Document:

DUKE  REALTY  LIMITED
PARTNERSHIP

ISSUER

TO

THE BANK OF NEW YORK TRUST
COMPANY, N.A.

TRUSTEE

THIRD
SUPPLEMENTAL INDENTURE

DATED AS OF
SEPTEMBER 11, 2007

$300,000,000
6.50% SENIOR
NOTES DUE 2018

SUPPLEMENT TO INDENTURE,

DATED AS OF JULY 28, 2006, BETWEEN

DUKE REALTY LIMITED PARTNERSHIP AND

THE BANK OF NEW YORK TRUST
COMPANY, N.A. (AS SUCCESSOR TO

J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION)

 

THIRD
SUPPLEMENTAL INDENTURE, dated as of September 11, 2007, between
DUKE REALTY LIMITED PARTNERSHIP, an Indiana limited partnership (the “Issuer”),
having its principal offices at 600 East 96th Street, Suite
100, Indianapolis, IN  46240 and THE BANK
OF NEW YORK TRUST COMPANY, N.A. (as successor to J.P. MORGAN TRUST COMPANY, 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 2 N. LaSalle
Street, Suite 1020, Chicago, Illinois 60602.

RECITALS

WHEREAS, the Issuer
executed and delivered its Indenture (the “Original Indenture”), dated as of
July 28, 2006, to the Trustee to issue from time to time for its lawful
purposes debt securities evidencing its unsecured indebtedness.

WHEREAS, the Original
Indenture provides that by means of a supplemental indenture, the Issuer may
create one or more series of its debt securities and establish the form and
terms and conditions thereof.

WHEREAS, the Issuer intends
by this Third Supplemental Indenture to (i) create a series of debt securities,
in an initial aggregate principal amount of $300,000,000,
entitled “Duke Realty Limited Partnership 6.50% Senior Notes Due 2018” (the “Notes”); and (ii) establish the form and
the terms and conditions of such Notes.

WHEREAS, the Board of
Directors of Duke Realty Corporation, the general partner of the Issuer, acting
through authority delegated to certain of its executive officers, 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 Third Supplemental Indenture is
not required, and all other actions required to be taken under the Original
Indenture with respect to this Third 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. 
Capitalized terms used in this Third Supplemental Indenture and not
otherwise defined shall have the meanings ascribed to them in the Original
Indenture.  In addition, the following
terms shall have the following meanings to be equally applicable to both the
singular and the plural forms of the terms defined:

“DTC” means The
Depository Trust Company.

“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 Original
Indenture as supplemented by this Third Supplemental Indenture.

“Make-Whole Amount” means, in
connection with any optional redemption or accelerated payment of any Note, the
excess, if any, of (i) the aggregate present value as of the date of such
redemption or accelerated payment of each dollar of principal being redeemed or
paid and the amount of interest (exclusive of interest accrued to the date of
redemption or accelerated payment) that would have been payable in respect of
each such dollar if such redemption or accelerated payment had not been made,
determined by discounting, on a semi-annual basis, such principal and interest
at the Reinvestment Rate (determined on the third Business Day preceding the
date such notice of redemption is given or declaration of acceleration is made)
from the respective dates on which such principal and interest would have been
payable if such redemption or accelerated payment had not been made, over (ii)
the aggregate principal amount of the Notes being redeemed or paid.

“Notes” means the Issuer’s
6.50% Senior Notes Due January 15, 2018, a form of which is attached hereto as
Exhibit A.

“Redemption Price” means the sum of
(i) the principal amount of the Notes being redeemed plus accrued interest
thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with
respect to such Notes.

“Reinvestment Rate” means .35% plus
the arithmetic mean of the yields under the respective heading “Week Ending”
published in the most recent Statistical Release under the caption “Treasury Constant
Maturities” for the maturity (rounded to the nearest month) corresponding to
the remaining life to maturity, as of the payment date of the principal being
redeemed or paid.  If no maturity exactly
corresponds to such maturity, yields for the two published maturities most
closely corresponding to such maturity shall be calculated pursuant to the
immediately preceding sentence and the Reinvestment Rate shall be interpolated
or extrapolated from such yields on a straight-line basis, rounding in each of
such relevant periods to the nearest month. 
For the purposes of calculating the Reinvestment Rate, the most recent
Statistical Release published prior to the date of determination of the
Make-Whole Amount shall be used.

“Statistical Release” means the
statistical release designated “H.15(519)” or any successor publication which
is published weekly by the Federal Reserve System and which establishes yields
on actively traded United States government securities adjusted to constant
maturities, or, if such statistical release is not published at the time of any
determination under the Indenture, then such other reasonably comparable index
which shall be designated by the Issuer.

SECTION
1.02.      Creation of the Debt Securities. 
In accordance with Section 301 of the Original Indenture, the Issuer
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
$300,000,000.

The Issuer may issue, in addition to the Notes
originally issued on the date hereof, additional Notes.  The Notes originally issued on the date
hereof and any additional Notes originally issued subsequent to the date hereof
shall be a single series for all purposes under the Original Indenture.

 2
 

SECTION
1.03.      Form of the Debt Securities. 
The Notes will be represented by a single fully-registered global note
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.  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 Original Indenture, as supplemented and modified by this
Third Supplemental Indenture, and in particular, the following provisions shall
be terms of the Notes:

(a)  Optional Redemption.  The Issuer may redeem the Notes at any time
at the option of the Issuer, in whole or from time to time in part, at a
redemption price equal to the Redemption Price.

If notice has been given as
provided in the Original Indenture and funds for the redemption of any 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 the Notes will be to receive payment of the Redemption Price.

Notice of any optional
redemption of any Notes will be given to Holders at their addresses, as shown
in the Security Register, not more than 60 nor
less than 30 days prior to the date fixed for redemption.  The notice of redemption will specify, among
other items, the Redemption Price and the principal amount of the Notes held by
such Holder to be redeemed.

If less than all the Notes are
to be redeemed at the option of the Issuer, the Issuer 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. 
The Trustee shall select, in such manner as it shall deem fair and appropriate,
Notes to be redeemed in whole or in part.

(b)   Payment of Principal and Interest.  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 Notes will be made by the Issuer in immediately available funds.

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

 3
 

ARTICLE TWO

Trustee

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

ARTICLE
THREE

Miscellaneous Provisions

SECTION
3.01.      Ratification of Original
Indenture.  This Third Supplemental Indenture is executed
and shall be construed as an indenture supplemental to the Original Indenture,
and as supplemented and modified hereby, the Original Indenture is in all
respects ratified and confirmed, and the Original Indenture and this Third
Supplemental Indenture shall be read, taken and construed as one and the same
instrument.  Notwithstanding anything
herein to the contrary, to the extent any provision of this Third Supplemental
Indenture is inconsistent with any provision of the Original Indenture, the
terms of this Third Supplemental Indenture shall govern and apply to the Notes.

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

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

SECTION
3.04.      Separability Clause. 
In case any one or more of the provisions contained in this Third 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
3.05.      Governing Law.  This Third Supplemental Indenture shall be
governed by and construed in accordance with the laws of the State of New
York.  This Third Supplemental Indenture
is subject to the provisions of the Trust Indenture Act of 1939, as amended,
that are required to be part of this Third Supplemental Indenture and shall, to
the extent applicable, be governed by such provisions.

SECTION
3.06.      Counterparts. 
This Third Supplemental Indenture may be executed in any number of
counterparts, by facsimile or otherwise, 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.

 4

IN WITNESS
WHEREOF, the parties hereto have caused this Third 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.

	
  

  	
  DUKE
  REALTY LIMITED PARTNERSHIP 

  
	
   

  	
   

  	
  as Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  DUKE REALTY CORPORATION,

  its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Howard L. Feinsand

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Howard L. Feinsand

  	
   

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  Executive Vice President,

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  General Counsel and

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Corporate Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ Matthew A. Cohoat

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name: 

  	
  Matthew A. Cohoat

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title: 

  	
  Executive Vice President and 

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Chief Financial Officer

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK TRUST COMPANY,

  N.A. (AS SUCCESSOR TO J.P. MORGAN TRUST

  COMPANY, NATIONAL ASSOCIATION)

  	
   

  
	
   

  	
   

  	
  as Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Janice Ott Rotunno

  	
   

  
	
   

  	
   

  	
  Name: 

  	
  Janice Ott Rotunno

  	
   

  
	
   

  	
   

  	
  Title: 

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Beth A. Vaughn

  	
   

  
	
  Name: 

  	
  Beth A. Vaughn

  	
   

  
	
  Title: 

  	
  Vice President

  	
   

  
										

 

 

EXHIBIT A

[FACE OF
NOTE]

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. 1

  	
  PRINCIPAL AMOUNT

  
	
   

  	
   

  
	
  CUSIP
  NO. 26441YAQ0

  	
  $300,000,000

  

 

DUKE REALTY
LIMITED PARTNERSHIP

6.50% Senior Notes Due 2018

Duke Realty Limited Partnership,
an Indiana 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 Three Hundred Million Dollars on January 15, 2018 (the “Maturity
Date”), and to pay interest thereon from September 11, 2007 (or from the most recent interest payment
date to which interest has been paid or duly provided for) in U.S. dollars
semi-annually in arrears on January 15 and July 15 of each year, each, an “Interest Payment Date”, commencing on
January 15, 2008, and on the Maturity Date, at the rate of 6.50% per annum, until payment of said principal sum
has been made or duly provided for.

 A-1
 

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 Holder in whose name this Note (or one or
more predecessor Notes) is registered at the close of business on the “Record
Date” for such payment, which will be 15 days (regardless of whether such day
is a Business Day (as defined below)) prior to such 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 Holder
in whose name this Note (or one or more predecessor Notes) is registered at the
close of business on a subsequent record date for the payment of such defaulted
interest (which shall be not less than five Business Days (as defined below)
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 Notes
not less than 15 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 will be paid against presentation and surrender of
this Note at the office or agency of the Issuer maintained for that purpose in
The Borough of Manhattan, The City of New York. 
The Issuer hereby initially designates the Corporate Trust Office of the
Trustee in the City of New York as the office to be maintained by it where
Notes may be presented for payment, registration of transfer, or exchange and
where notices or demands to or upon the Issuer in respect of the Notes or the
Indenture referred to on the reverse hereof may be served.

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 11, 2007 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 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 or the Maturity Date,
as the case may be.  “Business Day” means
any day, other than a Saturday or a Sunday, on which banking institutions in
The City of New York are open for business.

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.

 A-2

IN WITNESS WHEREOF, the Issuer
has caused this instrument to be signed manually or by facsimile by its
authorized officers.

Dated as of: September 11, 2007

	
  

  	
  DUKE REALTY LIMITED PARTNERSHIP,

  
	
   

  	
   

  	
  as Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  DUKE REALTY CORPORATION,

  its 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.

	
   

  	
  THE
  BANK OF NEW YORK TRUST COMPANY,

  N.A. (AS SUCCESSOR TO J.P. MORGAN TRUST
  COMPANY, NATIONAL ASSOCIATION)

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  	
   

  
					

 

[REVERSE OF
NOTE]

DUKE REALTY
LIMITED PARTNERSHIP

6.50% Senior Notes Due 2018

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 July 28, 2006 (hereinafter called the “Indenture”), duly
executed and delivered by the Issuer to The Bank of New York Trust Company,
N.A. (as successor to J.P. Morgan Trust Company, National Association),
as Trustee (hereinafter 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 the 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 6.50%
Senior Notes Due January 15, 2018 of
the Issuer, initially limited in aggregate principal amount to $300,000,000.

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 in part, at a
redemption price equal to the sum of (i) the principal amount of this security
being redeemed plus accrued interest thereon to the Redemption Date and (ii)
the Make-Whole Amount, if any, with respect to this security (the “Redemption
Price”).  Notice of any optional
redemption of any Securities will be given to Holders at their addresses, as
shown in the Security Register, not more than 60 nor less than 30 days prior to
the date fixed for redemption.  The
notice of redemption will specify, among other items, the Redemption Price and
the principal amount of the Securities 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 the
Securities at the time outstanding of all series to be affected (voting as one
class), 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
principal of or interest on, any Security, or reduce the principal amount
thereof or the rate or amount of interest thereon or any premium payable upon
the redemption thereof, or adversely affect any

right of repayment at the option
of the Holder of any Security, or change any Place of Payment where, or the
currency or currencies, currency unit or units or composite currency or
currencies in which, any Security or any premium or the interest thereon is
payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof, or (ii) reduce the
aforesaid percentage of Securities, the Holders of which are required to
consent to any such supplemental indenture, or (iii) reduce the percentage of
Securities, the Holders of which are required to consent to any waiver of
compliance with certain provisions of the Indenture or any waiver of certain
defaults thereunder.  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 aggregate
principal amount outstanding of the Securities of such series (or, in the
case of certain defaults or Events of Default, all series of Securities) may on
behalf of the Holders of all the Securities of such series (or all of the
Securities, as the case may be) waive any such past default or Event of Default
and its consequences, prior to any declaration accelerating the maturity of such
Securities, 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 the 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 Make-Whole Amount and 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 $1,000 and integral
multiples 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.

The Issuer, the Trustee or any
authorized agent of the Issuer or the Trustee may deem and treat the Person in
whose name this security is registered as the absolute 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 Make-Whole Amount, if
any, 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 deemed to be a contract under the laws of the State of New
York, and for all purposes shall be construed in accordance with the laws of
such state, except as may otherwise be required by mandatory provisions of law.

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.EXHIBIT 4.1

SUPPLEMENTAL
INDENTURE NO. 18

by
and between

HRPT
PROPERTIES TRUST

and

U.S.
BANK NATIONAL ASSOCIATION

as of
September 18, 2007

 

SUPPLEMENTAL
TO THE INDENTURE DATED AS OF JULY 9, 1997

 

HRPT
PROPERTIES TRUST

6.65%
Senior Notes due 2018

 

 

 

 

 

This SUPPLEMENTAL INDENTURE NO. 18 (this “Supplemental
Indenture”) made and entered into as of September 18, 2007 between HRPT
PROPERTIES TRUST, a Maryland real estate investment trust (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking
association, as trustee (the “Trustee”),

WITNESSETH
THAT:

WHEREAS, the Company and the Trustee are parties to an
Indenture, dated as of July 9, 1997 (the “Indenture”), relating to the Company’s
issuance, from time to time, of various series of debt securities;

WHEREAS, the Company has determined to issue debt
securities known as its 6.65% Senior Notes due 2018; and

WHEREAS, the Indenture provides that certain terms and
conditions for each series of debt securities issued by the Company thereunder
may be set forth in an indenture supplemental to the Indenture;

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE
WITNESSETH:

ARTICLE 1

DEFINED TERMS

Section 1.1             The
following definitions supplement, and, to the extent inconsistent with, replace
the definitions in Section 101 of the Indenture:

“Acquired Debt” means Debt of a Person or entity (i)
existing at the time such Person or entity becomes a Subsidiary or (ii) assumed
in connection with the acquisition of assets from such Person or entity, in
each case, other than Debt incurred in connection with, or in contemplation of,
such Person or entity becoming a Subsidiary or such acquisition.  Acquired Debt shall be deemed to be incurred
on the date of the related acquisition of assets from any Person or entity or
the date the acquired Person or entity becomes a Subsidiary.

“Annual Debt Service” as of any date means the maximum
amount which is expensed in any 12-month period for interest on Debt of the
Company and its Subsidiaries.

“Business Day” means any day other than a Saturday or
Sunday or a day on which banking institutions in the City of New York or in the
city in which the Corporate Trust Office of the Trustee is located, are
required or authorized to close.

“Capital Stock” means, with respect to any Person, any
capital stock (including preferred stock), shares, interests, participation or
other ownership interests (however designated) of such Person and any rights
(other than debt securities convertible into or exchangeable for capital
stock), warrants or options to purchase any thereof.

“Consolidated Income Available for Debt Service” for
any period means Earnings from Operations of the Company and its Subsidiaries
plus amounts which have been deducted, and

minus amounts which have
been added, for the following (without duplication): (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 and
deferred financing costs, (iv) provisions for gains and losses on properties
and property depreciation and amortization, (v) the effect of any noncash
charge resulting from a change in accounting principles in determining Earnings
from Operations for such period and (vi) amortization of deferred charges.

“Corporate Trust Office” means the corporate trust
office of the Trustee which it designates as the office at which the agreement
in question will be administered (which it may change by notice from time to
time), presently located at One Federal Street, 3rd Floor, Boston,
Massachusetts 02110.

“Debt” of the Company or any Subsidiary means, without
duplication, any indebtedness of the Company or any Subsidiary, whether or not
contingent, in respect of (i) borrowed money or evidenced by bonds, notes,
debentures or similar instruments, (ii) indebtedness for borrowed money secured
by any Encumbrance existing on property owned by the Company or any Subsidiary,
to the extent of the lesser of (x) the amount of indebtedness so secured and
(y) the fair market value of the property subject to such Encumbrance, (iii)
the reimbursement obligations, contingent or otherwise, in connection with any
letters of credit actually issued (other than letters of credit issued to
provide credit enhancement or support with respect to other indebtedness of the
Company or any Subsidiary otherwise reflected as Debt hereunder) or amounts
representing the balance deferred and unpaid of the purchase price of any
property or services, except any such balance that constitutes an accrued
expense or trade payable, or all conditional sale obligations or obligations
under any title retention agreement, (iv) the principal amount of all
obligations of the Company or any Subsidiary with respect to redemption,
repayment or other repurchase of any Disqualified Stock, or (v) any lease of
property by the Company or any Subsidiary as lessee which is reflected on the
Company’s consolidated balance sheet as a capitalized lease in accordance with
GAAP, to the extent, in the case of items of indebtedness under (i) through
(iii) above, that any such items (other than letters of credit) would appear as
a liability on the Company’s consolidated balance sheet in accordance with
GAAP, and also includes, to the extent not otherwise included, any obligation
by the Company or any Subsidiary to be liable for, or to pay, as obligor,
guarantor or otherwise (other than for purposes of collection in the ordinary
course of business), Debt of another Person (other than the Company or any
Subsidiary) (it being understood that Debt shall be deemed to be incurred by
the Company or any Subsidiary whenever the Company or such Subsidiary shall
create, assume, guarantee or otherwise become liable in respect thereof).

“Disqualified Stock” means, with respect to any
Person, any Capital Stock of such Person which by the terms of such Capital
Stock (or by the terms of any security into which it is convertible or for
which it is exchangeable or exercisable), upon the happening of any event or
otherwise (i) matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise (other than Capital Stock which is redeemable solely in
exchange for common stock or shares), (ii) is convertible into or exchangeable
or exercisable for Debt or Disqualified Stock, or (iii) is redeemable at the
option of the Holder thereof, in whole or in part (other than Capital Stock
which is redeemable solely in exchange for common stock or shares), in each
case on or prior to the stated maturity of the Notes.

 2
 

 

“Earnings from Operations” for any period means net
earnings excluding gains and losses on sales of investments, extraordinary
items, gains and losses on early extinguishment of debt and property valuation
losses, as reflected in the financial statements of the Company and its
Subsidiaries for such period, determined on a consolidated basis in accordance
with GAAP.

“Encumbrance” means any mortgage, lien, charge, pledge
or security interest of any kind.

“Make-Whole Amount” means, in connection with any optional redemption or accelerated payment
of any Notes prior to July 15, 2017, the excess, if any, of (i) the aggregate
present value as of the date of such redemption or accelerated payment of each
dollar of principal being redeemed or paid and the amount of interest
(exclusive of interest accrued to the date of redemption or accelerated
payment) that would have been payable in respect of such dollar if such
redemption or accelerated payment had been made on July 15, 2017, determined by
discounting, on a semiannual basis, such principal and interest at the
Reinvestment Rate (determined on the third Business Day preceding the date such
notice of redemption is given or declaration of acceleration is made) from the
respective dates on which such principal and interest would have been payable
if such redemption or accelerated payment had been made on July 15, 2017, over
(ii) the aggregate principal amount of the Notes being redeemed or paid.  In the case of any redemption or accelerated
payment of notes on or after July 15, 2017, the Make-Whole Amount means zero.  For purposes of this Supplemental
Indenture and the Notes, references in the Indenture to the payment of the
principal (and premium, if any) and interest on the Notes shall be deemed to
include the payment of the Make-Whole Amount, if any, due upon redemption with
respect to the Notes.  The Make-Whole
Amount shall be calculated by the Company and set forth in an Officer’s
Certificate delivered to the Trustee, and the Trustee shall be entitled to rely
on said Officer’s Certificate.

“Notes” means the Company’s 6.65% Senior Notes due 2018, issued under this Supplemental Indenture
and the Indenture, as amended or supplemented from time to time.

“Reinvestment Rate” means a rate per annum equal to
the sum of 0.40% (forty one-hundredths of one percent) plus the yield on
treasury securities at constant maturity under the heading “Week Ending”
published in the Statistical Release under the caption “Treasury Constant
Maturities” for the maturity (rounded to the nearest month) corresponding to
the remaining life to maturity (which, in the case of maturities corresponding
to the principal and interest due on the notes at their maturity, shall be
deemed to be July 15, 2017), as of
the payment date of the principal being redeemed or paid.  If no maturity exactly corresponds to such
maturity, yields for the two published maturities most closely corresponding to
such maturity shall be calculated pursuant to the immediately preceding
sentence and the Reinvestment Rate shall be interpolated or extrapolated from
such yields on a straight-line basis, rounding in each of such relevant periods
to the nearest month.  For purposes of
calculating the Reinvestment Rate, the most recent Statistical Release
published prior to the date of determination of the Make-Whole Amount shall be
used.

“Secured Debt” means Debt secured by any mortgage,
lien, charge, pledge or security interest of any kind.

“Statistical Release” means the statistical release
designated “H.15(519)” or any successor publication which is published weekly
by the Federal Reserve System and which 

 3
 

establishes yields on
actively traded United States government securities adjusted to constant
maturities or, if such statistical release is not published at the time of any
determination under this Supplemental Indenture, then any publicly available
source of similar market data which shall be designated by the Company.

“Subsidiary” means any corporation or other entity of
which a majority of (i) the voting power of the voting equity securities or
(ii) the outstanding equity interests are owned, directly or indirectly, by the
Company or one or more other Subsidiaries of the Company.  For the purposes of this definition, “voting
equity securities” means equity securities having voting power for the election
of directors, whether at all times or only so long as no senior class of
security has such voting power by reason of any contingency.

“Total Assets” as of any date means the sum of (i) the
Undepreciated Real Estate Assets and (ii) all other assets of the Company and
its Subsidiaries determined in accordance with GAAP (but excluding accounts
receivable and intangibles).

“Total Unencumbered Assets” means the sum of (i) those
Undepreciated Real Estate Assets not subject to an Encumbrance for borrowed
money and (ii) all other assets of the Company and its Subsidiaries not subject
to an Encumbrance for borrowed money determined in accordance with GAAP (but
excluding accounts receivable and intangibles).

“Undepreciated Real Estate Assets” as of any date
means the cost (original cost plus capital improvements) of real estate assets
of the Company and its Subsidiaries on such date, before depreciation and
amortization, determined on a consolidated basis in accordance with GAAP.

“Unsecured Debt” means Debt which is not secured by
any of the properties of the Company or any Subsidiary.

ARTICLE
2

TERMS OF THE NOTES

Section 2.1             Pursuant to Section 301 of the
Indenture, the Notes shall have the following terms and conditions:

(a)           Title;
Aggregate Principal Amount; Form of Notes. 
The Notes shall be Registered Securities under the Indenture and shall
be known as the Company’s “6.65% Senior Notes due 2018.”  The Notes will be limited to an aggregate
principal amount of $250,000,000, subject to the right of the Company to reopen
such series for issuances of additional securities of such series and except as
provided in this Section or in Section 306 of the Indenture.  The Notes (together with the Trustee’s
certificate of authentication) shall be substantially in the form of Exhibit A
hereto, which is hereby incorporated in and made a part of this Supplemental
Indenture.

The Notes will be issued in the form of one or more
registered global securities without coupons (“Global Notes”) that will be
deposited with, or on behalf of, The Depository Trust Company (“DTC”), and
registered in the name of DTC’s nominee, Cede & Co.  Except under the circumstance described
below, the Notes will not be issuable in definitive form.  Unless and until it is exchanged in whole or
in part for the individual Notes represented thereby, a Global Note 

 4
 

may not be transferred
except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or
another nominee of DTC or by DTC or any nominee of DTC to a successor
depositary or any nominee of such successor.

So long as DTC or its nominee is the registered owner
of a Global Note, DTC or such 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 this Supplemental Indenture. 
Except as described below, owners of beneficial interest in Notes
evidenced by a Global Note will not be entitled to have any of the individual
Notes represented by such Global Note registered in their names, will not
receive or be entitled to receive physical delivery of any such Notes in
definitive form and will not be considered the owners or holders thereof under
the Indenture or this Supplemental Indenture.

If DTC is at any time unwilling, unable or ineligible
to continue as depositary and a successor depositary is not appointed by the
Company within 90 days, the Company will issue individual Notes in exchange for
the Global Note or Global Notes representing such Notes.  In addition, the Company may at any time and
in its sole discretion, subject to certain limitations set forth in the
Indenture, determine not to have any of such Notes represented by one or more
Global Notes and, in such event, will issue individual Notes in exchange for
the Global Note or Global Notes representing the Notes.  Individual Notes so issued will be issued in
denominations of $1,000 and integral multiples thereof.

(b)           Interest
and Interest Rate.  The Notes will
bear interest at a rate of 6.65%  per annum, from September 18, 2007 (or, in the
case of Notes issued upon any reopening of this series of Notes, from the date
designated by the Company in connection with such reopening) or from the
immediately preceding Interest Payment Date to which interest has been paid or
duly provided for, payable semiannually in arrears on each January 15 and July
15, commencing January 15, 2008  (each
of which shall be an “Interest Payment Date”), to the Persons in whose names
the Notes are registered in the Security Register at the close of business on
the day falling 14 calendar days (whether or not a Business Day) next preceding
such Interest Payment Date (each, a “Regular Record Date”).

(c)           Principal
Repayment; Currency.  The stated
maturity of the Notes is January 15, 2018; provided,
however, the Notes may be earlier redeemed at the option of the Company as
provided in paragraph (d) below.  The
principal of each Note payable on its maturity date shall be paid against
presentation and surrender thereof at the Corporate Trust Office of the Trustee
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 or private debts.  The Company will not pay Additional Amounts
(as defined in the Indenture) on the Notes.

(d)           Redemption at the
Option of the Company; Acceleration. 
The Notes will be subject to redemption at any time at the option of the
Company, in whole or in part, upon not less than 30 nor more than 60 days’
notice to each Holder of Notes to be redeemed at its address appearing in the
Security Register, at a price equal to the sum of (i) the outstanding principal
amount of the Notes being redeemed, plus accrued and unpaid interest to but
excluding the applicable Redemption Date, plus (ii) the Make-Whole Amount, if
any.  If the notes are redeemed on or after
July 15, 2017, the redemption price
will not include the Make-Whole Amount. 
Upon 

 5
 

the
acceleration of the Notes in accordance with Section 502 of the Indenture, the
Company shall pay the amount specified in Section 4.2 of this Supplemental
Indenture.

(e)           Notices.  All notices and other communications
hereunder shall be in writing and shall be deemed to have been duly given if
mailed or transmitted by any standard form of telecommunication.  Notices to the Company shall be directed to
it at 400 Centre Street, Newton, Massachusetts 02458, Attention: President;
notices to the Trustee shall be directed to it at One Federal Street, 3rd
Floor, Boston, Massachusetts 02110, Attention: Corporate Trust Department, Re:
HRPT Properties Trust 6.65% Senior Notes due 2018; or as to either party, at such other address as shall be
designated by such party in a written notice to the other party.

(f)            Global
Note Legend.  Each Global Note shall
bear the following legend on the face thereof:

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.

(g)           Applicability
of Discharge, Defeasance and Covenant Defeasance Provisions.  The Discharge, Defeasance and Covenant
Defeasance provisions in Article Fourteen of the Indenture will apply to the
Notes.

ARTICLE
3

ADDITIONAL COVENANTS

Section 3.1             In addition to the covenants of the
Company set forth in Article Ten of the Indenture, for the benefit of the
Holders of the Notes:

(a)           Limitations
on Incurrence of Debt.

(i)            The Company will
not, and will not permit any Subsidiary to, incur any Debt if, immediately
after giving effect to the incurrence of such additional 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 (“Adjusted
Total Assets”) of (without duplication) (A) the Total Assets of the Company and
its Subsidiaries as of the end of the calendar quarter covered in the Company’s
Annual Report on Form 10-K, or the Quarterly 

 6
 

Report on Form
10-Q, as the case may be, most recently filed with the Securities and Exchange
Commission (or, if such filing is not permitted under the Securities Exchange
Act of 1934, as amended, with the Trustee) prior to the incurrence of such
additional Debt and (B) the purchase price of any real estate assets or
mortgages receivable acquired, and the amount of any securities offering
proceeds received (to the extent that such proceeds were not used to acquire
real estate assets or mortgages receivable or used to reduce Debt), by the
Company or any Subsidiary since the end of such calendar quarter, including
those proceeds obtained in connection with the incurrence of such additional
Debt.

(ii)           In addition to the
foregoing limitations on the incurrence of Debt, the Company will not, and will
not permit any Subsidiary to, incur any Secured Debt if, immediately after
giving effect to the incurrence of such additional 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 Adjusted Total Assets.

(iii)          In addition to the
foregoing limitations on the incurrence of Debt, 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 Debt Service for the four
consecutive fiscal quarters most recently ended prior to the date on which such
additional Debt is to be incurred shall have been less than 1.5 to 1.0, on a
pro forma basis after giving effect thereto and to the application of the
proceeds therefrom, and calculated on the assumption that (A) such Debt
and any other Debt incurred by the Company and its Subsidiaries since the first
day of such four-quarter period and the application of the proceeds therefrom,
including to refinance other Debt, had occurred at the beginning of such
period; (B) the repayment or retirement of any other Debt by the Company
and its Subsidiaries since the first date of such four-quarter period had been
repaid or retired at the beginning of such period (except that, in making such
computation, the amount of Debt under any revolving credit facility shall be
computed based upon the average daily balance of such Debt during such period);
(C) in the case of Acquired Debt or Debt incurred in connection with any
acquisition since the first day of such four-quarter period, the related
acquisition had occurred as of the first day of such period with appropriate
adjustments with respect to such acquisition being included in such pro forma
calculation; and (D) in the case of any acquisition or disposition by the
Company or its Subsidiaries of any asset or group of assets since the first day
of such four-quarter period, whether by merger, stock purchase or sale, or
asset purchase or sale, such acquisition or disposition or any related
repayment of Debt had occurred as of the first day of such period with the
appropriate adjustments with respect to such acquisition or disposition being
included in such pro forma calculation. 
If the Debt giving rise to the need to make the foregoing calculation or
any other Debt incurred after the first day of the relevant four-quarter period
bears interest at a floating rate then, for purposes of calculating the Annual
Debt Service, the interest rate on such Debt shall be computed on a pro forma
basis as if the average interest rate which would have been in effect during the
entire such four-quarter period had been the applicable rate for the entire
such period.

(b)           Maintenance
of Total Unencumbered Assets.  The
Company and its Subsidiaries will at all times maintain Total Unencumbered
Assets of not less than 150% of the 

 7
 

aggregate outstanding principal amount of the Unsecured Debt of the
Company and its Subsidiaries on a consolidated basis.

ARTICLE 4

ADDITIONAL EVENTS OF DEFAULT

Section 4.1             For purposes of this Supplemental
Indenture and the Notes, in addition to the Events of Default set forth in
Section 501 of the Indenture, it shall also constitute an “Event of Default” if
a default under any bond, debenture, note or other evidence of indebtedness of
the Company (including a default with respect to any other series of securities),
or under any mortgage, indenture or other instrument of the Company under which
there may be issued or by which there may be secured or evidenced any
indebtedness for money borrowed by 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) having an aggregate
principal amount exceeding $20,000,000, whether such indebtedness now exists or
shall hereafter be incurred or created, which default shall have resulted in
such indebtedness becoming or being declared due and payable prior to the date
on which it would otherwise have become due and payable, without such
indebtedness having been discharged, or such acceleration having been rescinded
or annulled, within a period of ten 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 25% in principal amount of the
outstanding Notes, 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.

Section 4.2             Notwithstanding any provisions to
the contrary in the Indenture, upon any acceleration of the Notes under Section
502 of the Indenture, the amount immediately due and payable in respect of the
Notes shall equal the outstanding principal amount thereof, plus accrued and unpaid
interest thereon, plus, if such acceleration occurs prior to July 15, 2017, the Make-Whole Amount.

ARTICLE
5

EFFECTIVENESS

This Supplemental Indenture shall be effective for all
purposes as of the date and time this Supplemental Indenture has been executed
and delivered by the Company and the Trustee in accordance with Article Nine of
the Indenture.  As supplemented hereby,
the Indenture is hereby confirmed as being in full force and effect.

 8
 

 

ARTICLE
6

MISCELLANEOUS

Section 6.1             In
the event any provision of this Supplemental Indenture shall be held invalid or
unenforceable by any court of competent jurisdiction, such holding shall not
invalidate or render unenforceable any other provision hereof or any provision
of the Indenture.

Section 6.2             To the extent that any terms of
this Supplemental Indenture or the Notes are inconsistent with the terms of the
Indenture, the terms of this Supplemental Indenture or the Notes shall govern
and supersede such inconsistent terms.

Section 6.3             This Supplemental Indenture shall
be governed by and construed in accordance with the laws of The Commonwealth of
Massachusetts.

Section 6.4             This Supplemental Indenture may be
executed in several counterparts, each of which shall be an original and all of
which shall constitute but one and the same instrument.

[Remainder of page
intentionally left blank.]

 9
 

 

IN WITNESS
WHEREOF, the Company and the Trustee have caused this Supplemental Indenture to
be executed as an instrument under seal in their respective corporate names as
of the date first above written.

	
  

  	
  HRPT PROPERTIES TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: John C. Popeo

  
	
   

  	
   

  	
  Title: Treasurer and Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL ASSOCIATION,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title: Vice President

  

 

 10

EXHIBIT A

FORM
OF NOTE

[Face of Note]

6.65% Senior Note due 2018

No.
R-                                                                                                                                                                                    $                    

HRPT
PROPERTIES TRUST

promises to pay to                             
or registered assigns, the principal sum of                               
($         ) on January 15, 2018, subject to the terms set forth on the
reverse of this Note and the terms of the Indenture referred to therein.

	
  Interest Payment Dates:

  	
   

  	
  each January 15 and July 15, commencing January 15, 2008

  
	
   

  	
   

  	
   

  
	
  Interest Record Dates:

  	
   

  	
  the day falling 14 calendar days prior to any
  Interest Payment Date.

  

 

CUSIP No.:
                       

	
  

  	
  HRPT PROPERTIES TRUST

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

	
  Attest:

  	
   

  	
   

  	
   

  	
   

  
	
  [SEAL]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CERTIFICATE OF AUTHENTICATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  This is one of the Notes referred to in the
  within-mentioned Indenture:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  U.S. BANK NATIONAL ASSOCIATION, as Trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  	
   

  	
   

  
							

 

[THE
FOLLOWING CONSTITUTES THE REVERSE OF THE SECURITY]

HRPT
PROPERTIES TRUST

6.65% Senior Note due 2018

Capitalized terms used herein have the meanings
assigned to them in the Indenture (as defined below) unless otherwise
indicated.

1.             Interest.  HRPT Properties Trust, a Maryland real estate
investment trust (the “Company”), promises to pay interest on the principal
amount of this Note at the rate and in the manner specified below.

The Company shall pay in
cash interest on the principal amount of this Note at the rate per annum of
6.65%. The Company will pay interest semiannually in arrears on each January 15
and July 15, commencing January 15, 2008, or, if any such day is not a Business
Day (as defined in the Indenture), on the next succeeding Business Day (each an
“Interest Payment Date”), to Holders of record on the day falling 14 calendar
days immediately preceding such Interest Payment Date (whether or not a
Business Day).

Interest will be computed
on the basis of a 360-day year consisting of twelve 30-day months. Interest shall
accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from September 18, 2007.

2.             Method
of Payment.  The Company will pay
interest on this Note (except defaulted interest) on each Interest Payment Date
to the Person in whose name this Note is registered in the Security Register at
the close of business on the Interest Record Date next preceding such Interest
Payment Date.  The Company will pay
principal and interest in money of the United States that at the time of
payment is legal tender for payment of public and private debts.  The Company, however, may pay principal,
premium, if any, and interest by check payable in such money.  It may mail an interest check to a Holder’s
registered address.

3.             Indenture.
 The Company issued the Notes under an
Indenture, dated as of July 9, 1997, and a Supplemental Indenture No. 18
thereto, dated as of September 18, 2007 (collectively, the “Indenture”),
between the Company and the Trustee.  The
terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939 as in effect on
the date of the Indenture.  The Notes are
subject to all such terms, and Holders of the Notes are referred to the
Indenture and such Act for a statement of such terms.  The terms of the Indenture shall govern any
inconsistencies between the Indenture and the Notes.  The Notes are unsecured general obligations
of the Company limited to $250,000,000 in aggregate principal amount, except as
otherwise provided in the Indenture.

4.             Optional
Redemption.  The Notes will be
subject to redemption at any time at the option of the Company, in whole or in
part, upon not less than 30 nor more than 60 days’ notice, at a redemption
price equal to the sum of (i) the principal amount of the Notes being redeemed,
plus accrued and unpaid interest to but excluding the applicable Redemption
Date and (ii) the Make-Whole Amount, if any. 
If the Notes are redeemed on or after July 15, 2017, the redemption price
will not include the Make-Whole Amount.

 A-2
 

 

As used herein the term “Make-Whole
Amount” means, in connection with any optional redemption or accelerated
payment of any Notes prior to July 15, 2017, the excess, if any, of (i) the
aggregate present value as of the date of such redemption or accelerated
payment of each dollar of principal being redeemed or paid and the amount of
interest (exclusive of interest accrued to the date of redemption or
accelerated payment) that would have been payable in respect of such dollar if
such redemption or accelerated payment had been made on July 15, 2017,
determined by discounting, on a semiannual basis, such principal and interest
at the Reinvestment Rate (determined on the third Business Day preceding the
date such notice of redemption is given or declaration of acceleration is made)
from the respective dates on which such principal and interest would have been
payable if such redemption or accelerated payment had been made on July 15,
2017, over (ii) the aggregate principal amount of the Notes being redeemed or
paid.  In the case of any redemption or
accelerated payment of notes on or after July 15, 2017, the Make-Whole Amount
means zero.  For purposes of the
Indenture and the Notes, references in the Indenture to the payment of the
principal (and premium, if any) and interest on the Notes shall be deemed to
include the payment of the Make-Whole Amount, if any, due upon redemption with
respect to the Notes.  The Make-Whole
Amount shall be calculated by the Company and set forth in an Officer’s
Certificate delivered to the Trustee, and the Trustee shall be entitled to rely
on said Officer’s Certificate.

As used herein the term “Reinvestment
Rate” means a rate per annum equal to the sum of 0.40% (forty one-hundredths of
one percent) plus the yield on treasury securities at constant maturity under
the heading “Week Ending” published in the Statistical Release (as defined
herein) under the caption “Treasury Constant Maturities” for the maturity
(rounded to the nearest month) corresponding to the remaining life to maturity
(which, in the case of maturities corresponding to the principal and interest
due on the Notes at their maturity, shall be deemed to be July 15, 2017), as of the payment date of
the principal being redeemed or paid.  If
no maturity exactly corresponds to such maturity, yields for the two published
maturities most closely corresponding to such maturity shall be calculated
pursuant to the immediately preceding sentence and the Reinvestment Rate shall
be interpolated or extrapolated from such yields on a straight-line basis,
rounding in each of such relevant periods to the nearest month.  For purposes of calculating the Reinvestment
Rate, the most recent Statistical Release published prior to the date of determination
of the Make-Whole Amount shall be used.

As used herein the term “Statistical
Release” means the statistical release designated “H.15(519)” or any successor
publication which is published weekly by the Federal Reserve System and which
establishes yields on actively traded United States government securities
adjusted to constant maturities or, if such statistical release is not
published at the time of any determination under the Supplemental Indenture,
then any publicly available source of similar market data which shall be
designated by the Company.

5.             Mandatory
Redemption.  The Company shall not be
required to make sinking fund or redemption payments with respect to the Notes.

6.             Notice
of Redemption.  Notice of redemption
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 its registered
address.  Notes may be redeemed in part
but only in whole multiples of $1,000, unless all of the Notes held by a Holder
are to be redeemed.  On and after the
Redemption Date, interest ceases to accrue on Notes or portions of them called
for redemption.

 A-3
 

 

7.             Denominations,
Transfer, Exchange.  The Notes are in
registered form without coupons in denominations of $1,000 and integral
multiples of $1,000 in excess thereof. 
The transfer of Notes may be registered and Notes may be exchanged as
provided in the Indenture.  The Security
Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture. 
The Security Registrar need not exchange or register the transfer of any
Note or portion of a Note selected for redemption.  Also, it need not exchange or register the
transfer of any Notes for a period of 15 days before the mailing of a notice of
redemption of Notes, or during the period between a record date and the
corresponding Interest Payment Date.

8.             Defaults
and Remedies.  In case an Event of
Default (as defined in the Indenture) with respect to the Notes shall have
occurred and be continuing, the principal hereof may be declared, and upon such
declaration shall become, due and payable, in the manner, with the effect and
subject to the provisions provided in the Indenture.

9.             Actions
of Holders.  The Indenture contains
provisions permitting the Holders of not less than a majority of the aggregate
principal amount of the outstanding Notes, subject to certain exceptions as
provided in the Indenture, on behalf of the Holders of all such Notes at a
meeting duly called and held as provided in the Indenture, to make, give or
take any request, demand, authorization, direction, notice, consent, waiver or
other action provided in the Indenture to be made, given or taken by the
Holders of the Notes, including without limitation, waiving (a) compliance
by the Company with certain provisions of the Indenture, and (b) certain
past defaults under the Indenture and their consequences.  Any resolution passed or decision taken at
any meeting of the Holders of the Notes in accordance with the provisions of
the Indenture shall be conclusive and binding upon such Holders and upon all
future Holders of this Note and other Notes issued upon the registration of
transfer hereof or in exchange heretofore or in lieu hereof.

10.           Persons
Deemed Owners.  The Company, the
Trustee, and any agent of the Company or the Trustee may deem and treat the
Person in whose name this Note is registered on the Security Register as its
absolute owner for all purposes.

11.           Authentication.  This Note shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating
agent.

12.           Governing
Law. THE INTERNAL LAW OF THE COMMONWEALTH OF MASSACHUSETTS SHALL GOVERN AND
BE USED TO CONSTRUE THE INDENTURE AND THE NOTES.

13.           No
Personal Liability.  THE AMENDED AND
RESTATED DECLARATION OF TRUST ESTABLISHING THE COMPANY, DATED JULY 1, 1994, A
COPY OF WHICH, TOGETHER WITH ALL AMENDMENTS AND SUPPLEMENTS THERETO, IS DULY
FILED IN THE OFFICE OF THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF
MARYLAND, PROVIDES THAT THE NAME “HRPT PROPERTIES TRUST” REFERS TO THE TRUSTEES
UNDER THE DECLARATION OF TRUST, AS SO AMENDED AND SUPPLEMENTED, COLLECTIVELY AS
TRUSTEES, BUT 

 A-4
 

NOT INDIVIDUALLY OR PERSONALLY, AND THAT NO TRUSTEE, OFFICER,
SHAREHOLDER, EMPLOYEE OR AGENT OF THE COMPANY SHALL BE HELD TO ANY PERSONAL
LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST THE
COMPANY. ALL PERSONS DEALING WITH THE COMPANY, IN ANY WAY, SHALL LOOK ONLY TO
THE ASSETS OF THE COMPANY FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY
OBLIGATION.

The Company will furnish to any Holder upon written
request and without charge a copy of the Indenture.  Request may be made to:

	
  

  	
  HRPT Properties Trust

  	
   

  	
   

  
	
   

  	
  400 Centre Street

  	
   

  	
   

  
	
   

  	
  Newton, MA 02458

  	
   

  	
   

  
	
   

  	
  Telecopier No.: (617) 332-2261

  	
   

  	
   

  
	
   

  	
  Attention: President

  	
   

  	
   

  

 

or such other address as
the Company may specify pursuant to the Indenture.

 A-5
 

 

ASSIGNMENT
FORM

To
assign this Note, fill in the form below:

[I] [We] assign and
transfer this Note to __________________________________________________________________

______________________________________________________ [Print or
type assignee’s name, address and zip code] 

______________________________________________ [Insert
assignee’s soc. sec. or tax I.D. no.] and irrevocably appoint 

_______________________________________ to transfer this Note on the books of
the Company. The agent may substitute 

another to act for him.

Date: _____________________

	
  

  	
  Your Signature:

  	
   

  
	
   

  	
  [Sign exactly as your name appears on the face of
  this Note]

  

 

	
  Signature Guarantee:

  
	
   

  	
   

  
	
  [The signature must be guaranteed by

  
	
  an officer of a participant in a recognized

  
	
  signature guarantee program. Notarized

  
	
  or witnessed signatures are not acceptable.]

  

 

 A-6

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