND
THAT IT IS HOLDING THIS SECURITY FOR INVESTMENT PURPOSES AND NOT FOR
DISTRIBUTION OR (3) NOT A U.S. PERSON AND IS OUTSIDE THE UNITED STATES WITHIN
THE MEANING OF (OR AN ACCOUNT SATISFYING THE REQUIREMENTS OF RULE 902(k)(2)
UNDER) REGULATION S UNDER THE SECURITIES ACT. IN ANY CASE, THE HOLDER HEREOF
WILL NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING TRANSACTION WITH REGARD
TO THIS SECURITY OR ANY COMMON SHARES ISSUABLE UPON EXCHANGE OF THIS SECURITY
EXCEPT AS PERMITTED BY THE SECURITIES ACT.”

G-1

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