Document:

EX-4.3

 Exhibit 4.3 

SECOND SUPPLEMENTAL INDENTURE 

Dated as of June 21, 2019 
 to

 INDENTURE 
 Dated as of
April 2, 2013, 
 as supplemented by the First Supplemental Indenture, dated as of April 2, 2013 

Among 
 American Campus Communities
Operating Partnership LP, as Issuer 
 American Campus Communities, Inc., as Guarantor 

and 
 U.S. Bank National
Association, as Trustee 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.1
	  	Certain Terms Defined in the Indenture	  	 	1	 
			
	 Section 1.2
	  	Definitions	  	 	2	 
		
	 ARTICLE II EVENTS OF DEFAULT
	  	 	3	 
		
	 ARTICLE III MISCELLANEOUS
	  	 	3	 
			
	 Section 3.1
	  	Patriot Act Requirements of the Trustee	  	 	3	 
			
	 Section 3.2
	  	Relationship with Indenture	  	 	3	 
			
	 Section 3.3
	  	Trust Indenture Act Controls	  	 	3	 
			
	 Section 3.4
	  	Governing Law	  	 	3	 
			
	 Section 3.5
	  	Multiple Counterparts	  	 	4	 
			
	 Section 3.6
	  	Severability	  	 	4	 
			
	 Section 3.7
	  	Ratification	  	 	4	 
			
	 Section 3.8
	  	Headings	  	 	4	 
			
	 Section 3.9
	  	Effectiveness	  	 	4	 

  
 i 

 SECOND SUPPLEMENTAL INDENTURE 

This Second Supplemental Indenture, dated as of June 21, 2019 (this “Second Supplemental Indenture”), among American
Campus Communities Operating Partnership LP, a Maryland limited partnership (the “Operating Partnership”), American Campus Communities, Inc., a Maryland corporation, as guarantor (the “Guarantor”), and U.S. Bank
National Association, as trustee (the “Trustee”), supplements that certain Indenture, dated as of April 2, 2013, among the Operating Partnership, the Guarantor and the Trustee, as supplemented by the First Supplemental
Indenture, dated as of April 2, 2013 (as so supplemented, the “Original Indenture”). 
 RECITALS OF THE COMPANY 

The Operating Partnership has duly authorized the execution and delivery of the Indenture to provide for the issuance from time to time of its
senior unsecured debentures, notes or other evidences of indebtedness (the “Securities”), unlimited as to principal amount and which will be guaranteed by the Guarantor, to bear such fixed or floating rates of interest, to mature at
such time or times, to be issued in one or more series and to have such other provisions as provided for in the Indenture; 
 The Indenture
provides that the Securities shall be in the form as may be established by or pursuant to a Board Resolution and set forth in an Officers’ Certificate or as may be established in one or more supplemental indentures thereto, in each case with
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture; and 
 The parties
are entering into this Second Supplemental Indenture to establish the terms of the Securities created on or after the date of this Second Supplemental Indenture (together with the Original Indenture, the “Indenture”). 

NOW, THEREFORE, THIS SECOND SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises stated herein, the parties hereto hereby enter into this Second Supplemental Indenture, for the equal
and proportionate benefit of all Holders of the Securities, as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Certain Terms Defined in the Indenture. For purposes of this Second Supplemental Indenture, all capitalized terms used
but not defined herein shall have the meanings ascribed to such terms in the Indenture, as amended and supplemented hereby. 

  
 1 

 Section 1.2 Definitions. Definitions of “Indebtedness,” “Total
Assets” and “Undepreciated Real Estate Assets” appearing in Section 101 of the Original Indenture shall be superseded and replaced with respect to Future Securities by the following: 

“Indebtedness” of the Operating Partnership, the Guarantor or any Consolidated Subsidiary means, without duplication, any of
the Operating Partnership’s indebtedness or that of the Guarantor or any Consolidated Subsidiary, whether or not contingent, in respect of: (a) borrowed money evidenced by bonds, notes, debentures or similar instruments whether or not such
indebtedness is secured by any lien existing on property owned by the Operating Partnership, the Guarantor or any Consolidated Subsidiary; (b) indebtedness for borrowed money of a Person other than the Operating Partnership, the Guarantor or a
Consolidated Subsidiary which is secured by any lien on property owned by the Operating Partnership, the Guarantor or any Consolidated Subsidiary, to the extent of the lesser of (i) the amount of indebtedness so secured, and (ii) the fair
market value of the property subject to such lien; (c) the reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing the balance deferred and unpaid of the purchase
price of any property or services, except any such balance that constitutes an accrued expense or trade payable; or (d) any lease of property by the Operating Partnership, the Guarantor or any Consolidated Subsidiary as lessee which is
reflected on the Guarantor’s consolidated balance sheet as a financing lease in accordance with GAAP, to the extent, in the case of indebtedness under (a) through (c) above, that any such items (other than letters of credit) would appear
as a liability on the Guarantor’s consolidated balance sheet in accordance with GAAP. Indebtedness also includes, to the extent not otherwise included, any obligation by the Operating Partnership, the Guarantor or any Consolidated Subsidiary to
be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), indebtedness of another Person (other than the Operating Partnership, the Guarantor or any Consolidated
Subsidiary) of the type described in clauses (a)-(d) of this definition. In the case of (d) above, Indebtedness excludes operating lease liabilities on the Company’s consolidated balance sheet in accordance with GAAP. 

“Total Assets” means, as of any time, the sum of, without duplication, Undepreciated Real Estate Assets and all other assets,
excluding accounts receivable, intangibles, and operating lease assets of the Operating Partnership and its Consolidated Subsidiaries, all determined in accordance with GAAP. 

“Undepreciated Real Estate Assets” means, as of any time, the cost (original cost plus capital improvements) of the real
estate assets of the Operating Partnership and its Consolidated Subsidiaries on such date, and right of use assets associated with financing leases in accordance with GAAP, before depreciation and amortization, all determined in accordance with
GAAP; provided, however, that Undepreciated Real Estate Assets shall not include right of use assets associated with operating leases in accordance with GAAP. 

  
 2 

 ARTICLE II 

EVENTS OF DEFAULT 
 Clause
(8) of Section 501 of the Original Indenture shall be superseded and replaced with respect to Future Securities by the following: 
  

	 	(8)	 default under any bond, debenture, note, mortgage, indenture or instrument of the Operating Partnership or any
of its Consolidated Subsidiaries with an aggregate principal amount outstanding of at least $50,000,000, which default has resulted in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have
become due and payable, without such indebtedness having been discharged or such acceleration having been rescinded or annulled within a period of 30 days after written notice to the Operating Partnership as provided in the Indenture.

 ARTICLE III 

MISCELLANEOUS 

Section 3.1 Patriot Act Requirements of the Trustee. To help the government fight the funding of terrorism and money laundering
activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a
charity, a trust, or other legal entity, the Trustee asks for documentation to verify its formation and existence as a legal entity. The Trustee may also ask to see financial statements, licenses, identification and authorization documents from
individuals claiming authority to represent the entity or other relevant documentation. 
 Section 3.2 Relationship with
Indenture. The terms and provisions contained in the Indenture will constitute, and are hereby expressly made, a part of this Second Supplemental Indenture. However, to the extent any provision of the Indenture conflicts with the express
provisions of this Second Supplemental Indenture, the provisions of this Second Supplemental Indenture will govern and be controlling. 

Section 3.3 Trust Indenture Act Controls. If any provision of this Second Supplemental Indenture limits, qualifies or conflicts
with another provision which is required to be included in this Second Supplemental Indenture by the Trust Indenture Act, the required provision shall control. If any provision of this Second Supplemental Indenture modifies or excludes any provision
of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Second Supplemental Indenture as so modified or to be excluded, as the case may be. 

Section 3.4 Governing Law. This Second Supplemental Indenture shall be governed by, and construed in accordance with, the laws of
the State of New York without regard to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401. 

  
 3 

 Section 3.5 Multiple Counterparts. The parties may sign multiple counterparts of
this Second Supplemental Indenture. Each signed counterpart shall be deemed an original but all of them together represent one and the same Second Supplemental Indenture. 

Section 3.6 Severability. Each provision of this Second Supplemental Indenture shall be considered separable and if for any reason
any provision which is not essential to the effectuation of the basic purpose of this Second Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any
way be affected or impaired thereby and a Holder shall have no claim therefor against any party hereto. 
 Section 3.7
Ratification. The Original Indenture, as supplemented and amended by this Second Supplemental Indenture, is in all respects ratified and confirmed. The Original Indenture and this Second Supplemental Indenture shall be read, taken and
construed as one and the same instrument. All provisions included in this Second Supplemental Indenture supersede any conflicting provisions included in the Original Indenture unless not permitted by law. The Trustee accepts the trusts created by
the Original Indenture, as supplemented by this Second Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Indenture, as supplemented by this Second Supplemental Indenture. The recitals and statement contained
herein shall be taken as the statements of the Operating Partnership, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Second Supplemental Indenture. 

Section 3.8 Headings. The Section headings in this Second Supplemental Indenture are for convenience only and shall not affect the
construction thereof. 
 Section 3.9 Effectiveness. The provisions of this Second Supplemental Indenture shall become effective
as of the date hereof. 
 [Remainder of Page Intentionally Left Blank] 

  
 4 

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

					
	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP,
		 	as Issuer
		
	By: 	 	American Campus Communities Holdings LLC, its general partner
			
		 	By: 	 	  

		 		 	Daniel B. Perry
		 		 	Vice President, Secretary and Treasurer
			
		 	By:	 	  

		 		 	Kim K. Voss
		 		 	Vice President and Assistant Secretary
	
	AMERICAN CAMPUS COMMUNITIES, INC.,
		 	as Guarantor
		
	By: 	 	  

		 	Daniel B. Perry
		 	 Executive Vice President, Chief Financial

Officer, Secretary and Treasurer

		
	By:	 	  

		 	Kim K. Voss
		 	Executive Vice President, Chief Accounting Officer and Assistant Secretary
	
	U.S. BANK NATIONAL ASSOCIATION,
		 	as Trustee
		
	By: 	 	  

		 	Name:
		 	Title:

  
 5EX-4.4

 Exhibit 4.4 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR CEDE &
CO., AS NOMINEE OF THE DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, 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 A SUCCESSOR
DEPOSITARY. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE OPERATING PARTNERSHIP OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND SUCH SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 AMERICAN CAMPUS
COMMUNITIES OPERATING PARTNERSHIP LP 
 3.300% Senior Note due 2026 

 

			
	REGISTERED	  	PRINCIPAL AMOUNT: $400,000,000
	No. R-1	  	
		
	 CUSIP: 024836 AE8
 ISIN:
US024836AE87
	  	

 AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP, a Maryland limited partnership (the “Operating
Partnership”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount of FOUR HUNDRED MILLION
DOLLARS ($400,000,000) on July 15, 2026 (the “Stated Maturity Date”) (unless redeemed on any date fixed for redemption (the “Redemption Date”) prior to the Stated Maturity Date in accordance with the terms of
this Note and the Indenture) (the Stated Maturity Date and the Redemption Date is hereinafter referred to as the “Maturity Date” with respect to the principal repayable on such date) and to pay interest on the outstanding principal
amount of this Note from and including June 21, 2019, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as applicable, semi-annually in arrears on January 15 and July 15 of each year,
commencing on January 15, 2020 (each, an “Interest Payment Date”), and, if applicable, on the Maturity Date, at the rate of 3.300% per annum, until said principal amount is paid or duly provided for. Interest on this Note will
be computed on the basis of a 360-day year consisting of twelve 30-day months. 

 Payment of Interest. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the January 1 or July 1, whether or not a
Business Day, as defined in the Indenture, as the case may be, immediately preceding such Interest Payment Date (the “Regular Record Date”). Any such interest not punctually paid or duly provided for on an Interest Payment Date
(“Defaulted Interest”) will forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted Interest may be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at
the close of business on a special record date (the “Special Record Date”) for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such
Special Record Date, or may be paid at any time in any other lawful manner, all as more fully provided in the Indenture. 
 Optional
Redemption. The provisions of Article Eleven of the Indenture shall apply to this Note, as supplemented or amended by the following paragraphs. 

The Operating Partnership may, at its option, redeem the Notes, in whole at any time or in part from time to time, in each case upon notice at
least 15 days but not more than 45 days prior to May 15, 2026, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the Make Whole Amount, plus in each case unpaid interest, if
any, accrued to, but not including, the applicable Redemption Date. In addition, at any time on or after May 15, 2026, the Operating Partnership may, at its option, redeem the Notes prior to maturity, in whole at any time or in part from time
to time, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed plus unpaid interest, if any, accrued to, but not including, the applicable Redemption Date. Notwithstanding the foregoing, the Operating Partnership
will pay any interest installment due on an Interest Payment Date that falls on or prior to the Redemption Date to the Holders of the Notes as of the close of business on the Regular Record Date immediately preceding such Interest Payment Date. 

In the case of any partial redemption of the Notes, selection of the Notes for redemption will be made by the Trustee by such method as the
Trustee in its sole discretion deems fair and appropriate, in accordance with methods generally used at the time of selection by fiduciaries in similar circumstances. A new Note in principal amount equal to the unredeemed portion thereof will be
issued in the name of the Holder thereof upon cancellation of this Note. 
 “Comparable Treasury Issue” means the United
States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes matured on
May 15, 2026) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of three Reference Treasury
Dealer Quotations for such Redemption Date, after excluding the highest and lowest of five Reference Treasury Dealer Quotations obtained, or (2) if the Operating Partnership obtains fewer than five such Reference Treasury Dealer Quotations, the
average of all Reference Treasury Dealer Quotations obtained. 

  
 2 

 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Operating Partnership. 
 “Make Whole Amount” means, as determined by an Independent Investment Banker,
the sum of the present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed that would be due if such Notes matured on May 15, 2026 (except that, if such Redemption Date is not an Interest Payment
Date, the amount of the next succeeding scheduled interest payment will be reduced by the amount of unpaid interest accrued thereon to, but not including, such Redemption Date), discounted to the applicable Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 0.25%. 

“Reference Treasury Dealer” means each of: (i) Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Wells Fargo
Securities, LLC (or an affiliate of any of the foregoing that is a Primary Treasury Dealer); provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a
“Primary Treasury Dealer”), the Operating Partnership will substitute therefor another Primary Treasury Dealer; and (ii) any two other Primary Treasury Dealers selected by the Operating Partnership. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Operating Partnership, of the bid and asked prices for the Comparable Treasury Issue (expressed as a percentage of its principal amount) quoted in writing to the Operating Partnership (and provided to the Trustee) by
such Reference Treasury Dealer as of 3:30 p.m., New York City time, on the third Business Day immediately preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to
maturity (computed as of the third Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date. 
 Place of Payment. The Operating Partnership will make payment of principal of,
and premium, if any, and interest on, this Note in immediately available funds at the Corporate Trust Office of the Trustee or such other Office or Agency as may be designated by the Operating Partnership for such purpose in The City of New York, in
Dollars. 
 Time of Payment. If an Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the required
payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or the Maturity Date, as the case may be, and no additional interest shall accrue on
such payment as a result of payment on such next succeeding Business Day. 

  
 3 

 General. This Note is one of a duly authorized issue of Securities of the Operating
Partnership, issued and to be issued in one or more series under an indenture (the “Base Indenture”), dated as of April 2, 2013, among the Operating Partnership, American Campus Communities, Inc., as guarantor (the
“Guarantor”), and U.S. Bank National Association, as trustee (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), as
supplemented by a First Supplemental Indenture thereto, dated as of April 2, 2013 (the “First Supplemental Indenture,”), and as further supplemented by a Second Supplemental Indenture thereto, dated as of June 21, 2019
(the “Second Supplemental Indenture,” and together with the Base Indenture and the First Supplemental Indenture, the “Indenture”), among the Operating Partnership, the Guarantor and the Trustee. Reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Operating Partnership, the Guarantor, the Trustee and the Holders of the Securities, and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This Note is one of a duly authorized series of Securities designated as “3.300% Senior Notes due 2026” (collectively, the “Notes”), limited, except as
specified below, in aggregate principal amount to FOUR HUNDRED MILLION DOLLARS ($400,000,000). To the extent the terms of this Note conflict with the terms of the Indenture, the terms of this Note shall govern. 

Further Issuance. The Operating Partnership may, from time to time, without notice to, or the consent of, the Holders of the Notes,
increase the principal amount of the series of Notes and issue and sell additional Securities (“Additional Securities”) ranking equally and ratably with, and having the same interest rate, maturity and other terms as, the originally
issued Notes (other than the issue date and, to the extent applicable, public offering price, initial Interest Payment Date and initial date of interest accrual). Any such Additional Securities will be consolidated, and constitute a single series of
Securities, with the originally issued Notes for all purposes; provided, however, that any such Additional Securities that have the same CUSIP, ISIN or other identifying number of any Outstanding Notes must be fungible with such Outstanding Notes
for U.S. federal income tax purposes. 
 Reports. So long as any Notes are outstanding, the Guarantor and the Operating Partnership
will furnish to the Trustee such information, documents and other reports, and such summaries thereof, as may be required by Section 314(a) of the Trust Indenture Act. In addition, in the event the Operating Partnership is not subject to
Section 13 or 15(d) of the Exchange Act, the Operating Partnership will, solely with respect to the Notes, within 15 days after each of the respective dates by which the Operating Partnership would have been required to file annual reports,
quarterly reports and other documents with the Commission, if it were so subject, (a) file or furnish with the Commission for public availability, (b) post on a website (which may be a password protected website) hosted by the Guarantor
and the Operating Partnership or by a third party, which such website shall be made available to Holders of the Notes, or (c) mail or otherwise transmit to such Holders, in each case within the applicable time period specified above, copies of
the annual reports, quarterly reports and other documents that the Operating Partnership would have been required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act if it were subject to such Sections. 

Events of Default. If an Event of Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes
may be declared, and in certain cases shall automatically become, due and payable in the manner and with the effect provided in the Indenture. 

  
 4 

 Sinking Fund. The Notes are not subject to, or entitled to the benefits of, any
sinking fund. 
 Satisfaction and Discharge. The Indenture contains provisions where, upon the Operating Partnership’s direction
and satisfaction of certain conditions, the Indenture shall cease to be of further effect with respect to the Notes, subject to the survival of specified provisions of the Indenture. 

Defeasance and Covenant Defeasance. The Indenture contains provisions for defeasance of certain obligations of the Operating
Partnership under this Note and the Indenture and covenant defeasance of certain obligations of the Operating Partnership under the Indenture. 

Modification and Waivers; Obligations of the Operating Partnership Absolute. The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and obligations of the Operating Partnership and the Guarantor and the rights of the Holders of the Securities. Such amendment and modification may be effected under the Indenture at
any time by the Operating Partnership, the Guarantor and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Outstanding Securities of each series affected thereby (voting as separate classes). The
Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding Securities of such series, to waive compliance by the
Operating Partnership with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series to waive, on behalf of the Holders of
all Outstanding Securities of such series, certain past defaults under the Indenture and their consequences. Any such consent or waiver in respect of the Notes shall be conclusive and binding upon the Holder of this Note and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

No reference herein to the Indenture and no provision of this Note 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 premium, if any, and interest on, this Note at the time, place, and rate, and in the coin or currency, herein prescribed. 

Limitation on Suits. As set forth in, and subject to, the provisions of the Indenture, no Holder of any Note will have any right to
institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any remedy thereunder, except in the case of failure of the Trustee, for 60 days, to act after it has received a
written request to institute proceedings in respect of an Event of Default from the Holders of at least 25% in aggregate principal amount of the Outstanding Notes, as well as an offer of indemnity or security reasonably satisfactory to it, and no
inconsistent direction has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes. Notwithstanding any other provision of the
Indenture, each Holder of a Note will have the right, which is absolute and unconditional, to receive payment of the principal of, and premium, if any, and interest on, such Note on the respective due dates therefor and to institute suit for the
enforcement therefor, and this right shall not be impaired without the consent of such Holder. 

  
 5 

 Authorized Denominations. The Notes are issuable only in registered form without
coupons in minimum denominations of $2,000 or any integral multiple of $1,000 in excess thereof. 
 Registration of Transfer or
Exchange. As provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer of this Note is registrable in the register of the Notes maintained by the Security Registrar upon surrender of this Note for
registration of transfer, at the Office or Agency in any Place of Payment, duly endorsed by, 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 his or her attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

As provided in the Indenture and subject to certain limitations herein and therein set forth, this Note is exchangeable for a like aggregate
principal amount of Notes of different 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. 

Prior to due presentment of this Note for registration of transfer, the Operating Partnership, the Guarantor, the Trustee and any agent of the
Operating Partnership, the Guarantor or the Trustee may treat the Holder as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Operating Partnership, the Guarantor, the Trustee or any such agent shall be affected
by notice to the contrary. 
 Guarantee. Payment of this Note is fully and unconditionally guaranteed by the Guarantor pursuant to
the Guarantee issued pursuant to the Base Indenture. 
 Defined Terms. All terms used but not defined in this Note shall have the
meanings assigned to them in the Indenture. 
 Governing Law. The Indenture and this Note shall be governed by, and construed in
accordance with, the laws of the State of New York without regard to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401. EACH OF THE OPERATING
PARTNERSHIP, THE GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES, THE GUARANTEE
OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Unless the certificate of authentication hereon has been executed by the Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture (including the Guarantee) or be valid or obligatory for any purpose. 

  
 6 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Operating Partnership has caused “CUSIP” numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the correctness or accuracy of such CUSIP number, or the ISIN number,
printed on the Notes, and reliance may be placed only on the other identification numbers printed hereon. 
 [Remainder of Page
Intentionally Left Blank] 

  
 7 

 IN WITNESS WHEREOF, the Operating Partnership has caused this Note to be duly executed by
duly authorized signatories. 
 Dated: June 21, 2019 
  

					
	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
		
	By: 	 	American Campus Communities Holdings, LLC, its general partner
			
		 	By: 	 	  

		 		 	Daniel B. Perry
		 		 	Vice President, Secretary and Treasurer
			
		 	By:	 	  

		 		 	Kim K. Voss
		 		 	Vice President

  
 8 

 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: 	 	  

		 	Name:
		 	Title:

 Dated: June 21, 2019 

  
 9 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

 
  
  

 
 PLEASE INSERT SOCIAL SECURITY NUMBER
OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

					
		  	 	  	

  
  

 
  

(Please print or typewrite name and address, 

including postal zip code, of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints 

 
  
  

 
  

 
 to transfer said Note on the books of the Trustee,
with full power of substitution in the premises. 
  

			
	Dated:                    	 	  

		 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatsoever.

  

	
	   

	Signature Guarantee

  
 10

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