Document:

EX-4.4 3rd Supplemental to Senior Indenture

 

Exhibit 4.4

FORM OF

THIRD SUPPLEMENTAL INDENTURE

          THIS THIRD SUPPLEMENTAL INDENTURE, is entered into as of January 23, 2004,
by and between Developers Diversified Realty Corporation, an Ohio corporation
(the “Company”), and National City Bank, a national banking association
organized and existing under the laws of the United States, as trustee (the
“Trustee”).

          WHEREAS, the parties entered into the Indenture dated as of May 1, 1994
(as supplemented by a First Supplemental Indenture dated as of May 10, 1995,
and a Second Supplemental Indenture dated as of July 18, 2003, the
“Indenture”), relating to the Company’s senior debt securities;

          WHEREAS, the Company has made a request to the Trustee that the Trustee
join with it, in accordance with Section 901 of the Indenture, in the execution
of this Third Supplemental Indenture to add a covenant for the benefit of
Holders of the Company’s $275,000,000 aggregate principal amount 3.875% Notes Due 2009
(the “Designated Securities”);

          WHEREAS, the Company and the Trustee are authorized to enter into this
Third Supplemental Indenture; and

          NOW, THEREFORE, the Company and the Trustee agree as follows:

          Section 1. Relation to Indenture. This Third Supplemental Indenture
supplements the Indenture and shall be a part and subject to all the
terms thereof. Except as supplemented hereby, the Indenture and the
Securities issued thereunder shall continue in full force and effect.

          Section 2. Capitalized Terms. Capitalized terms used herein and not
otherwise defined herein are used as defined in the Indenture.

          Section 3. Definitions. Section 101 of the Indenture is amended by
adding the following definitions:

	 		 	“Total Assets” as of any date means the sum of (i) Undepreciated
Real Estate Assets and (ii) all other assets of the Company and its
Subsidiaries determined on a consolidated basis in accordance with
generally accepted accounting principles (but excluding intangibles
and trade receivables related to rent and other charges derived
from leases with tenants) after eliminating intercompany accounts
and transactions.

	 		 	“Secured Debt” means, without duplication, Debt that is secured by
a mortgage, trust deed, deed of trust, deed to secure Debt,
security agreement, pledge, conditional sale or other title
retention agreement, capitalized lease, or other like agreement
granting or conveying security title to or a security interest in
real property or other tangible asset(s). Secured Debt shall be
deemed to be incurred (i) on the date the obligor thereon creates,
assumes, guarantees or otherwise becomes liable in respect thereof
if it is secured in the manner described in the

 

 

	 		 	preceding sentence on such date or (ii) on the date the obligor
thereon first secures such Debt in the manner described in the
preceding sentence if such Debt was not so secured on the date it
was incurred.

          Section 4. Limitations on Incurrence of Secured Debt. The following
is inserted into the Indenture as Section 1015:

Section 1015. Limitations on Incurrence of Secured Debt.
So long as any of the Designated Securities remain outstanding, the
Company will not, and will not permit any Subsidiary to, incur any
Secured Debt, if immediately after giving effect to the incurrence
of such Secured Debt and the application of the proceeds from such
Secured Debt, the aggregate amount of all of the Company’s and its
Subsidiaries’ outstanding Secured Debt on a consolidated basis is
greater than 40% of the sum of (i) the Company’s Total Assets as of
the end of the calendar quarter covered in the Company’s Annual
Report on Form 10-K or Quarterly Report on Form 10-Q, as the case
may be, most recently filed with the Commission (or, if such filing
is not permitted under the Securities Exchange Act of 1934, with
the Trustee) prior to the incurrence of such additional Secured
Debt and (ii) the increase, if any, in Total Assets from the end of
such quarter including, without limitation, any increase in Total
Assets caused by the application of the proceeds of additional
Debt.

          Section 5. Waiver of Certain Covenants. Section 1014 of the
Indenture is deleted in its entirety and replaced with the following:

	 		 	Section 1014. Waiver of Certain Covenants. The Company may omit
in any particular instance to comply with any term, provision or
condition set forth in Sections 1004 to 1011, inclusive, and
Section 1015 if before or after the time for such compliance the
Holders of at least a majority in principal amount of all
outstanding Securities thereby affected, by Act of such Holders,
either waive such compliance in such instance or generally waive
compliance with such covenant or condition, but no such waiver
shall extend to or affect such covenant or condition except to the
extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company and the duties of the
Trustee in respect of any such term, provision or condition shall
remain in full force and effect.

          Section 6. Counterparts. This Third Supplemental Indenture may be
executed in counterparts, each of which shall be deemed an original, but
all of which shall together constitute one and the same instrument.

          Section 7. Governing Law. THIS THIRD SUPPLEMENTAL INDENTURE SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF OHIO (WITHOUT GIVING EFFECT TO THE
CONFLICT OF LAWS PRINCIPLES THEREOF).

          Section 8. Concerning the Trustee. The Trustee shall not be
responsible for any recital herein (other than the third recital as it
appears as it applies to the Trustee)

-2-

 

as such recitals shall be taken as
statements of the Company, or the validity of the execution by the
Company of this Third Supplemental Indenture.

-3-

 

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

	 	 	 	 	 	 	 
	Attest:	 	DEVELOPERS DIVERSIFIED REALTY CORPORATION
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	/s/ Joan V. Allgood	 	By:  /s/ David M. Jacobstein
	
	 	 	 	

	Title: Secretary	 	 	 	Name:
  David M. Jacobstein
	 	 	 	 	 	 	

	 	 	 	 	Title:
  President and Chief Operating Officer
	 	 	 	 	 	 	

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Attest:	 	NATIONAL CITY BANK, as Trustee
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	/s/ Holly Patterson	 	By:     /s/ James Schultz
	
	 	 	 	

	Title: Vice President	 	 	 	Name:  James Schultz
	 	 	 	 	 	 	

	 	 	 	 	Title:  Vice President	 	 
	 	 	 	 	 	 	

-4-

 

	 	 	 	 	 	 	 	 	 
	STATE OF OHIO	 	

	

	)

	 	 	 	 
	 	 	

	

	)

	 	SS:
	 	 
	COUNTY OF CUYAHOGA	 	

	

	)

	 	 	 	 

     On the    day of January, 2004, before me personally came
David M. Jacobstein, to me known, who, being by me duly sworn, did depose and
say that he resides at Beachwood, Ohio, that he is the
President of DEVELOPERS DIVERSIFIED REALTY CORPORATION,
one of the corporations described in and which executed the foregoing
instrument and that he signed his name thereto by authority of the Board of
Directors of said corporation.

	 	 	 
	[Notarial Seal]	 	 /s/
	 	 	

	 	 	
Notary Public
	 	 	
COMMISSION EXPIRES

	 	 	 	 	 	 	 	 	 
	STATE OF OHIO	 	

	

	)

	 	 	 	 
	 	 	

	

	)

	 	SS:
	 	 
	COUNTY OF CUYAHOGA	 	

	

	)

	 	 	 	 

     On the    day of January, 2004, before me personally came
James Schultz, to me known, who, being by me duly sworn, did depose and
say that he resides at Lakewood, Ohio, that he is the Vice President of
NATIONAL CITY BANK, one of the corporations described in and which executed the
foregoing instrument and that he signed his name thereto by authority of the
Board of Directors of said corporation.

[Notarial Seal]

	 	 	 
	 	 	[illegible]

	 	 	
Notary Public
	 	 	
COMMISSION EXPIRES

-5-<PAGE>

                                                                     Exhibit 4.5

                          FOURTH SUPPLEMENTAL INDENTURE
                          -----------------------------

                  THIS FOURTH SUPPLEMENTAL INDENTURE is entered into as of April
22, 2004, by and between Developers Diversified Realty Corporation, an Ohio
corporation (the "Company"), and National City Bank, a national banking
association organized and existing under the laws of the United States, as
trustee (the "Trustee").

                  WHEREAS, the parties entered into the Indenture dated as of
May 1, 1994 (as supplemented by a First Supplemental Indenture dated as of May
10, 1995, by a Second Supplemental Indenture dated July 18, 2003, and by a Third
Supplemental Indenture dated January 23, 2004, the "Indenture"), relating to the
Company's senior debt securities;

                  WHEREAS, the Company has made a request to the Trustee that
the Trustee join with it, in accordance with Section 901 of the Indenture, in
the execution of this Fourth Supplemental Indenture to include the Company's
$250,000,000 principal amount 5.25% Notes Due 2011 in the definition of
Designated Securities such that the covenant in Section 1015 of the Indenture
will inure to their benefit;

                  WHEREAS, the Company and the Trustee are authorized to enter
into this Fourth Supplemental Indenture; and

                  NOW, THEREFORE, the Company and the Trustee agree as follows:

                           Section 1. Relation to Indenture. This Fourth
         Supplemental Indenture supplements the Indenture and shall be a part
         and subject to all the terms thereof. Except as supplemented hereby,
         the Indenture and the Securities issued thereunder shall continue in
         full force and effect.

                           Section 2. Capitalized Terms. Capitalized terms used
         herein and not otherwise defined herein are used as defined in the
         Indenture.

                  "Designated Securities" means the Company's $300,000,000
                  principal amount of 4.625% Notes Due 2010, the Company's
                  $275,000,000 principal amount of 3.875% Notes Due 2009, and
                  the Company's $250,000,000 principal amount of 5.25% Notes Due
                  2011.

                           Section 3. Counterparts. This Fourth Supplemental
         Indenture may be executed in counterparts, each of which shall be
         deemed an original, but all of which shall together constitute one and
         the same instrument.

                           Section 4. Governing Law. THIS FOURTH SUPPLEMENTAL
         INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
         LAWS OF THE STATE OF OHIO (WITHOUT GIVING EFFECT TO THE CONFLICT OF
         LAWS PRINCIPLES THEREOF).

                           Section 5. Concerning the Trustee. The Trustee shall
         not be responsible for any recital herein (other than the third recital
         as it appears as it applies to the Trustee)

<PAGE>
         as such recitals shall be taken as statements of the Company, or the
         validity of the execution by the Company of this Fourth Supplemental
         Indenture. The Trustee makes no representations as to the validity or
         sufficiency of this Fourth Supplemental Indenture.

                                      -2-
<PAGE>

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

Attest:                              DEVELOPERS DIVERSIFIED REALTY
                                     CORPORATION

  /s/  Joan U. Allgood
----------------------
Name:  Joan U. Allgood               By: /s/ David M Jacobstein
Title:  Secretary                        --------------------------------------
                                         Name:  David M. Jacobstein
                                         Title: President and Chief Operating
                                                Officer

Attest:                              NATIONAL CITY BANK, as Trustee

/s/ Holly Patterson                  By: /s/ James Schultz
----------------------                   --------------------------------------
Title:  Vice President                 Name:  James Schultz
                                       Title: Vice President

                                      -3-

<PAGE>

STATE OF OHIO      )
                   )     SS:
COUNTY OF CUYAHOGA )

                  On the 22nd day of April, 2004, before me personally came
David M. Jacobstein, to me known, who, being by me duly sworn, did depose and
say that he resides at Beachwood, Ohio, that he is the President of DEVELOPERS
DIVERSIFIED REALTY CORPORATION, one of the corporations described in and which
executed the foregoing instrument and that he signed his name thereto by
authority of the Board of Directors of said corporation.

[Notarial Seal]

                                         /s/ Catherine B. Kletecka
                                         --------------------------------------
                                         Notary Public
                                         COMMISSION EXPIRES

STATE OF OHIO      )
                   )     SS:
COUNTY OF CUYAHOGA )

                  On the 22nd day of April, 2004, before me personally came, to
me known, who, being by me duly sworn, did depose and say that he resides at
Lakewood, Ohio, that he is the Vice President of NATIONAL CITY BANK, one of the
corporations described in and which executed the foregoing instrument and that
he signed his name thereto by authority of the Board of Directors of said
corporation.

[Notarial Seal]

                                         /s/ Angela D. Deabvearr
                                         --------------------------------------
                                         Notary Public
                                         COMMISSION EXPIRES

SOLICITORS, 35160, 00095, 100545346.1, Exhibit 4.7 Fourth Supplemental Indenture

                                      -4-

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