Document:

Exhibit

Exhibit 4.1

SIXTH SUPPLEMENTAL INDENTURE 

SIXTH SUPPLEMENTAL INDENTURE, dated as of September 20, 2016, between LIBERTY PROPERTY LIMITED PARTNERSHIP, a Pennsylvania limited partnership (the “Company”), having its principal offices at 500 Chesterfield Parkway, Malvern, Pennsylvania 19355, 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 

WHEREAS, the Company executed and delivered its Base Indenture (the “Base Indenture”), dated as of September 22, 2010, to the Trustee to issue from time to time for its lawful purposes debt securities evidencing its unsecured indebtedness. 
WHEREAS, the Base Indenture provides that by means of a supplemental indenture, the Company may create one or more series of its debt securities and establish the form and terms and conditions thereof. 
WHEREAS, the Company intends by this Sixth Supplemental Indenture to (i) create a series of debt securities to be issued from time to time in an unlimited principal amount entitled “Liberty Property Limited Partnership 3.250% Senior Notes due 2026” (the “Notes”); and (ii) establish the form and the terms and conditions of such Notes. 
WHEREAS, the Board of Trustees of Liberty Property Trust (the “Trust”), the general partner of the Company, has approved the creation of the Notes and the form, terms and conditions thereof. 
WHEREAS, the consent of Holders to the execution and delivery of this Sixth Supplemental Indenture is not required, and all other actions required to be taken under the Base Indenture with respect to this Sixth Supplemental Indenture have been taken. 

NOW, THEREFORE IT IS AGREED: 
ARTICLE ONE
Definitions, Creation, Form and Terms and Conditions of the Debt Securities 

SECTION 1.01 Definitions. (a) Capitalized terms used in this Sixth Supplemental Indenture and not otherwise defined shall have the meanings ascribed to them in the Base Indenture. In addition, the following additional terms shall have the following meanings to be equally applicable to both the singular and the plural forms of the terms defined: 

“Closing Date” means September 20, 2016. 

“Global Note” means a single fully-registered global note in book entry form, without coupons, substantially in the form of Exhibit A attached hereto. 

“Indenture” means the Base Indenture as supplemented by this Sixth Supplemental Indenture. 
“Intercompany Debt” means Debt to which the only parties are the Trust, any of its subsidiaries, the Company and any Subsidiary, or Debt owed to the Trust arising from routine cash management practices, but only so long as such Debt is held solely by any of the Trust, any of its subsidiaries, the Company and any Subsidiary. 

“Par Call Date” means July 1, 2026.

“Subsidiary” means a corporation, partnership or limited liability company, a majority of the outstanding voting stock, partnership interests or membership interests, as the case may be, of which is owned or controlled, directly or indirectly, by the Company or by one or more Subsidiaries of the Company.  For the purposes of this definition, “voting stock” means stock having the voting power for the election of directors, general partners, managers or trustees, as the case may be, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency. 

(b) The following terms, which are defined in the Base Indenture, are amended and restated in their entirety as follows: 

“Annual Service Charge” as of any date means the aggregate amount of any interest (other than amortization of deferred financing costs) expenses for the four consecutive fiscal quarters most recently ended prior to such date, as determined in accordance with GAAP.

“Consolidated Income Available for Debt Service” as of any date means Consolidated Net Income of the Company and its Subsidiaries plus amounts that have been deducted for and minus amounts which have been added for: (i) interest on Debt of the Company and its Subsidiaries; (ii) provision for taxes of the Company and its Subsidiaries based on income; (iii) amortization of debt discount, premium and deferred financing costs; (iv) provisions for unrealized gains and losses, depreciation and amortization, and the effect of other noncash items; (v) the effect of any noncash charge resulting from a change in accounting principles in determining Consolidated Net Income; (vi) amortization of deferred charges; (vii) charges for early extinguishment of debt; and (viii) any fees, costs or expenses (or amortization thereof) in connection with any debt financing or amendments thereto, any acquisition, merger, recapitalization or similar transaction (in each case whether or not completed), for the four consecutive fiscal quarters most recently ended, all as determined in accordance with GAAP, and without taking into account any provision for gains and losses on sales or other dispositions of properties.

“Redemption Price” has the meaning specified in Section 1.04(a) hereof.

“Reinvestment Rate” means the yield on Treasury securities at a constant maturity corresponding to the remaining life (as of the date of redemption, and rounded to the nearest month) to the Par Call Date (the “Treasury Yield”), plus 25%. For purposes hereof, the Treasury Yield shall be equal to the arithmetic mean of the yields published in the Statistical Release under the heading “Week Ending” for “U.S. Government Securities - Treasury Constant Maturities” with a maturity equal to such remaining life (assuming the notes matured on the Par Call Date); provided, that if no published maturity exactly corresponds to such remaining life (assuming the notes matured on the Par Call Date), then the Treasury Yield shall be interpolated or extrapolated on a straight-line basis from the arithmetic means of the yields for the next shortest and next longest published maturities. For purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the redemption amount shall be used. If the format or content of the Statistical Release changes in a manner that precludes determination of the Treasury Yield in the above manner, then the Treasury Yield shall be determined in the manner that most closely approximates the above manner, as reasonably determined by the Company. 

(c) With respect to the securities of all series created on or after the date of this Sixth Supplemental Indenture, the term “Unencumbered Total Asset Value”, which is defined in the Base Indenture, shall have the following meaning:

“Unencumbered Total Asset Value” as of any date means the sum of: (i) the value of those Undepreciated Real Estate Assets not subject to an encumbrance; and (ii) the value of all other assets of the Company and its Subsidiaries on a consolidated basis not subject to an encumbrance, as determined in accordance with GAAP (but excluding accounts receivable and intangibles); provided, however, that all investments by the Company and its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Unencumbered Total Asset Value to the extent that such investments would have otherwise been included.

(d) The term “Make-Whole Amount”, which is defined in the Base Indenture, shall not apply to the Notes.

SECTION 1.02 Creation of the Debt Securities. In accordance with Section 301 of the Base Indenture, the Company hereby creates the Notes as a separate series of its debt securities issued pursuant to the Indenture. The Notes shall be issued in an aggregate principal amount initially limited to $400,000,000. 

The Company may issue, in addition to the Notes originally issued on the Closing Date, additional Notes. The Notes originally issued on the Closing Date and any additional Notes originally issued subsequent to the Closing Date shall be a single series for all purposes under the Indenture. 

SECTION 1.03 Form of the Debt Securities. The Notes will be represented by one or more fully-registered global notes in book-entry form, without coupons, registered in the name of the nominee of DTC. The Notes shall be in the form of Exhibit A attached hereto and the terms set forth in such form shall be incorporated herein. So long as DTC, or its nominee, is the registered owner of a Global Note, DTC or its nominee, as the case may be, will be considered the sole owner or holder of the Notes represented by such Global Note for all purposes under the Indenture. Ownership of beneficial interests in the Global Note will be shown on, and transfers thereof will be effected only through, records maintained by DTC (with respect to beneficial interests of participants) or by participants or persons that hold interests through participants (with respect to beneficial interests of beneficial owners).  

SECTION 1.04 Terms and Conditions of the Debt Securities. The Notes shall be governed by all the terms and conditions of the Base Indenture, as supplemented by this Sixth Supplemental Indenture, and in particular, the following provisions shall be the terms of the Notes: 
(a) Optional Redemption. At any time prior to the Par Call Date, the Company may redeem the Notes at its option, in whole or from time to time in part, at a redemption price (the “Redemption Price”) equal to the greater of (i) the principal amount of the Notes being redeemed, and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would be due if such notes matured on the Par Call Date but for the redemption thereof (not including any portion of such payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Reinvestment Rate plus 25 basis points, plus, in each case, accrued and unpaid interest thereon to, but excluding, the Redemption Date; provided, however, that if the Redemption Date falls after a Regular Record Date and on or prior to the corresponding Interest Payment Date, the Company will pay the full amount of accrued and unpaid interest and premium, if any, due on such Interest Payment Date to the Holder of record at the close of business on the corresponding Regular Record Date.  Notwithstanding the foregoing, if the Notes are redeemed on or after the Par Call Date, the Redemption Price will be equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the applicable Redemption Date.  

If notice of redemption has been given as provided in the Indenture and funds for the redemption of the Notes called for redemption shall have been made available on the Redemption Date referred to in such notice, such Notes will cease to bear interest on the date fixed for such redemption specified in such notice and the only right of the Holders of such Notes from and after the Redemption Date will be to receive payment of the Redemption Price upon surrender of such Notes in accordance with such notice. 

Notice of any optional redemption of any Notes will be given to Holders at their addresses, as shown in the Security Register for the Notes, not more than 60 nor less than 15 days prior to the date fixed for redemption. The notice of redemption will specify, among other items, the Redemption Date, the Redemption Price and the principal amount of the Notes held by such Holder to be redeemed. 

If all or less than all of the Notes are to be redeemed at the option of the Company, the Company will notify the Trustee at least 45 days prior to giving notice of redemption (or such shorter period as is satisfactory to the Trustee) of the aggregate principal amount of Notes to be redeemed and their Redemption Date. In connection with any redemption prior to the Par Call Date, the Company shall give the Trustee notice of the related Redemption Price promptly after the calculation thereof and if the Company has requested that the Trustee give to the Holders the notice of redemption required by Section 1104 of the Base Indenture, such notice from the Company shall be given to the Trustee at such time as shall permit the Trustee to include notice of the Redemption Price in such notice of redemption. The Trustee shall have no responsibility for calculating the Redemption Price. The Trustee shall select, in such manner as it shall deem fair and appropriate, no less than 60 days prior to the date of redemption, the Notes to be redeemed in part. 

Neither the Company nor the Trustee shall be required to: (i) issue, register the transfer of or exchange Notes during a period beginning at the opening of business 15 days before any selection of Notes to be redeemed and ending at the close of business on the day of mailing the relevant notice of redemption; or (ii) register the transfer of or exchange any Note, or portion thereof, called for redemption, except the unredeemed portion of any Note being redeemed in part. 

(b) Maturity; Payment of Principal and Interest. The principal amount of the Notes shall be payable on October 1, 2026, subject to the provisions of the Indenture and the Notes. Interest will accrue from September 20, 2016. The Notes will bear interest at 3.250% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2017. Principal and interest payments on interests represented by a Global Note will be made to DTC or its nominee, as the case may be, as the registered owner of such Global Note. All payments of principal and interest in respect of the Global Note will be made by the Company in immediately available funds. The principal of the Notes payable on the Maturity Date or upon redemption will be paid against presentation and surrender of the Notes at the corporate trust office of the Trustee at 60 Livingston Avenue, 1st Floor, Bond Drop Window, St. Paul, MN, 55107, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public or private debt. 

(c) Applicability of Defeasance or Covenant Defeasance. The provisions of Article 14 of the Base Indenture shall apply to the Notes. 

ARTICLE TWO
Remedies

The Notes shall be subject to all remedies contained in the Base Indenture, as supplemented by this Sixth Supplemental Indenture.  In addition, this Sixth Supplemental Indenture amends and restates Section 501(5) of the Base Indenture to read as follows:

“(5) a default under any bond, debenture, note or other evidence of indebtedness of the Company, or under any mortgage, indenture or other instrument of the Company (including a default with respect to Securities of any series other than that series) under which there may be issued or by which there may be secured any indebtedness of the Company (or by any Subsidiary, the repayment of which the Company has guaranteed or for which the Company is directly responsible or liable as obligor or guarantor on a full recourse basis) whether such indebtedness now exists or shall hereafter be created, which default shall constitute a failure to pay an aggregate principal amount exceeding $50,000,000 of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto and shall have resulted in such indebtedness in an aggregate principal amount exceeding $50,000,000 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 10 days after there shall have been given, by registered or certified mail, to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 10% in principal amount of the Outstanding Securities of that series, a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default” hereunder; or”

ARTICLE THREE
Additional Covenants 

The Notes shall be governed by all the covenants contained in the Base Indenture, as supplemented by this Sixth Supplemental Indenture. In addition, this Sixth Supplemental Indenture amends and restates Section 1004 of the Base Indenture to read as follows: 

“SECTION 1004. Limitations on Incurrence of Debt. 
(a) The Company will not, and will not permit any Subsidiary to, incur any Debt, other than Intercompany Debt, that is subordinate in right of payment to the Notes, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds thereof, the aggregate principal amount of all outstanding Debt of the Company and its Subsidiaries on a consolidated basis determined in accordance with GAAP is greater than 60% of the sum of: (i) the Company’s Adjusted Total Assets as of the end of the most recent fiscal quarter prior to the incurrence of such additional Debt; and (ii) the increase in Adjusted Total Assets since the end of such quarter (including any increase resulting from the incurrence of additional Debt). 

(b) The Company will not, and will not permit any Subsidiary to, incur any Debt if the ratio of Consolidated Income Available for Debt Service to the Annual Service Charge on the date on which such additional Debt is to be incurred, on a pro forma basis, after giving effect to the incurrence of such Debt and to the application of the proceeds thereof would have been less than 1.5 to 1. 

     (c) The Company 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 properties of the Company or any Subsidiary (“Secured Debt”), whether owned at the date hereof or hereafter acquired, if, immediately after giving effect to the incurrence of such Secured Debt and the application of the proceeds thereof, the aggregate principal amount of all outstanding Secured Debt of the Company and its Subsidiaries on a consolidated basis is greater than 40% of the sum of: (i) the Company’s Adjusted Total Assets as of the end of the most recent fiscal quarter prior to the incurrence of such additional Debt; and (ii) the increase in Adjusted Total Assets since the end of such quarter (including any increase resulting from the incurrence of additional Debt).  

(d) The Company will at all times maintain an Unencumbered Total Asset Value in an amount not less than 150% of the aggregate principal amount of all outstanding unsecured Debt of the Company and its Subsidiaries on a consolidated basis. 

For purposes of the foregoing provisions regarding the limitation on the incurrence of Debt, Debt shall be deemed to be “incurred” by the Company or a Subsidiary whenever the Company or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof. 

ARTICLE FOUR
Trustee 

SECTION 4.01 Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Sixth Supplemental Indenture or the due execution thereof by the Company. The recitals of fact contained herein shall be taken as the statements solely of the Company, and the Trustee assumes no responsibility for the correctness thereof. 
ARTICLE FIVE
Miscellaneous Provisions 

SECTION 5.01 Ratification of Original Indenture. This Sixth Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Base Indenture, and as supplemented and modified hereby, the Base Indenture is in all respects ratified and confirmed, and the Base Indenture and this Sixth Supplemental Indenture shall be read, taken and construed as one and the same instrument. 

SECTION 5.02 Effect of Headings. The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 

SECTION 5.03 Successors and Assigns. All covenants and agreements in this Sixth Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

SECTION 5.04 Separability Clause. In case any one or more of the provisions contained in this Sixth Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

     SECTION 4.05 Governing Law. This Sixth Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York. This Sixth Supplemental Indenture is subject to the provisions of the Trust Indenture Act, that are required to be part of this Sixth Supplemental Indenture and shall, to the extent applicable, be governed by such provisions.  

SECTION 4.06 Counterparts. This Sixth Supplemental Indenture may be executed in any number of counterparts, and each of such counterparts shall for all purposes be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. 

    

  
 

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

	 
	 
	LIBERTY PROPERTY LIMITED PARTNERSHIP

	 
	 
	 
	 
	 

	  
	 
	By: 
	 
	Liberty Property Trust,

	  
	 
	 
	 
	as its sole General Partner

	 
	 
	 
	 
	 

	  
	 
	By:
	 
	 /s/ Christopher J. Papa

	  
	 
	 
	 
	 

	  
	 
	 
	 
	Name: Christopher J. Papa

	  
	 
	 
	 
	Title: Chief Financial Officer and Executive Vice President

	
			
	 
	 
	 

	Attest:
	 
	 

	 /s/ Herman C. Fala
	 
	 

	 
Name: Herman C. Fala
	 
	 

	Title: Secretary and General Counsel
	 
	 

  
  
 
    
	
					
	 
	 
	 
	 
	 

	 
	 
	U.S. BANK NATIONAL ASSOCIATION, as Trustee

	 
	 
	 
	 
	 

	  
	 
	By:
	 
	 /s/ Robert P. Pavlovic

	  
	 
	 
	 
	 

	  
	 
	 
	 
	Name:  Robert P. Pavlovic

	  
	 
	 
	 
	Title:  Vice President

	
			
	 
	 
	 

	Attest:
	 
	 

	 /s/ Stacy L. Mitchell
	 
	 

	 
Name:  Stacy L. Mitchell
	 
	 

	Title: Vice President
	 
	 

  

  

  
 

  
 

Exhibit A
[FACE OF NOTE]
THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE 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.                                         PRINCIPAL AMOUNT
CUSIP NO. 53117C AS1                                      $400,000,000
    
LIBERTY PROPERTY LIMITED PARTNERSHIP
3.250% Senior Note due 2026
September 20, 2016
Liberty Property Limited Partnership, a Pennsylvania 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 its registered assigns, the principal sum of Four Hundred Million Dollars ($400,000,000) on October 1, 2026 (the “Maturity Date”), and to pay interest thereon from September 20, 2016 (or from the most recent interest payment date to which interest has been paid or duly provided for), semi-annually in arrears on April 1 and October 1 of each year (each, an “Interest Payment Date”), commencing on April 1, 2017, and on the Maturity Date, at the rate of 3.250% 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 Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the “Record Date” for such payment, which will be the March 15 or September 15 (regardless of whether such day is a Business Day (as defined below)) preceding such Interest 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 Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a subsequent record date for the payment of such defaulted interest (which shall be not more than 15 days and not less than 10 days 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 Securities of this series not less than 10 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 or upon redemption will be paid against presentation and surrender of this Note at the corporate trust office of the Trustee at 60 Livingston Avenue, 1st Floor, Bond Drop Window, St. Paul, MN, 55107, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public or private debt.
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 20, 2016, 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, Redemption Date or the Maturity Date falls on a day that is not a Business Day (as defined below), the required payment of interest or principal or both, as the case may be, will be made on the next Business Day with the same force and effect as if it were made on the date such payment was due and no interest will accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date or the Maturity Date, as the case may be.  “Business Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions in Chicago or the City of New York are authorized or required by law, regulation 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 of the United States of America 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.

IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed manually or by facsimile by its authorized officers as of the date first set forth above. 

LIBERTY PROPERTY LIMITED PARTNERSHIP,
as Issuer

		
	By:
	LIBERTY PROPERTY TRUST,

as its sole General Partner

By:    
Name:
Title:

By:    
Name:
Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture.

U.S. BANK NATIONAL ASSOCIATION, as Trustee

By:______________________________
Authorized Signatory

[REVERSE OF NOTE]
LIBERTY PROPERTY LIMITED PARTNERSHIP
3.250% Senior Note due 2026
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 an Indenture dated as of September 22, 2010 (herein called the “Indenture”), duly executed and delivered by the Issuer to U.S. Bank National Association, 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), to which Indenture and all indentures supplemental thereto relating to this security 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 or any indenture supplemental thereto.  This Security is one of a series designated as the 3.250% Notes due 2026 of the Issuer.
In case an Event of Default with respect to this Security 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 this Security at any time at the option of the Issuer, in whole or from time to time in part, at a redemption price (the “Redemption Price”) equal to the greater of (i) the principal amount of this Security being redeemed, and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on this Security to be redeemed that would be due if such Security matured on the Par Call Date (as defined below) but for the redemption thereof (not including any portion of such payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Reinvestment Rate plus 25 basis points, plus, in each case, accrued and unpaid interest thereon to, but excluding, the Redemption Date; provided, however, that if the Redemption Date falls after a Regular Record Date and on or prior to the corresponding Interest Payment Date, the Issuer will pay the full amount of accrued and unpaid interest and premium, if any, due on such Interest Payment Date to the Holder of record at the close of business on the corresponding Regular Record Date.  Notwithstanding the foregoing, if this Security is redeemed on and after July 1, 2026 (the “Par Call Date”), the Redemption Price will be equal to 100% of the principal amount of the Security being redeemed plus accrued and unpaid interest thereon to, but excluding, the applicable Redemption Date. Notice of any optional redemption of any Securities of this series will be given to Holders thereof at their addresses, as shown in the Security Register for the Securities of this series, not more than 60 nor less than 15 days prior to the date fixed for redemption.  The notice of redemption will specify, among other items, the Redemption Date, the Redemption Price and the principal amount of the Securities of this series held by such Holder to be redeemed.
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 all Outstanding Securities affected, 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 Stated Maturity of the principal of (or premium, if any, on) or any installment of interest on, any such Security, (ii) reduce the principal amount of, or the rate or amount of interest on, or any premium payable on redemption of the Notes, or adversely affect any right of repayment of the Holder of any Securities; (iii) change the place of payment, or the coin or currency, for payment of principal or premium, if any, or interest on the Securities; (iv) impair the right to institute suit for the enforcement of any payment on or with respect to the Securities on or after the stated maturity of any such Security; (v) reduce the above-stated percentage in principal amount of outstanding Securities, the consent of whose Holders is necessary to modify or amend the Indenture, for any waiver with respect to the Securities or to waive compliance with certain provisions of the Indenture or certain defaults and consequences thereunder or to reduce the quorum or voting requirements set forth in the Indenture; or (vi) modify any of the foregoing provisions or any of the provisions relating to the waiver of certain past defaults or certain covenants, except to increase the required percentage to effect such action or to provide that certain other provisions of the Indenture may not be modified or waived without the consent of the Holder of each Security. 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 principal amount outstanding of the Securities of such series may on behalf of the Holders of all the Securities of such series waive any such past default or Event of Default and its consequences, or, subject to 

certain conditions, may rescind a 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 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 $2,000 and integral multiples of $1,000 in excess 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, one or more new 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.
Prior to due presentment of this Security for registration of transfer, the Issuer, the Trustee or any agent of the Issuer or the Trustee may deem and treat the Person in whose name this Security is registered as the 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 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 governed by and construed in accordance with the laws of the State of New York.
Capitalized terms used herein which are not otherwise defined shall have the respective meanings assigned to them in the Indenture and all indentures supplemental thereto relating to this Security.

LIBERTY PROPERTY LIMITED PARTNERSHIP 
ISSUER 
TO 
U.S. BANK NATIONAL ASSOCIATION,
TRUSTEE 
 
SIXTH SUPPLEMENTAL INDENTURE
DATED AS OF SEPTEMBER 20, 2016 
 
3.250% SENIOR NOTES DUE 2026
 
SUPPLEMENT TO INDENTURE,
DATED AS OF SEPTEMBER 22, 2010, BETWEEN
LIBERTY PROPERTY LIMITED PARTNERSHIP AND
U.S. BANK NATIONAL ASSOCIATIONExhibit

AMENDMENT NO. 1 TO CREDIT AGREEMENT

THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT (this "Amendment") is entered into as of October 31, 2016, by and among the Lenders identified on the signature pages hereof, WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for the Lenders (in such capacity, "Agent"), THE MANITOWOC COMPANY, INC., a Wisconsin corporation ("Parent"), MANITOWOC CRANES, LLC, a Wisconsin limited liability company ("Cranes"), GROVE U.S. L.L.C., a Delaware limited liability company ("Grove"; Parent, Cranes and Grove are collectively, the "US Borrowers" and individually, a "US Borrower"), and MANITOWOC CRANE GROUP GERMANY GMBH, a German limited liability company (Gesellschaft mit beschränkter Haftung) ("German Borrower"; US Borrowers and German Borrower are collectively, the "Borrowers" and individually, a "Borrower").
WHEREAS, Borrowers, Agent, and Lenders are parties to that certain Credit Agreement dated as of March 3, 2016 (as amended, restated, supplemented or otherwise modified from time to time, including pursuant to this Amendment the "Credit Agreement"); 
WHEREAS, Borrowers have requested that Agent and Supermajority Lenders agree to amend the Credit Agreement in certain respects, and Borrowers, Agent and Supermajority Lenders have agreed to amend the Credit Agreement as set forth herein subject to the terms and conditions set forth herein; 
NOW THEREFORE, in consideration of the premises and mutual agreements herein contained, the parties hereto agree as follows:
1.Defined Terms.  Unless otherwise defined herein, capitalized terms used herein (including in the recitals above) shall have the meanings ascribed to such terms in the Credit Agreement.
2.    Amendments.  Subject to the satisfaction of the conditions to effectiveness set forth in Section 4 of this Amendment and in reliance upon the representations and warranties set forth in Section 5 of this Amendment, the Credit Agreement is hereby amended as follows:
(a)    Section 2.17(b) of the Credit Agreement is amended and restated in its entirety as follows:
(b)    On or before January 7, 2017 (or such later date as Agent may agree to in writing in its sole discretion), German Borrower shall, and shall cause each other German Loan Party to, (A) establish and maintain cash management services of a type and on terms reasonably satisfactory to Agent at one or more banks satisfactory to Agent and take reasonable steps to ensure that all account debtors of each German Loan Party forward payment of the amounts owed to such German Loan Party to a Collection Account in the name of such German Loan Party, and (B) deposit or cause to be deposited promptly, and in any event no later than the first Business Day after the date of receipt thereof, all of its collections and proceeds of its Collateral into a Collection Account of such Loan Party subject to a Control Agreement in favor of Agent.  Each Control Agreement shall provide, among other things, except to the extent otherwise agreed by Agent that (A) the applicable 

depository bank will comply with any instructions originated by Agent directing the disposition of the funds in such Collection Account without further consent by the applicable Loan Party, (B) the applicable depository bank waives, subordinates, or agrees not to exercise any rights of setoff or recoupment or any other claim against the applicable Collection Account other than for payment of its service fees and other charges directly related to the administration of such Collection Account and for returned checks or other items of payment, and (C) upon the instruction of Agent (a "German Activation Instruction"), the applicable depository bank will forward by daily sweep all amounts in the applicable Collection Account to the Agent's German Account.  Agent agrees not to issue a German Activation Instruction with respect to the Collection Accounts unless a German Cash Dominion Triggering Event has occurred and is continuing at the time the German Activation Instruction is issued. Agent agrees to use commercially reasonable efforts to rescind a German Activation Instruction at such time as there has been no German Cash Dominion Triggering Event for at least 45 consecutive days.  In addition to the foregoing, at any time that German Revolving Loans are outstanding, German Borrower shall, from and after January 7, 2017 (or such later date as Agent may agree to in writing in its sole discretion) cause all funds received in each Collection Account of a German Loan Party to be swept to the applicable Agent's German Account for application to the German Obligations on a daily basis.  On or before January 7, 2017 (or such later date as Agent may agree to in writing in its sole discretion), German Borrower shall cause each other Deposit Account of any German Loan Party (other than Collection Accounts that shall be subject to the requirements set forth above and other than Excluded Deposit Accounts) to be subject to a Control Agreement that, except as otherwise agreed by Agent, shall be subject to the same terms described above for Control Agreements with respect to Collection Accounts of German Loan Parties.  
(b)    Section 2.17(c) of the Credit Agreement is amended by (i) inserting a reference to "or German Activation Instruction" after each reference to "Activation Instruction" set forth therein, and (ii) inserting a reference to "or Section 2.17(b), as applicable" following the reference to "Section 2.17(a)" set forth therein.
(c)    Section 8.2(a) of the Credit Agreement is amended by inserting a reference to "2.17" immediately prior to the reference to "3.6" set forth therein.
(d)    Schedule 1.1 to the Credit Agreement is amended by amending and restating the definition of the term "ARS Guaranty" set forth therein in its entirety as follows:
"ARS Guaranty" means that certain Amended and Restated Performance Guaranty, dated as of March 3, 2016, made by Parent in favor of Wells Fargo Bank, N.A., as purchaser and as agent under the ARS Facility Agreement, as it may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof.
(e)    Schedule 1.1 to the Credit Agreement is amended by amending the definition of the term "Authorized Person" set forth therein by replacing the reference to "Schedule A-2" set forth therein with a reference to "Schedule A-3".

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(f)    Schedule 1.1 to the Credit Agreement is amended by inserting the new defined term "Crane Manufacturing Transition" therein in its appropriate alphabetical order as follows:
"Crane Manufacturing Transition" means the relocation and consolidation of the US Borrowers' crane manufacturing operations (including office equipment related to such operations) from the real property owned by Cranes located at 2401 S. 30th St., Manitowoc, Wisconsin to the crane manufacturing locations owned by Grove located at 1565 Buchanan Trail East, Shady Grove, Pennsylvania, 2400 South 44th Street, Manitowoc, Wisconsin, and 1190 Mineral Springs Drive, Port Washington, Wisconsin.

(g)    Schedule 1.1 to the Credit Agreement is amended by amending and restating the definition of the term "EBIT" set forth therein in its entirety as follows:
"EBIT" means, with respect to any fiscal period, Consolidated Net Income for such period before deducting therefrom Consolidated Interest Expense for such period (to the extent deducted in arriving at Consolidated Net Income for such period) and provision for taxes based on income (including foreign withholding taxes imposed on interest or dividend payments and state single business, unitary or similar taxes imposed on net income) that were included in arriving at Consolidated Net Income for such period and without giving effect, without duplication, to (a) any extraordinary gains and any extraordinary losses (in each case as determined pursuant to generally accepted accounting principles as in effect in the United States prior to giving effect to Accounting Standards Update No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items) and other extraordinary non-cash charges or benefits, (b) any gains or charges arising out of prepayments of the Notes, (c) any gains or losses from sales of assets other than from sales of Inventory in the ordinary course of business, (d) fees, expenses and charges incurred or recorded in connection with the transactions contemplated by this Agreement, the other Loan Documents, and ARS Facility Documents (excluding, for the avoidance of doubt, the consummation of the Corporate Separation Plan, which shall instead be subject to clause (e) below), (e) fees, expenses and charges incurred or recorded in connection with the transactions contemplated by the Corporate Separation Plan in an aggregate amount not to exceed $40,000,000 during the term of this Agreement, (f) non-recurring cash charges permitted by this Agreement in connection with any restructuring, recapitalization, Investment, Permitted Acquisition or incurrence of Indebtedness (other than in connection with the Transactions); provided that the cash portion of such charges added back pursuant to this clause (f) shall not exceed $10,000,000 during any period of twelve consecutive months, (g) any non-cash charges attributable to the expensing of the grant of stock, stock options or other equity-based awards, (h) any non-cash charges attributable to asset impairments, write-offs and write-downs associated with any restructuring or the sale or discontinuance of assets, products, or business lines (other than those representing the accrual or reserve for a future cash expense, and excluding any such items associated with any Eligible Equipment, Eligible Inventory or Eligible Real Property (provided, that impairment charges made during the fiscal quarter ending September 30, 2016, December 31, 2016 or March 31, 2017 in 

3

connection with the Crane Manufacturing Transition to Eligible Equipment, Eligible Inventory, or Eligible Real Property that was located at US Borrowers' crawler crane manufacturing location (or, in the case of Eligible Real Property, consisted of such location) in Manitowoc, Wisconsin prior to the Crane Manufacturing Transition in an aggregate amount not to exceed $20,000,000 shall not be excluded from this clause (h))), (i) any non-cash charges attributable to long-term incentive plan charges and employee benefit and pension plan charges (provided, however, that EBIT shall be reduced in any fiscal period by the amount of cash charges in excess of $2,500,000 in the aggregate paid during such period (excluding any such cash charges paid during 2016) in respect of incentive plans and employee benefit and pension plans that are not accounted for in the calculation of Consolidated Net Income), (j) restructuring and severance adjustments incurred or recorded during the period from January 1, 2016 through March 31, 2017 in an aggregate amount not to exceed $20,000,000, (k) any net Cost Savings incurred or recorded after the Closing Date (but not to exceed $15,000,000 in the aggregate for the period from the Closing Date through the first anniversary thereof) and projected by Parent to result from actions taken during such period that (i) are reasonably expected to be realized within twelve (12) months of the applicable action as set forth in reasonable detail on a certificate of a Senior Officer delivered to the Agent, (ii) are calculated on a basis consistent with GAAP and are, in each case, reasonably identifiable, factually supportable, and expected to have a continuing impact on the operations of Parent and its Subsidiaries and (iii) represent, when aggregated with any amounts added back pursuant to clause (f) above, less than 7.5% of EBITDA for such period (determined (1) prior to giving effect to any adjustment pursuant to clause (f) above and (2) net of the amount of actual benefits realized from such actions during such period from such actions), and (l) non-recurring non-cash charges or expenses (less, even if it results in a negative number, non-cash gains or income) deducted (or included) in the determination of Consolidated Net Income for the relevant period and for which no cash outlay (or cash receipt) is foreseeable in any subsequent period; provided that, with respect to this clause (l), if notwithstanding such foreseeability any such amount is paid in cash in a subsequent period, such amount shall be deducted from Consolidated Net Income to arrive at EBIT in such subsequent period; provided that EBIT shall be calculated so as to exclude the effect of any gain or loss that represents after-tax gains or losses attributable to any sale, transfer or other disposition of assets by Parent or any Subsidiary, other than dispositions in the ordinary course of business.
(h)    Schedule 1.1 to the Credit Agreement is amended by amending and restating clause (c) of the definition of the term "Eligible Equipment" set forth therein in its entirety as follows:
(c)    it is in-transit (it being understood that, during the period from the First Amendment Closing Date through the earlier of (x) December 31, 2017 (or such later date as may be approved by the Agent in its sole discretion), and (y) the final completion of the Crane Manufacturing Transition, for purposes of calculating the US Fixed Asset Availability Amount, with respect to Equipment (excluding any Equipment that has been or is contemplated to be in-transit for more than 2 weeks, in which case the US Fixed Asset Availability and US Borrowing Base would be recalculated (in addition to the implementation of the reserve described below) to reflect such Equipment as not constituting Eligible Equipment while such Equipment 

4

is in-transit as described below) that is in-transit from the real property owned by Cranes located at 2401 S. 30th St., Manitowoc, Wisconsin to the crane manufacturing locations owned by Grove located at 1565 Buchanan Trail East, Shady Grove, Pennsylvania, 2400 South 44th Street, Manitowoc, Wisconsin, and 1190 Mineral Springs Drive, Port Washington, Wisconsin unless otherwise elected by Agent with written notice to the Borrowers, the US Fixed Asset Availability Amount and the US Borrowing Base shall be calculated to address such in-transit Equipment by virtue of Agent implementing a Reserve against the US Borrowing Base (and Borrowers hereby authorize Agent to implement such Reserve) in an amount estimated by Agent (it being understood that Agent may rely at its election on information provided by Borrowers to Agent for such purpose, and that without limitation of the related requirements set forth in the Amendment No. 1 to Credit Agreement dated as of the First Amendment Closing Date, Borrowers agree to provide such information upon Agent's request) to be 85% of the average daily Net Orderly Liquidation Value of such Equipment of the US Loan Parties that would otherwise constitute Eligible Equipment that is (or is expected to be) in-transit during the Crane Manufacturing Transition),
(i)    Schedule 1.1 to the Credit Agreement is amended by inserting a new defined term "First Amendment Closing Date" therein in its appropriate alphabetical order as follows:
"First Amendment Closing Date" means October 31, 2016.
(j)    Schedule 1.1 to the Credit Agreement is amended by inserting a new defined term "German Activation Instruction" therein in its appropriate alphabetical order as follows:
"German Activation Instruction" has the meaning specified therefor in Section 2.17(b).
(k)    Schedule 1.1 to the Credit Agreement is amended by inserting a new defined term "German Cash Dominion Triggering Event" therein in its appropriate alphabetical order as follows:
"German Cash Dominion Triggering Event" means (a) any date an Event of Default exists, (b) any date on which Availability with respect to the German Borrower Group is, and for a period of three consecutive Business Days (inclusive of such date) has been, less than the greater of 10% of the Aggregate Maximum Amount and $30,000,000, (c) any date on which Aggregate Excess Availability is, and for a period of three consecutive Business Days (inclusive of such date) has been, less than the greater of 10% of the German Maximum Revolver Amount and $7,500,000, or (d) any date that a Cash Dominion Triggering Event exists.

(l)    Schedule 1.1 to the Credit Agreement is amended by amending and restating clauses (p) and (r) of the definition of the term "Permitted Dispositions" set forth therein in their entirety as follows:
(p)    sales or dispositions of fixed assets (other than Eligible Real Property) not otherwise permitted in clauses (a) through (n) above so long as (i) no Default or 

5

Event of Default then exists or would be caused thereby, (ii) such sale or disposition is at arm's length for fair market value and (iii) the aggregate fair market value of all fixed assets disposed of in any fiscal year (including the proposed disposition) would not exceed $5,000,000 (the "Disposition Cap"); provided, that if the actual aggregate fair market value of all assets disposed of in such fiscal year pursuant to this clause (p) is less than the Disposition Cap (such difference being the "Excess Amount"), 100% of such Excess Amount (the "Carry-Over Amount") may be carried over to the next succeeding fiscal year (the "Succeeding Fiscal Year"); provided, further, that the Carry-Over Amount applicable to a particular Succeeding Fiscal Year may not be used in that fiscal year until the full amount of the Disposition Cap is expended in such fiscal year, and the Carry-Over Amount applicable to a particular Succeeding Fiscal Year may not be carried forward to another fiscal year; provided, further, that subject to the satisfaction of the conditions described in clauses (i) and (ii) above, any sales or dispositions of additional fixed assets (other than Eligible Real Property) with an aggregate fair market value not to exceed $3,800,000 may be made during the Fiscal Year ending December 31, 2017 in connection with Crane Manufacturing Transition (it being understood that sales or dispositions made during such Fiscal Year shall first be deemed to have been made under this proviso, to the extent applicable, prior to being deemed to be made under the Disposition Cap (including the Carry-Over Amount available during such Fiscal Year);
(r)    the sale by Grove and Cranes of accounts receivable to the SPE pursuant to the ARS Purchase Agreement, and the sale by the SPE of such accounts to the ARS Agent pursuant to the ARS Facility Agreement, in each case unless Agent has provided written notice to Administrative Borrower after the occurrence of an Event of Default directing Loan Parties to cease selling accounts receivable to the SPE, 
(m)    Schedule 1.1 to the Credit Agreement is amended by (i) amending the definition of the term "Permitted Dispositions" set forth therein by replacing the "." at the end of clause (s) thereof with ", or", and (ii) inserting a new clause (t) at the end thereof as follows:
(t)    the sale of the real property owned by Cranes located at 2401 S. 30th St., Manitowoc, Wisconsin so long as (i) no Eligible Equipment or Eligible Inventory remains on such real property after giving effect to such sale), (ii) no Default or Event of Default then exists or would be caused thereby, (iii) such sale is at arm's length for fair market value, and (iv) after giving pro forma effect to such sale (including the application of the Net Cash Proceeds thereof to the US Revolving Loans in accordance with Section 2.4(e)(vi) and Section 2.4(f)(iii) and the reduction of the US Fixed Asset Availability Amount by virtue of the reduction of the US Fixed Asset Sub-Line Amount by virtue of such real property ceasing to constitute Eligible Real Property and the reduction of the US Fixed Asset Sub-Line Amount by virtue of applications of prepayments pursuant to Section 2.4(f)(iii)), US ABL Excess Availability shall be not less than the greater of 5.25% of the Aggregate Maximum Amount and $15,750,000.

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(n)    Schedule 1.1 to the Credit Agreement is amended by amending the definition of the term "US Fixed Asset Availability Amount" set forth therein by inserting a reference to "US" immediately prior to the reference to "Fixed Asset Sub-Line Amount" set forth therein.
(o)    Schedule 5.1 to the Credit Agreement is amended by replacing the reference to " as soon as available, but in any event within 30 days after the end of each month during each of Parent's fiscal years," set forth therein adjacent to clauses (a) and (b) thereof with a reference to " as soon as available, but in any event within (x) 30 days after the end of each month during each of Parent's fiscal years that is not the last month of a fiscal quarter of Parent, and (y) 45 days after the end of each month during each of Parent's fiscal years that is the last month of a fiscal quarter of Parent,".
(p)    Schedule 5.1 to the Credit Agreement is amended by replacing the reference to "Quarterly, within 30 days after the end of each of Parent's fiscal quarters," set forth therein adjacent to clause (e) thereof with a reference to "Quarterly, within 45 days after the end of each of Parent's fiscal quarters,".
(q)    Schedule A-3 to the Credit Agreement is amended and restated in its entirety as set forth on Schedule A-3 to this Amendment.
3.    Continuing Effect; Reaffirmation and Continuation.  Except as expressly set forth in Section 2 of this Amendment, nothing in this Amendment shall constitute a modification or alteration of the terms, conditions or covenants of the Credit Agreement or any other Loan Document, or a waiver of any other terms or provisions thereof, and the Credit Agreement and the other Loan Documents shall remain unchanged and shall continue in full force and effect, in each case as amended hereby.  Each Borrower hereby ratifies, affirms, acknowledges and agrees that as of the date hereof the Credit Agreement and the other Loan Documents represent the valid, enforceable and collectible obligations of Borrowers, and further acknowledges that there are no existing claims, defenses, personal or otherwise, or rights of setoff whatsoever with respect to the Credit Agreement or any other Loan Document.  Each Borrower hereby agrees that this Amendment in no way acts as a release or relinquishment of the Liens and rights securing payments of the Obligations.  The Liens and rights securing payment of the Obligations are hereby ratified and confirmed by each Borrower in all respects.
4.    Conditions to Effectiveness.  This Amendment shall become effective upon the satisfaction of each of the following conditions precedent, each in form and substance acceptable to Agent:
(a)    Agent shall have received a copy of this Amendment in form and substance acceptable to Agent executed by Borrowers, Agent and Supermajority Lenders; 
(b)    Agent shall have received a copy of the Consent and Reaffirmation attached hereto executed by each Guarantor; and
(c)    No Default or Event of Default shall have occurred and be continuing on the date hereof.

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5.    Representations and Warranties.  In order to induce Agent and Lenders to enter into this Amendment, each Borrower hereby jointly and severally represent and warrant to Agent and Lenders on the date hereof that:
(a)    All representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of this Amendment, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier date);
(b)    No Default or Event of Default has occurred and is continuing on the date of this Amendment; and
(c)    This Amendment, and the Credit Agreement as modified hereby, constitute legal, valid and binding obligations of each Borrower and are enforceable against each Borrower in accordance with their respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors' rights generally.
6.    Miscellaneous.
(a)    Expenses.  Borrowers jointly and severally agree to pay on demand all Lender Group Expenses of Agent (including, without limitation, the fees and expenses of outside counsel for Agent) in connection with the preparation, negotiation, execution, delivery and administration of this Amendment and all other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith.  All obligations provided herein shall survive any termination of this Amendment and the Credit Agreement as modified hereby.
(b)    Governing Law.  This Amendment shall be a contract made under and governed by the internal laws of the State of New York.  The choice of law and venue, and jury trial waiver provisions set forth in Section 12 of the Credit Agreement are incorporated herein by reference and shall apply in all respects to this Amendment.
(c)    Counterparts.  This Amendment may be executed in any number of counterparts, and by the parties hereto on the same or separate counterparts, and each such counterpart, when executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment.  Delivery of an executed counterpart of this Amendment by facsimile or electronic mail shall be equally effective as delivery of an original executed counterpart of this Amendment.
(d)    Loan Document.  The parties hereto acknowledge and agree that this Amendment is a Loan Document.
7.    SPE Bank Account Listed on Schedules to US Security Agreement and Perfection Certificate.  Borrowers have notified Agent and Lenders that Schedule 9 to the US 

8

Security Agreement and Schedule 13 to the Perfection Certificate delivered by Borrowers on the Closing Date (the "Closing Perfection Certificate") incorrectly list Deposit Account number 4126129287 established with Wells Fargo Bank, N.A. (the "Subject Deposit Account") as a Deposit Account of Grove, when the Subject Deposit Account is actually a Deposit Account of the SPE (which is not a Loan Party).  Borrowers, Agent and Lenders hereby acknowledge and agree that (a) Schedule 9 to the US Security Agreement and Schedule 13 to Closing Perfection Certificate are hereby deemed to be amended to delete the reference to the reference Subject Deposit Account therefrom, and (b) no Default or Event of Default shall be deemed to have occurred or be in existence by virtue of the inclusion of the Subject Deposit Account on such Schedule 9 to the US Security Agreement and Schedule 13 to the Closing Perfection Certificate on the Closing Date.
8.    Covenant to Deliver Amendment to German Account Pledge Agreement.  In consideration of the agreements of Agent and Lenders set forth herein, Borrowers hereby agree to deliver to Agent within 30 days following the date hereof (or such later date as may be agreed by Agent in its sole discretion) a fully executed amendment to the Account Pledge Agreement dated as of the Closing Date by and between Agent and German Borrower in form and substance satisfactory to the Agent to reflect the amendments to the cash management requirements of the German Loan Parties affected by the revisions to Section 2.17(b) of the Credit Agreement effected by this Amendment as determined to be applicable by the Agent (and the Lenders authorize Agent to enter into such amendment to such Account Pledge Agreement).  The failure of Borrowers to satisfy the covenant set forth in this Section 9 shall constitute an Event of Default under the Credit Agreement.
9.    Covenant to Deliver Information Regarding In-Transit Equipment During the Crane Manufacturing Transition.  Concurrently with the delivery by Borrowers of a Borrowing Base Certificate as required by Schedule 5.2 of the Credit Agreement within 20 days after the end of the month ending October 31, 2016, Borrowers shall deliver a schedule or other information to Agent, in form and substance satisfactory to Agent, reflecting the Borrowers' contemplated timeline for moving the Equipment of Borrowers from the real property owned by Cranes located at 2401 S. 30th St., Manitowoc, Wisconsin in connection with the Crane Manufacturing Transition, along with indications of the average and peak amounts of Equipment that will be in-transit during the Crane Manufacturing Transition in order to permit Agent to calculate the Reserve contemplated by clause (c) of the definition of the term Eligible Equipment during the Crane Manufacturing Transition.  Thereafter, until the completion of the Crane Manufacturing Transition, concurrently with the delivery by Borrowers of each subsequent Borrowing Base Certificate (unless Agent has elected with written notice to Borrowers pursuant to the parenthetical in clause (c) of the definition of the term Eligible Equipment that the US Borrowing Base and US Fixed Asset Availability shall no longer be calculated pursuant to such parenthetical), Borrowers shall deliver to Agent either (x) a written certification from an officer of a US Borrower that the most recent information provided by Borrowers to Agent with respect to the timeline and average daily amounts of Equipment that is in-transit in connection with the Crane Manufacturing Transition remains substantially accurate and that the existing Reserve maintained against the US Borrowing Base pursuant to clause (c) of the definition of the term Eligible Equipment continues to approximately reflect 85% of the average daily Net Orderly Liquidation Value of such in-transit Equipment of the US Loan Parties pursuant to the Crane Manufacturing Transition that would otherwise constitute Eligible Equipment, or (y) updated information in form and substance satisfactory to Agent regarding the status of the Crane Manufacturing Transition and then-current and subsequently contemplated average and peak amounts of Equipment that will be in-transit during the Crane Manufacturing Transition in order 

9

to permit Agent to recalculate the Reserve contemplated by clause (c) of the definition of the term Eligible Equipment during the Crane Manufacturing Transition.
[signature pages follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized and delivered as of the date first above written.
	
		
	US BORROWERS:
	THE MANITOWOC COMPANY, INC., a Wisconsin corporation 

	 
	By: /s/ Louis F. Raymond

	 
	Name:  Louis F. Raymond

	 
	Title:  Vice President and Secretary

	
		
	 
	MANITOWOC CRANES, LLC, a Wisconsin limited liability company 

	 
	By: /s/ Louis F. Raymond

	 
	Name:  Louis F. Raymond

	 
	Title:  Vice President and Secretary

	
		
	 
	GROVE U.S. L.L.C., a Delaware limited liability company 

	 
	By: /s/ Louis F. Raymond

	 
	Name:  Louis F. Raymond

	 
	Title:  Vice President and Secretary

	
		
	GERMAN BORROWER:
	MANITOWOC CRANE GROUP GERMANY GMBH, a German limited liability company 

	 
	By: /s/ Michael A. Reed

	 
	Name:  Michael A. Reed

	 
	Title:  Vice President Operations

Signature Page to Amendment No. 1 to Credit Agreement

	
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, 
as Agent and as a Lender 

	By: /s/ Ann Sasal

	Name:  Ann Sasal

	Title:  Vice President

	 

	WELLS FARGO BANK, NATIONAL ASSOCIATION (LONDON BRANCH), as a Lender 

	By: /s/ Tania Saldawha

	Name:  Tania Saldawha

	           Its Authorized Signatory

Signature Page to Amendment No. 1 to Credit Agreement

	
		
	 
	JPMORGAN CHASE BANK, N.A., as a Lender 

	 
	By: /s/ Kelly Omalley

	 
	Name: Kelly Omalley

	 
	Title:  Authorized Officer

	
		
	 
	JPMORGAN CHASE BANK, N.A., LONDON BRANCH, as a Lender 

	 
	By: /s/ Tim Jacob

	 
	Name: Tim Jacob

	 
	Title: Authorized Officer

Signature Page to Amendment No. 1 to Credit Agreement

	
		
	 
	GOLDMAN SACHS BANK USA, as a Lender 

	 
	By: /s/ Jerry Li

	 
	Name: Jerry Li

	 
	Title: Authorized Signatory

Signature Page to Amendment No. 1 to Credit Agreement

	
		
	 
	BANK OF AMERICA, N.A., as a Lender 

	 
	By: /s/ Bradley E. Handrich

	 
	Name: Bradley E. Handrich

	 
	Title: VP

	 
	 

	 
	BANK OF AMERICA, N.A. (acting through its London branch), as a Lender 

	 
	By: /s/ Bradley E. Handrich

	 
	Name: Bradley E. Handrich

	 
	Title: VP

Signature Page to Amendment No. 1 to Credit Agreement

	
	
	 

CONSENT AND REAFFIRMATION
Each undersigned Guarantor hereby (i) acknowledges receipt of a copy of the foregoing Amendment No. 1 to Credit Agreement (the "Amendment"; capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Amendment), (ii) consents to Borrowers' execution and delivery of the Amendment; (iii) agrees to be bound by the Amendment; (iv) affirms that nothing contained in the Amendment shall modify in any respect whatsoever any Loan Document to which it is a party except as expressly set forth therein; and (v) ratifies, affirms, acknowledges and agrees that each of the Loan Documents to which such Guarantor is a party represents the valid, enforceable and collectible obligations of such Guarantor, and further acknowledges that there are no existing claims, defenses, personal or otherwise, or rights of setoff whatsoever with respect to the Credit Agreement or any other such Loan Document.  Each Guarantor hereby agrees that the Amendment in no way acts as a release or relinquishment of the Liens and rights securing payments of the Obligations.  The Liens and rights securing payment of the Obligations are hereby ratified and confirmed by such Guarantor in all respects.  Although each Guarantor has been informed of the matters set forth herein and has acknowledged and agreed to same, each Guarantor understands that neither Agent nor any Lender has any obligation to inform any Guarantor of such matters in the future or to seek any Guarantor's acknowledgment or agreement to future amendments, waivers or consents, and nothing herein shall create such a duty.
[signature page follows]

Consent and Reaffirmation to Amendment No. 1 to Credit Agreement

MANITOWOC CRANE GROUP U.S. HOLDING, LLC 
 
 
By: /s/ Louis F. Raymond                
Name:  Louis F. Raymond  
Title:  Vice President and Secretary
MANITOWOC CRANE COMPANIES, LLC 
 
 
By: /s/ Louis F. Raymond           
Name:  Louis F. Raymond  
Title:  Vice President and Secretary
MANITOWOC RE-MANUFACTURING, LLC 
 
 
By:  /s/ Louis F. Raymond       
Name:  Louis F. Raymond  
Title:  Vice President and Secretary
MANITOWOC CP, INC. 
 
 
By:  /s/ Louis F. Raymond       
Name:  Louis F. Raymond  
Title:  Vice President and Secretary

MANITOWOC CRANE GROUP HOLDING 
GERMANY GMBH 
 
 
By:  /s/ Corinne Pouyet           
Name:  Corinne Pouyet 
Title:  Managing Director

Consent and Reaffirmation to Amendment No. 1 to Credit Agreement

Schedule A-3
Authorized Persons
Louis Raymond
David Antoniuk
Chad Morley
Jessica Brault

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