Document:

Exhibit
4.14

 

 

SUPPLEMENTAL INDENTURE
NO. 12

 

by and between

 

HRPT PROPERTIES TRUST

 

and

 

U.S. BANK NATIONAL
ASSOCIATION

 

as of January 30, 2003

 

SUPPLEMENTAL TO THE
INDENTURE DATED AS OF JULY 9, 1997

 

 

HRPT PROPERTIES TRUST

 

6.40%
Senior Notes due February 15, 2015

 

 

This SUPPLEMENTAL INDENTURE NO. 12 (this “Supplemental
Indenture”) made and entered into as of January 30, 2003 between HRPT
PROPERTIES TRUST, a Maryland real estate investment trust (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national
banking association (as successor to State Street Bank and Trust Company
(“State Street”), in its capacity as Trustee), as Trustee (the “Trustee”),

 

WITNESSETH THAT:

 

WHEREAS, the Company and the Trustee have executed and
delivered an Indenture, dated as of July 9, 1997 (the “Indenture”), relating to
the Company’s issuance, from time to time, of various series of debt
securities; and

 

WHEREAS, U.S. Bank National
Association has acquired and succeeded to substantially all of the corporate
trust business of State Street, and, being eligible to serve as trustee under
the Indenture, has succeeded to State Street as Trustee under the Indenture;
and

 

WHEREAS, the Company has determined to issue debt
securities known as its 6.40% Senior Notes due February 15, 2015; and

 

WHEREAS, the Indenture provides that certain terms and
conditions for each series of debt securities issued by the Company thereunder
may be set forth in an indenture supplemental to the Indenture;

 

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE
WITNESSETH:

 

ARTICLE 1

 

DEFINED TERMS

 

Section 1.1             The following definitions
supplement, and, to the extent inconsistent with, replace the definitions in
Section 101 of the Indenture:

 

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

 

“Annual Debt Service” as of any date means the maximum
amount which is expensed in any 12-month period for interest on Debt of the
Company and its Subsidiaries.

 

“Business Day” means any day other than a Saturday or
Sunday or a day on which banking institutions in the City of New York or in the
city in which the Corporate Trust Office of the Trustee is located, are
required or authorized to close.

 

“Capital Stock” means, with respect to any Person, any
capital stock (including preferred stock), shares, interests, participation or
other ownership interests (however designated) of such

 

 

Person and any rights (other than debt securities convertible into or
exchangeable for capital stock), warrants or options to purchase any thereof.

 

“Consolidated Income Available for Debt Service” for
any period means Earnings from Operations of the Company and its Subsidiaries
plus amounts which have been deducted, and minus amounts which have been added,
for the following (without duplication): (i) interest on Debt of the Company
and its Subsidiaries, (ii) provision for taxes of the Company and its
Subsidiaries based on income, (iii) amortization of debt discount and deferred
financing costs, (iv) provisions for gains and losses on properties and
property, depreciation and amortization, (v) the effect of any noncash charge
resulting from a change in accounting principles in determining Earnings from
Operations for such period and (vi) amortization of deferred charges.

 

“Corporate Trust Office” means the corporate trust
office of the Trustee which it designates as the office at which the agreement
in question will be administered (which it may change by notice from time to
time), presently located at Two Avenue de Lafayette, Boston, Massachusetts
02111.

 

“Debt” of the Company or any Subsidiary means, without
duplication, any indebtedness of the Company or any Subsidiary, whether or not
contingent, in respect of (i) borrowed money or evidenced by bonds, notes,
debentures or similar instruments, (ii) indebtedness for borrowed money secured
by any Encumbrance existing on property owned by the Company or any Subsidiary,
to the extent of the lesser of (x) the amount of indebtedness so secured and
(y) the fair market value of the property subject to such Encumbrance, (iii)
the reimbursement obligations, contingent or otherwise, in connection with any
letters of credit actually issued (other than letters of credit issued to
provide credit enhancement or support with respect to other indebtedness of the
Company or any Subsidiary otherwise reflected as Debt hereunder) or amounts
representing the balance deferred and unpaid of the purchase price of any
property or services, except any such balance that constitutes an accrued
expense or trade payable, or all conditional sale obligations or obligations
under any title retention agreement, (iv) the principal amount of all
obligations of the Company or any Subsidiary with respect to redemption,
repayment or other repurchase of any Disqualified Stock, or (v) any lease of
property by the Company or any Subsidiary as lessee which is reflected on the
Company’s consolidated balance sheet as a capitalized lease in accordance with
GAAP, to the extent, in the case of items of indebtedness under (i) through
(iii) above, that any such items (other than letters of credit) would appear as
a liability on the Company’s consolidated balance sheet in accordance with
GAAP, and also includes, to the extent not otherwise included, any obligation
by the Company or any Subsidiary to be liable for, or to pay, as obligor,
guarantor or otherwise (other than for purposes of collection in the ordinary
course of business), Debt of another Person (other than the Company or any
Subsidiary) (it being understood that Debt shall be deemed to be incurred by
the Company or any Subsidiary whenever the Company or such Subsidiary shall
create, assume, guarantee or otherwise become liable in respect thereof).

 

“Disqualified Stock” means, with respect to any
Person, any Capital Stock of such Person which by the terms of such Capital
Stock (or by the terms of any security into which it is convertible or for
which it is exchangeable or exercisable), upon the happening of any event or
otherwise (i) matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise (other than Capital Stock which is redeemable solely in
exchange for common stock or shares), (ii) is convertible into or exchangeable
or exercisable for Debt or Disqualified Stock, or

 

2

 

(iii) is redeemable at the option of the holder thereof, in whole or in
part (other than Capital Stock which is redeemable solely in exchange for
common stock or shares), in each case on or prior to the stated maturity of the
Notes.

 

“Earnings from Operations” for any period means net
earnings excluding gains and losses on sales of investments, extraordinary
items, gains and losses on early extinguishment of debt and property valuation
losses, as reflected in the financial statements of the Company and its
Subsidiaries for such period, determined on a consolidated basis in accordance
with GAAP.

 

“Encumbrance” means any mortgage, lien, charge, pledge
or security interest of any kind.

 

“Make-Whole Amount” means, in connection with any optional redemption or accelerated payment
of any notes prior to August 15, 2014, the excess, if any, of (i) the aggregate
present value as of the date of such redemption or accelerated payment of each
dollar of principal being redeemed or paid and the amount of interest
(exclusive of interest accrued to the date of redemption or accelerated
payment) that would have been payable in respect of such dollar if such
redemption or accelerated payment had been made on August 15, 2014, determined
by discounting, on a semiannual basis, such principal and interest at the
Reinvestment Rate (determined on the third Business Day preceding the date such
notice of redemption is given or declaration of acceleration is made) from the
respective dates on which such principal and interest would have been payable
if such redemption or accelerated payment had been made on August 15, 2014,
over (ii) the aggregate principal amount of the Notes being redeemed or
paid.  In the case of any redemption or
accelerated payment of notes on or after August 15, 2014, the Make-Whole Amount
means zero. For purposes of this Supplemental Indenture and the Notes,
references in the Indenture to the payment of the principal (and premium, if
any) and interest on the Notes shall be deemed to include the payment of the
Make-Whole Amount, if any, due upon redemption with respect to the Notes.  The Make-Whole Amount shall be calculated by
the Company and set forth in an Officer’s Certificate delivered to the Trustee,
and the Trustee shall be entitled to rely on said Officer’s Certificate.

 

“Notes” means the Company’s 6.40% Senior Notes due
February 15, 2015, issued under this Supplemental Indenture and the Indenture,
as amended or supplemented from time to time.

 

“Reinvestment Rate” means a rate per annum  equal to the sum of 0.50% (fifty
one-hundredths of one percent) plus the yield on treasury securities at
constant maturity under the heading “Week Ending” published in the Statistical
Release under the caption “Treasury Constant Maturities” for the maturity
(rounded to the nearest month) corresponding to the remaining life to maturity
(which, in the case of maturities corresponding to the principal and interest
due on the notes at their maturity, shall be deemed to be August 15, 2014), as of the payment date
of the principal being redeemed or paid. If no maturity exactly corresponds to
such maturity, yields for the two published maturities most closely
corresponding to such maturity shall be calculated pursuant to the immediately
preceding sentence and the Reinvestment Rate shall be interpolated or
extrapolated from such yields on a straight-line basis, rounding in each of
such relevant periods to the nearest month. For purposes of calculating the
Reinvestment Rate, the most recent Statistical Release published prior to the
date of determination of the Make-Whole Amount shall be used.

 

3

 

“Secured Debt” means Debt secured by any mortgage,
lien, charge, pledge or security interest of any kind.

 

“Statistical Release” means the statistical release
designated “H.15(519)” or any successor publication which is published weekly
by the Federal Reserve System and which establishes yields on actively traded
United States government securities adjusted to constant maturities or, if such
statistical release is not published at the time of any determination under
this Supplemental Indenture, then any publicly available source of similar
market data which shall be designated by the Company.

 

“Subsidiary” means any corporation or other entity of
which a majority of (i) the voting power of the voting equity securities or
(ii) the outstanding equity interests of which are owned, directly or
indirectly, by the Company or one or more other Subsidiaries of the Company.
For the purposes of this definition, “voting equity securities” means equity
securities having voting power for the election of directors, whether at all
times or only so long as no senior class of security has such voting power by
reason of any contingency.

 

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

 

“Total Unencumbered Assets” means the sum of (i) those
Undepreciated Real Estate Assets not subject to an Encumbrance for borrowed
money and (ii) all other assets of the Company and its Subsidiaries not subject
to an Encumbrance for borrowed money determined in accordance with GAAP (but
excluding accounts receivable and intangibles).

 

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

 

“Unsecured Debt” means Debt which is not secured by
any of the properties of the Company or any Subsidiary.

 

ARTICLE 2

 

TERMS OF THE NOTES

 

Section 2.1             Pursuant to Section 301 of the
Indenture, the Notes shall have the following terms and conditions:

 

(a)           Title;
Aggregate Principal Amount; Form of Notes. 
The Notes shall be Registered Securities under the Indenture and shall
be known as the Company’s “6.40% Senior Notes due February 15, 2015.”  The Notes will be limited to an aggregate
principal amount of $200,000,000, subject to the right of the Company to reopen
such series for issuances of additional securities of such series and except as
provided in this Section and in Section 306 of the Indenture. The Notes
(together with the Trustee’s certificate of authentication) shall be
substantially in the form of Exhibit A hereto, which is hereby incorporated in
and made a part of this Supplemental Indenture.

 

4

 

The Notes will be issued in the form of one or more
registered global securities without coupons (“Global Notes”) that will be
deposited with, or on behalf of, The Depository Trust Company (“DTC”), and
registered in the name of DTC’s nominee, Cede & Co. Except under the
circumstance described below, the Notes will not be issuable in definitive
form. Unless and until it is exchanged in whole or in part for the individual
notes represented thereby, a Global Note may not be transferred except as a
whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another
nominee of DTC or by DTC or any nominee of DTC to a successor depositary or any
nominee of such successor.

 

So long as DTC or its nominee is the registered owner
of a Global Note, DTC or such nominee, as the case may be, will be considered
the sole owner or holder of the Notes represented by such Global Note for all
purposes under this Supplemental Indenture. Except as described below, owners
of beneficial interest in Notes evidenced by a Global Note will not be entitled
to have any of the individual Notes represented by such Global Note registered
in their names, will not receive or be entitled to receive physical delivery of
any such Notes in definitive form and will not be considered the owners or
holders thereof under the Indenture or this Supplemental Indenture.

 

If DTC is at any time unwilling, unable or ineligible
to continue as depositary and a successor depositary is not appointed by the
Company within 90 days, the Company will issue individual Notes in exchange for
the Global Note or Global Notes representing such Notes. In addition, the
Company may at any time and in its sole discretion, subject to certain
limitations set forth in the Indenture, determine not to have any of such Notes
represented by one or more Global Notes and, in such event, will issue
individual Notes in exchange for the Global Note or Global Notes representing
the Notes. Individual Notes so issued will be issued in denominations of $1,000
and integral multiples thereof.

 

(b)           Interest
and Interest Rate.  The Notes will
bear interest at a rate of 6.40% per annum, from January 30, 2003 (or, in the
case of Notes issued upon the reopening of this series of Notes, from the date
designated by the Company in connection with such reopening) or from the
immediately preceding Interest Payment Date to which interest has been paid or
duly provided for, payable semiannually on each February 15 and August 15,
commencing August 15, 2003 (each of which shall be an “Interest Payment Date”),
to the Persons in whose names the Notes are registered in the Security Register
at the close of business on the day falling 14 calendar days (whether or not a
Business Day) next preceding such Interest Payment Date (each, a “Regular
Record Date”).

 

(c)           Principal
Repayment; Currency.  The stated
maturity of the Notes is February 15, 2015, provided, however, the Notes may be
earlier redeemed at the option of the Company as provided in paragraph (d)
below. The principal of each Note payable on its maturity date shall be paid
against presentation and surrender thereof at the Corporate Trust Office of the
Trustee, located initially at Two Avenue de Lafayette, Boston, Massachusetts
02111, in such coin or currency of the United States of America as at the time
of payment is legal tender for the payment of public or private debts. The
Company will not pay Additional Amounts (as defined in the Indenture) on the
Notes.

 

(d)           Redemption
at the Option of the Company; Acceleration.  The Notes will be subject to redemption at any time at the option
of the Company, in whole or in part, upon not less than 30

 

5

 

nor more than 60 days’ notice to each Holder of Notes to be redeemed at
its address appearing in the Security Register, at a price equal to the sum of
(i) the principal amount of the Notes being redeemed, plus accrued and unpaid
interest to but excluding the applicable Redemption Date, plus (ii) the
Make-Whole Amount, if any. If the notes are redeemed on or after August 15, 2014, the redemption price will
not include the Make-Whole Amount. Upon the acceleration of the Notes in
accordance with Section 502 of the Indenture, if such acceleration occurs prior
to August 15, 2014, the principal
amount of the Notes, plus accrued and unpaid interest thereon and the
Make-Whole Amount shall become due and payable immediately.

 

(e)           Notices.  All notices and other communications
hereunder shall be in writing and shall be deemed to have been duly given if
mailed or transmitted by any standard form of telecommunication. Notices to the
Company shall be directed to it at 400 Centre Street, Newton, Massachusetts
02458, Attention: President; notices to the Trustee shall be directed to it at
Two Avenue de Lafayette, Boston, Massachusetts 02111, Attention: Corporate
Trust Department, Re: HRPT Properties Trust 6.40% Senior Notes due February 15,
2015; or as to either party, at such other address as shall be designated by
such party in a written notice to the other party.

 

(f)            Global
Note Legend.  Each Global Note shall
bear the following legend on the face thereof:

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

(g)           Applicability
of Discharge, Defeasance and Covenant Defeasance Provisions.  The Discharge, Defeasance and Covenant
Defeasance provisions in Article Fourteen of the Indenture will apply to the
Notes.

 

ARTICLE 3

 

ADDITIONAL COVENANTS

 

Section 3.1             In addition to the covenants of the
Company set forth in Article Ten of the Indenture, for the benefit of the holders
of the Notes:

 

(a)           Limitations
on Incurrence of Debt.

 

6

 

(i)            The Company will not, and will not
permit any Subsidiary to, incur any Debt if, immediately after giving effect to
the incurrence of such additional Debt and the application of the proceeds
thereof, the aggregate principal amount of all outstanding Debt of the Company
and its Subsidiaries on a consolidated basis determined in accordance with GAAP
is greater than 60% of the sum (“Adjusted Total Assets”) of (without
duplication) (A) the Total Assets of the Company and its Subsidiaries as of the
end of the calendar quarter covered in the Company’s Annual Report on Form
10-K, or the Quarterly Report on Form 10-Q, as the case may be, most recently
filed with the Securities and Exchange Commission (or, if such filing is not
permitted under the Securities Exchange Act of 1934, as amended, with the
Trustee) prior to the incurrence of such additional Debt and (B) the purchase
price of any real estate assets or mortgages receivable acquired, and the
amount of any securities offering proceeds received (to the extent that such
proceeds were not used to acquire real estate assets or mortgages receivable or
used to reduce Debt), by the Company or any Subsidiary since the end of such
calendar quarter, including those proceeds obtained in connection with the
incurrence of such additional Debt.

 

(ii)           In addition to the foregoing
limitations on the incurrence of Debt, the Company will not, and will not
permit any Subsidiary to, incur any Secured Debt if, immediately after giving
effect to the incurrence of such additional Secured Debt and the application of
the proceeds thereof, the aggregate principal amount of all outstanding Secured
Debt of the Company and its Subsidiaries on a consolidated basis is greater
than 40% of Adjusted Total Assets.

 

(iii)          In addition to the foregoing
limitations on the incurrence of Debt, the Company will not, and will not
permit any Subsidiary to, incur any Debt if the ratio of Consolidated Income
Available for Debt Service to the Annual Debt Service for 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 1.0, on a pro forma
basis after giving effect thereto and to the application of the proceeds
therefrom, and calculated on the assumption that (A) such Debt and any
other Debt incurred by the Company and its Subsidiaries since the first day of
such four-quarter period and the application of the proceeds therefrom,
including to refinance other Debt, had occurred at the beginning of such
period; (B) the repayment or retirement of any other Debt by the Company
and its Subsidiaries since the first date of such four-quarter period had been repaid
or retired at the beginning of such period (except that, in making such
computation, the amount of Debt under any revolving credit facility shall be
computed based upon the average daily balance of such Debt during such period);
(C) in the case of Acquired Debt or Debt incurred in connection with any
acquisition since the first day of such four-quarter period, the related
acquisition had occurred as of the first day of such period with appropriate
adjustments with respect to such acquisition being included in such pro forma
calculation; and (D) in the case of any acquisition or disposition by the
Company or its Subsidiaries of any asset or group of assets since the first day
of such four-quarter period, whether by merger, stock purchase or sale, or asset
purchase or sale, such acquisition or disposition or any related repayment of
Debt had occurred as of the first day of such period with the appropriate
adjustments with respect to such acquisition or disposition being included in
such pro forma calculation. If the Debt giving rise to the need to make the
foregoing calculation or any other Debt incurred after the first day of the
relevant four-quarter period bears interest at a floating rate

 

7

 

then, for purposes of calculating the Annual Debt
Service, the interest rate on such Debt shall be computed on a pro forma basis
as if the average interest rate which would have been in effect during the
entire such four-quarter period had been the applicable rate for the entire
such period.

 

(b)           Maintenance
of Total Unencumbered Assets.  The
Company and its Subsidiaries will maintain at all times Total Unencumbered
Assets of not less than 200% of the aggregate outstanding principal amount of
the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis.

 

ARTICLE 4

 

ADDITIONAL EVENTS OF
DEFAULT

 

Section 4.1             For purposes of this Supplemental
Indenture and the Notes, in addition to the Events of Default set forth in
Section 501 of the Indenture, it shall also constitute an “Event of Default” if
a default under any bond, debenture, note or other evidence of indebtedness of
the Company (including a default with respect to any other series of
securities), or under any mortgage, indenture or other instrument of the
Company under which there may be issued or by which there may be secured or
evidenced any indebtedness for money borrowed by the Company (or by any
Subsidiary, the repayment of which the Company has guaranteed or for which the
Company is directly responsible or liable as obligor or guarantor) having an
aggregate principal amount outstanding of at least $20,000,000, whether such
indebtedness now exists or shall hereafter be incurred or created, which
default shall have resulted in such indebtedness 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 ten days after there
shall have been given, by registered or certified mail, to the Company by the
Trustee or to the Company and the Trustee by the Holders of at least 25% in
principal amount of the outstanding Notes, a written notice specifying such
default and requiring the Company 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.

 

Section 4.2             Notwithstanding any provisions to
the contrary in the Indenture, upon any acceleration of the Notes under Section
502 of the Indenture, the amount immediately due and payable in respect of the
Notes shall equal the Outstanding principal amount thereof, plus accrued
interest, plus, if such acceleration occurs prior to August 15, 2014, the Make-Whole Amount.

 

ARTICLE 5

 

EFFECTIVENESS

 

This Supplemental Indenture shall be effective for all
purposes as of the date and time this Supplemental Indenture has been executed
and delivered by the Company and the Trustee in accordance with Article Nine of
the Indenture. As supplemented hereby, the Indenture is hereby confirmed as
being in full force and effect.

 

8

 

ARTICLE 6

 

MISCELLANEOUS

 

Section 6.1             In the event any provision of this
Supplemental Indenture shall be held invalid or unenforceable by any court of
competent jurisdiction, such holding shall not invalidate or render
unenforceable any other provision hereof or any provision of the Indenture.

 

Section 6.2             To the extent that any terms of
this Supplemental Indenture or the Notes are inconsistent with the terms of the
Indenture, the terms of this Supplemental Indenture or the Notes shall govern
and supersede such inconsistent terms.

 

Section 6.3             This Supplemental Indenture shall
be governed by and construed in accordance with the laws of The Commonwealth of
Massachusetts.

 

Section 6.4             This Supplemental 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.

 

[Remainder of page
intentionally left blank.]

 

9

 

IN WITNESS WHEREOF, the Company and the Trustee have
caused this Supplemental Indenture to be executed as an instrument under seal in
their respective corporate names as of the date first above written.

 

	
   

  	
  HRPT PROPERTIES TRUST

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John C. Popeo

  	
   

  
	
   

  	
   

  	
  Name:  John C. Popeo

  
	
   

  	
   

  	
  Title:  Treasurer and Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL ASSOCIATION,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  John G. Correia

  	
   

  
	
   

  	
   

  	
  Name: John G. Correia

  
	
   

  	
   

  	
  Title: Assistant Vice President

  

 

10

EXHIBIT A

FORM OF NOTE

 

[Face of Note]

 

6.40% 
Senior Note due February 15, 2015

 

	
  No.
             

  	
  $               

  	
   

  

 

HRPT PROPERTIES TRUST

 

promises to pay to
             or
registered assigns, the principal sum of
               
($             )
on February 15, 2015, subject to the terms set forth on the reverse of this
Note and the terms of the Indenture referred to therein.

 

Interest Payment Dates:  each February 15 and August 15, commencing August 15, 2003.

 

Record Dates: the day falling 14 calendar days prior
to any Interest Payment Date.

 

CUSIP No.:
                           

	
   

  	
   

  	
  HRPT PROPERTIES
  TRUST

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
   

  	 

	
   

  	
   

  	
   

  	
  Name:

  	 

	
   

  	
   

  	
   

  	
  Title:

  	 

	
   

  	
   

  	
   

  	 

	
  Attest:

  	
   

  	
   

  	
   

  	 

	
  [SEAL]

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  CERTIFICATE OF AUTHENTICATION

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  Dated: January
  30, 2003

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  This is one of the Notes referred to in the
  within-mentioned Indenture:

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  
	
  U.S. BANK
  NATIONAL ASSOCIATION, as Trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  Officer

  	
   

  	
   

  
							

 

 

[THE FOLLOWING
CONSTITUTES THE REVERSE OF THE SECURITY]

 

HRPT PROPERTIES TRUST

 

6.40% Senior Note due February 15, 2015

 

Capitalized terms used herein have the meanings
assigned to them in the Indenture (as defined below) unless otherwise
indicated.

 

1.             Interest.  HRPT Properties Trust, a Maryland real
estate investment trust (the “Company”), promises to pay interest on the
principal amount of this Note at the rate and in the manner specified below.

 

The Company shall pay in cash interest on the
principal amount of this Note at the rate per annum of 6.40%. The Company will
pay interest semiannually in arrears on each February 15 and August 15,
commencing on August 15, 2003, or, if any such day is not a Business Day (as
defined in the Indenture), on the next succeeding Business Day (each an
“Interest Payment Date”), to Holders of record on the day falling 14 calendar
days immediately preceding such Interest Payment Date (whether or not a
Business Day).

 

Interest will be computed on the basis of a 360-day
year consisting of twelve 30-day months. Interest shall accrue from the most
recent date to which interest has been paid or, if no interest has been paid,
from January 30, 2003.

 

2.             Method
of Payment.  The Company will pay
interest on the Notes (except defaulted interest) to the Persons who are
registered Holders of Notes at the close of business on the record date next
preceding the Interest Payment Date, even if such Notes are canceled after such
record date and on or before such Interest Payment Date. The Company will pay
principal and interest in money of the United States that at the time of
payment is legal tender for payment of public and private debts. The Company,
however, may pay principal, premium, if any, and interest by check payable in
such money. It may mail an interest check to a Holder’s registered address.

 

3.             Indenture.  The Company issued the Notes under an
Indenture, dated as of July 9, 1997, and a Supplemental Indenture No. 12
thereto, dated as of January 30, 2003 (collectively, the “Indenture”), between
the Company and the Trustee. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 as in effect on the date of the Indenture. The Notes are
subject to all such terms, and Holders of the Notes are referred to the
Indenture and such Act for a statement of such terms. The terms of the
Indenture shall govern any inconsistencies between the Indenture and the Notes.
The Notes are unsecured general obligations of the Company limited to
$200,000,000 in aggregate principal amount, except as otherwise provided in the
Indenture.

 

4.             Optional
Redemption.  The Notes will be
subject to redemption at any time at the option of the Company, in whole or in
part, upon not less than 30 nor more than 60 days’ notice, at a redemption
price equal to the sum of (i) the principal amount of the Notes being redeemed,
plus accrued and unpaid interest to but excluding the applicable Redemption
Date and (ii) the Make-Whole Amount, if any. 
If the Notes are redeemed on or after August 15, 2014, the redemption price will not include the
Make-Whole Amount.

 

A-2

 

As used herein the term “Make-Whole Amount” means, in
connection with any optional redemption or accelerated payment of any notes
prior to August 15, 2014, the
excess, if any, of (i) the aggregate
present value as of the date of such redemption or accelerated payment of each
dollar of principal being redeemed or paid and the amount of interest
(exclusive of interest accrued to the date of redemption or accelerated
payment) that would have been payable in respect of such dollar if such
redemption or accelerated payment had been made on August 15, 2014, determined
by discounting, on a semiannual basis, such principal and interest at the
Reinvestment Rate (determined on the third Business Day preceding the date such
notice of redemption is given or declaration of acceleration is made) from the
respective dates on which such principal and interest would have been payable
if such redemption or accelerated payment had been made on August 15, 2014,
over (ii) the aggregate principal amount of the Notes being redeemed or
paid.  In the case of any redemption or
accelerated payment of notes on or after August 15, 2014, the Make-Whole Amount
means zero.  For purposes of the Indenture and the Notes, references in the
Indenture to the payment of the principal (and premium, if any) and interest on
the Notes shall be deemed to include the payment of the Make-Whole Amount, if
any, due upon redemption with respect to the Notes.  The Make-Whole Amount shall be calculated by the Company and set
forth in an Officer’s Certificate delivered to the Trustee, and the Trustee
shall be entitled to rely on said Officer’s Certificate.

 

As used herein the term “Reinvestment Rate” means a
rate per annum equal to the sum of 0.50% (fifty one-hundredths of one percent)
plus the yield on treasury securities at constant maturity under the heading “Week
Ending” published in the Statistical Release (as defined herein) under the
caption “Treasury Constant Maturities” for the maturity (rounded to the nearest
month) corresponding to the remaining life to maturity (which, in the case of
maturities corresponding to the principal and interest due on the notes at
their maturity, shall be deemed to be August
15, 2014), as of the payment date of the principal being redeemed or
paid. If no maturity exactly corresponds to such maturity, yields for the two
published maturities most closely corresponding to such maturity shall be
calculated pursuant to the immediately preceding sentence and the Reinvestment
Rate shall be interpolated or extrapolated from such yields on a straight-line
basis, rounding in each of such relevant periods to the nearest month. For
purposes of calculating the Reinvestment Rate, the most recent Statistical
Release published prior to the date of determination of the Make-Whole Amount
shall be used.

 

As used herein the term “Statistical Release” means
the statistical release designated “H.15(519)” or any successor publication
which is published weekly by the Federal Reserve System and which establishes
yields on actively traded United States government securities adjusted to
constant maturities or, if such statistical release is not published at the
time of any determination under the Supplemental Indenture, then any publicly
available source of similar market data which shall be designated by the
Company.

 

5.             Mandatory
Redemption.  The Company shall not
be required to make sinking fund or redemption payments with respect to the
Notes.

 

6.             Notice
of Redemption.  Notice of redemption
shall be mailed at least 30 days but not more than 60 days before the
Redemption Date to each Holder of Notes to be redeemed at its registered
address.  Notes may be redeemed in part
but only in whole multiples of $1,000, unless

 

A-3

 

all of the Notes held by a Holder are to be redeemed. On and after the
redemption date, interest ceases to accrue on Notes or portions of them called
for redemption.

 

7.             Denominations,
Transfer, Exchange.  The Notes are
in registered form without coupons in denominations of $1,000 and integral
multiples of $1,000 in excess thereof. The transfer of Notes may be registered
and Notes may be exchanged as provided in the Indenture. The Security Registrar
and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture. The Security Registrar need not
exchange or register the transfer of any Note or portion of a Note selected for
redemption. Also, it need not exchange or register the transfer of any Notes
for a period of 15 days before the mailing of a notice of redemption of Notes,
or during the period between a record date and the corresponding Interest
Payment Date.

 

8.             Defaults
and Remedies.  In case an Event of
Default (as defined in the Indenture) with respect to the Notes shall have
occurred and be continuing, the principal hereof may be declared, and upon such
declaration shall become, due and payable, in the manner, with the effect and
subject to the provisions provided in the Indenture.

 

9.             Actions
of Holders.  The Indenture contains
provisions permitting the holders of not less than a majority of the aggregate
principal amount of the outstanding Notes, subject to certain exceptions as
provided in the Indenture, on behalf of the holders of all such Notes at a
meeting duly called and held as provided in the Indenture, to make, give or
take any request, demand, authorization, direction, notice, consent, waiver or
other action provided in the Indenture to be made, given or taken by the
holders of the Notes, including without limitation, waiving (a) compliance
by the Company with certain provisions of the Indenture, and (b) certain
past defaults under the Indenture and their consequences. Any resolution passed
or decision taken at any meeting of the holders of the Notes in accordance with
the provisions of the Indenture shall be conclusive and binding upon such
holders and upon all future holders of this Note and other Notes issued upon
the registration of transfer hereof or in exchange heretofore or in lieu
hereof.

 

10.           Persons
Deemed Owners.  The Company, the
Trustee, and any agent of the Company or the Trustee may deem and treat the
Person in whose name this Note is registered on the Security Register as its
absolute owner for all purposes.

 

11.           Authentication.  This Note shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating
agent.

 

12.           Governing
Law.  THE INTERNAL LAW OF THE
COMMONWEALTH OF MASSACHUSETTS SHALL GOVERN AND BE USED TO CONSTRUE THE
INDENTURE AND THE NOTES.

 

13.           No
Personal Liability.  THE AMENDED AND
RESTATED DECLARATION OF TRUST OF THE COMPANY, DATED JULY 1, 1994, A COPY OF
WHICH, TOGETHER WITH ALL AMENDMENTS THERETO (THE “DECLARATION”), IS DULY FILED
IN THE OFFICE OF THE DEPARTMENT OF ASSESSMENTS AND TAXATION OF THE STATE OF
MARYLAND, PROVIDES THAT THE NAME “HRPT PROPERTIES TRUST” REFERS TO THE TRUSTEES
UNDER THE DECLARATION COLLECTIVELY AS TRUSTEES, BUT NOT

 

A-4

 

INDIVIDUALLY OR PERSONALLY, AND THAT NO TRUSTEE, OFFICER, SHAREHOLDER,
EMPLOYEE OR AGENT OF THE COMPANY SHALL BE HELD TO ANY PERSONAL LIABILITY,
JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, THE COMPANY. ALL
PERSONS DEALING WITH THE COMPANY, IN ANY WAY, SHALL LOOK ONLY TO THE ASSETS OF
THE COMPANY FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.

 

The Company will furnish to any Holder upon written
request and without charge a copy of the Indenture. Request may be made to:

 

HRPT Properties Trust

400 Centre Street

Newton, MA 02458

Telecopier No.: 
(617) 332-2261

Attention: President

 

or such other address as the Company may specify pursuant to the
Indenture.

 

A-5

 

ASSIGNMENT FORM

 

To assign this Note, fill
in the form below:

 

[I] [We] assign and transfer this Note to
                                                                         
[Print or
type assignee’s name, address and zip code]
                                                                               
[Insert
assignee’s soc. sec. or tax I.D. no.] and irrevocably appoint
                                                                                                                               
to transfer this Note on the books of the Company. The agent may substitute
another to act for him.

 

	
  Date:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Your Signature: 

  	
   

  
	
   

  	
  [Sign
  exactly as your name appears on the face of this Note]

  
	
  Signature
  Guarantee:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [The
  signature must be guaranteed by

  	
   

  
	
  an officer of a participant in a
  recognized

  	
   

  
	
  signature guarantee program.  Notarized

  	
   

  
	
  or witnessed
  signatures are not acceptable.]

  	
   

  
						

 

A-6Exhibit
10.9

 

SECOND AMENDMENT

TO

LOAN AND SECURITY AGREEMENT

 

This Second Amendment to Loan and Security Agreement
is entered into as of January 30, 2003 (the “Amendment”), by and between
COMERICA BANK – CALIFORNIA (“Bank”), and TRIPATH TECHNOLOGY INC. (“Borrower”).

 

RECITALS

 

Borrower and Bank are parties to that certain Loan and
Security Agreement dated as of July 12, 2002, as amended, including without
limitation by that certain First Amendment to Loan and Security Agreement dated
as of August 23, 2002 (collectively, the “Agreement”).  The parties desire to amend the Agreement in
accordance with the terms of this Amendment.

 

NOW, THEREFORE, the parties agree as follows:

 

1.                                       Subsection
(i) of the defined term “Eligible Accounts” in Section 1.1 of the Agreement is
hereby amended to read as follows:

 

(i)                                     Accounts
with respect to an account debtor, including Subsidiaries and Affiliates, whose
total obligations to Borrower exceed twenty percent (20%) of all Accounts (the
“Concentration Limit”), to the extent such obligations exceed the
aforementioned percentage except as approved in writing by the Bank, provided
that the Concentration Limit shall be 50% for Komatsu Semiconductor Corp.,
Quanta Computer Inc., Solectron Technology Singapore PTE LTD, World Vantage Tech
(Holdings) LTD, and Dynax Electronics (HK) LTD and 35% for Macnica, Inc. (such
exceptions are reviewable on an ongoing basis);

 

2.                                       The
following defined term in Section 1.1 of the Agreement is hereby amended
to read as follows:

 

“Eligible Foreign Accounts”
means Accounts with respect to which the account debtor does not have its
principal place of business in the United States and that (i) are supported by
one or more letters of credit in an amount and of a tenor, and issued by a
financial institution, acceptable to Bank, or (ii) are supported by credit
insurance acceptable to Bank, (iii) are Accounts on which the account debtor is
approved in writing by Bank, including without limitation Komatsu Semiconductor
Corp., Quanta Computer Inc., Solectron Technology Singapore PTE LTD, and
Macnica, Inc. (provided that the advance rate on such accounts shall be 60%
unless supported by a letter of credit or credit insurance as set forth in
subsections (i) or (ii) hereof) (such exceptions are reviewable on an ongoing
basis); or (iv) are Accounts with respect to which the account debtor is Dynax
Electronics (HK) LTD which are secured by letters of credit acceptable to Bank
(the letters of credit shall name Bank as beneficiary and be issued by
institutions approved by Bank’s International Department).

 

3.                                       The
first paragraph of Section 6.3 of the Agreement is hereby amended in its
entirety to read as follows:

 

6.3                                 Financial
Statements, Reports, Certificates. 
Borrower shall deliver the following to Bank:  (a) as soon as available, but in any event within forty five (45)
days after the end of each quarter, a company prepared consolidated balance
sheet, income, and cash flow statement covering Borrower’s consolidated
operations during such period, prepared in accordance with GAAP, consistently
applied, in a form reasonably acceptable to Bank and certified by a Responsible
Officer; (b) as soon as available, but in any event within one hundred

 

1

 

twenty (120) days after the end of Borrower’s fiscal
year, audited consolidated financial statements of Borrower prepared in
accordance with GAAP, consistently applied, together with an unqualified
opinion on such financial statements of an independent certified public
accounting firm reasonably acceptable to Bank; (c) if applicable, copies of all
statements, reports and notices sent or made available generally by Borrower to
its security holders or to any holders of Subordinated Debt and all reports on
Forms 10-K and 10-Q filed with the Securities and Exchange Commission; (d)
promptly upon receipt of notice thereof, a report of any legal actions pending
or threatened against Borrower or any Subsidiary that could result in damages
or costs to Borrower or any Subsidiary of Fifty Thousand Dollars ($50,000) or
more; and (e) such budgets, sales projections, operating plans or other
financial information as Bank may reasonably request from time to time
generally prepared by Borrower in the ordinary course of business.

 

4.                                       Sections
6.9 and 6.10 of the Agreement are hereby amended in their entirety to read as
follows:

 

6.9                                 Tangible
Net Worth.  At all times, measured
as of the last day of each month, beginning with the month ending January 31,
2003, Borrower shall maintain a Tangible Net Worth of at least $12,000,000,
provided that such required amount shall increase by 50% of Borrower’s
quarterly net profit after tax after January 30, 2003 and by 25% of any net
proceeds received by Borrower in any given quarter from the sale and issuance
of its equity securities after January 30, 2003.

 

6.10                           Revenue.  Borrower shall show quarterly revenue of at
least the following amounts for each of the following quarters:

 

	
  Quarter
  End Date

  	
   

  	
  Minimum
  Revenue for such

  Quarter

  	
   

  
	
  3/31/03

  	
   

  	
  $

  	
  2,400,000

  	
   

  
	
  6/30/03

  	
   

  	
  $

  	
  4,320,000

  	
   

  

 

5.                                       A
new Section 6.13 is hereby added to the Agreement to read as follows:

 

6.13                           New
Equity.  On or before April 30,
2003, Borrower shall receive cash proceeds from the sale and issuance of its
equity securities to investors satisfactory to Bank in an amount of at least
Seven Million Five Hundred Thousand Dollars ($7,500,000).

 

6.                                       Exhibit
D to the Agreement is hereby amended and replaced in its entirety by Exhibit
D attached hereto.

 

7.                                       Bank
waives Borrower’s failure to comply with (i) Section 6.9 of the Agreement, as
in effect prior to the date of this Amendment, for the months ended on October
31, 2002, November 30, 2002, and December 31, 2002 and (ii) Section 6.10 of the
Agreement, as in effect prior to the date of this Amendment, for the quarter
ended December 31, 2002.  Bank does not
waive any other failure by Borrower to perform its Obligations under the Loan
Documents, and Bank does not waive any obligations Borrower may have under the
Agreement (as amended by this Amendment) after December 31, 2002.  This waiver is not a continuing waiver with
respect to any failure to perform any Obligation after December 31, 2002.

 

8.                                       Unless
otherwise defined, all initially capitalized terms in this Amendment shall be
as defined in the Agreement.  The Agreement,
as amended hereby, shall be and remain in full force and effect in accordance
with

 

2

 

its
respective terms and hereby is ratified and confirmed in all respects.  Except as expressly set forth herein, the
execution, delivery, and performance of this Amendment shall not operate as a
waiver of, or as an amendment of, any right, power, or remedy of Bank under the
Agreement, as in effect prior to the date hereof.  Borrower ratifies and reaffirms the continuing effectiveness of
all promissory notes, guaranties, security agreements, mortgages, deeds of
trust, environmental agreements, and all other instruments, documents and
agreements entered into in connection with the Agreement.

 

9.                                       Borrower
represents and warrants that the representations and warranties contained in
the Agreement are true and correct as of the date of this Amendment, and that
no Event of Default has occurred and is continuing.

 

10.                                 This
Amendment may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one instrument.

 

11.                                 As
a condition to the effectiveness of this Amendment, Bank shall have received,
in form and substance satisfactory to Bank, the following:

 

(a)                                  this
Amendment, duly executed by Borrower;

 

(b)                                 a
certificate of the Secretary of Borrower with respect to incumbency and
resolutions authorizing the execution and delivery of this Amendment;

 

(c)                                  an
amount equal to all Bank Expenses incurred through the date of this Amendment;
and

 

(d)                                 such
other documents, and completion of such other matters, as Bank may reasonably
deem necessary or appropriate.

 

IN WITNESS WHEREOF, the undersigned have executed this
Amendment as of the first date above written.

 

	
   

  	
  TRIPATH TECHNOLOGY INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  COMERICA BANK – CALIFORNIA

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

3

 

EXHIBIT D

 

COMPLIANCE CERTIFICATE

 

TO:                                                                            COMERICA
BANK - CALIFORNIA

 

FROM:                                                         TRIPATH
TECHNOLOGY INC.

 

The undersigned authorized officer of TRIPATH
TECHNOLOGY INC. hereby certifies that in accordance with the terms and
conditions of the Loan and Security Agreement between Borrower and Bank (the
“Agreement”), (i) Borrower is in complete compliance for the period ending
                         
with all required covenants except as noted below and (ii) all
representations and warranties of Borrower stated in the Agreement are true and
correct in all material respects as of the date hereof (provided, however, that
those representations and warranties expressly referring to another date are
true and correct in all material respects as of such date).  Attached herewith are the required documents
supporting the above certification.  The
Officer further certifies that these are prepared in accordance with Generally
Accepted Accounting Principles (GAAP) and are consistently applied from one
period to the next except as explained in an accompanying letter or footnotes.

 

Please indicate compliance status by circling Yes/No under
“Complies” column.

 

	
  Reporting Covenant

  	
   

  	
  Required

  	
   

  	
   

  	
   

  	
  Complies

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Financial
  statements

  	
   

  	
  Quarterly within 45 days

  	
   

  	
   

  	
   

  	
  Yes

  	
  No

  	
   

  
	
  Annual (CPA
  Audited)

  	
   

  	
  FYE within 120 days

  	
   

  	
   

  	
   

  	
  Yes

  	
  No

  	
   

  
	
  10K and 10Q

  	
   

  	
  (If applicable)

  	
   

  	
   

  	
   

  	
  Yes

  	
  No

  	
   

  
	
  A/R Audit

  	
   

  	
  Semi-Annual

  	
   

  	
   

  	
   

  	
  Yes

  	
  No

  	
   

  
	
  A/R & A/P
  Agings, Borrowing Base Cert.

  	
   

  	
  Monthly within 15 days

  	
   

  	
   

  	
   

  	
  Yes

  	
  No

  	
   

  
	
  Total amount of
  Borrower’s cash and investments

  	
   

  	
  Amount:  $

  	
   

  	
   

  	
   

  	
  Yes

  	
  No

  	
   

  
	
  Total amount of
  Borrower’s cash and investments maintained with Bank

  	
   

  	
  Amount:  $

  	
   

  	
   

  	
   

  	
  Yes

  	
  No

  	
   

  

 

	
  Financial
  Covenant

  	
   

  	
  Required

  	
   

  	
  Actual

  	
   

  	
  Complies

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Measured on a
  Monthly Basis:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Minimum Quick
  Ratio

  	
   

  	
  1.50:1.00

  	
   

  	
  :1.00

  	
   

  	
  Yes

  	
  No

  	
   

  
	
  Minimum Tangible
  Net Worth

  	
   

  	
  $12,000,000*

  	
   

  	
  $

  	
   

  	
   

  	
  Yes

  	
  No

  	
   

  
	
  Minimum
  Quarterly Revenue

  	
   

  	
  **

  	
   

  	
  $

  	
   

  	
   

  	
  Yes

  	
  No

  	
   

  
	
  $7.5MM Equity
  Event

  	
   

  	
  4/30/03

  	
   

  	
   

  	
   

  	
  Yes

  	
  No

  	
   

  

 

*such required amount shall increase by 50% of
Borrower’s quarterly net profit after tax after January 30, 2003 and by 25% of
any proceeds received by Borrower in any given quarter from the sale and
issuance of its debt or equity securities after January 30, 2003

 

**3/31/03, $2,400,000; 6/30/03, $4,320,000

 

	
  Comments
  Regarding Exceptions: 
  See Attached.

  	
   

  	
  BANK
  USE ONLY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Received by:

  	
   

  
	
  Sincerely,

  	
   

  	
   

  	
  AUTHORIZED SIGNER

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Verified:

  	
   

  
	
  SIGNATURE

  	
   

  	
   

  	
  AUTHORIZED SIGNER

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
   

  
	
  TITLE

  	
   

  	
   

  
	
   

  	
   

  	
  Compliance Status 

  	
  Yes

  	
  No

  
	
   

  	
   

  	
   

  
	
  DATE

  	
   

  	
   

  
								

 

4

 

CORPORATE RESOLUTIONS TO BORROW

 

Borrower:                                        TRIPATH
TECHNOLOGY INC.

 

I, the undersigned Secretary or Assistant Secretary of
TRIPATH TECHNOLOGY INC. (the “Corporation”), HEREBY CERTIFY that the
Corporation is organized and existing under and by virtue of the laws of
Delaware.

 

I FURTHER CERTIFY that at a meeting of the Directors
of the Corporation duly called and held, at which a quorum was present and
voting, (or by other duly authorized corporate action in lieu of a meeting),
the following resolutions were adopted.

 

BE IT RESOLVED, that any one (1) of the following
named officers, employees, or agents of this Corporation, whose actual
signatures are shown below:

 

	
  NAMES

  	
   

  	
  POSITIONS

  	
   

  	
  ACTUAL
  SIGNATURES

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

acting for an on behalf of this Corporation and as its act and deed be,
and they hereby are, authorized and empowered:

 

Borrow Money.  To borrow from time to time from COMERICA BANK - CALIFORNIA
(“Bank”), on such terms as may be agreed upon between the officers, employees,
or agents of the Corporation and Bank, such sum or sums of money as in their
judgment should be borrowed, without limitation.

 

Execute Loan Documents.  To execute and deliver to Bank that certain
Second Amendment to Loan and Security Agreement dated as of January 30, 2003
(the “Amendment”) and any documents related to the Amendment or to that certain
Loan and Security Agreement dated as of July 12, 2002, as amended (collectively
with the Amendment, the “Loan Documents”), and also to execute and deliver to
Bank one or more amendments, renewals, extensions, modifications,
consolidations, or substitutions for the Loan Documents.

 

Grant Security.  To grant a security interest to Bank in the Collateral described
in the Loan Documents, which security interest shall secure all of the
Corporation’s obligations to Bank, as described in the Loan Documents and
otherwise.

 

Letters of Credit.  To execute letters of credit applications
and other related documents pertaining to Bank’s issuance of letters of credit.

 

5

 

Negotiate Items.  To draw, endorse, and discount with Bank all drafts, trade
acceptances, promissory notes, or other evidences of indebtedness payable to or
belonging to the Corporation or in which the Corporation may have an interest,
and either to receive cash for the same or to cause such proceeds to be
credited to the account of the Corporation with Bank, or to cause such other
disposition of the proceeds derived therefrom as they may deem advisable.

 

Further Acts.  In the case of lines of credit, to designate additional or
alternate individuals as being authorized to request advances thereunder, and
in all cases, to do and perform such other acts and things, to pay any and all
fees and costs, and to execute and deliver such other documents and agreements
as they may in their discretion deem reasonably necessary or proper in order to
carry into effect the provisions of these Resolutions.

 

BE IT FURTHER RESOLVED, that any and all acts
authorized pursuant to these resolutions and performed prior to the passage of
these resolutions are hereby ratified and approved, that these Resolutions
shall remain in full force and effect and Bank may rely on these Resolutions
until written notice of their revocation shall have been delivered to and
received by Bank.  Any such notice shall
not affect any of the Corporation’s agreements or commitments in effect at the
time notice is given.

 

I FURTHER CERTIFY that the officers, employees, and
agents named above are duly elected, appointed, or employed by or for the
Corporation, as the case may be, and occupy the positions set forth opposite
their respective names; that the foregoing Resolutions now stand of record on
the books of the Corporation; and that the Resolutions are in full force and
effect and have not been modified or revoked in any manner whatsoever.

 

I FURTHER CERTIFY that true and correct current copies
of the Certificate of Incorporation of the Corporation, as amended, have been
delivered to Bank as of the date hereof.

 

IN WITNESS WHEREOF, I have hereunto set my hand on
January 30, 2003 and attest that the signatures set opposite the names listed
above are their genuine signatures.

 

	
   

  	
  CERTIFIED TO AND ATTESTED BY:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  X

  	
   

  

 

6

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