Document:

Exhibit
4.1

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO 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.

 

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN
WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE
THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A
SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.

 

	
  REGISTERED

  	
   

  	
  REGISTERED

  
	
  NO. 001

  	
   

  	
  PRINCIPAL AMOUNT

  
	
   

  	
   

  	
   

  
	
  CUSIP
  No.                  

  	
   

  	
  $500,000,000

  

 

 

ERP
OPERATING LIMITED PARTNERSHIP

 

5.25%
Notes due September 15, 2014

 

ERP Operating Limited Partnership, an Illinois limited
partnership (the “Issuer,” which term includes any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay
to Cede & Co. or registered assigns, the principal sum of Five Hundred
Million Dollars on September 15, 2014 (the “Maturity Date”), and to pay
interest thereon from September 14, 2004 (or from the most recent Interest
Payment Date to which interest has been paid or duly provided for),
semi-annually in arrears on March 15 and September 15 of each year
(each, an “Interest Payment Date”), commencing on March 15, 2005, and on
the Maturity Date, at the rate of 5.25% per annum, until payment of said
principal sum has been made or duly provided for.

 

The interest so payable and punctually paid or duly
provided for on any Interest Payment Date and on the Maturity Date will be paid
to the Holder in whose name this Note (or one or more predecessor Notes) is
registered at the close of business on the “Record Date” for such payment,
which will be the March 1 or September 1 next preceding such payment
date or the Maturity Date, as the case may be. 
Any interest not so punctually paid or duly provided for shall forthwith
cease to be payable to the Holder on such Record Date, and shall be paid to the
Holder in whose name this Note (or one or more predecessor Notes) is registered
at the close of business on a subsequent record date for the payment of such
defaulted interest (which shall be not less than five Business Days (as defined
below) prior to the date of the payment of such defaulted interest) established
by notice given by mail by or on behalf of the Issuer to the Holders of the
Notes not less than 15 days preceding such subsequent record date.  Interest on this Note will be computed on the
basis of a 360-day year of twelve 30-day months.

 

The principal of this Note payable on the Maturity
Date will be paid against presentation and surrender of this Note at the office
or agency of the Issuer maintained for that purpose in The Borough of
Manhattan, The City of New York.  The
Issuer hereby initially designates the Corporate Trust Office of the Trustee in
The City of New York as the office to be maintained by it where Notes may be
presented for payment, registration of transfer, or exchange and where notices
or demands to or upon the Issuer in respect of the Notes or the Indenture
referred to on the reverse hereof may be served.

 

Interest payable on this Note on any Interest Payment
Date and on the Maturity Date, as the case may be, will be the amount of
interest accrued from and including the immediately preceding Interest Payment
Date (or from and including September 14, 2004, in the case of the initial
Interest Payment Date) to but excluding the applicable Interest Payment Date or
the Maturity Date, as the case may be. 
If any Interest Payment Date other than the Maturity Date

 

 

would otherwise be a day
that is not a Business Day (as defined below), such Interest Payment Date will
be postponed to the succeeding Business Day. 
If the Maturity Date falls on a day that is not a Business Day,
principal and interest payable on the Maturity Date will be paid on the
succeeding Business Day with the same force and effect as if it were paid on
the date such payment was due, and no interest will accrue on the amount so
payable for the period from and after the Maturity Date.  “Business Day” means any day, other than a
Saturday or a Sunday on which banking institutions in The City of New York are
not required or authorized by law or executive order to close.

 

Payments of principal and interest in respect of this
Note will be made by wire transfer of immediately available funds in such coin
or currency as at the time of payment is legal tender for the payment of public
and private debts.

 

Reference is made to the further provisions of this
Note set forth on the reverse hereof. 
Such further provisions shall for all purposes have the same effect as
though fully set forth at this place.

 

This Note shall not be entitled to the benefits of the
Indenture referred to on the reverse hereof or be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been
signed by the Trustee under such Indenture.

 

 

*    *   
*    *    *

 

2

 

IN WITNESS WHEREOF, the Issuer has caused this
instrument to be signed manually or by facsimile by its duly authorized
officers.

 

	
  Dated: September 14, 2004

  	
   

  	
  ERP OPERATING LIMITED PARTNERSHIP, as Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  EQUITY RESIDENTIAL,

  
	
   

  	
   

  	
  not individually but as General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Donna Brandin

  
	
   

  	
   

  	
  Its:

  	
  Executive Vice President

  
	
   

  	
   

  	
   

  	
  and Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Bruce C. Strohm

  
	
   

  	
   

  	
  Its:

  	
  Executive Vice President, General

  
	
   

  	
   

  	
   

  	
  Counsel and Secretary

  
						

 

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	
   

  	
   

  	
  J.P. MORGAN TRUST COMPANY,

  
	
   

  	
   

  	
  NATIONAL ASSOCIATION, SUCCESSOR IN

  
	
   

  	
   

  	
  INTEREST TO BANK ONE, N.A., as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized Officer

  
						

 

 

[REVERSE OF NOTE]

 

ERP OPERATING LIMITED PARTNERSHIP

 

5.25% Notes due September 15,
2014

 

This security is one of a duly authorized issue of
debentures, notes, bonds, or other evidences of indebtedness of the Issuer
(hereinafter called the “Securities”) of the series hereinafter specified, all
issued or to be issued under and pursuant to (i) an Indenture dated as of
October 1, 1994 as supplemented from time to time (herein called the
“Indenture”), duly executed and delivered by the Issuer to J.P. Morgan Trust
Company, National Association (as successor in interest to Bank One Trust
Company, N.A., successor to The First National Bank of Chicago) as Trustee
(herein called the “Trustee,” which term includes any successor trustee under
the Indenture with respect to the series of Securities of which this Note is a
part), and (ii) an Officers’ Certificate dated the date hereof (the
“Officers’ Certificate”), duly executed by authorized officers of the Issuer,
pursuant to Section 301 of the Indenture to which Officers’ Certificate
and Indenture and all Indentures supplemental thereto reference is hereby made
for a description of the rights, limitations of rights, obligations, duties,
and immunities thereunder of the Trustee, the Issuer, and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be, authenticated
and delivered.  The Securities may be
issued in one or more series, which different series may be issued in various
aggregate principal amounts, may mature at different times, may bear interest
(if any) at different rates, may be subject to different redemption provisions
(if any), and may otherwise vary as provided in the Indenture.  This Security is one of a series designated
as the 5.25% Notes due September 15, 2014 of the Issuer, limited in aggregate
principal amount to $500,000,000.

 

In case an Event of Default with respect to the 5.25%
Notes due September 15, 2014 shall have occurred and be continuing, the
principal hereof and Make-Whole Amount (if any) may be declared, and upon such
declaration shall become, due and payable, in the manner, with the effect, and
subject to the conditions provided in the Indenture.

 

The Issuer may redeem the Securities, at any time in
whole or from time to time in part, at the election of the Issuer, at a
redemption price equal to the sum of (i) the principal amount of the
Securities being redeemed plus accrued interest thereon to the Redemption Date
and (ii) the Make-Whole Amount, if any, with respect to such Securities
(the “Redemption Price”).  For purposes
of the Notes, the Reinvestment Rate will be determined using .20% as specified
in the Officers’ Certificate in lieu of the percentage contained in the
Indenture.  Notice of any optional
redemption of any Securities will be given to Holders at their addresses, as
shown in the Security Register, not more than 60 nor less than 30 days prior to
the date fixed for redemption.  The
notice of redemption will specify, among other items, the Redemption Price and
the principal amount of the Securities held by such Holder to be redeemed.

 

The Indenture contains provisions for defeasance of
(i) the entire indebtedness of the 5.25% Notes due September 15, 2014 or
(ii) certain covenants and events of default with respect to the Notes, in
each case upon compliance with certain conditions set forth in the Indenture,
which provisions apply to these Notes.

 

The Indenture contains provisions permitting the
Issuer and the Trustee, with the consent of the Holders of not less than a
majority of the aggregate principal amount of the Securities at the time
Outstanding of all series to be affected (voting as one class), evidenced as
provided in the Indenture, to execute supplemental Indentures adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Indenture or of any supplemental Indenture or modifying in any manner the
rights of the Holders of the Securities of each series; provided, however, that
no such supplemental Indenture shall, without the consent of the Holder of each
Security so affected, (i) change the final maturity of any Security, or reduce
the principal amount thereof or any premium thereon, or reduce the rate or
extend the time of payment of any interest thereon, or impair or affect the
rights of any Holder to institute suit for the payment on any Security, or
(ii) reduce the aforesaid percentage of Securities, the Holders of which
are required to consent to any such supplemental Indenture, or
(iii) reduce the percentage of Securities, the Holders of which are
required to consent to any waiver of compliance with certain provisions of the
Indenture or any waiver of certain defaults thereunder.  It is also provided in the Indenture that,
with respect to certain defaults or Events of Default regarding the Securities
of any series, the Holders of a majority in aggregate principal amount outstanding
of the Securities of such series (or, in the case of certain defaults or Events
of Default, all series of Securities) may on behalf of the Holders of all the
Securities of such series (or all of the Securities, as the case may be) waive
any such past default or Event of Default and its consequences, prior to any
declaration accelerating the maturity of such Securities; or, subject to
certain conditions, may rescind a

 

4

 

declaration of acceleration and its consequences with respect to such
Securities.  Any such consent or waiver
by the Holder of this security (unless revoked as provided in the Indenture)
shall be conclusive and binding upon such Holder and upon all future Holders
and owners of this security and any securities that may be issued in exchange
or substitution herefor, irrespective of whether or not any notation thereof is
made upon this security or such other securities.

 

No reference herein to the Indenture and no provision
of this security or of the Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of and
any Make-Whole Amount and interest on this security in the manner, at the
respective times, at the rate and in the coin or currency herein prescribed.

 

This security is issuable only in registered form
without coupons in denominations of $1,000 and integral multiples thereof.  Securities may be exchanged for a like
aggregate principal amount of securities of this series of other authorized
denominations at the office or agency of the Issuer in The Borough of
Manhattan, The City of New York, in the manner and subject to the limitations
provided in the Indenture, but without the payment of any service charge except
for any tax or other governmental charge imposed in connection therewith.

 

Upon due presentment for registration of transfer of
Securities at the office or agency of the Issuer in The Borough of Manhattan,
The City of New York, a new Security or Securities of the same series of
authorized denominations in an equal aggregate principal amount will be issued
to the transferee in exchange therefor, subject to the limitations provided in
the Indenture, without charge except for any tax or other governmental charge imposed
in connection therewith.

 

The Issuer, the Trustee, and any authorized agent of
the Issuer or the Trustee may deem and treat the Person in whose name this
Security is registered as the absolute owner of this Security (whether or not
this security shall be overdue and notwithstanding any notation of ownership or
other writing hereon), for the purpose of receiving payment of, or on account
of, the principal hereof and Make-Whole Amount, if any, and subject to the
provisions on the face hereof, interest hereon, and for all other purposes, and
neither the Issuer nor the Trustee nor any authorized agent of the Issuer or
the Trustee shall be affected by any notice to the contrary.

 

The Indenture and each Security shall be deemed to be
a contract under the laws of the State of New York, and for all purposes shall
be construed in accordance with the laws of such state, except as may otherwise
be required by mandatory provisions of law.

 

Terms used herein that are defined in the Indenture or
in the Officers’ Certificate shall have the respective meanings assigned
thereto in the Indenture or the Officers’ Certificate, as the case may be.

 

5Exhibit 4.2

 

FIRST SUPPLEMENTAL INDENTURE

 

THIS FIRST SUPPLEMENTAL INDENTURE,
dated as of September 9, 2004 (this “Supplemental Indenture”), by and
between ERP OPERATING LIMITED PARTNERSHIP, a limited partnership organized
under the laws of the State of Illinois having its principal office at
Two North Riverside Plaza, Suite 400, Chicago, Illinois, 60606
(hereinafter sometimes called the “Partnership”), and J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to Bank One Trust
Company, N.A., as successor to The First National Bank of Chicago), having a
corporate trust office at 227 West Monroe Street, 26th Floor, Chicago,
Illinois, 60606 (the “Trustee”).

 

RECITALS OF THE PARTNERSHIP

 

The Partnership and the Trustee have heretofore entered into an
Indenture dated as of October 1, 1994 (the “Base Indenture”) between the
Partnership and the Trustee, providing for the issuance by the Partnership from
time to time of its debt securities evidencing its unsecured and unsubordinated
indebtedness (the “Securities”).

 

Section 901 of the Base Indenture provides for the Partnership and
the Trustee to enter into supplemental indentures to the Base Indenture from
time to time in accordance with the terms thereof.

 

A duly authorized committee of the Board of Trustees of Equity
Residential, the sole general partner of the Partnership, has duly adopted
resolutions authorizing the Partnership to execute and deliver this
Supplemental Indenture.

 

All things necessary to make the Indenture, as hereby modified, a valid
agreement of the Partnership, in accordance with its terms, have been done.

 

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE
WITNESSETH:

 

For and in consideration of the premises and of the covenants contained
herein and in the Indenture, and the purchase of Securities provided for herein
by the Holders thereof, the Partnership and the Trustee covenant and agree, for
the equal and proportionate benefit of all Holders of Securities, as follows:

 

ARTICLE ONE

RELATION TO BASE INDENTURE; DEFINITIONS

 

Section 1.1.           Relation
to Base Indenture. 
This Supplemental Indenture constitutes an integral part of the Base
Indenture.

 

Section 1.2.           Definitions.  For all purposes of this Supplemental
Indenture, except as otherwise expressly provided for or unless the context
otherwise requires:

 

(1)                                  Capitalized
terms used but not defined herein shall have the respective meanings assigned
to them in the Base Indenture;

 

 

(2)           The definition of the term “Total
Assets” provided for herein applies solely to this Supplemental Indenture and
the covenants set forth in Article 2 hereof; and

 

(3)           All references
herein to Articles and Sections, unless otherwise specified, refer to the
corresponding Articles and Sections of this Supplemental Indenture.

 

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

 

“Capitalization Rate” means: 
7.5%.

 

“Capitalized Property Value” means, as of any date, the aggregate sum
of all Property EBITDA for each such property for the prior four quarters and
capitalized at the applicable Capitalization Rate, provided, however, that if
the value of a particular property calculated pursuant to this clause is less
than the undepreciated book value of such property determined in accordance
with GAAP, such undepreciated book value shall be used in lieu thereof with
respect to such property.  “Property
EBITDA” is defined as, for any period of time, without duplication net earnings
(loss), excluding net derivative gains (losses) and gains (losses) on
dispositions of real estate, before deductions for the Partnership and its
Subsidiaries (including amounts reported in discontinued operations) for (i) interest
expense (including prepayment penalties); (ii) provision for taxes based
on income; (iii) depreciation, amortization and all other non-cash items,
as determined in good faith by the Partnership, deducted in arriving at net
income (loss); (iv) extraordinary items; (v) non-recurring items, as
determined in good faith by the Partnership; and (vi) minority
interest.  In each case for such period,
amounts will be as reasonably determined by the Partnership in accordance with
GAAP, except to the extent GAAP is not applicable with respect to the
determination of non-cash and non-recurring items.  For purposes of this definition, Property
EBITDA will not include corporate level general and administrative expenses and
other corporate expenses such as land holding costs, employee and trustee stock
and stock option expense and pursuit cost write-offs as determined in good
faith by the Partnership.

 

“Consolidated EBITDA” means, for any period of time, without
duplication, net earnings (loss), including the net incremental gains (losses)
on sales of condominium units, vacant land and other non-depreciated real
property and excluding net derivative gains (losses) and gains (losses) on
dispositions of REIT depreciable real estate investments as reflected in the reports
filed by the Partnership under the Exchange Act, before deductions for the
Partnership and its Subsidiaries (including amounts reported in discontinued
operations) for (i) interest expense (including prepayment penalties);
(ii) provision for taxes based on income; (iii) depreciation,
amortization and all other non-cash items, as determined in good faith by the
Partnership, deducted in arriving at net income (loss); (iv) extraordinary
items; (v) non-recurring items, as determined in good faith by the Partnership;
and (vi) minority interest.  In each
case for such period, amounts will be as reasonably determined by the
Partnership in accordance with GAAP, except to the extent GAAP is not

 

 

applicable with respect to the determination
of non-cash and non-recurring items. 
Consolidated EBITDA will be adjusted, without duplication, to give pro
forma effect:  (x) in the case of
any assets having been placed-in-service or removed from service since the
beginning of the period and on or prior to the date of determination, to
include or exclude, as the case may be, any Consolidated EBITDA earned or
eliminated as a result of the placement of such assets in service or removal of
such assets from service as if the placement of such assets in service or
removal of such assets from service occurred at the beginning of the period;
and (y) in the case of any acquisition or disposition of any asset or
group of assets since the beginning of the period and on or prior to the date
of determination, including, without limitation, by merger, or share or asset
purchase or sale, to include or exclude, as the case may be, any Consolidated
EBITDA earned or eliminated as a result of the acquisition or disposition of
those assets as if the acquisition or disposition occurred at the beginning of
the period.

 

“Stabilized Property” means (i) with respect to an acquisition of
an income producing property, a property becomes stabilized when the
Partnership or its Subsidiaries have owned the property for at least four (4)
full quarters and (ii) with respect to new construction or redevelopment
property, a property becomes stabilized four (4) full quarters after the
earlier of (a) eighteen (18) months after substantial completion of
construction or redevelopment, and (b) the quarter in which the physical
occupancy level of the property is at least ninety-three percent (93%).

 

“Total Assets” means the sum of: 
(1) for Stabilized Properties, Capitalized Property Value; and
(2) for all other assets of the Partnership and its Subsidiaries, undepreciated
book value as determined in accordance with GAAP (but excluding accounts
receivable and intangibles).

 

“Total Unencumbered Assets” means the sum of:  (1) the Capitalized Property Values of
Stabilized Properties not subject to an encumbrance and (2) for all other
assets of the Partnership and its Subsidiaries not subject to an encumbrance,
undepreciated book value of such assets as determined in accordance with GAAP
(but excluding accounts receivable and intangibles).

 

“Unsecured Debt” means all Debt of the Partnership and its Subsidiaries
except Secured Debt.

 

ARTICLE TWO

LIMITATIONS ON INCURRENCE OF DEBT

 

In addition to the covenants set forth in Article Ten of the Base
Indenture, there are established pursuant to Section 901(2) of the Base
Indenture the following covenants for the benefit of the Holders of any
Securities issued subsequent to the date hereof (“Future Securities”) and to
which such Future Securities shall be subject; provided, however, that the
covenants set forth in Section 1004 of the Base Indenture shall apply to
the Future Securities only for so long as any Securities issued pursuant to the
Base Indenture prior to the date hereof remain outstanding:

 

 

Section 2.1.           The
Partnership will not, and will not permit any Subsidiary to, incur any Debt,
other than intercompany Debt (representing Debt to which the only parties are
the Company, the Partnership and/or any of its Subsidiaries (but only so long
as such Debt is held solely by any of the Company, the Partnership and any
Subsidiary)) that is subordinate in right of payment to the Securities, if,
immediately after giving effect to the incurrence of such additional Debt and
the application of the proceeds thereof, Debt would exceed 60% of Total Assets
at the reporting date.

 

Section 2.2.           In
addition to the limitations set forth in Section 2.1 of this Supplemental
Indenture, the Partnership will not, and will not permit any Subsidiary to,
incur any Debt if the ratio of Consolidated EBITDA to the Maximum Annual
Service Charge for the four consecutive fiscal quarters most recently ended
prior the date on which such additional Debt is to be incurred shall have been
less than 1.5, on a pro forma basis after giving effect thereto and to the
application of the proceeds therefrom, and calculated on the assumption that
(i) such Debt and any other Debt incurred by the Partnership 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; (ii) the repayment or retirement
of any other Debt by the Partnership and its Subsidiaries since the first day
of such four-quarter period had been repaid or retired at the beginning of such
period (except that, in 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); (iii) 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 the appropriate adjustments with respect to such acquisition being
included in such pro forma calculation; (iv) any income earned as a result
of any increase in Total Assets since the end of such four-quarter period had
been earned, on an annualized basis, for such period; and (v) in the case
of any acquisition or disposition by the Partnership 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.

 

Section 2.3.           In
addition to the limitations set forth in Sections 2.1 and 2.2 of this
Supplemental Indenture, the Partnership will not, and will not permit any
Subsidiary to, incur any Debt secured by any mortgage, lien, charge, pledge,
encumbrance or security interest of any kind upon any of the property of the
Partnership or any Subsidiary, whether owned at the date hereof or hereafter
acquired, 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 Partnership and its
Subsidiaries on a consolidated basis which is secured by any mortgage, lien,
charge, pledge, encumbrance or security interest on property of the Partnership
or any Subsidiary is greater than 40% of the Partnership’s Total Assets.

 

Section 2.4.           In
addition to the limitations set forth in Sections 2.1, 2.2 and 2.3 of this
Supplemental Indenture, the Partnership shall maintain Total Unencumbered
Assets of not less than 150% of the aggregate outstanding principal amount of
the Partnership’s Unsecured Debt.

 

 

Section 2.5.           For
purposes of this Article Two, Debt shall be deemed to be “incurred” by the
Partnership or a Subsidiary whenever the Partnership or such Subsidiary shall
create, assume, guarantee or otherwise become liable in respect thereof.

 

ARTICLE THREE

MISCELLANEOUS PROVISIONS

 

Section 3.1.           All
capitalized terms which are used herein and not otherwise defined herein are
defined in the Indenture and are used herein with the same meanings as in the
Indenture.

 

Section 3.2.           This
Supplemental Indenture shall be effective as of the opening of business on the
date first above written upon the execution and delivery hereof by each of the
parties hereto.

 

Section 3.3.           Except
as expressly modified or amended hereby, the Base Indenture continues in full
force and effect and is in all respects confirmed, ratified and preserved.

 

Section 3.4.           Except
as expressly amended hereby, the Indenture shall continue in full force and
effect in accordance with the provisions thereof and the Indenture is in all
respects hereby ratified and confirmed. 
This Supplemental Indenture and all its provisions shall be deemed a
part of the Indenture in the manner and to the extent herein and therein
provided.

 

Section 3.5.           This
Supplemental Indenture shall be governed by, and construed in accordance with,
the laws of the State of New York.

 

Section 3.6.           This
Supplemental Indenture may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

 

Section 3.7.           The
Trustee shall have not any responsibility for the Recitals of the Partnership
hereto, which Recitals are made by the Partnership alone, or for the validity
or sufficiency of this Supplemental Indenture.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

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

 

	
   

  	
  ERP OPERATING LIMITED

  PARTNERSHIP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: Equity Residential

  
	
   

  	
  Its: Sole general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Donna Brandin

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Donna
  Brandin

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Chief
  Financial Officer

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Bruce C. Strohm

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Bruce C. Strohm

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Executive
  Vice President and General Counsel

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  J.P. MORGAN TRUST COMPANY,

  NATIONAL ASSOCIATION, as

  Trustee as aforesaid

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Janice Ott Rotunno

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Janice Ott Rotunno

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ George
  N. Reaves

  	
   

  	
   

  
	
   

  	
  Name:

  	
  George N.
  Reaves

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Vice
  President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]