Document:

Exhibit 4.12

 

NINTH SUPPLEMENTAL INDENTURE

 

NINTH SUPPLEMENTAL INDENTURE, dated as of [·], 2020 (this “Supplemental Indenture”), by and between LIBERTY PROPERTY LIMITED PARTNERSHIP, a Pennsylvania limited partnership (the “Company”), having its principal offices at 650 East Swedesford Road, Suite 400, Wayne, PA 19087, and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States of America, as trustee (the “Trustee”), having its Corporate Trust Office at Two Liberty Place, 50 S. 16th Street, Suite 2000, Mail Station: Ex-PA-WBSP, Philadelphia, PA 19102.

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company and the Trustee have heretofore entered into an Indenture, dated as of September 22, 2010, (the “Original Indenture”) as amended by a First Supplemental Indenture, dated as of September 27, 2010 (the “First Supplemental Indenture”), a Second Supplemental Indenture, dated as of June 11, 2012 (the “Second Supplemental Indenture”), a Third Supplemental Indenture, dated as of December 10, 2012 (the “Third Supplemental Indenture”), a Fourth Supplemental Indenture, dated as of September 27, 2013 (“Fourth Supplemental Indenture”), a Fifth Supplemental Indenture, dated as of March 24, 2015 (the “Fifth Supplemental Indenture”), a Sixth Supplemental Indenture, dated as of September 20, 2016 (the “Sixth Supplemental Indenture”), a Seventh Supplemental Indenture, dated as of April 27, 2017 (the “Seventh Supplemental Indenture”), and an Eighth Supplemental Indenture, dated as of January 25, 2019 (the “Eighth Supplemental Indenture”, and the Original Indenture as so amended and supplemented, the “Base Indenture”), providing for the issuance by the Company from time to time for its lawful purposes debt securities evidencing its unsecured indebtedness.

 

WHEREAS, Section 902 of the Base Indenture provides for the Company and the Trustee, with the consent of the Holders of not less than a majority in principal amount of all Outstanding Securities affected by such supplemental indenture, to enter into an indenture supplemental to the Base Indenture.

 

WHEREAS, Prologis, L.P., a Delaware limited partnership (“Prologis, L.P.”)  has solicited the consent of Holders of the Company’s 3.250% Senior Notes due October 1, 2026 (the “2026 Notes”) and 4.375% Senior Notes due February 1, 2029 (the “2029 Notes, and together with the 2026 Notes, the “Consent Securities”) to the amendments effected by this Supplemental Indenture.

 

WHEREAS, the Holders of not less than a majority in aggregate principal amount of all of the Outstanding (i) Consent Securities voting as a single class, (ii) 2026 Notes voting as a single class, and (iii) 2029 Notes voting as a single class, have consented to the applicable amendments effected by this Supplemental Indenture.

 

WHEREAS, the Board of Trustees of Liberty Property Trust  (the “Trust”), the general partner of the Company, has duly adopted resolutions approving the changes described in this Supplemental Indenture and authorizing the Company to execute and deliver this Supplemental Indenture.

 

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WHEREAS, all things necessary to make the Base Indenture, as hereby modified, a valid agreement of the Company, 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 Original Indenture, the Company and the Trustee mutually covenant and agree, for the equal and proportionate benefit of all Holders, as applicable, of (i) the Consent Securities and (ii) Securities issued on or after the date of this Supplemental Indenture (unless, with respect to Securities referenced in this clause (ii), otherwise provided in the Officers’ Certificate or supplemental indenture authorizing any such series of Securities), as follows:

 

ARTICLE ONE
 AMENDMENTS TO BASE INDENTURE AND CONSENT SECURITIES

 

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:

 

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

 

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

 

Section 1.3.                                 Amendments to the Base Indenture Pursuant to Section 902 of the Base Indenture.

 

(a)                                 Article Three (Additional Covenants) of the Sixth Supplemental Indenture is hereby deleted in its entirety and replaced with the following:

 

“Except as set forth in the following sentence, the Notes shall be subject to all remedies contained in the Original Indenture, as supplemented by the Sixth Supplemental Indenture and this Supplemental Indenture.  Clause (5) of Section 501, Article Eight, Section 1006, Section 1007, Section 1008 and Section 1009 of the Original Indenture shall not apply to the Notes.”

 

In addition, for purposes of the 2026 Notes, this Supplemental Indenture amends and restates Clause (4) of Section 501 of the Original Indenture to read as follows: “default in the performance, or breach, of any covenant or warranty of the Company in this Indenture, other than with respect to Article Eight for which any default or breach shall not constitute an event of default, with respect to any Security of that series (other than a covenant or warranty in default in whose performance or whose breach is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certificated mail, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default: hereunder; or”

 

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(b)                                 Article Two (Remedies) of the Sixth Supplemental Indenture is hereby deleted in its entirety and replaced with “[Intentionally Omitted]” and all cross-references and definitions related thereto are deleted in their entirety.

 

(c)                                  Article Two (Remedies) of the Seventh Supplemental Indenture is hereby deleted in its entirety and replaced with “[Intentionally Omitted]” and all cross-references and definitions related thereto are deleted in their entirety.

 

(d)                                 Article Two (Additional Covenants) of the Eighth Supplemental Indenture is hereby deleted in its entirety and replaced with the following:

 

“Except as set forth in the following sentence, the Notes shall be subject to all remedies contained in the Original Indenture, as supplemented by the Eighth Supplemental Indenture and this Supplemental Indenture.  Clause (5) of Section 501, Article Eight, Section 1006, Section 1007, Section 1008 and Section 1009 of the Original Indenture shall not apply to the Notes.”

 

In addition, for purposes of the 2029 Notes, this Supplemental Indenture amends and restates Clause (4) of Section 501 of the Original Indenture to read as follows: “default in the performance, or breach, of any covenant or warranty of the Company in this Indenture, other than with respect to Article Eight for which any default or breach shall not constitute an event of default, with respect to any Security of that series (other than a covenant or warranty in default in whose performance or whose breach is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certificated mail, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default: hereunder; or”

 

(e)                                  Clause (4) of Section 501 (Events of Default) of the Original Indenture shall be amended and restated to read as follows: “default in the performance, or breach, of any covenant or warranty of the Company in this Indenture, other than with respect to Article Eight for which any default or breach shall not constitute an event of default, with respect to any Security of that series (other than a covenant or warranty in default in whose performance or whose breach is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certificated mail, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default: hereunder; or”

 

(f)                                   Clause (5) of Section 501 (Events of Default) of the Original Indenture is hereby deleted in its entirety and replaced with “[Intentionally Omitted]” and all cross-references and definitions related thereto are deleted in their entirety.

 

(g)                                  Article Eight (Consolidation, Merger, Sale, Lease or Conveyance) of the Original Indenture is hereby deleted in its entirety and replaced with “[Intentionally Omitted]” and all cross-references and definitions related thereto are deleted in their entirety.

 

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(h)                                 The Original Indenture is hereby amended by deleting the following Sections of Article Ten (Covenants) of the Original Indenture and all cross-references and definitions related thereto in their entirety:

 

Section 1006 (Maintenance of Properties);

 

Section 1007 (Insurance);

 

Section 1008 (Payment of Taxes and Other Claims); and

 

Section 1009 (Provision of Financial Information).

 

All such deleted Sections are replaced with “[Intentionally Omitted]” and all cross-references and definitions related thereto are deleted in their entirety.

 

Section 1.4.                                 Amendments to the Consent Securities Pursuant to Section 902 of the Base Indenture.

 

The Consent Securities are hereby further amended to delete all provisions and all cross-references and definitions related thereto inconsistent with the amendments to the Base Indenture effected by this Supplemental Indenture.

 

ARTICLE TWO
 MISCELLANEOUS PROVISIONS

 

Section 2.1.                                 Sections 1.3(a), (b) (c) and (d) of 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. Sections 1.3 (e), (f), (g) and (h) of this Supplemental Indenture shall be effective as of the opening of business on the later of (i) the date first above written upon the execution and delivery by each of the parties hereto or (ii) the date upon which the consent of the Holders of not less than a majority in principal amount of all Outstanding Securities affected by the amendments to those sections, voting as a single class, have consented to such amendments.  Notwithstanding the foregoing, the amendments, supplements or modifications as set forth in this Supplemental Indenture shall not become operative with respect to the Consent Securities unless and until Prologis, L.P. pays to the Holders of the Consent Securities who have consented to such amendments, supplements or modifications effected by this Supplemental Indenture any applicable consent fees in accordance with, and as contemplated by, the terms of that Prospectus, dated [·], 2020, relating to the solicitation of such consents by Prologis, L.P.

 

Section 2.2.                                 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.  Notwithstanding the foregoing, in the case of conflict, the provisions of this Supplemental Indenture shall control.

 

Section 2.3.                                 This Supplemental Indenture and all its provisions shall be deemed a part of the Base Indenture in the manner and to the extent herein and therein provided.

 

Section 2.4.                                 For the avoidance of doubt, this Supplemental Indenture shall not amend,

 

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supplement or otherwise modify the First Supplemental Indenture, Second Supplemental Indenture, Third Supplemental Indenture, Fourth Supplemental Indenture and Fifth Supplemental Indenture.

 

Section 2.5.                                 This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.

 

Section 2.6.                                 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 2.7.                                 The Trustee shall not have any responsibility for the Recitals of the Company hereto, which Recitals are made by the Company alone, or for the validity or sufficiency of this Supplemental Indenture.

 

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

 

	
 
    	
LIBERTY PROPERTY LIMITED PARTNERSHIP
    
	
 
    	
 
    
	
 
    	
By: Liberty Property Trust, its general partner
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
Attest:
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
U.S. BANK NATIONAL ASSOCIATION, as Trustee as aforesaid
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
Attest:
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    

 

Ninth Supplemental IndentureExhibit

EXHIBIT 10.1

DEED OF AMENDMENT

Date: December 31, 2019

Among:

		
	(1)
	Citibank Europe plc (“Bank”);

		
	(2)
	Renaissance Reinsurance Ltd.;

		
	(3)
	DaVinci Reinsurance Ltd.; 

		
	(4)
	RenaissanceRe Specialty U.S. Ltd.;

		
	(5)
	Renaissance Reinsurance of Europe;

		
	(6)
	Renaissance Reinsurance U.S. Inc. (formerly Platinum Underwriters Reinsurance, Inc.); and 

		
	(7)
	RenaissanceRe Europe AG (collectively, parties (2), (3), (4), (5), (6) and (7) shall be known as the “Companies”).

		
	1.
	Background

By the execution of the following the Companies and the Bank have established a facility for the issuance of letters of credit: Committed Facility Letter for Issuance of Payment Instruments dated 17 September 2010 as amended by Letters of Amendment dated 14 July 2011, 1 October, 2013, 23 December 2014, 31 March 2015, 30 December 2015, 14 January 2016, 31 December 2016, 29 December 2017, 31 December 2018, and 24 June 2019 (as amended, the “Committed Facility Letter”).

The parties have agreed to certain further amendments to the Committed Facility Letter as detailed in this deed.

Terms and expressions defined in the Committed Facility Letter shall have the same meanings when used in this deed unless the context otherwise requires or the contrary is otherwise indicated.

The parties to this deed hereby agree that from the Effective Date (as defined below) the rights and obligations of the parties under the Committed Facility Letter and the terms of the Committed Facility Letter shall be amended as specifically set out below.

		
	2.
	Effective Date

The following amendments shall take effect on and from 31 December 2019 (“Effective Date”).

		
	3.
	Amendments    

With effect from the Effective Date, the following amendments shall be made to the Committed Facility Letter:
		
	(i)
	Clause 1.1 of the Facility Letter shall be amended and restated in its entirety as follows:

“Further to recent conversations, Citibank Europe plc (the “Bank”) is pleased to provide a committed letter of credit issuance facility (the “Facility”) up until 31 December 2021 (the “Termination Date”) to the Companies subject to the terms and conditions set out in this Letter. Unless otherwise defined herein, capitalised terms used in this Letter are as defined in Clause 14.”

		
	4.
	Costs and expenses

Each party to this deed shall bear its own costs and expenses in relation to the amendments agreed pursuant to the terms of this deed.

		
	5.
	Affirmation and acceptance

With effect from the Effective Date, the terms and conditions of the Committed Facility Letter shall be read and construed by reference to this deed and all references to the Committed Facility Letter shall be deemed to incorporate the relevant amendments contained within this deed and all references in the Committed Facility Letter to “this Committed Facility Letter” shall with effect from the Effective Date be references to the Committed Facility Letter as amended by this deed.

In the event of any conflict between the terms of this deed and the Committed Facility Letter, the terms of this deed shall prevail. Except as amended by the terms of this deed, all of the terms and conditions of the Committed Facility Letter shall continue to apply and remain in full force and effect. The Companies shall, at the request of Bank, do all such acts necessary or desirable to give effect to the amendments effected or to be effected pursuant to the terms of this deed.

		
	6.
	Continuation of Security

The Companies confirm that, on and after the Effective Date:

		
	(a)
	notwithstanding the amendments made to the Committed Facility Letter pursuant to this deed,

		
	(i)
	the Amended and Restated Pledge Agreement dated 25 November 2014 between Renaissance Reinsurance Ltd. and Bank, as amended by Letters of Amendment dated 22 November 2016 and 6 September 2019, (the “RRL Pledge Agreement”) and any security granted under it continues in full force and effect;

		
	(ii)
	the Amended and Restated Pledge Agreement dated 25 November 2014 between DaVinci Reinsurance Ltd. and Bank, as amended by Letters of Amendment dated 22 November 2016 and 6 September 2019, (the “DaVinci Pledge Agreement”) and any security granted under it continues in full force and effect;

		
	(iii)
	the Amended and Restated Pledge Agreement dated 25 November 2014 between RenaissanceRe Specialty U.S. Ltd. and Bank, as amended by Letters of Amendment dated 22 November 2016 and 6 September 2019, (the “RSUS Pledge Agreement”) and any security granted under it continues in full force and effect;

		
	(iv)
	the Amended and Restated Pledge Agreement dated 25 November 2014 between Renaissance Reinsurance of Europe and Bank, as amended by Letters of Amendment dated 22 November 2016 and 6 September 2019, (the “ROE Pledge Agreement”) and any security granted under it continues in full force and effect;

		
	(v)
	the Pledge Agreement dated 31 March 2015 between Renaissance Reinsurance U.S. Inc. (formerly Platinum Underwriters Reinsurance Inc.) and Bank, as amended by Letters of Amendment dated 22 November 2016 and 6 September 2019, (the “RRUS Pledge Agreement”) and any security granted under it continues in full force and effect;

		
	(vi)
	the Pledge Agreement dated 24 June 2019 between RenaissanceRe Europe AG and Bank, as amended by Letter of Amendment dated 6 September 2019, (the “RREAG Pledge Agreement”), and any security granted under it continues in full force and effect; 

		
	(vii)
	the RRL Pledge Agreement, DaVinci Pledge Agreement, RSUS Pledge Agreement, ROE Pledge Agreement, RRUS Pledge Agreement and RREAG Pledge Agreement, collectively, the “Pledge Agreements”;

		
	(viii)
	the Amended and Restated Account Control Agreement dated 25 November 2014 between Renaissance Reinsurance Ltd., Citibank Europe plc and The Bank of New York Mellon, as amended by Letter of Amendment dated 22 November 2016, (the “RRL Control Agreement”) and any security granted under it continues in full force and effect;

		
	(ix)
	the Amended and Restated Account Control Agreement dated 25 November 2014 between DaVinci Reinsurance Ltd., Citibank Europe plc and The Bank of New York Mellon, as amended by Letter of Amendment dated 22 November 2016, (the “DaVinci Control Agreement”) and any security granted under it continues in full force and effect;

		
	(x)
	the Amended and Restated Account Control Agreement dated 25 November 2014 between RenaissanceRe Specialty U.S. Ltd., Citibank Europe plc and The Bank of New York Mellon, as amended 

by Letter of Amendment dated 22 November 2016, (the “RSUS Control Agreement”) and any security granted under it continues in full force and effect;
		
	(xi)
	the Amended and Restated Account Control Agreement dated 25 November 2014 between Renaissance Reinsurance of Europe, Citibank Europe plc and The Bank of New York Mellon, as amended by Letter of Amendment dated 22 November 2016, (the “ROE Control Agreement”) and any security granted under it continues in full force and effect;

		
	(xii)
	the Account Control Agreement dated 31 March 2015 between Renaissance Reinsurance U.S. Inc. (formerly Platinum Underwriters Reinsurance Inc.), Citibank Europe plc and The Bank of New York Mellon, as amended by Letter of Amendment dated 22 November 2016, (the “RRUS Control Agreement”) and any security granted under it continues in full force and effect;

		
	(xiii)
	the Account Control Agreement dated 24 June 2019 between RenaissanceRe Europe AG, Citibank Europe plc and The Bank of New York Mellon (the “RREAG Control Agreement”), and any security granted under it continues in full force and effect; and

		
	(xiv)
	the RRL Control Agreement, DaVinci Control Agreement, RSUS Control Agreement, ROE Control Agreement, RRUS Control Agreement and RREAG Control Agreement, collectively, the “Control Agreements”,

such Pledge Agreements, Control Agreements and security extend to all obligations established by the Committed Facility Letter, as amended pursuant to this deed.

		
	7.
	Counterparts

This deed may be executed in counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same agreement. This amendment shall take effect as a deed notwithstanding it is signed under hand by Bank.

		
	8.
	Third party rights

No person shall have any right to enforce any provision of this deed under the Contracts (Rights of Third Parties) Act 1999.

		
	9.
	Governing law

This deed (and any non-contractual obligation, dispute, controversy proceedings or claim of whatever nature arising out of it or in any way relating to this deed or its formation) shall be governed by and construed in accordance with English law.

Remainder of page blank

Signatories to the Deed of Amendment
	
		
	EXECUTED AS A DEED BY RENAISSANCE REINSURANCE LTD. 
acting by an officer

In the presence of

	Signed  /s/ Aditya K. Dutt

Name  Aditya K. Dutt 

Title  Senior Vice President

Signature of Witness  /s/ Kim Botelho

Name of Witness  Kim Botelho

Address 12 Crow Lane, Pembroke, HM 19, Bermuda

	EXECUTED AS A DEED BY DAVINCI REINSURANCE LTD. 
acting by an officer

In the presence of

	Signed  /s/ Aditya K. Dutt

Name  Aditya K. Dutt 

Title  President & Treasurer

Signature of Witness  /s/ Kim Botelho

Name of Witness  Kim Botelho

Address 12 Crow Lane, Pembroke, HM 19, Bermuda

	EXECUTED AS A DEED BY RENAISSANCERE SPECIALITY U.S. LTD. 
acting by an officer

In the presence of

	Signed  /s/ Aditya K. Dutt

Name  Aditya K. Dutt 

Title  Senior Vice President

Signature of Witness  /s/ Kim Botelho

Name of Witness  Kim Botelho

Address 12 Crow Lane, Pembroke, HM 19, Bermuda

	EXECUTED AS A DEED BY RENAISSANCE REINSURANCE OF EUROPE
acting by a director

In the presence of

	Signed  /s/ Sean Brosnan

Name  Sean Brosnan

Title  Director

Signature of Witness  /s/ Orla McAuliffe

Name of Witness  Orla McAuliffe

Address 18th Floor, 125 Old Broad Street, London, EC2N 1AR, UK

	EXECUTED AS A DEED BY RENAISSANCE REINSURANCE U.S. INC. 
acting by an officer

In the presence of

	Signed  /s/ James Conway

Name  James Conway

Title  Senior Vice President, General Counsel & Secretary

Signature of Witness  /s/ Michael K. Piacentini

Name of Witness  Michael K. Piacentini

Address 140 Broadway, Suite 4200, New York, NY, 10005, USA

	EXECUTED AS A DEED BY RENAISSANCERE EUROPE AG
acting by an authorized person

In the presence of
	Signed  /s/ Aditya K. Dutt

Name  Aditya K. Dutt 

Title  Senior Vice President

Signature of Witness  /s/ Kim Botelho

Name of Witness  Kim Botelho

Address Beethovenstrasse 33, CH-8002, Zurich, Switzerland

WE HEREBY CONFIRM OUR ACCEPTANCE ON BEHALF OF BANK:

By:        /s/ Niall Tuckey            
Name:    Niall Tuckey
Title:    Director

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