Document:

exv4w2

 

Exhibit 4.2

     THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A
PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE
OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY.

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

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE
ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE FOLLOWING
SENTENCE. BY ITS ACQUISITION HEREOF (OR OF A BENEFICIAL INTEREST HEREIN) THE
HOLDER: (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”), (B) IT IS NOT A U.S.
PERSON, IS NOT ACQUIRING THIS SECURITY FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON
AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL “ACCREDITED
INVESTOR” (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
SECURITIES ACT) (AN “IAI”); (2) AGREES THAT IT WILL NOT, WITHIN THE TIME PERIOD
REFERRED TO UNDER RULE 144(k) (TAKING INTO ACCOUNT THE PROVISIONS OF RULE 144(d)
UNDER

 

 

THE SECURITIES ACT, IF APPLICABLE) UNDER THE
SECURITIES ACT AS IN EFFECT ON THE DATE OF THE
TRANSFER OF THIS SECURITY, RESELL OR OTHERWISE
TRANSFER THIS SECURITY EXCEPT (A) TO THE OPERATING
PARTNERSHIP OR ANY SUBSIDIARY THEREOF, (B) TO A
PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QIB
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QIB IN COMPLIANCE WITH RULE 144A UNDER THE
SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN
OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904
UNDER THE SECURITIES ACT, (D) PURSUANT TO THE
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144
UNDER THE SECURITIES ACT (IF AVAILABLE), (E) TO AN
IAI THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE
TRUSTEE A SIGNED LETTER CONTAINING CERTAIN
REPRESENTATIONS AND AGREEMENTS RELATING TO THE
REGISTRATION OF TRANSFER OF THIS SECURITY, THE FORM
OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE,
AND AN OPINION OF COUNSEL ACCEPTABLE TO THE
OPERATING PARTNERSHIP THAT SUCH TRANSFER IS IN
COMPLIANCE WITH THE SECURITIES ACT OR (F) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT, AND, IN EACH CASE, IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS; AND (3)
AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM
THIS SECURITY OR AN INTEREST HEREIN IS TRANSFERRED
A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS
SECURITY OR ANY INTEREST HEREIN WITHIN THE TIME
PERIOD REFERRED TO ABOVE, THE HOLDER MUST CHECK THE
APPROPRIATE BOX SET FORTH IN A CERTIFICATE OF
TRANSFER AVAILABLE FROM THE TRUSTEE RELATING TO THE
MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE
TO THE TRUSTEE. AS USED HEREIN, THE TERMS
“OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S.
PERSON” HAVE THE MEANINGS GIVEN TO THEM BY RULE 902
OF REGULATION S UNDER THE SECURITIES ACT. THE
INDENTURE CONTAINS A PROVISION REQUIRING THE
TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS
SECURITY IN VIOLATION OF THE FOREGOING
RESTRICTIONS.

 

 

	 	 	 
	No.: E-1

	 	CUSIP
No.: 00163M AF 1

 

AMB PROPERTY, L.P.

 

5.094% Notes Due 2015

(U.S. $112,491,000 Aggregate Principal Amount)

 

     AMB PROPERTY, L.P., a Delaware limited partnership (the “Operating Partnership,” which term
includes any successor under the Indenture referred to below), for value received hereby promises
to pay to Cede & Co., or registered assigns, the aggregate principal amount then shown on
Schedule A hereto on June 30, 2015 (the “Stated Maturity Date”), and to pay interest
thereon from July 11, 2005, semiannually on June 30 and December 30 of each year (each, an
“Interest Payment Date”), commencing with December 30, 2005, to but excluding the Stated Maturity
Date at the rate of 5.094% per annum until the principal hereof is paid or duly made available for
payment.

     Interest on the 5.094% Notes Due 2015 (the “Notes”)shall be calculated on the basis of
a 360-day year consisting of twelve 30-day months. The interest so payable and punctually paid or
duly provided for on any Interest Payment Date shall, as provided in such Indenture, be paid to the
Person in whose name this Note (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest, which shall be the May 31 or November 30
(whether or not a Business Day), as the case may be, immediately preceding such Interest Payment
Date. Any such interest which is payable, but is not punctually paid or duly provided for, on any
Interest Payment Date shall forthwith cease to be payable to the registered Holder hereof on the
relevant Regular Record Date by virtue of having been such Holder, and may be paid to the Person in
whose name this Note (or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to the Holder of this Note not less than 10 days prior to such
Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Notes may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in such Indenture.

     Payment of the principal of (and premium, if any), and the interest on the Notes shall be made
at the office or agency of the Operating Partnership maintained for that purpose, in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that, at the option of the Operating Partnership,
interest may be paid by check mailed to the address of the Person entitled thereto as such address
shall appear in the Security Register or by wire transfer to an account maintained by the payee
located in the United States of America.

     This Note is one of a duly authorized issue of Securities of the Operating Partnership issued
and to be issued under an Indenture dated as of June 30, 1998, by and among the Operating
Partnership, AMB Property Corporation, a Maryland corporation (the “Guarantor”), and State Street
Bank and Trust Company of California, N.A., a national banking association organized and

 

 

existing under the laws of the United States of America (the “Predecessor Trustee”), as
trustee thereunder, as supplemented by the First Supplemental Indenture dated as of June 30, 1998,
by and among the Operating Partnership, the Guarantor and the Predecessor Trustee, the Second
Supplemental Indenture dated as of June 30, 1998, by and among the Operating Partnership, the
Guarantor and the Predecessor Trustee, the Third Supplemental Indenture dated as of June 30, 1998,
by and among the Operating Partnership, the Guarantor and the Predecessor Trustee, the Fourth
Supplemental Indenture dated as of August 15, 2000, by and among the Operating Partnership, the
Guarantor and the Predecessor Trustee, the Fifth Supplemental Indenture dated as of May 7, 2002, by
and among the Operating Partnership, the Guarantor and the Predecessor Trustee, and the Sixth
Supplemental Indenture dated as of July 11, 2005, by and among the Operating Partnership, the
Guarantor and U.S. Bank National Association, a national banking association organized and existing
under the laws of the United States of America, as successor-in-interest to the Predecessor
Trustee, as trustee thereunder (as so supplemented, together, the “Indenture”), to which such
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Operating
Partnership, the Trustee and the Holders, and the terms upon which the Notes shall be authenticated
and delivered.

[Intentionally Left Blank]

 

 

     IN WITNESS WHEREOF, the Operating Partnership has caused this instrument to be duly
executed.

Dated:   July 11, 2005

	 	 	 	 	 
	 

	 	 	 	   AMB PROPERTY, L.P.
	 
	 	 	 	 
	 

	 	By:
	 	   AMB PROPERTY CORPORATION,

          as General Partner
	 
	 	 	 	 
	 

	 	By:	 	   /s/ Michael A. Coke
	 

	 	 	 	 
	 

	 	 	 	   Name: Michael A. Coke
	 

	 	 	 	   Title: Executive Vice President and Chief Financial Officer

Attest:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 
	 

	 	U.S. BANK NATIONAL	 	 
	 

	 	     ASSOCIATION, as Trustee	 	 
	 
	 	 	 	 
	By:
	 	 /s/ Bradley E. Scarbrough	 	 
	 

	 	 	 	 
	 

	 	Name: Bradley E. Scarbrough	 	 
	 

	 	Title: Authorized Signatory	 	 

 

 

[REVERSE OF NOTE]

     The
Notes shall be limited in aggregate principal amount to $112,491,000.

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

     The Indenture and the Notes may be amended as set forth in the Indenture.

     Subject to and in accordance with the provisions of the Indenture, the Notes shall be
redeemable, in whole or in part, at any time before the Stated Maturity Date at the option of the
Operating Partnership. The price to be paid by the Operating Partnership in connection with any
such redemption on the applicable Redemption Date shall be as follows: (a) in the event that the
Operating Partnership shall redeem any Notes at any time prior to June 30, 2012, the price to be
paid in connection with such redemption shall be an amount equal to the greater of (i) 100% of the
principal amount thereof and (ii) the sum of the present values of the remaining scheduled payments
of principal and interest thereon (exclusive of interest accrued to such Redemption Date)
discounted to such Redemption Date on a semiannual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate plus 25 basis points, plus, in either case, accrued and
unpaid interest on the principal amount being redeemed to, but excluding, such Redemption Date; (b)
in the event that the Operating Partnership shall redeem any Notes on or after June 30, 2012, the
price to be paid in connection with such redemption shall be equal to 100% of the principal amount
of the Notes to be redeemed plus accrued and unpaid interest on the principal amount being redeemed
to, but excluding, such Redemption Date.

     No reference herein to the Indenture and no provision of the Notes or of the Indenture shall
alter or impair the obligation of the Operating Partnership, which is absolute and unconditional,
to pay the principal of and interest on the Notes, at the time, place and rate, and in the coin or
currency, herein and in the Indenture prescribed.

     Subject to and in accordance with the provisions of the Indenture, the transfer of the Notes
may be registered on the Security Register upon surrender of any such Note for registration of
transfer at the office or agency of the Operating Partnership maintained for the purpose in any
place where the principal of and interest on the Notes are payable, duly endorsed, or accompanied
by a written instrument of transfer in form satisfactory to the Operating Partnership and the
Security Registrar duly executed by the Holder hereof or by his attorney duly authorized in
writing, and thereupon one or more new Notes, of authorized denominations and for the same
aggregate principal amount, shall be issued to the designated transferee or transferees. The Notes
shall be issuable only in registered form without coupons in the denominations of $1,000 and
integral multiples of $1,000.

     Subject to and in accordance with the provisions of the Indenture, the Notes shall be
exchangeable for a like aggregate principal amount of Notes of authorized denominations as
requested by the Holders surrendering the same. No service charge shall be made for any such
registration of transfer or exchange, but the Operating Partnership may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith, other
than in certain cases provided in the Indenture. Prior to due presentment of any Notes for

 

 

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

     Subject to and in accordance with the provisions of the Indenture, the Indenture contains
provisions whereby (i) the Operating Partnership may be discharged from its obligations with
respect to the Notes (subject to certain exceptions) or (ii) the Operating Partnership may be
released from its obligations under specified covenants and agreements in the Indenture, in each
case if the Operating Partnership irrevocably deposits with the Trustee money or Government
Obligations sufficient to pay and discharge the entire indebtedness on all Notes, and satisfies
certain other conditions, all as more fully provided in the Indenture.

     THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE
OF NEW YORK. Capitalized terms used in this Note which are not defined herein shall have the
meanings assigned to them in the Indenture.

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

[Intentionally Left Blank]

 

 

PARENT GUARANTEE

     FOR VALUE RECEIVED, the undersigned hereby, jointly and severally with the Subsidiary
Guarantors, if any, unconditionally guarantees to the Holder of the accompanying 5.094% Notes Due
2015 (the “Notes”) issued by AMB Property, L.P. (the “Operating Partnership”) under an Indenture
dated as of June 30, 1998 (together with the Sixth Supplemental Indenture thereto, the “Indenture”)
among the Operating Partnership, AMB Property Corporation, and U.S. Bank National Association, as
successor trustee to State Street Bank and Trust Company of California, N.A., as trustee (the
“Trustee”), (a) the full and prompt payment of the principal of and premium, if any, on such Notes
when and as the same shall become due and payable, whether on the Stated Maturity Date, by
acceleration, by redemption, repurchase or otherwise, and (b) the full and prompt payment of the
interest on such Notes when and as the same shall become due and payable, according to the terms of
such Notes and of the Indenture. In case of the failure of the Operating Partnership punctually to
pay any such principal, premium or interest, the undersigned hereby agrees to cause any such
payment to be made punctually when and as the same shall become due and payable, whether on the
Stated Maturity Date, upon acceleration, by redemption, repayment or otherwise, and as if such
payment were made by the Operating Partnership. The undersigned hereby agrees, jointly and
severally with the Subsidiary Guarantors, if any, that its obligations hereunder shall be as
principal and not merely as surety, and shall be absolute and unconditional, and shall not be
affected, modified or impaired by the following: (a) the failure to give notice to the Guarantors
of the occurrence of an Event of Default under the Indenture; (b) the waiver, surrender,
compromise, settlement, release or termination of the payment, performance or observance by the
Operating Partnership or the Guarantors of any or all of the obligations, covenants or agreements
of either of them contained in the Indenture or the Notes; (c) the acceleration, extension or any
other changes in the time for payment of any principal of or interest or any premium on any Notes
or for any other payment under the Indenture or of the time for performance of any other
obligations, covenants or agreements under or arising out of the Indenture or the Notes; (d) the
modification or amendment (whether material or otherwise) of any obligation, covenant or agreement
set forth in the Indenture or the Notes; (e) the taking or the omission of any of the actions
referred to in the Indenture and in any of the actions under the Notes; (f) any failure, omission,
delay or lack on the part of the Trustee to enforce, assert or exercise any right, power or remedy
conferred on the Trustee in the Indenture, or any other action or acts on the part of the Trustee
or any of the Holders from time to time of the Notes; (g) the voluntary or involuntary liquidation,
dissolution, sale or other disposition of all or substantially all the assets, marshaling of assets
and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition with creditors or readjustment of, or other similar
proceedings affecting the Guarantors or the Operating Partnership or any of the assets of any of
them, or any allegation or contest of the validity of the Parent Guarantee in any such proceeding;
(h) to the extent permitted by law, the release or discharge by operation of law of the Guarantors
from the performance or observance of any obligation, covenant or agreement contained in the
Indenture; (i) to the extent permitted by law, the release or discharge by operation of law of the
Operating Partnership from the performance or observance of any obligation, covenant or agreement
contained in the Indenture; (j) the default or failure of the Operating Partnership or the Trustee
fully to perform any of its obligations set forth in the Indenture or the Notes; (k) the
invalidity, irregularity or unenforceability of the Indenture or the Notes or any part of any
thereof; (l) any judicial or governmental action affecting the Operating Partnership or any Notes
or consent or indulgence granted by the Operating Partnership by the Holders or by the Trustee; or
(m) the recovery of any

 

 

judgment against the Operating Partnership or any action to enforce the same or any other
circumstance which might constitute a legal or equitable discharge of a surety or guarantor. The
undersigned hereby waives diligence, presentment, demand of payment, filing of claims with a court
in the event of merger, sale, lease or conveyance of all or substantially all of its assets,
insolvency or bankruptcy of the Operating Partnership, any right to require a proceeding first
against the Operating Partnership, protest or notice with respect to such Notice or the
indebtedness evidenced thereby and all demands whatsoever, and covenants that this Parent Guarantee
will not be discharged except by complete performance of the obligations contained in such Notes
and in this Parent Guarantee.

     No reference herein to such Indenture and no provision of this Parent Guarantee or of such
Indenture shall alter or impair the guarantee of the undersigned, which is absolute and
unconditional, of the full and prompt payment of the principal of and premium, if any, and interest
on the Notes.

     THIS PARENT GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS
OF THE STATE OF NEW YORK.

     This Parent Guarantee shall not be valid or obligatory for any purpose until the certificate
of authentication on the Notes shall have been executed by the Trustee under the Indenture referred
to above by the manual signature of one of its authorized officers. The validity and enforceability
of this Parent Guarantee shall not be affected by the fact that it is not affixed to any particular
Notes.

     An Event of Default under the Indenture or the Notes shall constitute an event of default
under this Parent Guarantee, and shall entitle the Holders of Notes to accelerate the obligations
of the undersigned hereunder in the same manner and to the same extent as the obligations of the
Operating Partnership.

     Notwithstanding any other provision of this Parent Guarantee to the contrary, the undersigned
hereby waives any claims or other rights which it may now have or hereafter acquire against any
other Guarantor or the Operating Partnership that arise from the existence or performance of its
obligations under this Parent Guarantee (all such claims and rights are referred to as “Guarantor’s
Conditional Rights”), including, without limitation, any right of subrogation, reimbursement,
exoneration, contribution, or indemnification, any right to participate in any claim or remedy
against any Guarantor or the Operating Partnership, whether or not such claim, remedy or right
arises in equity or under contract, statute or common law, by any payment made hereunder or
otherwise, including without limitation, the right to take or receive from any Guarantor or the
Operating Partnership, directly or indirectly, in cash or other property or by setoff or in any
other manner, payment or security on account of such claim or other rights. The undersigned hereby
agrees not to exercise any rights which may be acquired by way of contribution under this Parent
Guarantee or any other agreement, by any payment made hereunder or otherwise, including, without
limitation, the right to take or receive from any other guarantor, directly or indirectly, in cash
or other property or by setoff or in any other manner, payment or security on account of such
contribution rights. If, notwithstanding the foregoing provisions, any amount shall be paid to the
undersigned on account of the Guarantor’s Conditional Rights and either (i) such amount is paid to
such undersigned party at any time when the indebtedness shall not have been paid or performed in
full, or (ii) regardless of when such

 

 

amount is paid to such undersigned party, any payment made by any Guarantor or the Operating
Partnership to a Holder that is at any time determined to be a Preferential Payment (as defined
below), then such amount paid to the undersigned shall be held in trust for the benefit of such
Holder and shall forthwith be paid such Holder to be credited and applied upon the indebtedness,
whether matured or unmatured. Any such payment is herein referred to as a “Preferential Payment” to
the extent any Guarantor or the Operating Partnership makes any payment to Holder in connection
with the Note, and any or all of such payment is subsequently invalidated, declared to be
fraudulent or preferential, set aside or required to be repaid or paid over to a trustee, receiver
or any other entity, whether under any bankruptcy act or otherwise.

     To the extent that any of the provisions of the immediately preceding paragraph shall not be
enforceable, the undersigned agrees that until such time as the indebtedness has been paid and
performed in full and the period of time has expired during which any payment made by the Operating
Partnership or the undersigned to a Holder may be determined to be a Preferential Payment,
Guarantor’s Conditional Rights to the extent not validly waived shall be subordinate to Holders’
right to full payment and performance of the indebtedness and the undersigned shall not enforce any
of Guarantor’s Conditional Rights until such time as the indebtedness has been paid and performed
in full and the period of time has expired during which any payment made by any Guarantor, the
Operating Partnership or the undersigned to Holders may be determined to be a Preferential Payment.

     The obligations of the undersigned to the Holders of the Notes and to the Trustee pursuant to
this Parent Guarantee and the Indenture are expressly set forth in Article 14 of the Indenture and
reference is hereby made to the Indenture for the precise terms of this Parent Guarantee and all of
the other provisions of the Indenture to which this Parent Guarantee relates.

     Capitalized terms used in this Parent Guarantee which are not defined herein shall have the
meanings assigned to them in the Indenture.

[Intentionally Left Blank]

 

 

     IN WITNESS WHEREOF, the undersigned has caused this Parent Guarantee to be duly executed.

Dated: July 11, 2005

	 	 	 	 	 
	 	 	AMB PROPERTY CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 /s/ Michael A. Coke
	 

	 	 	 	 
	 

	 	 	 	Name: Michael A. Coke
	 

	 	 	 	Title: Executive Vice President and
          
Chief Financial Officer

 

 

FORM OF ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned registered Holder hereby sell(s), assign(s) and
transfer(s) the Notes all as set forth below:

	 
	SOCIAL SECURITY /

	OTHER IDENTIFYING

	NUMBER OF ASSIGNEE:

	 

	NAME / ADDRESS OF

	ASSIGNEE:

	 

	ATTORNEY-IN-FACT OF

ASSIGNOR:

	 

	DATE:

     Please note that the signature to this assignment must correspond with the name as it appears
upon the face of the within Note in every particular, without alteration or enlargement or any
change whatever.

 

 

ABBREVIATIONS

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

regulations:

	 	 	 
	TEN COM:

	 	Tenants in common
	 
	 	 
	 

	 	______Custodian______Under Uniform Gifts to Minors Act ______
	UNIF GIFT MIN ACT:

	 	(State)
	 
	 	 
	TEN ENT:

	 	Tenants by the entireties
	 
	 	 
	JT TEN:

	 	Joint tenants with right of survivorship, not as tenants in common

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

 

 

Schedule A

Schedule of Exchanges of Interests in the Global Note

The following exchanges of a part of this Global Note for an interest in another Global Note
or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an
interest in this Global Note, have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Principal Amount of	 	 
	 	 	 	 	 	 	this Global Note	 	 
	 	 	Amount of Decrease in	Amount of Increase in	Following such	 	Signature of
	 	 	Principal Amount of	 	Principal Amount of	 	Decrease	 	Authorized Officer of
	Date of Exchange	 	this Global Note	 	this Global Note	 	(or Increase)	 	Trustee or Custodianexv4w3

 

Exhibit 4.3

REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT, dated as of July 8, 2005 (this “Agreement”), is
entered into by and among AMB Property, L.P., a Delaware limited partnership (the “Operating
Partnership”), and Teachers Insurance and Annuity Association of America, a New York
corporation (“Teachers”).

RECITALS

     WHEREAS, pursuant to the Exchange Agreement between the Operating Partnership, AMB Property
Corporation, a Maryland corporation, and Teachers of even date herewith, Teachers has agreed to
assign and transfer to the Operating Partnership all of the Operating Partnership’s $5.094% Notes
due 2015 (the “Notes”) held by Teachers, and the Operating Partnership has agreed to issue
in exchange (the “Exchange”) the Operating Partnership’s $100,000,000 6.9% Reset Put
Securities due 2015 (“Putable/Callable 2005”);

     WHEREAS, the Operating Partnership has agreed to provide the registration rights set forth
herein to Teachers and any subsequent holder or holders of the Notes.

     NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained,
and for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

ARTICLE I.

DEFINITIONS

     Section 1.01 Definitions. In addition to the definitions set forth above, the
following terms, as used herein, have the following meanings:

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

     “Agreement” has the meaning given to such term in the preamble hereto.

     “Business Day” means any day except a Saturday, Sunday or other day on which
commercial banks in New York, New York or San Francisco, California are authorized by law to close.

     “Commission” means the Securities and Exchange Commission.

     “Exchange” has the meaning set forth in the preamble to this Agreement.

 

 

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the Commission promulgated thereunder.

     “Holder” means any Person who is the record or beneficial owner of any Registrable
Security or any assignee or transferee of such Registrable Security (including assignments or
transfers of Registrable Securities to such assignees or transferees as a result of the foreclosure
on any loans secured by such Registrable Securities) unless such Registrable Security is acquired
in a public distribution pursuant to a registration statement under the Securities Act or pursuant
to transactions exempt from registration under the Securities Act, in each such case where
securities sold in such transaction may be resold without subsequent registration under the
Securities Act.

     “Person” means an individual or a corporation, partnership, limited liability company,
association, trust, or any other entity or organization, including a government or political
subdivision or an agency or instrumentality thereof.

     “Registrable Securities” means Notes at any time owned, either of record or
beneficially, by any Holder until (i) a registration statement covering such securities has been
declared effective by the Commission and such securities have been sold or transferred pursuant to
such effective registration statement, (ii) such securities are sold under circumstances in which
all of the applicable conditions of Rule 144 promulgated under the Securities Act (“Rule 144”) are
met or under which such securities may be sold pursuant to Rule 144(k) or (iii) such securities
have been otherwise transferred in a transaction that would constitute a sale thereof under the
Securities Act, the Operating Partnership has delivered a new certificate or other evidence of
ownership for such securities not bearing the Securities Act restricted stock legend and such
securities may be resold without subsequent registration under the Securities Act.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Selling Holder” means a Holder who is selling Registrable Securities pursuant to a
registration statement under the Securities Act pursuant to this Agreement.

     “Underwriter” means a securities dealer who purchases any Registrable Securities as
principal and not as part of such dealer’s market-making activities.

ARTICLE II.

REGISTRATION RIGHTS

     Section 2.01 Shelf Registration. Upon written notice from Teachers, the Operating
Partnership shall use its commercially reasonable efforts to prepare and file with the Commission
as promptly as practicable a “shelf” registration statement on any form for which the Operating
Partnership then qualifies or which counsel for the Operating Partnership shall deem appropriate
and which form shall be available for the resale of the Registrable Securities by the Holders for
an offering to be made on a continuous or delayed basis pursuant to Rule 415 under the Securities
Act (the “Shelf Registration Statement”), and shall use its commercially reasonable efforts
to cause such Shelf Registration Statement to be declared effective as promptly as practicable
after such filing date; provided that in no event shall the Operating Partnership be
required to file the Shelf Registration Statement with the Commission prior to eighteen (18)

2

 

months after the Exchange. The Operating Partnership shall use its commercially
reasonable efforts to keep such Shelf Registration Statement continuously effective until the
earliest of (A) 24 months following the effective date of the Shelf Registration Statement, (B)
such time as all of the Registrable Securities have been sold pursuant to the Shelf Registration
Statement or Rule 144 and (C) the date on which the Registrable Securities may be sold without
volume restrictions in accordance with Rule 144.

     Section 2.02 Registration Procedures; Filings; Information. In connection with the
Shelf Registration Statement, the Operating Partnership will use its best efforts to effect the
registration and the sale of such Registrable Securities in accordance with the Selling Holders’
intended method of disposition thereof as quickly as practicable, and in connection therewith:

     (a) The Operating Partnership will, if requested, prior to filing a registration statement or
prospectus or any amendment or supplement thereto, furnish to each Selling Holder and each
Underwriter, if any, of the Registrable Securities covered by such registration statement or
prospectus copies of such registration statement or prospectus or any amendment or supplement
thereto as proposed to be filed, and thereafter furnish to such Selling Holder and Underwriter, if
any, one conformed copy of such registration statement, each amendment thereof and supplement
thereto (in each case including all exhibits thereto and documents incorporated by reference
therein; provided, that each such exhibit need only be provided once), and such number of copies of
the prospectus included in such registration statement (including each preliminary prospectus) and
such other documents as such Selling Holder or Underwriter may reasonably request in order to
facilitate the disposition of the Registrable Securities owned by such Selling Holder; subject to
the limitations and provisions contained herein, the Operating Partnership consents to the use of
any such prospectus, including each preliminary prospectus, by such Selling Holder in connection
with the offering and sale of the Registrable Securities covered by such prospectus.

     (b) After the filing of the registration statement, the Operating Partnership will promptly
notify each Selling Holder of Registrable Securities covered by such registration statement (i)
when a registration statement has become effective and when any post-effective amendments and
supplements thereto become effective, and (ii) of any stop order issued or threatened by the
Commission, and the Operating Partnership will take all reasonable actions required to prevent the
entry of such stop order or to remove it if entered; in the event the Operating Partnership shall
give notice of any issued stop order under Section 2.02(b)(ii) hereof, the Operating
Partnership shall extend the period during which such registration statement shall be maintained
effective (including the period referred to in Section 2.01 hereof) by the number of days
during the period from and including the date of giving of notice pursuant to Section
2.02(b)(ii) hereof to the date the Operating Partnership shall give notice to the Selling
Holders of the removal of such stop order.

     (c) The Operating Partnership will use its best efforts to (i) register or qualify the
Registrable Securities under such other state securities or blue sky laws of such jurisdictions in
the United States (where an exemption is not available) as any Selling Holder or managing
Underwriter or Underwriters, if any, reasonably (in light of such Selling Holder’s intended plan of
distribution) requests and (ii) cause such Registrable Securities to be registered with or approved
by such other governmental agencies or authorities as may be necessary by virtue of

3

 

the business and operations of the Operating Partnership and do any and all other acts and
things that may be reasonably necessary or advisable to enable such Selling Holder to consummate
the disposition of the Registrable Securities owned by such Selling Holder; provided that the
Operating Partnership will not be required to (A) qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify but for this paragraph (c), (B)
subject itself to taxation in any such jurisdiction or (C) consent to general service of process in
any such jurisdiction.

     (d) The Operating Partnership will promptly notify each Selling Holder of such Registrable
Securities, at any time when a prospectus relating thereto is required to be delivered under the
Securities Act, of the occurrence of an event requiring the preparation of a supplement or
amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable
Securities, such prospectus will not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances then existing, not misleading and promptly make available to each
Selling Holder a reasonable number of copies of any such supplement or amendment.

     (e) The Operating Partnership will enter into customary agreements (including an underwriting
agreement, if any, in customary form) and take such other actions as are reasonably required in
order to expedite or facilitate the disposition of such Registrable Securities.

     (f) The Operating Partnership will make available for inspection by any Selling Holder of such
Registrable Securities, any Underwriter participating in any disposition pursuant to such
registration statement and any attorney, accountant or other professional retained by any such
Selling Holder or Underwriter (collectively, the “Inspectors”), all financial and other
records, pertinent corporate documents and properties of the Operating Partnership (collectively,
the “Records”) as shall be reasonably necessary to enable them to exercise their due
diligence responsibility, and cause the Operating Partnership’s officers, directors and employees
to supply all information reasonably requested by any Inspectors in connection with such
registration statement. Records which the Operating Partnership determines, in good faith, to be
confidential and which it notifies the Inspectors are confidential shall not be disclosed by the
Inspectors unless (i) the disclosure of such Records is necessary to avoid or correct a
misstatement or omission in such registration statement, (ii) the release of such Records is
ordered pursuant to a subpoena or other order from a court of competent jurisdiction or (iii) such
Records have been generally made available to the public. Each Selling Holder of such Registrable
Securities agrees that information obtained by it as a result of such inspections shall be deemed
confidential and shall not be used by it as the basis for any market transactions in the securities
of the Operating Partnership or its Affiliates or otherwise disclosed by it unless and until such
is made generally available to the public. Each Selling Holder of such Registrable Securities
further agrees that it will, upon learning that disclosure of such Records is sought in a court of
competent jurisdiction, give notice to the Operating Partnership and allow the Operating
Partnership, at its expense, to undertake appropriate action to prevent disclosure of the Records
deemed confidential.

     The Operating Partnership may require, as a condition precedent to the obligations of the
Operating Partnership under the Agreement, each Selling Holder of Registrable Securities to

4

 

promptly furnish in writing to the Operating Partnership such information regarding such
Selling Holder, the Registrable Securities held by it and the intended method of distribution of
the Registrable Securities as the Operating Partnership may from time to time reasonably request
and such other information as may be legally required in connection with such registration.

     Each Selling Holder agrees that, upon receipt of any notice from the Operating Partnership of,
or such Selling Holder obtains knowledge of, the happening of any event of the kind described in
Section 2.02(d) hereof, such Selling Holder will forthwith discontinue disposition of
Registrable Securities pursuant to the registration statement and prospectus covering such
Registrable Securities until such Selling Holder’s receipt of the copies of the supplemented or
amended prospectus contemplated by Section 2.02(d) hereof, and, if so directed by the
Operating Partnership, such Selling Holder will deliver to the Operating Partnership all copies,
other than permanent file copies then in such Selling Holder’s possession, of the most recent
prospectus and each amendment thereof and supplement thereto covering such Registrable Securities
at the time of receipt of such notice. Each Selling Holder of Registrable Securities agrees that
it will immediately notify the Operating Partnership at any time when a prospectus relating to the
registration of such Registrable Securities is required to be delivered under the Securities Act of
the happening of an event known to such Selling Holder as a result of which information previously
furnished by such Selling Holder to the Operating Partnership in writing for inclusion in such
prospectus contains an untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading. In the event the Operating Partnership
shall give such notice, the Operating Partnership shall extend the period during which such
registration statement shall be maintained effective (including the period referred to in
Section 2.01 hereof) by the number of days during the period from and including the date of
the giving of notice pursuant to Section 2.02(d) hereof to the date when the Operating
Partnership shall make available to the Selling Holders of Registrable Securities covered by such
registration statement a prospectus supplemented or amended to conform with the requirements of
Section 2.02(d) hereof.

     Section 2.03 Registration Expenses. In connection with any registration statement
required to be filed hereunder, the Operating Partnership shall pay the following registration
expenses incurred in connection with the registration hereunder (the “Registration
Expenses”): (i) all registration and filing fees, (ii) fees and expenses of compliance with
state securities or blue sky laws (including reasonable fees and disbursements of counsel in
connection with blue sky qualifications of the Registrable Securities), (iii) printing expenses,
(iv) internal expenses (including, without limitation, all salaries and expenses of its officers
and employees performing legal or accounting duties), (v) reasonable fees and disbursements of
counsel for the Operating Partnership and customary fees and expenses for independent certified
public accountants retained by the Operating Partnership, (vii) the reasonable fees and expenses of
any special experts retained by the Operating Partnership in connection with such registration, and
(viii) reasonable fees and expenses of one counsel (who shall be reasonably acceptable to the
Operating Partnership) for Teachers. Except as expressly set forth in the preceding sentence, the
Operating Partnership shall have no obligation to pay any underwriting fees, discounts or
commissions attributable to the sale of Registrable Securities, or any out-of-pocket expenses of
the Holders (or the agents who manage their accounts) or any transfer taxes relating to the
registration or sale of the Registrable Securities.

5

 

     Section 2.04 Indemnification by the Operating Partnership. The Operating Partnership
agrees to indemnify and hold harmless each Selling Holder of Registrable Securities, its officers,
directors and agents, and each Person, if any, who controls such Selling Holder within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all
losses, claims, damages and liabilities caused by any untrue statement or alleged untrue statement
of a material fact contained in any registration statement or prospectus relating to the
Registrable Securities (as amended or supplemented if the Operating Partnership shall have
furnished any amendments or supplements thereto) or any preliminary prospectus, or caused by any
omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances in which they were made,
not misleading, except insofar as such losses, claims, damages or liabilities are caused by any
such untrue statement or omission or alleged untrue statement or omission of material fact so made
in reliance upon and in conformity with information furnished in writing to the Operating
Partnership by such Selling Holder or on such Selling Holder’s behalf expressly for inclusion
therein.

     Section 2.05 Indemnification by Holders of Registrable Securities. Each Selling
Holder agrees, severally but not jointly, to indemnify and hold harmless the Operating Partnership,
its officers, directors and agents and each Person, if any, who controls the Operating Partnership
within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to
the same extent as the foregoing indemnity from the Operating Partnership to such Selling Holder,
but only with respect to information relating to such Selling Holder furnished in writing by such
Selling Holder or with such Selling Holder’s authorization or on such Selling Holder’s behalf
expressly for use in any registration statement or prospectus relating to the Registrable
Securities, or any amendment or supplement thereto, or any preliminary prospectus.

     Section 2.06 Conduct of Indemnification Proceedings. In case any proceeding
(including any governmental investigation) shall be instituted involving any person in respect of
which indemnity may be sought pursuant to Sections 2.04 or 2.05 hereof, such person (an
“Indemnified Party”) shall promptly notify the person against whom such indemnity may be
sought (an “Indemnifying Party”) in writing and the Indemnifying Party shall assume the
defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified
Party, and shall assume the payment of all fees and expenses. In any such proceeding, any
Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such
counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the
Indemnified Party shall have mutually agreed to the retention of such counsel, (ii) the
Indemnifying Party has not employed counsel to assume the defense of such proceeding within a
reasonable time after receiving notice of the commencement of the proceeding, or (iii) the named
parties to any such proceeding (including any impleaded parties) include both the Indemnified Party
and the Indemnifying Party and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. It is understood that
the Indemnifying Party shall not, in connection with any proceeding or related proceedings in the
same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm of
attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and that
all such fees and expenses shall be reimbursed as they are incurred. In the case of any such
separate firm for the Indemnified Parties, such firm shall be designated in writing by (i) in the
case of Persons indemnified pursuant to Section 2.04 hereof, by the Selling Holders which

6

 

owned a majority of the Registrable Securities sold under the applicable registration
statement and (ii) in the case of Persons indemnified pursuant to Section 2.05 hereof, the
Operating Partnership. The Indemnifying Party shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent, or if there be a
final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such
Indemnified Parties from and against any loss or liability (to the extent stated above) by reason
of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an
Indemnified Party shall have requested an Indemnifying Party to reimburse the Indemnified Party for
fees and expenses of counsel as contemplated by the third sentence of this paragraph, the
Indemnifying Party agrees that it shall be liable for any settlement of any proceeding effected
without its written consent if (i) such settlement is entered into more than thirty (30) Business
Days after receipt by such Indemnifying Party of the aforesaid request and (ii) such Indemnifying
Party shall not have reimbursed the Indemnified Party in accordance with such request prior to the
date of such settlement. No Indemnifying Party shall, without the prior written consent of the
Indemnified Party, effect any settlement of any pending or threatened proceeding in which any
Indemnified Party is or could have been a party and indemnity could have been sought hereunder by
such Indemnified Party, unless such settlement includes an unconditional release of such
Indemnified Party from all liability arising out of such proceeding.

     Section 2.07 Contribution. If the indemnification provided for in Sections 2.04
or 2.05 hereof is unavailable for any reason to an Indemnified Party or insufficient in respect
of any losses, claims, damages or liabilities referred to therein, then each such Indemnifying
Party shall contribute to the amount paid or payable by such Indemnified Party as a result of such
losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative
fault of the Operating Partnership and of each Selling Holder in connection with such statements or
omissions which resulted in such losses, claims, damages or liabilities, as well as any other
relevant equitable considerations. The relative fault of the Operating Partnership on the one hand
and of each Selling Holder on the other shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Operating Partnership or
such Selling Holder, and the Operating Partnership’s and the Selling Holder’s relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission.

     The Operating Partnership and the Selling Holders agree that it would not be just and
equitable if contribution pursuant to this Section 2.07 were determined by pro rata
allocation (even if the Underwriters were treated as one entity for such purpose) or by any other
method of allocation which does not take account of the equitable considerations referred to in the
immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of
the losses, claims, damages or liabilities referred to in Sections 2.04 and 2.05 hereof
shall be deemed to include, subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such Indemnified Party in connection with investigating or defending any
such action or claim. No Selling Holder shall be required to contribute any amount in excess of
the amount by which the total price at which the securities of such Selling Holder were offered to
the public exceeds the amount of any damages which such Selling Holder has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)

7

 

of the Securities Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation. The Selling Holders’ obligations to contribute pursuant to this
Section 2.07 are several in the proportion that the proceeds of the offering received by
such Selling Holder bears to the total proceeds of the offering received by all the Selling Holders
and not joint.

     Section 2.08 Participation in Underwritten Registrations. No Person may participate
in any underwritten registration hereunder unless such Person (a) agrees to sell such Person’s
securities on the basis provided in the applicable underwriting arrangements and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other
documents in customary form and reasonably required under the terms of such underwriting
arrangements and these registration rights provided for in this Article II.

     Section 2.09 Rule 144. The Operating Partnership covenants that it will file any
reports required to be filed by it under the Securities Act and the Exchange Act and that it will
take such further action as any Holder may reasonably request, all to the extent required from time
to time to enable Holders to sell Registrable Securities without registration under the Securities
Act within the limitation of the exemptions provided by (a) Rule 144 or (b) any similar rule or
regulation hereafter adopted by the Commission. Upon the request of any Holder, the Operating
Partnership will deliver to such Holder a written statement as to whether it has complied with such
requirements.

     Section 2.10 Holdback Agreements.

     (a) If the Operating Partnership determines in its good faith judgment that the filing or
effectiveness of the Shelf Registration Statement or the use of any related prospectus would
require the disclosure of non-public material information that the Operating Partnership has a bona
fide business purpose for preserving as confidential or the disclosure of which would impede the
Operating Partnership’s ability to consummate a material action, and that the Operating Partnership
is not otherwise required by applicable securities laws or regulations to disclose, upon written
notice of such determination by the Operating Partnership, the rights of the Holders to offer, sell
or distribute any Registrable Securities pursuant to the Shelf Registration Statement or to require
the Operating Partnership to take action with respect to the registration or sale of any
Registrable Securities pursuant to the Shelf Registration Statement (which, for purposes of
clarification only, includes but is not limited to the filing and declaration of effectiveness of
the Shelf Registration Statement pursuant to Sections 2.01 and 2.02 hereof) shall be
suspended until the earlier of (i) the date upon which the Operating Partnership notifies the
Holders in writing that suspension of such rights for the grounds set forth in this Section
2.10(a) is no longer necessary and (ii) 120 days following the notice of determination that the
filing of the Shelf Registration Statement or use of any related prospectus would require the
disclosure of such non-public material information. The Operating Partnership agrees to give such
notice as promptly as practicable following the date that such suspension of rights is no longer
necessary.

     (b) If all reports required to be filed by the Operating Partnership pursuant to the Exchange
Act have not been filed by the required date without regard to any extension, or if the
consummation of any business combination by the Operating Partnership has occurred or is

8

 

probable for purposes of Rule 3-05, Rule 3-14 or Article 11 of Regulation S-X under the Act,
upon written notice thereof by the Operating Partnership to the Holders, the rights of the Holders
to offer, sell or distribute any Registrable Securities pursuant to the Shelf Registration
Statement or to require the Operating Partnership to take action with respect to the registration
or sale of any Registrable Securities pursuant to the Shelf Registration Statement shall be
suspended until the date on which the Operating Partnership has filed such reports or obtained and
filed the financial information required by Rule 3-05, Rule 3-14 or Article 11 of Regulation S-X
under the Act to be included or incorporated by reference, as applicable, in the Shelf Registration
Statement, and the Operating Partnership shall notify the Holders as promptly as practicable when
such suspension is no longer required.

     (c) If, pursuant to Section 2.10(a) or Section 2.10(b) hereof, the Operating
Partnership suspends the Holders’ rights under this Agreement, the Operating Partnership shall
extend the period during which the registration statement shall be maintained effective pursuant to
this Agreement by the number of days during the period from the date of such suspension to and
including the date when the Holders shall have received notice from the Operating Partnership that
such suspension of rights is no longer necessary.

ARTICLE III.

MISCELLANEOUS

     Section 3.01 Remedies. In addition to being entitled to exercise all rights provided
herein and granted by law, including recovery of damages, the Holders shall be entitled to specific
performance of the rights under this Agreement. The Operating Partnership agrees that monetary
damages would not be adequate compensation for any loss incurred by reason of a breach by it of the
provisions of this Agreement and hereby agrees to waive the defense in any action for specific
performance that a remedy at law would be adequate.

     Section 3.02 Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents
to departures from the provisions hereof may not be given without the prior written consent of the
Operating Partnership and Teachers. No failure or delay by any party to insist upon the strict
performance of any covenant, duty, agreement or condition of this Agreement or to exercise any
right or remedy consequent upon any breach thereof shall constitute a waiver of any such breach or
any other covenant, duty, agreement or condition.

     Section 3.03 Notices. All notices and other communications in connection with this
Agreement shall be made in writing by hand delivery, registered first-class mail, telex,
telecopier, or air courier guaranteeing overnight delivery:

	 	 	 	 	 	 	 
	 

	 	 	(1	)	 	if to Teachers:
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Teachers Insurance and Annuity
	 

	 	 	 	 	 	Association of America
	 

	 	 	 	 	 	730 Third Avenue
	 

	 	 	 	 	 	New York, NY 10017

9

 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Attention: Joseph Romano, Managing Director
	 

	 	 	 	 	 	Facsimile Number: (212) 916-6960
	 
	 	 	 	 	 	 
	 	 	with a copy to:
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Mayer, Brown, Rowe & May LLP
	 

	 	 	 	 	 	1675 Broadway
	 

	 	 	 	 	 	New York, NY 10019-5820
	 

	 	 	 	 	 	Attention: Jin K. Kim
	 

	 	 	 	 	 	Facsimile Number: (212) 849-5696

     (2) if to the Operating Partnership, initially at Pier 1, Bay 1, San Francisco, California
94111 (Attention: General Counsel), or to such other address as the Operating Partnership may
hereafter specify in writing;

	 	 	 	 	 
	 	 	with a copy to:
	 
	 	 	 	 
	 

	 	 	 	Latham & Watkins LLP
	 

	 	 	 	505 Montgomery Street, Suite 2000
	 

	 	 	 	San Francisco, CA 94111
	 

	 	 	 	Attention: Laura L. Gabriel, Esq.
	 

	 	 	 	Facsimile Number: (415) 395-8095

     All such notices and communications shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; when received if deposited in the mail, postage
prepaid, if mailed; when receipt acknowledged, if telecopied; and on the next business day, if
timely delivered to an air courier guaranteeing overnight delivery.

     Section 3.04 Successors and Assigns. This Agreement shall be binding upon the parties
hereto and their respective successors and assigns.

     Section 3.05 Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. Each party shall become bound by this Agreement immediately upon affixing its signature
hereto. Counterparts hereof containing facsimile copy signatures shall have the same force and
effect as original signed counterparts.

     Section 3.06 Governing Law. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of New York without regard to the choice of law
provisions thereof.

     Section 3.07 Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held invalid, illegal or
unenforceable, the validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

10

 

     Section 3.08 Entire Agreement. This Agreement is intended by the parties as a final
expression of their agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject matter contained
herein. There are no restrictions, promises, warranties or undertakings, other than those set
forth or referred to herein with respect to the registration rights granted by the Operating
Partnership with respect to the Registrable Securities. This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject matter.

     Section 3.09 Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

     Section 3.10 No Third Party Beneficiaries. Nothing express or implied herein is
intended or shall be construed to confer upon any person or entity, other than the parties hereto
and their respective successors and assigns, any rights, remedies or other benefits under or by
reason of this Agreement.

(Signature Page Follows)

11

 

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

	 	 	 	 	 	 	 
	 	 	AMB PROPERTY, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	AMB Property Corporation, its	 	 
	 

	 	 	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael A. Coke
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Michael A. Coke

Executive Vice President and

Chief Financial Officer	 	 

 

 

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

	 	 	 	 	 	 	 
	 	 	TEACHERS INSURANCE AND ANNUITY	 	 
	 	 	ASSOCIATION OF AMERICA,	 	 
	 	 	a New York corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Stephen J. Kraljic	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Name: Stephen J. Kraljic	 	 
	 
	 	 	 	 	 	 
	 	 	Title: Director

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