Document:

Exhibit
4.2

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

	
  REGISTERED

  	
   

  	
  REGISTERED

  
	
  NO. 001

  	
   

  	
  PRINCIPAL
  AMOUNT

  
	
   

  	
   

  	
   

  
	
  CUSIP No. 26884A AV 5

  	
   

  	
  $650,000,000

  

 

ERP OPERATING LIMITED PARTNERSHIP

3.85% Exchangeable Senior Note due 2026

ERP Operating
Limited Partnership, a limited partnership duly organized and existing under
the laws of the State of Illinois (the “Issuer,” which term shall include 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 Six Hundred Fifty Million Dollars ($650,000,000) on August 15,
2026 unless redeemed, repurchased or exchanged prior to such date in accordance
with the terms hereof and of the Indenture.

This Note shall
bear interest as specified on the reverse hereof.  This Note is exchangeable for the
consideration specified on the reverse hereof. 
This Note is subject to redemption by the Issuer at its option and to
repurchase by the Issuer at the option of the Holder as specified on the
reverse hereof.

Reference is
hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

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

*           *           *           *           *

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IN WITNESS WHEREOF, the
Issuer has caused this Note to be signed manually or by facsimile by an
authorized signatory.

Dated:
August 23, 2006

	
   

  	
  ERP OPERATING LIMITED PARTNERSHIP

  
	
   

  	
   

  	
  as Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Equity Residential, its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
    Name:

  
	
   

  	
   

  	
    Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
    Name:

  
	
   

  	
   

  	
    Title:

  

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	
  

  	
  J.P. MORGAN TRUST COMPANY, NATIONAL

  ASSOCIATION, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

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[REVERSE OF NOTE]

ERP OPERATING LIMITED PARTNERSHIP

3.85% Exchangeable Senior Note due 2026

This Note is one
of a duly authorized issue of notes, debentures, 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 October 1, 1994 (as amended and supplemented by the
First Supplemental Indenture, dated as of September 9, 2004, and the Second
Supplemental Indenture, dated as of August 23, 2006, and as further amended or
supplemented from time to time, the “Indenture”), duly executed and delivered
by the Issuer to J.P. Morgan Trust Company, National Association, as trustee
(the “Trustee,” which term includes any successor trustee under the Indenture
with respect to the series of Securities of which this Note is a part), and
reference is hereby made to the Indenture, and all modifications and amendments
and indentures supplemental thereto relating to the Notes, for a description of
the rights, limitations of rights, obligations, duties, and immunities
thereunder of the Trustee, the Issuer and the Holders of the Notes and the
terms upon which the Notes are 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 accrue interest (if any) at
different rates or formulas and may otherwise vary as provided in the
Indenture.  This Note is one of a series of
Securities designated as the “3.85% Exchangeable Senior Notes due 2026” of the
Issuer, initially limited (except as permitted under the Indenture) in
aggregate principal amount to $650,000,000. The Issuer may from time to time,
without the consent of the Holders of the Notes, increase the principal amount
of the Notes by issuing additional Securities (the “Additional Notes”), having
the same terms and ranking equally and ratably with the Notes in all respects
and with the same CUSIP number as the Notes, except for the difference in the
issue price and interest accrued prior to the issue date of such Additional
Notes, provided that such Additional Notes constitute part of the same issue as
the Notes for U.S. federal income tax purposes. 
Any Additional Notes will be treated as a single series with the Notes
under the Indenture and shall have the same terms as to status, redemption,
repurchase, exchange and otherwise as the Notes. Terms used herein without
definition and which are defined in the Indenture have the meanings assigned to
them in the Indenture.

1.             INTEREST

The Notes shall
bear interest at the rate of 3.85% per annum from August 23, 2006 or from the
most recent Interest Payment Date (as defined below) to which interest has been
paid or duly provided for, as the case may be, payable semi-annually in arrears
on February 15 and August 15 of each year (each, an “Interest Payment Date”),
commencing on February 15, 2007, until the principal hereof is paid or duly
made available for payment.  Interest payable
on each Interest Payment Date shall equal the amount of interest accrued for
the period commencing on and including the immediately preceding Interest
Payment Date in respect of which interest has been paid or duly provided for
(or commencing on and including August 23, 2006, if no interest has been paid
or duly provided for) and ending on and including the day preceding such
Interest Payment Date.  Interest on the
Notes will be computed on the basis of a 360-day year consisting of twelve
30-day months

2.             METHOD
OF PAYMENT

Except as provided
in the Indenture, the Issuer shall pay interest on the Notes to the Persons who
are Holders of record of Notes at the close of business (whether or not a
Business Day) on the February 1 and August 1 immediately preceding the
applicable Interest Payment Date (each, a “Regular Record Date”).  Holders must surrender Notes to a Paying
Agent and comply with the other terms of the Indenture to collect the principal
amount, Redemption Price, Optional Repurchase Price or Change in Control
Purchase Price of the Notes, plus, if applicable, accrued and unpaid interest
(including Additional Interest, if any) payable as herein provided at maturity,
upon redemption at the Issuer’s option or repurchase at the Holder’s
option.  The Issuer shall pay, in money
of the United States that at the time of payment is legal tender for payment of
public and private debts, all amounts due in cash with respect to the Notes on
the dates and in the manner provided in this Note and the Indenture.

3.             PAYING
AGENT, EXCHANGE AGENT AND SECURITY REGISTRAR

Initially, the
Trustee shall act as Paying Agent, Exchange Agent and Security Registrar.  The Issuer hereby initially designates the
Corporate Trust Office of the Trustee in New York, New York as the office to be
maintained by it where this Note may be presented for payment, registration of
transfer or exchange, where notices or demands to or upon the Issuer or Equity Residential
in respect of this Note or the Indenture may be served and where the Notes may
be surrendered for exchange in accordance with the provisions of paragraph 6
hereof and the Indenture.

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The Issuer may
appoint and change any Paying Agent, Exchange Agent, Security Registrar or
co-registrar or approve a change in the office through which any Paying Agent
acts without notice, other than notice to the Trustee.

4.             REDEMPTION
BY THE ISSUER

The Issuer
shall not have the right to redeem any Notes prior to August 18, 2011, except
to preserve the status of Equity Residential as a real estate investment
trust.  If the Issuer determines it is
necessary to redeem the Notes in order to preserve the status of Equity Residential
as a real estate investment trust, the Issuer may redeem the Notes then
Outstanding, in whole or in part, at 100% of the principal amount of the Notes
to be redeemed plus unpaid interest (including Additional Interest, if any)
accrued thereon to, but excluding, the Redemption Date.

The Issuer
shall have the right to redeem the Notes for cash, in whole or in part at any
time or from time to time, on or after August 18, 2011 at 100% of the principal
amount of the Notes to be redeemed plus unpaid interest accrued thereon to, but
excluding, the Redemption Date (the “Redemption Price”).

Notice of redemption at the option of the Issuer shall
be mailed at least 30 days but not more than 60 days before the Redemption Date
to each Holder of Notes to be redeemed at the Holder’s registered address.
Notes in denominations larger than $1,000 principal amount may be redeemed in
part but only in integral multiples of $1,000 principal amount.

Notwithstanding the foregoing, the Issuer may not
effectuate any redemption of the Notes unless (1) it elects to deliver solely
cash in respect of the Exchange Value deliverable upon the exchange of the
Notes or (2) sufficient Company Common Shares that have been registered
for sale by the Company under the Securities Act are available to satisfy the
Issuer’s election, if applicable, to deliver Net Shares upon the exchange of
the Notes.

5.             OPTIONAL
REPURCHASE RIGHTS;

REPURCHASE AT OPTION OF HOLDER UPON A CHANGE IN CONTROL

(a)           Subject
to the terms and conditions of the Indenture, a Holder shall have the right to
require the Issuer to repurchase all of its Notes, or any portion of the
principal amount thereof that is equal to $1,000 or an integral multiple
thereof, on each of August 18, 2011, August 15, 2016 and August 15, 2021 (each,
an “Optional Repurchase Date”) for cash equal to 100% of the principal amount
of the Notes to be repurchased plus unpaid interest accrued thereon to, but
excluding, such Optional Repurchase Date (the “Optional Repurchase Price”),
upon delivery to the Paying Agent of an Optional Repurchase Notice containing
the information set forth in the Indenture, from the opening of business on the
date that is 30 days prior to such Optional Repurchase Date until the close of
business on the third Business Day prior to such Optional Repurchase Date and
upon compliance with the other terms of the Indenture.

(b)           If
a Change in Control occurs at any time prior to August 18, 2011, a Holder shall
have the right, at such Holder’s option and subject to the terms and conditions
of the Indenture, to require the Issuer to repurchase all or any of such Holder’s
Notes having a principal amount equal to $1,000 or an integral multiple thereof
on the date (the “Change in Control Purchase Date”) specified by the Issuer in
the Company Notice (which date shall be no earlier than 15 days and no later
than 30 days after the date of such Company Notice) for cash equal to the 100%
of the principal amount of the Notes to be repurchased plus unpaid interest
accrued thereon to, but excluding, the Change in Control Purchase Date (the “Change
in Control Purchase Price”).

(c)           Holders
have the right to withdraw any Optional Repurchase Notice or Change in Control
Purchase Notice, as the case may be, by delivery to the Paying Agent of a
written notice of withdrawal in accordance with the provisions of the
Indenture.

(d)           If
the Paying Agent holds, in accordance with the terms of the Indenture, money
sufficient to pay the Optional Repurchase Price or Change in Control Purchase
Price of such Notes on the Optional Repurchase Date or Change in Control
Purchase Date, as the case may be, then, on and after such date, such Notes
shall cease to be Outstanding and interest on such Notes shall cease to accrue,
and all other rights of the Holder shall terminate (other

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than the right
to receive the Optional Repurchase Price or Change in Control Purchase Price
upon delivery or transfer of the Notes).

6.             EXCHANGE

The Notes shall be exchangeable into the consideration
specified in the Indenture at such times, upon compliance with such conditions
and upon the terms set forth in the Indenture.

The initial Exchange Rate shall be 16.3934 Company
Common Shares per $1,000 principal amount of Notes, subject to adjustment in
certain circumstances as specified in the Indenture.  Notes tendered for exchange by a Holder after
the close of business on any Regular Record Date for an interest payment and on
or prior to the corresponding Interest Payment Date must be accompanied by
payment of an amount equal to the interest that such Holder is to receive on
such Notes on such Interest Payment Date; provided, however,
that no such payment shall be required (1) if such Notes have been called for
redemption on a Redemption Date that is after such Regular Record Date and on
or prior to such Interest Payment Date or (2) with respect to overdue interest,
if any overdue interest exists at the time of exchange with respect to such
Notes.

The Exchange Rate applicable to each Note a notice of
exchange in respect of which is received by the Exchange Agent from and
including the Effective Date of a Change in Control up to and including the
30th Business Day following the Effective Date of such Change in Control shall
be increased by the number of Additional Shares specified in the Indenture.

To exchange this Note, the Holder must
(a) complete and manually sign the irrevocable exchange notice set forth
below (or complete and manually sign a facsimile of such notice) and deliver
such notice to the Exchange Agent at the office maintained by the Exchange
Agent for such purpose, (b) if this Note is in certificated form, surrender
such Note to the Exchange Agent, (c) furnish appropriate endorsements and
transfer documents if required by the Exchange Agent, Issuer or the Trustee and
(d) pay any transfer or similar tax, if required. The date on which the
Holder satisfies all such requirements shall be deemed to be the date on which
this Note shall have been tendered for exchange.

If the Holder has delivered an Optional Repurchase
Notice or a Change in Control Purchase Notice requiring the Issuer to
repurchase all or a portion of this Note pursuant to paragraph 5 hereof, then
this Note (or portion hereof subject to such Optional Repurchase Notice or
Change in Control Purchase Notice) may be exchanged only if the Optional
Repurchase Notice or Change in Control Purchase Notice is withdrawn in
accordance with the terms of the Indenture.

7.             RANKING

The Notes are senior unsecured obligations of the
Issuer and shall rank pari passu in right of payment with all other senior
unsecured indebtedness of the Issuer from time to time outstanding.

8.             DEFAULTED
INTEREST

Except as otherwise specified herein or in the
Indenture, any Defaulted Interest on this Note shall forthwith cease to be
payable to the Holder hereof on the relevant Regular Record Date by virtue of
having been such Holder, and such Defaulted Interest may be paid by the Issuer
as provided for in Section 307 of the Indenture.

9.             DENOMINATIONS;
TRANSFER; EXCHANGE

This
Note is issuable only in fully registered form, without coupons, in
denominations of $1,000 and integral multiples thereof.  This Note may be exchanged for a like
aggregate principal amount of Notes of other authorized denominations at the
office or agency of the Issuer in The City of New York, in the manner and
subject to the limitations provided herein and in the Indenture, but without
the payment of any charge except for any tax or other governmental charge
imposed in connection therewith. Upon due presentment for registration of
transfer of this Note at the office or agency of the Issuer in The City of New
York, one or more new Notes of authorized

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denominations in
an equal aggregate principal amount will be issued to the transferee in
exchange therefor but without payment of any charge except for any tax or other
governmental charge imposed in connection therewith.  In the event of any redemption in part, the
Issuer shall not be required to: (i) issue or register the transfer or exchange
of any Note during a period beginning at the opening of business 15 days before
any selection of Notes for redemption and ending at the close of business on
the earliest date on which the relevant notice of redemption is deemed to have
been given to all Holders of Notes to be so redeemed, or (ii) register the
transfer or exchange of any Note so selected for redemption, in whole or in
part, except the unredeemed portion of any Note being redeemed in part.

10.           PERSONS
DEEMED OWNERS

The Holder of this Note may be treated as the owner of
this Note for all purposes, and none of the Issuer, the Trustee or any
authorized agent of the Issuer or the Trustee shall be affected by any notice
to the contrary, except as required by law.

11.           DEFAULTS
AND REMEDIES

If an Event of Default occurs and is continuing, the
Trustee, or the Holders of not less than 25% in aggregate principal amount of
the Notes at the time Outstanding, may declare the principal amount and any
accrued and unpaid interest, of all the Notes to be due and payable in the
manner and with the effect provided in the Indenture.

12.           CERTAIN
COVENANTS NOT TO APPLY

The Notes shall not be entitled to the benefits of the
covenants set forth in Sections 1004 and 1005 of the Indenture or the benefits
of the covenants set forth in the First Supplemental Indenture.

13.           TRUSTEE
AND AGENT DEALINGS WITH THE COMPANY

The Trustee, Paying Agent, Exchange Agent and
Securities Registrar under the Indenture, each in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with
and collect obligations owed to it by the Issuer or their respective Affiliates
and may otherwise deal with the Issuer or its Affiliates with the same rights
it would have if it were not Trustee, Paying Agent, Exchange Agent or
Registrar.

14.           CALCULATIONS
IN RESPECT OF THE NOTES

Except as otherwise specifically stated herein or in
the Indenture, all calculations to be made in respect of the Notes shall be the
obligation of the Issuer. All calculations made by the Issuer or its agent as
contemplated pursuant to the terms hereof and of the Indenture shall be final
and binding on the Issuer and the Holders absent manifest error. The Issuer
shall provide a schedule of calculations to the Trustee, and the Trustee shall
be entitled to rely upon the accuracy of the calculations by the Issuer without
independent verification.  The Trustee
shall forward calculations made by and received from the Issuer to any Holder
of Notes upon request.

15.           GOVERNING
LAW

The Indenture and this Note shall be governed by and
construed in accordance with the laws of the State of New York.

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ASSIGNMENT

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

PLEASE INSERT SOCIAL
SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

(Please print or Typewrite Name and Address

Including Postal Zip Code of Assignee)

 

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

 

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

Dated:                                                    

	
  Signature Guaranteed

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  NOTICE: Signature must be guaranteed by an eligible
  Guarantor Institution (banks, stockbrokers, savings and loan associations and
  credit unions) with membership in an approved signature guarantee medallion
  program pursuant to Securities and Exchange Commission Rule 17Ad-15.

  	
   

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

  

 

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EXCHANGE NOTICE

To exchange this Note as
provided in the Indenture, check the box: 
o

To exchange only part of
this Note, state the principal amount to be exchanged (must be $1,000 or an
integral multiple of $1,000):  $                        .

If, in the event the
Issuer delivers Net Shares and you want the stock certificate made out in
another person’s name, fill in the form below:

 

(Insert assignee’s soc. sec. or tax I.D. no.)

 

 

(Print or type assignee’s name, address and zip code)

 

	
  

  	
   

  	
  Your Signature:

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Sign exactly as your name appears on the

  
	
   

  	
   

  	
  other side of this Note)

  
	
  (1)Signature
  guaranteed by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  

 

(1)           Signature
must be guaranteed by an eligible Guarantor Institution (banks, stockbrokers,
savings and loan associations and credit unions) with membership in an approved
signature guarantee medallion program pursuant to Securities and Exchange
Commission Rule 17Ad-15.

 8Exhibit
4.3

REGISTRATION RIGHTS AGREEMENT

BY AND BETWEEN

EQUITY RESIDENTIAL

AND

ERP OPERATING LIMITED PARTNERSHIP

AUGUST 23, 2006

  
  
 

 

REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

This Registration
Rights Agreement (this “Agreement”) is entered into as of August 23, 2006
by and between Equity Residential, a Maryland real estate investment trust (the
“Trust”), and ERP Operating Limited Partnership, an Illinois limited
partnership (the “Company”), for itself and for the benefit of the Holders (as
hereinafter defined).

WHEREAS, the
Company will issue $600,000,000 principal amount of its 3.85% Exchangeable
Senior Notes due 2026 (up to $650,000,000 if the overallotment option is
exercised) (the “Notes”) on the date hereof pursuant to the terms of the Indenture
(the “Original Indenture”), dated as of October 1, 1994, as supplemented
by the First Supplemental Indenture (the “First Supplemental Indenture”), dated
as of September 9, 2004, and the Second Supplemental Indenture (the “Second
Supplemental Indenture”), dated as of August 23, 2006, between the Company
and J.P. Morgan Trust Company, National Association (as successor in trust to
Bank One Trust Company, NA, as successor to The First National Bank of
Chicago), as trustee (the Original Indenture, as amended and supplemented by
the First Supplemental Indenture and the Second Supplemental Indenture and as
further amended and supplemented from time to time, the “Indenture”);

WHEREAS, as an
inducement for the Holders to purchase Notes, the Trust hereby grants certain
registration rights to the Company for the benefit of the Holders with respect
to common shares of beneficial interest, par value $0.01 per share (the “Common
Shares”), of the Trust that may in the future be issued to the Holders by the
Trust upon an exchange of Notes, if such Common Shares when so issued shall not
have been registered under the Securities Act of 1933, as amended, and are subject
to restrictions on transfer (“Restricted Shares”);

NOW, THEREFORE, in
consideration of the foregoing, the mutual promises and agreements set forth
herein, and for other valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:

1.             Certain Definitions

As used in this
Agreement, in addition to the other terms defined herein, the following
capitalized defined terms shall have the following meanings:

“Affiliate” shall
mean a Person that directly, or indirectly though one or more intermediaries,
controls, is controlled by, or is under common control with a specified Person.

“Common Shares”
shall have the meaning set forth in the preamble to this Agreement.

“Company” shall
have the meaning set forth in the preamble to this Agreement.

 “Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder.

“Filing Date”
shall have the meaning set forth in Section 2(a) hereof.

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“First
Supplemental Indenture” shall have the meaning set forth in the preamble to
this Agreement.

“Holder” or “Holders”
shall mean the beneficial owners from time to time of the Notes and the
beneficial owners from time to time of the Restricted Shares issued on account
of Notes pursuant to the Indenture.

“Indemnitee” shall
have the meaning set forth in Section 9 hereof.

“Indenture” shall
have the meaning set forth in the preamble to this Agreement.

“NASD” shall mean
the National Association of Securities Dealers, Inc.

“Notes” shall have
the meaning set forth in the preamble to this Agreement.

“NYSE” shall mean
the New York Stock Exchange.

“Notice Holder”
shall mean, on any date, any Holder that has delivered to the Trust on or prior
to such date a duly executed and completed Notice and Questionnaire.

“Notice and
Questionnaire” shall mean a written notice and questionnaire containing all
material information required to be disclosed with respect to such Holder as a “selling
stockholder” in a Resale Shelf Registration Statement under the Securities Act.

“Offering Blackout
Period” shall have the meaning set forth in Section 6(c) hereof.

“Original
Indenture” shall have the meaning set forth in the preamble to this Agreement.

“Partnership”
shall have the meaning set forth in the recitals to this Agreement.

“Partnership
Agreement” shall mean the agreement of limited partnership of the Company, as
amended from time to time.

“Person” shall
mean an individual, partnership, corporation, trust, or unincorporated
organization, or a government or agency or political subdivision thereof.

“Prospectus” shall
mean the prospectus included in a Registration Statement, including any
preliminary prospectus, as amended or supplemented by any prospectus supplement
with respect to the terms of the offering of any portion of the Registrable
Shares covered by such Registration Statement, and by all other amendments and
supplements to such prospectus, including post-effective amendments, and in
each case including all material incorporated by reference therein.

“Registrable
Shares” (a) when used with respect to any Holder, shall mean all
Restricted Shares held by such Holder, until (A) the earliest of
(i) their effective registration under the Securities Act and resale in
accordance with the Registration Statement covering them, (ii) if
applicable, expiration of the holding period that would be applicable thereto
under Rule 144(k) or any successor provision, (iii) if applicable, their sale
to the public pursuant to Rule 144 or

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(iv) the date such
Shares cease to be outstanding (whether as a result of redemption, repurchase
and cancellation, conversion or otherwise), and (B) as a result of the
event or circumstance described in any of the foregoing clauses (A)(i) through
(A)(iii), the legend with respect to Securities Act transfer restrictions is
removed or removable.

“Registration
Expenses” shall mean any and all expenses of the Trust incident to the
performance of or compliance with this Agreement, including without limitation:
(i) all registration and filing fees; (ii) all fees and expenses
associated with a required listing of the Registrable Shares on any securities
exchange; (iii) fees and expenses with respect to filings required to be
made with the NYSE or the NASD; (iv) fees and expenses of compliance with
securities or “blue sky” laws; (v) printing expenses, messenger, telephone and
delivery expenses; (vi) fees and disbursements of counsel for the Trust
and customary fees and expenses for independent certified public accountants
retained by the Trust; (vii) securities acts liability insurance, if the Trust
so desires; (viii) all internal expenses of the Trust (including, without
limitation, all salaries and expenses of its officers and employees performing
legal or accounting duties); (ix) the expense of any annual audit; and
(x) the fees and expenses of any person, including special experts,
retained by the Trust; provided, however, that Registration
Expenses shall not include, and the Trust shall not have any obligation to pay,
any underwriting fees, discounts, or commissions attributable to the sale of
such Registrable Shares, or any legal fees and expenses of counsel to any
Holder and any broker/dealer or other financial intermediary or agent engaged
by any Holder.

“Registration
Statement” shall mean any registration statement of the Trust which covers the
resale of any of the Registrable Shares under the Securities Act on an
appropriate form, and all amendments and supplements to such registration
statement, including post-effective amendments, in each case including the
Prospectus contained therein, all exhibits thereto and all materials
incorporated by reference therein.

“Resale Shelf
Registration Expiration Date” shall have the meaning set forth in Section
2(a) hereof.

“Resale Shelf
Registration Statement” shall have the meaning set forth in Section 2(a)
hereof.

“Restricted Shares”
shall have the meaning set forth in the preamble to this Agreement.

“Rule 144” shall
mean Rule 144 under the Securities Act (or any successor provision).

“SEC” shall mean
the Securities and Exchange Commission.

“Second
Supplemental Indenture” shall have the meaning set forth in the preamble to
this Agreement.

“Securities Act” shall
have the meaning set forth in the preamble to this Agreement.

“Shares” shall
mean all Restricted Shares issued to all Holders as described in the preamble
to this Agreement and any other Common Shares issued as a dividend with respect
to, or in exchange for or in replacement of such Restricted Shares.

 4
  
 

 

“Suspension Event”
shall have the meaning set forth in Section 6(b) hereof.

“Trustee” shall
have the meaning set forth in the preamble to this Agreement.

“Trust Offering”
shall have the meaning set forth in Section 6(c) hereof.

2.             Registration

(a)           Resale Shelf Registration
Statement. The Trust shall prepare and file with the SEC a Registration
Statement (a “Resale Shelf Registration Statement”) for an offering to be made
on a delayed or continuous basis pursuant to Rule 415 under the Securities
Act relating to the sale by Holders from time to time of Registrable Shares,
such filing to be made on a date (the “Filing Date”) which is no later than
thirty (30) days after the issuance of the Registrable Shares covered by
such Registration Statement. The Trust shall use its reasonable efforts to
cause such Resale Shelf Registration Statement to be declared effective by the
SEC as soon as practicable after the Filing Date. The Trust agrees to use its
reasonable efforts to keep the Resale Shelf Registration Statement, after its
date of effectiveness, continuously effective until the date (the “Resale Shelf
Registration Expiration Date”) that all Registrable Shares have ceased to be
Registrable Shares. At the time the initial Resale Shelf Registration Statement
is declared effective, each Holder that shall have become a Notice Holder on or
prior to the date ten (10) business days prior to such time of
effectiveness shall be named as a selling securityholder in the initial Resale
Shelf Registration Statement and the related Prospectus in such a manner as to
permit such Holder to deliver such Prospectus to purchasers of Registrable
Securities in accordance with applicable law. No holder shall be entitled to be
named as a selling securityholder in the initial Resale Shelf Registration
Statement or to use the Prospectus forming a part thereof for offers or resales
of Registrable Securities unless such holder is a Notice Holder on or prior to
the date ten (10) business days prior to the time of effectiveness of such
Resale Shelf Registration Statement. Each Holder agrees that if such Holder
wishes to sell Registrable Shares pursuant to a Resale Shelf Registration
Statement and related Prospectus, it will do so only in accordance with this
Section 2(a). Following the date that the initial Resale Shelf
Registration Statement is declared effective, each Holder that is not a Notice
Holder wishing to sell Registrable Shares pursuant to a Resale Shelf
Registration Statement and related Prospectus shall agree to deliver a Notice
and Questionnaire to the Trust in order that it be named as a selling
stockholder in such Prospectus. Upon receipt of any such Notice and
Questionnaire after the date the initial Resale Shelf Registration Statement is
declared effective, the Trust shall, as promptly as reasonably practicable
after the date such Notice and Questionnaire is delivered, and in any event within
fifteen (15) business days after such date:

(i)            if
required by applicable law, file with the SEC a post-effective amendment to the
Resale Shelf Registration Statement or prepare and, if required by applicable
law, file a supplement to the related Prospectus or an amendment thereto or
file any other required document so that the Holder delivering such Notice and
Questionnaire is named as a selling stockholder in the Resale Shelf
Registration Statement and the related Prospectus in such a manner as to permit
such Holder to deliver such Prospectus to purchasers of the Registrable Shares
in accordance with the Securities Act and, if the Trust shall file a
post-effective amendment

 5
  
 

 

to the Resale Shelf Registration Statement, use its reasonable efforts
to cause such post-effective amendment to be declared effective under the
Securities Act as promptly as is reasonably practicable, but in any event by
the date that is forty-five (45) days after the date such post-effective
amendment is required by this clause to be filed; and

(ii)           provide
such Holder copies of any documents filed pursuant to this Section 2(a).

If the Trust shall file a
post-effective amendment in accordance with the provisions of clause (i) above,
the Trust shall notify such Holder as promptly as practicable after the
effectiveness under the Securities Act of any such post-effective amendment.  Notwithstanding anything contained herein to
the contrary, (i) the Trust shall be under no obligation to name any
Holder that is not a Notice Holder as a selling stockholder in any Registration
Statement or related Prospectus, and (ii) the Trust shall not be required to
file a prospectus supplement or post-effective amendment to name additional
Notice Holders as selling stockholders more often than on three occasions
during any calendar quarter.

(b)           Notification and Distribution of
Materials. The Trust shall notify Holders of Registrable Shares of the
effectiveness of any Registration Statement applicable to the Registrable
Shares and shall furnish to the Holders, without charge, such number of copies
of the Registration Statement (including any amendments, supplements and
exhibits), the Prospectus contained therein (including each preliminary
prospectus and all related amendments and supplements) and any documents
incorporated by reference in the Registration Statement or such other documents
as the Holders may reasonably request in order to facilitate the sale of the
Registrable Shares in the manner described in the Registration Statement.

(c)           Amendments and Supplements.
The Trust shall promptly prepare and file with the SEC from time to time such
amendments and supplements to the Registration Statement and Prospectus used in
connection therewith as may be necessary to keep the Registration Statement
effective and to comply with the provisions of the Securities Act with respect
to the disposition of all the Registrable Shares until the earlier of
(a) such time as all of the Registrable Shares have been issued or
disposed of in accordance with the intended methods of disposition by the
Holders as set forth in the Registration Statement, (b) the date on which
the Registration Statement is no longer required to be effective under the
terms of this Agreement or (c) the shares subject to such Registration
Statement and/or related Prospectus cease to be Registrable Shares.  Upon ten (10) business days’ notice, the
Trust shall file any supplement or post-effective amendment to the Registration
Statement with respect to the plan of distribution or a Holder’s ownership
interests in its Registrable Shares that is reasonably necessary to permit the
sale of such Holder’s Registrable Shares pursuant to the Registration
Statement.

(d)           Notice of Certain Events. The
Trust shall promptly notify the Holders of, and confirm in writing, any request
by the SEC for any amendment or supplement to, or additional information in
connection with, any Registration Statement required to be prepared and filed
hereunder (or Prospectus relating thereto). In addition, the Trust shall
promptly notify each Holder of, and confirm in writing, the filing of the
Registration Statement or any Prospectus, amendment or supplement related
thereto or of any post-effective amendment to the Registration Statement and
the effectiveness of any such post-effective amendment.

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At any time when a
Prospectus relating to the Registrable Shares is made available for use by
Holders of Registrable Securities in connection with resales thereof or is
otherwise required to be delivered under the Securities Act by a Holder of
Registrable Shares to a transferee, the Trust shall immediately notify the
Holders of the happening of any event as a result of which the Prospectus
included in such Registration Statement, as then in effect, includes an untrue
statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading. In such event, the
Trust shall promptly, and in any event within ten (10) business days of
the occurrence of such event, prepare and furnish to the Holders a reasonable
number of copies of a supplement to or an amendment of such Prospectus as may
be necessary so that, as thereafter delivered to the purchasers of Registrable
Shares sold under the Prospectus, such Prospectus shall not include an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they are made, not misleading. The Trust shall, if
necessary, promptly, and in any event within ten (10) business days of the
occurrence of the event in question, amend the Registration Statement of which
such Prospectus is a part to reflect such amendment or supplement.

(e)           Notwithstanding any provision of this
Agreement to the contrary, the Trust may satisfy its obligation to file a
Registration Statement pursuant to this Agreement by designating an existing
effective Registration Statement filed pursuant to Rule 415 (Registration
Statement within the meaning of this Agreement) by Notice to each of the
Holders.

3.             State Securities Laws.
Subject to the conditions set forth in this Agreement, the Trust shall, in
connection with the filing of any Registration Statement hereunder, register or
qualify the Registrable Shares under the securities or “Blue Sky” laws of such
states as the Holders may reasonably request, and the Trust shall use its
reasonable efforts to effect such registration or qualification in a timely
manner; provided, however, that the Trust shall not be obligated to qualify as
a foreign corporation to do business under the laws of any such state in which
it is not then qualified or to file any general consent to service of process
in any such state. Once so registered or qualified, the Trust shall use its
reasonable efforts to keep such registrations or qualifications effective until
the earlier of (a) such time as all of the Registrable Shares have been
disposed of in accordance with the intended methods of disposition by the
Holders as set forth in the applicable Registration Statement, (b) in the
case of a particular state, the applicable Holders have notified the Trust that
they no longer require an effective filing in such state in accordance with
their original request for filing, (c) the date on which the applicable
Registration Statement ceases to be effective or (d) the date on which the
Registrable Shares subject to any such registrations or qualifications cease to
be Registrable Shares.

4.             Listing. The Trust will use
reasonable efforts to cause all Registrable Shares to be listed or otherwise
eligible for full trading privileges on the principal national securities
exchange (currently the NYSE) on which the Common Shares are then listed, in
each case not later than the date on which a Registration Statement covering
the Registrable Shares becomes effective or the Registrable Shares are issued
by the Trust to a Holder, whichever is later. The Trust will use reasonable
efforts to continue the listing or trading privilege for all Registrable Shares
on such exchange. The Trust will promptly notify the Holders of, and confirm in
writing, the delisting of the Common Shares by such exchange.

 7
  
 

 

5.             Expenses. The Trust shall
bear all Registration Expenses incurred in connection with the registration of
the Registrable Shares pursuant to this Agreement and the Trust’s performance
of its other obligations under the terms of this Agreement. The Holders shall
bear all underwriting fees, discounts or commissions attributable to the sale
of securities by the Holders, or any legal fees and expenses of counsel to the
Holders and any broker/dealer or other financial intermediary or agent engaged
by Holders and all other expenses incurred in connection with the performance
by the Holders of their obligations under the terms of this Agreement.

6.             Suspension of Registration
Requirement; Restriction on Sales.

(a)           The Trust shall promptly notify each
Holder of, and confirm in writing, the issuance by the SEC of any stop order
suspending the effectiveness of a Registration Statement with respect to such
Holder’s Registrable Shares or the initiation of any proceedings for that
purpose. The Trust shall use its reasonable efforts to obtain the withdrawal of
any order suspending the effectiveness of such a Registration Statement at the
earliest possible moment.

(b)           Notwithstanding anything to the
contrary set forth in this Agreement, the Trust’s obligation under this
Agreement to file, amend or supplement a Registration Statement, or to cause a
Registration Statement, or any filings with any state securities commission, to
become effective shall be suspended, for one or more periods not to exceed the
period described in Section 9 below, if such obligation would (i) require
additional disclosure of material information by the Trust in the Registration
Statement or such filing as to which the Trust has a bona fide business purpose
for preserving confidentiality, or (ii) render the Trust unable to comply
with SEC requirements, or (iii) otherwise make it impractical or inadvisable
to cause the Registration Statement or such filings to be filed, amended or
supplemented or to become effective (any such circumstances being hereinafter
referred to as a “Suspension Event”). The Trust shall notify the Holders of the
existence of any Suspension Event by promptly delivering to each Holder a
certificate signed by an executive officer of the Trust stating that a
Suspension Event has occurred and is continuing.

(c)           Subject to the terms of Section 7
below, each Holder of Registrable Shares agrees, if requested by the Trust in
the case of a non-underwritten offering registered under the Securities Act or
if requested by the managing underwriter or underwriters in an underwritten
offering (each, a “Trust Offering”), not to effect any public sale or
distribution of any of the Shares during the period (the “Offering Blackout
Period”) beginning on the date specified in such written notice from the Trust
(which in no event shall be any earlier than the fifteenth (15th) day preceding
the anticipated date of pricing of such Trust Offering) and ending on the
earlier to occur of:

(i)            ninety
(90) days after the closing date of such Trust Offering;

(ii)           thirty
(30) days after the date on which the closing price of the class of equity
securities sold by the Trust in such Trust Offering shall have averaged for a
period of twenty (20) consecutive trading days at least one-hundred-five
percent (105%) of the initial price to the public of such security in such Trust
Offering;

 8
  
 

 

(iii)          the
date on which the Trust may begin to effect any public sale or distribution of
any of the securities of the Trust following such Trust Offering pursuant to
any contractual lock-up or similar restrictions on the sale of Common Shares;

(iv)          the
date on which all trustees and executive officers who have been required to
enter into contractual lock-up or similar restrictions on the sale of Common
Shares owned by them may begin to effect public sales of Common Shares
following such Trust Offering, including pursuant to waivers of the
restrictions by the managing underwriter or underwriters; or

(v)           the
date the Trust or managing underwriter or underwriters withdraws such request
in writing;

provided,
however, that this Section 6(c) shall not prohibit resales
of Shares by any Holder not subject to restrictions on transfer (including,
without limitation and as applicable, resale of Shares pursuant to
Rule 144) and similarly exempt from any registration requirement under any
state “Blue Sky” or similar laws.

(d)           Subject to the terms of Section 7
below, each Holder agrees that, following the effectiveness of any Registration
Statement relating to Registrable Shares held by such Holder, such Holder will
not effect any sales of the Shares pursuant to such Registration Statement at
any time after such Holder has received notice from the Trust to suspend sales
as a result of the occurrence or existence of any Suspension Event or so that
the Trust may correct or update the Registration Statement. The Holders may
recommence effecting sales of the Registrable Shares pursuant to the
Registration Statement, and all other obligations which are suspended as a
result of a Suspension Event shall no longer be so suspended, following further
notice to such effect from the Trust, which notice shall be given by the Trust
not later than one (1) business day after the date on which the condition
resulting in such Suspension Event terminates.

7.             Limitations on
Suspension/Blackout Periods. Notwithstanding anything herein to the
contrary, the Trust covenants and agrees that (i) the Trust’s rights to
suspend its obligation under this Agreement to file, amend or supplement a
Registration Statement and maintain the effectiveness of any Registration
Statement during the pendency of any Suspension Event, (ii) the Holders’
obligation to suspend public sales of Shares during one or more Offering
Blackout Periods and (iii) the Holders’ obligations to suspend sales of
Shares pursuant to a Registration Statement during the pendency of any
Suspension Event, shall not, in the aggregate, cause the Holders to be required
to suspend sales of Shares or relieve the Trust of its obligation to file,
amend or supplement and maintain the effectiveness of a Registration Statement
for longer than a total of ninety (90) days during any twelve (12) month
period.

8.             Additional Shares. The
Trust, at its option, may register, under any Registration Statement and include
in any filings with any state securities commissions filed pursuant to this
Agreement, any number of unissued, treasury or other Common Shares of or owned
by the Trust and any of its Subsidiaries or any Common Shares or other
securities of the Trust owned by any other security holder or security holders
of the Trust.

 9
  
 

 

9.             Indemnification

(a)           Indemnification
by the Trust. The Trust shall indemnify and hold harmless each
Holder and each Person, if any, who controls such Holder (within the meaning of
Section 15 of the Securities Act) as follows:

(i)            against
any and all loss, liability, claim, damage and expense whatsoever, as incurred,
arising out of any untrue statement or alleged untrue statement of a material
fact contained in the Resale Shelf Registration Statement (or any amendment
thereto) pursuant to which the Registrable Shares were registered under the
Securities Act, including all documents incorporated therein by reference, or
the omission or alleged omission therefrom of a material fact required to be
stated therein or necessary to make the statements therein not misleading or
arising out of any untrue statement or alleged untrue statement of a material
fact contained in any Prospectus (or any amendment or supplement thereto),
including all documents incorporated therein by reference, or the omission or
alleged omission therefrom of a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading;

(ii)           against
any and all loss, liability, claim, damage and expense whatsoever, as incurred,
to the extent of the aggregate amount paid in settlement of any litigation, or
investigation or proceeding by any governmental agency or body, commenced or
threatened, or of any claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission, if such settlement
is effected with the prior written consent of the Trust; and

(iii)          against
any and all expense whatsoever, as incurred (including reasonable fees and
disbursements of counsel), reasonably incurred in investigating, preparing or
defending against any litigation, or investigation or proceeding by any
governmental agency or body, commenced or threatened, in each case whether or
not a party, or any claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission, to the extent that
any such expense is not paid under subparagraph (i) or (ii) above;

provided, however, that
the indemnity provided pursuant to this Section 9(a) does not apply to the
Holder with respect to any loss, liability, claim, damage or expense to the
extent arising out of any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written
information furnished to the Trust by the Holder expressly for use in the
Resale Shelf Registration Statement (or any amendment thereto) or any
Prospectus (or any amendment or supplement thereto).

(b)           Indemnification
by the Holders. In connection with the Resale Shelf Registration
Statement, each Holder, on a several and not joint basis, shall indemnify and
hold harmless the Trust, and each of its trustees and officers (including each
trustee and officer of the Trust who signed the Resale Shelf Registration
Statement), and each Person, if any, who controls the Trust within the meaning
of Section 15 of the Securities Act, to the same extent as the indemnity
contained in Section 9(a) (except that any settlement described in
Section 9(a)(ii) shall be

 10
  
 

 

effected with the prior written
consent of the Holder), but only insofar as such loss, liability, claim, damage
or expense arises out of or is based upon any untrue statement or omission, or
alleged untrue statements or omissions, made in the Resale Shelf Registration
Statement (or any amendment thereto) or any Prospectus (or any amendment or
supplement thereto) in reliance upon and in conformity with written information
furnished to the Trust by the Holder expressly for use in such Resale Shelf
Registration Statement (or any amendment thereto) or such Prospectus (or any
amendment or supplement thereto).  Notwithstanding
the provisions of this Section 9(b), the Holder shall not be required to
indemnify the Trust with respect to any amount in excess of the amount of the
total net proceeds received by the Holder from sales of the Registrable Shares
under the Resale Shelf Registration Statement.

(d)           For purposes of this Section 9, the
term Resale Shelf Registration Statement and Prospectus shall be deemed to
include any “issuer free writing prospectus” (as such term is defined in Rule
433 promulgated under the Securities Act) used in connection with any resale of
the Registrable Shares.

10.           Indemnification Procedures The
indemnified party shall give reasonably prompt notice to the indemnifying party
of any action or proceeding commenced against it of which the indemnified party
has actual knowledge and in respect of which indemnity may be sought hereunder,
but failure to so notify the indemnifying party (i) shall not relieve it
from any liability which it may have under the indemnity agreement provided in
Section 9(a) or 9(b), unless and to the extent it did not otherwise learn of
such action and the lack of notice by the indemnified party results in the
forfeiture by the indemnifying party of substantial rights and defenses and
(ii) shall not, in any event, relieve the indemnifying party from any
obligations to the indemnified party other than the indemnification obligation
provided under Section 9(a) or 9(b). If the indemnifying party so elects within
a reasonable time after receipt of such notice, the indemnifying party may assume
the defense of such action or proceeding at such indemnifying party’s own
expense with counsel chosen by the indemnifying party and approved by the
indemnified party, which approval shall not be unreasonably withheld; provided,
however, that, if the indemnified party reasonably determines that a conflict
of interest exists where it is advisable for the indemnified party to be
represented by separate counsel or that, upon advice of counsel, there may be
legal defenses available to it which are different from or in addition to those
available to the indemnifying party, then the indemnifying party shall not be entitled
to assume such defense and the indemnified party shall be entitled to separate
counsel at the indemnifying party’s expense.  In no event shall an indemnifying party be
liable for the payment of legal fees and expenses of more than one counsel or
the indemnified parties with respect to any action, matter or claim.  If the indemnifying party is not entitled to
assume the defense of such action or proceeding as a result of the proviso to
the preceding sentence, the indemnifying party’s counsel shall be entitled to
conduct the indemnifying party’s defense and counsel for the indemnified party
shall be entitled to conduct the defense of the indemnified party, it being
understood that both such counsel will cooperate with each other to conduct the
defense of such action or proceeding as efficiently as possible; provided,
however, that counsel for the indemnified party shall not be required to take any
action which would prejudice the defense of the indemnified party. If the
indemnifying party is not so entitled to assume the defense of such action or
does not assume such defense, after having received the notice referred to in
the first sentence of this paragraph, the indemnifying party shall pay the
reasonable fees and expenses of counsel for the indemnified party. In such
event, however, the indemnifying party shall not be

 11
  
 

 

liable for any settlement
effected without the written consent of the indemnifying party. If an
indemnifying party is entitled to assume, and assumes, the defense of such
action or proceeding in accordance with this paragraph, the indemnifying party
shall not be liable for any fees and expenses of counsel for the indemnified
party incurred thereafter in connection with such action or proceeding.

11.           Contribution. If the
indemnification provided for in Section 9 is unavailable to an indemnified
party with respect to any losses, claims, damages, actions, liabilities, costs
or expenses referred to therein or is insufficient to hold the indemnified
party harmless as contemplated therein, then the indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages,
actions, liabilities, costs or expenses in such proportion as is appropriate to
reflect the relative fault of the indemnifying party, on the one hand, and the
indemnified party, on the other hand, in connection with the statements or
omissions which resulted in such losses, claims, damages, actions, liabilities,
costs or expenses as well as any other relevant equitable considerations. The
relative fault of the indemnifying party, on the one hand, and of the indemnified
party, on the other hand, shall be determined by reference to, among other
factors, whether the untrue or alleged untrue statement of a material fact or
omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission; provided, however, that in no event shall the
obligation of any indemnifying party to contribute under this Section 11
exceed the amount that such indemnifying party would have been obligated to pay
by way of indemnification if the indemnification provided for under
Section 9 hereof had been available under the circumstances.

The Trust and the
Holders agree that it would not be just and equitable if contribution pursuant
to this Section 11 were determined by pro  rata
allocation or by any other method of allocation that does not take account of
the equitable considerations referred to in the immediately preceding
paragraph.

Notwithstanding
the provisions of this Section 11, no Holder shall be required to
contribute any amount in excess of the amount by which the gross proceeds from
the sale of Shares exceeds the amount of any damages that such Holder has otherwise
been required to pay by reason of such untrue or alleged untrue statement or
omission. No indemnified party guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any indemnifying party who was not guilty of such fraudulent
misrepresentation.

12.           No Other Obligation to Register.  Except as otherwise expressly provided in
this Agreement, the Trust shall have no obligation to the Holders to register
the Registrable Shares under the Securities Act.  Without limiting the foregoing, Common Shares
issued pursuant to the Indenture which are not Restricted Shares shall not
constitute Registrable Shares for purposes of this Agreement.  Accordingly, in no event shall any holder of
such Common Shares have any registration rights with respect to such Common
Shares under this Agreement.

 12
  
 

 

13.           Amendments and Waivers. The
provisions of this Agreement, including the provisions of this sentence, may
not be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given, unless the Trust has obtained the
written consent of Holders of a majority of the then outstanding Registrable
Shares. Notwithstanding the foregoing, a waiver or consent to depart from the
provisions hereof with respect to a matter that relates exclusively to the
rights of Holders whose securities are being sold pursuant to a Registration
Statement and that does not directly or indirectly affect the rights of other
Holders may be given by Holders of at least a majority of the Registrable
Securities being sold by such Holders pursuant to such Registration Statement; provided
that the provisions of this sentence may not be amended, modified or
supplemented except in accordance with the provisions of the immediately
preceding sentence. Notwithstanding the foregoing two sentences, this Agreement
may be amended by written agreement signed by the Trust and the Company,
without the consent of the Holders of Registrable Shares, to cure any ambiguity
or to correct or supplement any provision contained herein that may be
defective or inconsistent with any other provision contained herein, or to make
such other provisions in regard to matters or questions arising under this
Agreement that shall not adversely affect the interests of the Holders of
Registrable Shares. Each Holder of Registrable Shares outstanding at the time
of any such amendment, modification, supplement, waiver or consent or
thereafter shall be bound by any such amendment, modification, supplement,
waiver or consent effected pursuant to this Section 13, whether or not any
notice, writing or marking indicating such amendment, modification, supplement,
waiver or consent appears on the Registrable Shares or is delivered to such
Holder.

14.           Notices. All notices and other
communications provided for or permitted hereunder shall be made in writing by
hand delivery, by telecopier, by courier guaranteeing overnight delivery or by
first-class mail, and shall be deemed given (i) when made, if made by hand
delivery, (ii) upon confirmation, if made by telecopier, or (iii) one
(1) Business Day after being deposited with such courier, if made by a
recognized overnight courier, if made by first-class mail, to the parties as
follows:

If to the Trust:

Equity
Residential

Two
North Riverside Plaza

Chicago,
Illinois  60606

Attn:      Bruce
C. Strohm, Esq.

Fax: 

With a copy to:

DLA Piper Rudnick Gray
Cary US LLP

203 North LaSalle Street,
Suite 1900

Chicago, Illinois  60601

Attn:       Hal M. Brown, Esq.

Fax:         (312) 630-5399

If to a Holder:

 13
  
 

 

At the most current address given by such Holder to the Trust in a
Notice and Questionnaire or any amendment thereto.

15.           Successors and Assigns. This
Agreement shall be binding upon the parties hereto and their respective
successors and assigns and shall inure to the benefit of the parties hereto and
their respective successors and assigns. If any successor, assignee or
transferee of any Holder shall acquire Registrable Shares, in any manner,
whether by operation of law or otherwise, (i) such successor, assignee or
transferee shall be entitled to all of the benefits of a “Holder” under this
Agreement and (ii) such Registrable Shares shall be held subject to all of
the terms of this Agreement, and by taking and holding such Registrable Shares
such Person shall be conclusively deemed to have agreed to be bound by all of
the terms and provisions hereof.

16.           Counterparts. This Agreement
may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same
agreement.

17.           Governing Law This Agreement
shall be governed by and construed in accordance with the laws of the State of
New York applicable to contracts made and to be performed wholly within said
state.

18.           Third Party Beneficiary and
Remedies. Each of the Holders shall be a third party beneficiary of this
Agreement, with full rights of enforcement as if a party hereto. The remedies
provided for herein are not exclusive and shall not limit any rights or
remedies which may otherwise be available to any Holder at law or in equity.
The Trustee shall be entitled, on behalf of Holders, to seek any available
remedy for the enforcement of this Agreement

19.           Severability. In the event
that any one or more of the provisions contained herein, or the application
thereof in any circumstances, is held invalid, illegal or unenforceable in any
respect for any reason, the validity, legality and enforceability of any such
provision in every other respect and of the remaining provisions contained
herein shall not be in any way impaired thereby, it being intended that all of
the rights and privileges of the parties hereto shall be enforceable to the
fullest extent permitted by law.

20.           Entire Agreement. This
Agreement is intended by the parties as a final expression of their agreement
and intended to be the complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained
herein. There are no restrictions, promises, warranties or undertakings, other
than those set forth or referred to herein, with respect to such subject
matter. This Agreement supersedes all prior agreements and understandings
between the parties with respect to such subject matter.

 14
  
 

 

IN
WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first written above.

 

	
   

  	
  EQUITY RESIDENTIAL, a
  Maryland real

  estate investment trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Donna
  Brandin

  	
   

  
	
   

  	
   

  	
  Name: Donna
  Brandin

  	
   

  
	
   

  	
   

  	
  Title: Executive
  Vice President and

  	
   

  
	
   

  	
   

  	
   

  	
  Chief Financial
  Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ERP
  OPERATING LIMITED

  PARTNERSHIP, an Illinois limited partnership

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Equity
  Residential, its general partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert A.
  Garechana

  	
   

  
	
   

  	
   

  	
  Name: Robert A.
  Garechana

  	
   

  
	
   

  	
   

  	
  Title: Assistant
  Vice President and

  	
   

  
	
   

  	
   

  	
   

  	
  Assistant
  Treasurer

  	
   

  

 

 15

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