Document:

Registration Rights Agreement, dated October 1, 2004

 Exhibit 4.5 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 Dated as of October 1, 2004 
  
 by and between 
  
 AMERICAN FINANCIAL REALTY TRUST, 
  
 and 
  
 DEUTSCHE BANK SECURITIES
INC. 
  
 4.375% Convertible Senior Notes Due 2024 

 TABLE OF CONTENTS 
  

					
	1.	 	Definitions.	 	1
			
	2.	 	Shelf Registration.	 	4
			
	3.	 	Liquidated Damages.	 	7
			
	4.	 	Registration Procedures.	 	9
			
	4A.	 	Holders’ Obligations.	 	14
			
	5.	 	Registration Expenses.	 	14
			
	6.	 	Indemnification.	 	14
			
	7.	 	Rules 144 and 144A.	 	18
			
	8.	 	Underwritten Registrations.	 	18
			
	9.	 	Miscellaneous.	 	19

  

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 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (this “Agreement”) is dated as of October 1, 2004, by and between
American Financial Realty Trust, a Maryland real estate investment trust (the “Company”) and Deutsche Bank Securities Inc. (the “Initial Purchaser”). 
  
 This Agreement is entered into in connection with the Purchase Agreement, as amended, dated September 27, 2004 (the
“Purchase Agreement”), between the Company, First States Group, L.P., a Delaware limited partnership and the Initial Purchaser, which provides for the sale by the Company to the Initial Purchaser of $125 million aggregate principal
amount of the Company’s 4.375% Convertible Senior Notes Due 2024 (the “Firm Notes”), plus up to an additional $25 million aggregate principal amount of the same which the Initial Purchaser may subsequently elect to purchase
pursuant to the terms of the Purchase Agreement (the “Option Notes” and, together with the Firm Notes, the “Notes”), which are convertible into common shares of beneficial interest, par value $.001 per share, of the
Company (the “Underlying Shares”). The Notes are being issued pursuant to an Indenture dated as of July 9, 2004, as supplemented by the First Supplemental Indenture dated as of the date hereof (as supplemented, the
“Indenture”), by and between the Company and Deutsche Bank Trust Company Americas, as Trustee. 
  
 In order to induce the Initial Purchaser to enter into the Purchase Agreement, the Company has agreed to provide the registration rights set forth in this
Agreement for the benefit of the Initial Purchaser and subsequent holders of the Notes or Underlying Shares as provided herein. The execution and delivery of this Agreement is a condition to the Initial Purchaser’s obligation to purchase the
Firm Notes under the Purchase Agreement. 
  
 The parties hereto
hereby agree as follows: 
  
 1. Definitions. As used in this Agreement,
the following terms shall have the following meanings: 
  
 “Agreement”: See the first introductory paragraph hereto. 
  
 “Amendment Effectiveness Deadline Date”: See Section 2(d)(i) hereof. 
  
 “Amount of Registrable Securities”: (a) With respect to Notes constituting Registrable Securities, the aggregate principal amount of all
such Notes then outstanding, (b) with respect to Underlying Shares constituting Registrable Securities, the aggregate number of such Underlying Shares outstanding multiplied by the Conversion Price (as defined in the Indenture) in effect at the time
of computing the Amount of Registrable Securities or, if no Notes are then outstanding, the Conversion Price shall be calculated as if the Notes were continuously outstanding to the date of calculation, giving effect to any adjustments to the
Conversion Price set forth in the Indenture as if the Indenture continued to be in effect, and (c) with respect to combinations thereof, the sum of (a) and (b) for the relevant Registrable Securities. 

 “Business Day”: Any day that is not a Saturday, Sunday or a day on which banking
institutions in the City of New York are authorized or required by law or executive order to be closed. 
  
 “Closing Date”: October 1, 2004. 
  
 “Company”: See the first introductory paragraph hereto. 
  
 “Controlling Person”: See Section 6 hereof. 
  
 “Damages Payment Date”: See Section 3(c) hereof. 
  
 “Deferral Period”: See Section 3(b) hereof. 
  
 “Depositary”: The Depository Trust Company until a successor
is appointed by the Company. 
  
 “Designated
Counsel”: One nationally recognized firm of counsel experienced in securities law matters chosen by the Holders of a majority in Amount of Registrable Securities to be included in a Shelf Registration Statement, with the consent of the
Company (which consent will not be unreasonably withheld). 
  
 “Effectiveness Date”: The 180th day after July 9, 2004. 
  
 “Effectiveness Period”: See Section 2(a) hereof. 

 
 “Exchange Act”: The Securities Exchange Act of 1934, as
amended, and the rules and regulations of the SEC promulgated thereunder. 
  
 “Filing Date”: The 90th day after July 9, 2004. 
  
 “Firm Notes”: See the second introductory paragraph hereto.

  
 “Holder”: Any beneficial owner from time to
time of Registrable Securities. 
  
 “Indemnified
Holder”: See Section 6 hereof. 
  
 “Indemnified
Person”: See Section 6 hereof. 
  
 “Indemnifying
Person”: See Section 6 hereof. 
  
 “Indenture”: See the second introductory paragraph hereto. 
  
 “Initial Purchaser”: See the first introductory paragraph hereto. 
  
 “Initial Shelf Registration Statement”: See Section 2(a) hereof. 
  

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 “Inspectors”: See Section 4(k) hereof. 
  
 “Liquidated Damages”: See Section 3(a) hereof. 

 
 “Notes”: See the second introductory paragraph hereto.

  
 “Notice and Questionnaire”: means a written
notice delivered to the Company containing substantially the information called for by the Form of Selling Securityholder Notice and Questionnaire attached as Appendix A to the Offering Memorandum of the Company relating to the Notes. 
  
 “Option Notes”: See the second introductory paragraph
hereto. 
  
 “Person”: An individual, partnership,
corporation, limited liability company, unincorporated association, trust or joint venture, or a governmental agency or political subdivision thereof. 
  
 “Prospectus”: The prospectus included in any Registration Statement (including, without limitation, any prospectus subject to completion
and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus
supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
  
 “Purchase Agreement”: See the second introductory paragraph
hereto. 
  
 “Records”: See Section 4(k) hereof.

  
 “Registrable Securities”: All Notes and all
Underlying Shares upon original issuance thereof and at all times subsequent thereto until the earliest to occur of (i) a Registration Statement covering such Notes and Underlying Shares having been declared effective by the SEC and such Notes or
Underlying Shares having been disposed of in accordance with such effective Registration Statement, (ii) such Notes or Underlying Shares having been sold in compliance with Rule 144 or being able to be sold in compliance with Rule 144(k) (except
with respect to affiliates of the Company within the meaning of the Securities Act), or (iii) such Notes or Underlying Shares ceasing to be outstanding. 
  
 “Registration Default”: See Section 3(a) hereof. 
  

“Registration Statement”: Any registration statement of the Company filed with the SEC pursuant to the provisions of this Agreement,
including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all documents incorporated by reference or deemed to be incorporated by reference in such registration
statement. 
  

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 “Rule 144”: Rule 144 promulgated under the Securities Act, as such Rule may be amended
from time to time, or any similar rule (other than Rule 144A) or regulation hereafter adopted by the SEC providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent holders that are not
affiliates of an issuer of such securities being free of the registration and prospectus delivery requirements of the Securities Act. 
  
 “Rule 144A”: Rule 144A promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other
than Rule 144) or regulation hereafter adopted by the SEC. 
  
 “Rule 415”: Rule 415 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
  
 “SEC”: The U.S. Securities and Exchange Commission.

  
 “Securities Act”: The Securities Act of 1933,
as amended, and the rules and regulations of the SEC promulgated thereunder. 
  
 “Selling Holder”: On any date, any Holder that has delivered a Notice and Questionnaire to the Company on or prior to such date. 
  
 “Shelf Registration Statement”: See Section 2(b) hereof. 
  
 “Subsequent Shelf Registration Statement”: See Section 2(b)
hereof. 
  
 “TIA”: The Trust Indenture Act of
1939, as amended, and the rules and regulations of the SEC promulgated thereunder. 
  
 “Trustee”: The Trustee under the Indenture. 
  
 “Underlying Shares”: See the second introductory paragraph hereto. 
  
 “Underwritten Registration” or “Underwritten Offering”: A registration in which Registrable Securities are sold to an
underwriter for reoffering to the public. 
  
 2.
Shelf Registration. 
  
 (a) Initial Shelf Registration
Statement. The Company shall file with the SEC a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 registering the resale from time to time by the Holders of all of the Registrable Securities (the
“Initial Shelf Registration Statement”) on or prior to the Filing Date. 
  
 The Initial Shelf Registration Statement shall be on Form S-3 or another appropriate form permitting registration of the Registrable Securities for resale by Holders in the manner or manners designated by them
(excluding Underwritten Offerings) and set forth in the 
  

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 Initial Shelf Registration Statement. The Company shall not permit any securities other than the Registrable Securities
to be included in the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement (as defined below); other than registrable securities pursuant to a registration rights agreement dated as of July 9, 2004, by and among the
Company, the Initial Purchaser and Banc of America Securities LLC. 
  
 The Company shall use its commercially reasonable efforts to cause the Initial Shelf Registration Statement to be declared effective under the Securities Act on or prior to the Effectiveness Date and to keep the Initial Shelf Registration
Statement continuously effective under the Securities Act until the date (A) that is two years after July 9, 2004, or if later, the date on which the Option Notes were issued, (such period, as it may be shortened pursuant to clauses (i), (ii) or
(iii) immediately following, the “Effectiveness Period”), or such shorter period ending when (i) all of the Registrable Securities covered by the Initial Shelf Registration Statement have been sold in the manner set forth and as
contemplated in the Initial Shelf Registration Statement, (ii) the date on which all the Registrable Securities (x) held by Persons who are not affiliates of the Company may be resold pursuant to Rule 144(k) under the Securities Act or (y) cease to
be outstanding, or (iii) all the Registrable Securities have been resold pursuant to Rule 144 under the Securities Act, or (B) when a Subsequent Shelf Registration Statement covering all of the Registrable Securities has been declared effective
under the Securities Act. 
  
 (b) Subsequent Shelf Registration
Statements. If the Initial Shelf Registration Statement ceases to be effective for any reason at any time during the Effectiveness Period (other than because of the sale of all of the Registrable Securities registered thereunder), the Company
shall use its commercially reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within 45 days of such cessation of effectiveness amend the Initial Shelf Registration Statement
in a manner reasonably expected by the Company to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional “shelf” Registration Statement pursuant to Rule 415 covering all of the Registrable Securities
(a “Subsequent Shelf Registration Statement”). If a Subsequent Shelf Registration Statement is filed, the Company shall use its commercially reasonable efforts to cause the Subsequent Shelf Registration Statement to be declared
effective under the Securities Act as soon as practicable after such filing (or if filed during a Deferral Period, after expiration of such Deferral Period) and to keep such Registration Statement continuously effective for the balance of the
Effectiveness Period. As used herein, the term “Shelf Registration Statement” means the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement. 
  
 (c) Supplements and Amendments. The Company shall promptly supplement
and amend a Shelf Registration Statement if required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement, if required by the Securities Act, or as necessary to name a Selling
Holder as a selling shareholder pursuant to Section (d) below. 
  
 (d) Notice and Questionnaire. Each Holder agrees that if such Holder wishes to sell Registrable Securities pursuant to a Shelf Registration Statement and related Prospectus, 
  

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 it will do so only in accordance with this Section 2(d) and Section 4A hereof. Each Holder wishing to sell Registrable
Securities pursuant to a Shelf Registration Statement and related Prospectus when the Initial Shelf Registration Statement first becomes effective agrees to deliver a Notice and Questionnaire to the Company at least five (5) Business Days prior to
the date that the Initial Shelf Registration Statement is declared effective under the Securities Act. From and after the date the Initial Shelf Registration Statement is declared effective, the Company shall, as promptly as practicable after the
date a fully completed and legible Notice and Questionnaire, together with such other information as the Company may reasonably request, is received by the Company, and in any event within the later of (x) twenty (20) days after such date or (y) ten
(10) Business Days after the expiration of any Deferral Period in effect when the Notice and Questionnaire and such other information is received by the Company: 
  
 (i) if required by applicable law, file with the SEC a post-effective amendment to the Initial Shelf
Registration Statement or a Subsequent Shelf Registration Statement or prepare and, if required by applicable law, file a supplement to the related Prospectus or a supplement or amendment to any document incorporated therein by reference or file any
other required document so that the Holder delivering such Notice and Questionnaire is named as a selling securityholder in the Initial Shelf Registration Statement or a Subsequent 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 Securities (subject to the rights of the Company under Section 3(b) to create a Deferral Period) in accordance with applicable law and, if the Company shall
file a post-effective amendment to the Initial Shelf Registration Statement or a Subsequent Shelf Registration Statement, use its commercially reasonable efforts to cause such post-effective amendment to be declared effective under the Securities
Act as promptly as practicable, but in any event by the date (the “Amendment Effectiveness Deadline Date”) that is forty-five (45) days after the date such post-effective amendment is required by this clause to be filed; 

 
 (ii) provide such Holder copies of any documents filed
pursuant to Section 2(d)(i); and 
  
 (iii) notify
such Holder as promptly as practicable after the effectiveness under the Securities Act of any post-effective amendment filed pursuant to Section 2(d)(i); 
  
 provided that if such Notice and Questionnaire is delivered during a Deferral Period, the Company shall so inform the Holder delivering such Notice
and Questionnaire and shall take the actions set forth in clauses (i), (ii) and (iii) above within five (5) Business Days of the expiration of the Deferral Period. 
  
 Notwithstanding anything contained herein to the contrary, (i) the Company shall be under no obligation to
name any Holder that has not delivered a fully complete and legible Notice and Questionnaire to the Company, together with such other information 
  

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 as the Company may reasonably request, in accordance with this Section 2(d) and (ii) the Amendment
Effectiveness Deadline Date shall be extended by up to ten (10) Business Days from the expiration of a Deferral Period (and the Company shall incur no obligation to pay Liquidated Damages during such extension) if such Deferral Period shall be in
effect on the Amendment Effectiveness Deadline Date. 
  
 3. Liquidated Damages. 
  
 (a) The Company and
the Initial Purchaser agree that the Holders of Registrable Securities will suffer damages if the Company fails to fulfill its obligations under Section 2 hereof and that it would not be feasible to ascertain the extent of such damages with
precision. Accordingly, the Company agrees to pay liquidated damages on the Registrable Securities (“Liquidated Damages”) under the circumstances and to the extent set forth below (each of which shall be given independent effect;
each a “Registration Default”): 
  
 (i) if the Initial Shelf Registration Statement is not filed on or prior to the Filing Date, then commencing on the day after the Filing Date, Liquidated Damages shall accrue on the Registrable Securities at a rate of 0.50% per annum on the
Amount of Registrable Securities; 
  
 (ii) if a
Shelf Registration Statement is not declared effective by the SEC on or prior to the Effectiveness Date, then commencing on the day after the Effectiveness Date, Liquidated Damages shall accrue on the Registrable Securities at a rate of 0.50% per
annum on the Amount of Registrable Securities; 
  
 (iii) if any post-effective amendment filed pursuant to Section 2(d)(i) has not become effective under the Securities Act on or prior to the Amendment Effectiveness Deadline Date, then commencing on the day after the Amendment Effectiveness
Deadline Date, Liquidated Damages shall accrue solely on the Registrable Securities that are registered by such post-effective amendment at a rate of 0.50% per annum on such Amount of Registrable Securities; and 
  
 (iv) if the aggregate duration of Deferral Periods in any
period exceeds the number of days permitted in respect of such period pursuant to Section 3(b), then commencing on the day that caused the limit on the aggregate duration of Deferral Periods to be exceeded, Liquidated Damages shall accrue on the
Registrable Securities at a rate of 0.50% per annum on the Amount of Registrable Securities; 
  
 provided that Liquidated Damages on the Registrable Securities may not accrue under more than one of the foregoing clauses (i), (ii), (iii) and (iv) at any one time; and provided further that (1) upon
the filing of the Initial Shelf Registration Statement as required hereunder (in the case of clause (a)(i) of this Section 3), (2) upon the effectiveness of a Shelf Registration Statement as required hereunder (in the case of clause (a)(ii) of this
Section 3), (3) upon the effectiveness of a post-effective amendment as required hereunder (in the case of clause (a)(iii) of this Section 3), 
  

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 or (4) upon the termination of the Deferral Period that caused the limit on the aggregate duration of Deferral Periods to
be exceeded (in the case of clause (a)(iv) of this Section 3), Liquidated Damages on the Registrable Securities as a result of such clause shall cease to accrue. It is understood and agreed that, notwithstanding any provision to the contrary, no
Liquidated Damages shall accrue on any Registrable Securities that are then covered by, and may be sold under, an effective Shelf Registration Statement. Notwithstanding the foregoing, no Liquidated Damages shall accrue as to any security from and
after the earlier of (x) the date such security ceases to be a Registrable Security and (y) the expiration of the Effectiveness Period. 
  
 (b) Notwithstanding Section 3(a), the Company, upon written notice to the Holders, shall be permitted to suspend the availability of a Registration
Statement covering the Registrable Securities for any bona fide reason whatsoever for up to 30 consecutive days (the “Deferral Period”) in any 90-day period without being obligated to pay Liquidated Damages; provided that in
the event the suspension relates to a previously undisclosed proposed or pending material business transaction, the disclosure of which the Company determines in good faith would be reasonably likely to impede the Company’s ability to
consummate such transaction, the Company may extend a Deferral Period from 30 days to 45 days without being obligated to pay Liquidated Damages; provided further that Deferral Periods may not total more than 90 days in the aggregate in any
twelve-month period. The Company shall not be required to specify in the written notice to the Holders the nature of the event giving rise to the Deferral Period. 
  
 (c) So long as Notes remain outstanding, the Company shall notify the Trustee within five Business Days after each and every
date on which an event occurs in respect of which Liquidated Damages are required to be paid. Any amounts of Liquidated Damages due pursuant to clause (a)(i), (a)(ii), (a)(iii) or (a)(iv) of this Section 3 will be payable in cash semiannually on
January 15 or July 15 of each year (each, a “Damages Payment Date”), commencing with the first such Damages Payment Date occurring after any such Liquidated Damages commences to accrue, to Holders to whom regular interest is payable
on the Damages Payment Date, with respect to Notes that are Registrable Securities, and to Persons that are registered Holders on January 1 or July 1 immediately prior to a Damages Payment Date with respect to Underlying Shares that are Registrable
Securities, provided that any Liquidated Damages accrued with respect to any Note or portion thereof called for redemption by the Company on a redemption date or converted into Underlying Shares on a conversion date prior to the Damages
Payment Date, shall, in any such event, be paid instead to the Holder who submitted such Note or portion thereof for redemption or conversion on the applicable redemption date or conversion date, as the case may be, on such date (or promptly
following the conversion date, in the case of conversion). The amount of Liquidated Damages for Registrable Securities will be determined by multiplying the applicable rate of Liquidated Damages by the Amount of Registrable Securities outstanding on
the first Damages Payment Date following such Registration Default in the case of the first such payment of Liquidated Damages with respect to a Registration Default (and thereafter at the next succeeding Damages Payment Date until the cure of such
Registration Default), multiplied by a fraction, the numerator of which is the number of days such Liquidated Damages rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months and, in the
case 
  

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 of a partial month, the actual number of days elapsed), and the denominator of which is 360. The parties agree that the
sole monetary damages payable for a violation of the terms of this Agreement with respect to which Liquidated Damages are expressly provided shall be such Liquidated Damages. 
  
 4. Registration Procedures. 
  
 In connection with its registration obligations pursuant to Section 2 hereof, the Company shall: 
  
 (a) Prepare and file with the SEC, on or prior to the Filing Date, a
Registration Statement or Registration Statements as prescribed by Section 2 hereof, and use its commercially reasonable efforts to cause each such Registration Statement to become effective and remain effective as provided herein; provided
that before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Company shall furnish to and afford the Initial Purchaser a reasonable opportunity to review copies of all such documents proposed to be filed
(in each case, where possible, at least three Business Days prior to such filing, or such later date as is reasonable under the circumstances) and use reasonable efforts to reflect in each such document when so filed reasonable comments of the
Initial Purchaser. 
  
 (b) Subject to Section 2(b), prepare and
file with the SEC such amendments and post-effective amendments to each Shelf Registration Statement, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period; cause the related Prospectus to be
supplemented by any prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 promulgated under the Securities Act (or any similar provisions then in force); and use its reasonable best efforts to
comply with the provisions of the Securities Act applicable to it with respect to the disposition of all Registrable Securities covered by such Registration Statement during the Effectiveness Period in accordance with the intended methods of
distribution set forth in such Registration Statement as so amended or in such Prospectus as so supplemented. 
  
 (c) Notify the Selling Holders and Designated Counsel, if any, as promptly as practicable, (i) when a Prospectus or any prospectus supplement or
post-effective amendment to a Registration Statement has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective under the Securities Act (including in such notice a written
statement that any Holder may, upon written request, obtain, at the sole expense of the Company, one conformed copy of such Registration Statement or post-effective amendment, including financial statements and schedules, documents incorporated or
deemed to be incorporated by reference and exhibits), (ii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any Prospectus or the initiation of
any proceedings for that purpose, (iii) of the happening of any event, the existence of any condition or any information becoming known (but not the nature or details concerning such event, condition or information) that makes any statement made in
such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any 
  

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 material respect or that requires the making of any changes in or amendments or supplements to such Registration
Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading (provided, however, that no notice by the Company pursuant to this clause (iii) shall be required in the event that the Company promptly files a prospectus supplement to update the
Prospectus or a Current Report on Form 8-K or other appropriate Exchange Act report that is incorporated by reference into the Registration Statement which, in either case, contains the requisite information with respect to such event, condition or
information that results in such Registration Statement no longer containing any untrue statement of a material fact or omitting to state a material fact necessary to make the statements contained therein not misleading) and (iv) of the
Company’s determination that a post-effective amendment to a Registration Statement would be appropriate, which notice may in any case, at the discretion of the Company, state that it constitutes a notice of deferral under Section 3(b) hereof.

  
 (d) Use its commercially reasonable efforts to prevent the
issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus and, if any such order is issued, to use its commercially reasonable efforts to obtain the withdrawal of
any such order at the earliest possible moment or if any such order or suspension is during any Deferral Period, at the earliest possible time after such Deferral Period ends, and provide prompt notice to the Selling Holders of the withdrawal of any
such order. 
  
 (e) Furnish as promptly as reasonably practicable
after the filing of such documents with the SEC to each Selling Holder and Designated Counsel, if any, upon written request and at the sole expense of the Company, one conformed copy of the Registration Statement or Registration Statements and each
post-effective amendment thereto, including financial statements and schedules, and all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 
  
 (f) Deliver during the Effectiveness Period (except during any Deferral Period) to each Selling Holder and Designated
Counsel, if any, at the sole expense of the Company, as many copies of the Prospectus (including each form of preliminary prospectus) and each amendment or supplement thereto as such Persons may reasonably request; and, subject to Sections 4A(a) and
4A(c) hereof, the Company hereby consents (except during any Deferral Period) to the use of such Prospectus and each amendment or supplement thereto by each Selling Holder in connection with the offering and sale of the Registrable Securities
covered by such Prospectus and any amendment or supplement thereto in the manner set forth therein. 
  
 (g) Prior to any public offering of Registrable Securities pursuant to a Registration Statement, use its reasonable best efforts to file registrations or
qualifications 
  

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 required to be filed in connection with the registration or qualification (or exemption from such registration or
qualification) of such Registrable Securities or offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any Selling Holder reasonably requests, use its commercially reasonable efforts to keep each such
registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective in connection with such Holder’s offer and sale of Registrable Securities pursuant to such
registration or qualification (or exemption therefrom) and do any and all other acts or things reasonably necessary or advisable under Blue Sky laws to enable the disposition in such jurisdictions of the Registrable Securities in the manner set
forth in the Registration Statement; provided that the Company shall not be required to (i) qualify generally to do business or as a dealer in any jurisdiction where it is not then so qualified, (ii) take any action that would subject it to
general service of process in any such jurisdiction where it is not then so subject or (iii) subject itself to taxation in any such jurisdiction where it is not then so subject. 
  
 (h) Unless Registrable Securities shall be in book-entry form only, cooperate with the Selling Holders and their respective
counsel to facilitate the timely preparation and delivery of certificates representing shares of Registrable Securities sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository
Trust Company; and enable such shares of Registrable Securities to be in such denominations and registered in such names as the Selling Holders may reasonably request in connection with any sale of Registrable Securities. 
  
 (i) Upon the occurrence of any event contemplated by Section 4(c)(ii),
4(c)(iii) or 4(c)(iv) hereof, as promptly as practicable prepare and (subject to Section 4(a) hereof) file with the SEC, at the sole expense of the Company, a supplement or post-effective amendment to the Registration Statement or a supplement to
the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, any
such Prospectus will not contain 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 the light of the circumstances under which they were made, not
misleading; provided that if such event shall occur during a Deferral Period, the Company shall take the actions set forth in this clause (i) within five (5) Business Days of the expiration of the Deferral Period. 
  
 (j) Prior to the effective date of the first Registration Statement relating
to the Registrable Securities, (i) provide the Trustee for the Notes and the transfer agent for the common shares of beneficial interest with certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust
Company and (ii) provide a CUSIP number for the Registrable Securities. 
  
 (k) During the Effectiveness Period, if requested in connection with a disposition of Registrable Securities pursuant to a Registration Statement, make available at reasonable times for inspection by one or more representatives of the
Selling Holders and any 
  

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 attorney or accountant retained by any such Selling Holders (collectively, the “Inspectors”), at the
offices where normally kept, during reasonable business hours, at such time or times as shall be mutually convenient for the Company and the Inspectors as a group, all relevant financial and other records, pertinent corporate documents and
instruments of the Company and its subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees
of the Company and its subsidiaries to supply all information reasonably requested by any such Inspector in connection with such Registration Statement in accordance with this Section; provided that the Company shall have no obligation to
provide any such information prior to the execution by the party receiving such information of a confidentiality agreement in a form reasonably acceptable to the Company to the effect that records that the Company determines, in good faith, to be
confidential and any Records that it notifies the Inspectors are confidential shall not be used for any purpose other than satisfying “due diligence” obligations under the Securities Act and exercising rights under this Agreement and shall
not be disclosed by any Inspector unless (i) the disclosure of such Records is necessary to avoid or correct a material misstatement or material omission in such Registration Statement, (ii) the release of such Records is ordered pursuant to a
subpoena or other order from a court of competent jurisdiction, (iii) disclosure of such information is required by law or (iv) the information in such Records has been made generally available to the public other than through the acts of such
Inspector; provided that prior notice shall be provided as soon as practicable to the Company of the potential disclosure of any information by such Inspector pursuant to clauses (ii) of this sentence to permit the Company to obtain a
protective order (or waive the provisions of this Section 4(k)). Each Inspector shall take such actions as are reasonably necessary to protect the confidentiality of such information (if practicable) to the extent such actions are otherwise not
inconsistent with, an impairment of or in derogation of the rights and interests of the Holder or any Inspector, unless and until such information in such Records has been made generally available to the public other than as a result of a breach of
this Agreement. The foregoing inspection and information gathering shall, to the greatest extent possible, be coordinated on behalf of all the Selling Holders and the other parties entitled thereto by Designated Counsel. 
  
 (l) During the Effectiveness Period, use its reasonable best efforts to
comply with all rules and regulations of the SEC applicable to any Registration Statement and make generally available to its security holders earning statements (which need not be audited) satisfying the provisions of Section 11(a) of the
Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any 12-month period (or 90 days after the end of any 12-month period if such period is a fiscal year) commencing
on the first day of the first fiscal quarter of the Company after the effective date of a Registration Statement, which statements shall cover said 12-month periods. 
  
 (m) Cause the Indenture to be qualified under the TIA not later than the effective date of the first Registration Statement
relating to the Registrable Securities; and in connection therewith, cooperate with the Trustee and the Holders of the Registrable Securities and their respective counsel to effect such changes to the Indenture as may be required for the Indenture
to be so qualified in accordance with the terms of the TIA; and execute, and use all 
  

 -12- 

 reasonable efforts to cause the Trustee to execute, all documents as may be required to effect such changes and all other
forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner. 
  
 (n) Use its commercially reasonable efforts to take all other steps necessary to effect the registration of the Registrable Securities covered by a
Registration Statement contemplated hereby; provided that the Company shall not be required to take any action in connection with an Underwritten Offering. 
  
 4A. Holders’ Obligations. (a) Each Holder agrees, by acquisition of the Registrable Securities, that no Holder
shall be entitled to sell any of such Registrable Securities pursuant to a Registration Statement or to receive a Prospectus relating thereto, unless such Holder has furnished the Company with a Notice and Questionnaire as required pursuant to
Section 2(d) hereof (including the information required to be included in such Notice and Questionnaire) and the information set forth in the next sentence. Each Selling Holder agrees promptly to furnish to the Company all information required to be
disclosed in order to make the information previously furnished to the Company by such Selling Holder not misleading and any other information regarding such Selling Holder and the distribution of such Registrable Securities as the Company may from
time to time reasonably request. Any sale of any Registrable Securities by any Holder shall constitute a representation and warranty by such Holder that the information relating to such Holder and its plan of distribution is as set forth in the
Prospectus delivered by such Holder in connection with such disposition, that such Prospectus does not as of the time of such sale contain any untrue statement of a material fact relating to or provided by such Holder or its plan of distribution and
that such Prospectus does not as of the time of such sale omit to state any material fact relating to or provided by such Holder or its plan of distribution necessary to make the statements in such Prospectus, in the light of the circumstances under
which they were made, not misleading. 
  
 (b) The Company may
require each Selling Holder of Registrable Securities as to which any registration is being effected to furnish to the Company such additional information regarding such Holder and its plan of distribution of such Registrable Securities as the
Company may, from time to time, reasonably request to the extent necessary or advisable to comply with the Securities Act. The Company may exclude from any registration the Registrable Securities of any Selling Holder if such Holder fails to furnish
such additional information within twenty (20) Business Days after receiving such request. Each Selling Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Company all information required to be
disclosed so that the information previously furnished to the Company by such Holder is not materially misleading and does not omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances under which they were made. 
  
 (c)
Each Holder of Registrable Securities agrees by acquisition of such Registrable Securities that, upon actual receipt of any notice from the Company suspending the availability of the Registration Statement pursuant to Section 3(b) hereof, or upon
the happening of any event of the kind described in Section 4(c)(ii), 4(c)(iii) or 4(c)(iv) hereof (each Holder 
  

 -13- 

 agrees to keep any such notice confidential), such Holder will forthwith discontinue disposition of such Registrable
Securities covered by such Registration Statement or Prospectus until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 4(i) hereof, or until it is advised in writing by the Company that the
use of the applicable Prospectus may be resumed, and it has received copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus thereto. 
  
 5. Registration Expenses. (a) All fees and expenses incident to the performance of or
compliance with this Agreement by the Company shall be borne by the Company, including, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses of compliance with state securities or Blue Sky laws,
including, without limitation, reasonable fees and disbursements of its counsel in connection with Blue Sky qualifications of the Registrable Securities and determination of the eligibility of the Registrable Securities for investment under the laws
of such jurisdictions as provided in Section 4(g) hereof), (ii) printing expenses, including, without limitation, expenses of printing certificates for Registrable Securities in a form eligible for deposit with The Depository Trust Company, (iii)
messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company desires such insurance, (vi) fees and expenses of all other Persons retained by the Company,
(vii) internal expenses of the Company (including, without limitation, all salaries and expenses of officers and employees of the Company performing legal or accounting duties), (viii) the expense of any annual audit, (ix) the fees and expenses
incurred in connection with the listing of the securities to be registered on any securities exchange, if applicable, and (x) the expenses relating to printing, word processing and distributing all Registration Statements and any other documents
necessary in order to comply with this Agreement. Notwithstanding anything in this Agreement to the contrary, each Holder shall pay all brokerage commissions or other selling expenses with respect to any Registrable Securities sold by it and, except
as set forth in Section 5(b) below, the Company shall not be responsible for the fees and expenses of any counsel, accountant or advisor for the Holders. 
  
 (b) The Company shall bear or reimburse the Holders of the Registrable Securities being registered in a Shelf Registration Statement for the reasonable
fees and disbursements of Designated Counsel of up to $25,000. 
  
 6.
Indemnification. 
  
 (a) The Company agrees to indemnify
and hold harmless (x) each Holder covered by a Shelf Registration Statement and the Initial Purchaser, (y) each Person, if any, who controls (within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act) any such
Holder, (z) the respective officers, directors, partners, employees, representatives and agents of such Holder (including any predecessor holder) (any person referred to in clause (x), (y) or (z) may hereinafter be referred to as an
“Indemnified Holder”), against any losses, claims, damages or liabilities to which such Indemnified Holder may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions
or proceedings in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any Registration 
  

 -14- 

 Statement or any amendment or supplement thereto, in each case at the time such became effective under the Securities
Act, or any Prospectus or related preliminary prospectus or (ii) the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in the light of the
circumstances under which they were made; provided that the Company will not be liable under this Section 6(a), (x) to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged
untrue statement, or omission or alleged omission made therein in reliance upon and in conformity with written information relating to any Holder furnished to the Company by or on behalf of such Holder specifically for use therein, (y) with respect
to any untrue statement or alleged untrue statement, or omission or alleged omission made in any preliminary prospectus if the person asserting any such loss, claim, damage or liability who purchased Registrable Securities which are the subject
thereof did not receive a copy of the Prospectus (or the preliminary prospectus as then amended or supplemented if the Company shall have furnished such Indemnified Holder with such amendment or supplement thereto on a timely basis) at or prior to
the written confirmation of the sale of such Registrable Securities to such person and, in any case where such delivery is required by applicable law, the untrue statement or alleged untrue statement or omission or alleged omission of a material
fact made in such preliminary prospectus was corrected in the Prospectus (or the preliminary prospectus as then amended or supplemented if the Company shall have furnished such Indemnified Holder with such amendment or supplement thereto on a timely
basis) or (z) arising from the offer or sale of Registrable Securities during any Deferral Period, if notice thereof was given to such Holder. The Company shall notify such Indemnified Holder promptly of the institution, threat or assertion of any
claim, proceeding (including any governmental investigation) or litigation in connection with the matters addressed by this Agreement that involves the Company or such Indemnified Holder. 
  
 (b) Subject to Section 6(d) below, the Company agrees to reimburse each Indemnified Holder upon demand for any out-of-pocket
expenses reasonably incurred by such Indemnified Holder (including reasonable fees and disbursements of counsel chosen in accordance with Section 6(d) below) in connection with investigating or defending any such loss, claim, damage or liability,
any action or proceeding or in responding to a subpoena or governmental inquiry related to the offering of the Registrable Securities, whether or not such Indemnified Holder is a party to any action or proceeding. In the event that it is finally
judicially determined that an Indemnified Holder was not entitled to receive payments for legal and other expenses pursuant to this Section 6, such Indemnified Holder will promptly return all sums that had been advanced pursuant hereto. 

 
 (c) Each Holder agrees, severally and not jointly, to indemnify and hold
harmless the Company, its directors and officers and each Person who controls the Company (within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act) to the same extent as the indemnity provided in Section 6(a)
from the Company to each Holder, but only with reference to such losses, claims, damages or liabilities which are caused by any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with
information relating to a Holder furnished to the Company in writing by such Holder expressly for use in any Registration Statement or Prospectus, or any 
  

 -15- 

 amendment or supplement thereto or any related preliminary prospectus. The liability of any Holder under this Section
6(c) shall in no event exceed the proceeds received by such Holder from sales of Registrable Securities giving rise to such obligation. 
  
 (d) In case any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against
any Person in respect of which indemnity may be sought pursuant to Section 6(a) or (c), such Person (the “Indemnified Person”) shall promptly notify the Person or Persons against whom such indemnity may be sought (each an
“Indemnifying Person”) in writing. No indemnification provided for in Section 6(a) or (c) shall be available to any Person who shall have failed to give notice as provided in this Section 6(d) if the party to whom notice was not
given was unaware of the proceeding to which such notice would have related and was materially prejudiced by the failure to give such notice. Nevertheless, the failure to give such notice shall not relieve the Indemnifying Person or Persons from any
liability which it or they may have to the Indemnified Person for contribution or otherwise than on account of the provisions of Section 6(a) or (c). In case any such proceeding shall be brought against any Indemnified Person and it shall notify the
Indemnifying Person of the commencement thereof, the Indemnifying Person shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other Indemnifying Person similarly notified, to assume the defense thereof,
with counsel selected by such Indemnifying Person (and reasonably satisfactory to such Indemnified Person) and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any Indemnified Person shall have
the right to retain its own counsel at its own expense. Notwithstanding the foregoing, the Indemnifying Person shall pay the reasonable fees and expenses of the counsel retained by the Indemnified Person in the event (i) the Indemnifying Person and
the Indemnified Person shall have mutually agreed to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of
both parties by the same counsel would be inappropriate due to actual or potential differing interests between them or (iii) the Indemnifying Person shall have failed to assume the defense of and employ counsel reasonably satisfactory to the
Indemnified Person within a reasonable period of time in light of the circumstances after notice of commencement of the action. It is understood that the Indemnifying Person shall not, in connection with any proceeding or related proceedings in the
same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm for all such Indemnified Persons as group. Such firm shall be designated in writing by Holders of a majority in Amount of Registrable Securities in the
case of parties indemnified pursuant to Section 6(a) and by the Company in the case of parties indemnified pursuant to Section 6(c). The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify the Indemnified Person from and against any loss or liability by reason of such settlement or judgment. In
addition, the Indemnifying Person will not, without the prior written consent of the Indemnified Person, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding of which indemnification
may be sought hereunder (whether or not any Indemnified Person is an actual or potential party to such claim, action or proceeding) unless such settlement, compromise or consent includes an unconditional release of each Indemnified Person from all
liability arising out of such claim, action or proceeding. 
  

 -16- 

 (e) To the extent the indemnification provided for in this Section 6 is unavailable to or insufficient to
hold harmless an Indemnified Person under Section 6(a) or (c) in respect of any losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to therein, except by reason of the exceptions set forth in Section 6(a)
or (c) or the failure of the Indemnified Person to give notice as required in Section 6(d), then each Indemnifying Person shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or
liabilities (or actions or proceedings in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the Indemnifying Person on the one hand and the Indemnified Person on the other hand from the offering of
the Notes pursuant to the Purchase Agreement and the Registrable Securities pursuant to any Shelf Registration Statement. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law, then each
Indemnifying Person shall contribute to such amount paid or payable by such Indemnified Person in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Indemnifying Person on the one hand and
the Indemnified Person on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions or proceedings in respect thereof), as well as any other relevant equitable considerations.
The relative benefits received by the Company shall be deemed to be equal to the total net proceeds (before deducting expenses) received by the Company under the Purchase Agreement from the offering and sale of the Registrable Securities giving rise
to such obligations. The relative benefits received by any Holder shall be deemed to be equal to the value of receiving securities registered under the Securities Act. The relative fault of the parties shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand, such Indemnified Holder on the other, and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
  
 (f) The Company and the Initial Purchaser agree that it would not be just and equitable if contribution pursuant to Section 6(e) were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in Section 6(e). The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages or
liabilities (or actions or proceedings in respect thereof) referred to in Section 6(e) shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Person in connection with investigating or defending any such
action or claim or enforcing any rights hereunder. Notwithstanding the provisions of Section 6(e) and (f), (i) in no event shall any Holder be required to contribute any amount in excess of the amount by which the net proceeds received by such
Holder from the offering or sale of the Registrable Securities pursuant to a Shelf Registration Statement exceeds the amount of damages which such Holder would have otherwise been required to pay by reason of such untrue or alleged untrue statement
or omission or alleged omission and (ii) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. 
  

 -17- 

 (g) The remedies provided for in this Section 6 are not exclusive and shall not limit any rights or
remedies that may otherwise be available to any indemnified party at law or in equity. 
  
 (h) The indemnity and contribution agreements contained in this Section 6 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on
behalf of any Holder or any Person controlling any Holder or by or on behalf of the Company, its officers or directors or any other Person controlling the Company and (iii) acceptance of and payment for any of the Registrable Securities. 

 
 7. Rules 144 and 144A. 
  
 The Company covenants that it will use its reasonable best efforts to file
the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and,
if at any time before the expiration of the Effectiveness Period the Company is not required to file such reports, it will, upon the request of any Holder, make available such information necessary to permit sales pursuant to Rule 144A under the
Securities Act. The Company further covenants that until the Effectiveness Period has expired, it will use all reasonable efforts to take such further action as any Holder of Registrable Securities may reasonably request, all to the extent required
from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 and Rule 144A under the Securities Act, as such rules may be amended
from time to time. The Company will provide a copy of this Agreement to prospective purchasers of Registrable Securities identified to the Company by the Initial Purchaser upon written request. Upon the request of any Holder, the Company shall
deliver to such Holder a written statement as to whether it is subject to and has complied with such reporting requirements. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its
securities pursuant to the Exchange Act. 
  
 8.
Underwritten Registrations. 
  
 No Holder of Registrable
Securities may participate in any Underwritten Registration hereunder. 
  
 9. Miscellaneous. 
  
 (a)
No Inconsistent Agreements. The Company has not, as of the date hereof, and the Company shall not, after the date of this Agreement, enter into any agreement with respect to any of its securities that conflicts with the rights granted to the
Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof. 
  

 -18- 

 (b) Adjustments Affecting Registrable Securities. The Company shall not take any action with
respect to the Registrable Securities as a class with the intent of adversely affecting the ability of the Holders of Registrable Securities to include such Registrable Securities in a registration undertaken pursuant to this Agreement. 

 
 (c) Amendments and Waivers. The provisions of this Agreement may
not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, otherwise than with the prior written consent of the Company and the Holders of not less than a majority in Amount of
Registrable Securities; provided that Section 6 and this Section 9(c) may not be amended, modified or supplemented without the prior written consent of the Company and each Holder (including, in the case of an amendment, modification or
supplement of Section 6, any Person who was a Holder of Registrable Securities disposed of pursuant to any Registration Statement). 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 of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of
Registrable Securities may be given by Holders of at least a majority in Amount of Registrable Securities being sold by such Holders pursuant to such Registration Statement. Each Holder of Registrable Securities outstanding at the time of any
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, whether or not any notice of such amendment, modification,
supplement, waiver, or consent is delivered to such Holder. 
  
 (d) Notices. All notices, requests and other communications (including without limitation any notices or other communications to the Trustee) provided for or permitted hereunder shall be made in writing and delivered by
hand-delivery, registered first-class mail, next-day air courier or facsimile: 
  
 (1) if to a Holder of Registrable Securities, at the most current address of such Holder set forth on (x) the records of the registrar under the Indenture, in the case of Holders of Notes, and (y) the stock ledger of
the Company, in the case of Holders of common shares of beneficial interest of the Company, unless, in either such case, any Holder shall have provided notice information in a Notice and Questionnaire or any amendment thereto, in which case such
information shall control. 
  

 -19- 

	 	(2)	if to the Initial Purchaser: 

  
 Deutsche Bank Securities Inc. 
 60 Wall
Street 
 New York, New York 10005 
 Facsimile No.: (212) 797-8974 
 Attention: Equity Capital Markets 
 with a copy to the General Counsel 
 Facsimile No.: (212) 797-4564 
  
 if to the Company:

 American Financial Realty Trust 
 1725 The Fairway 
 Jenkintown, Pennsylvania 19046 
 Facsimile No.: (215) 887-2585 
 Attention: General Counsel 
  
 All such notices, requests and communications shall be deemed to have been
duly given: when delivered by hand, if personally delivered; the earlier of the date indicated on the notice of receipt and five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; one Business Day after being timely
delivered to a next-day air courier; and when the addressor receives facsimile confirmation, if sent by facsimile during normal business hours, and otherwise on the next Business Day during normal business hours. 
  
 (e) Successors and Assigns. Any person who purchases any Registrable
Securities from the Initial Purchaser shall be deemed, for purposes of this Agreement, to be an assignee of the Initial Purchaser. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties and
shall inure to the benefit of and be binding upon each Holder of any Registrable Securities, provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the
terms of the Indenture. If any transferee of any Holder shall acquire Registrable Securities, in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms of this Agreement, and by
taking and holding such Registrable Securities, such person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such person shall be entitled to receive the benefits hereof.

  

 -20- 

 (f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, including via facsimile, 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. 
  
 (g) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS SITTING IN MANHATTAN, NEW YORK CITY, THE STATE OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF
OR RELATING TO THIS AGREEMENT. 
  
 (i) Severability. If any
term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain
in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that
may be hereafter declared invalid, illegal, void or unenforceable. 
  
 (j) Securities Held by the Company or Its Affiliates. Whenever the consent or approval of Holders of a specified percentage in Amount of Registrable Securities is required hereunder, Registrable Securities held by the Company or its
affiliates (as such term is defined in Rule 405 under the Securities Act) other than the Initial Purchaser or Holders deemed to be affiliates solely by reason of their holdings of such Registrable Securities shall not be counted in determining
whether such consent or approval was given by the Holders of such required percentage. 
  
 (k) Third-Party Beneficiaries. Holders of Registrable Securities are intended third party beneficiaries of this Agreement and this Agreement may be enforced by such Persons. 
  
 (l) Entire Agreement. This Agreement, together with the Purchase
Agreement and the Indenture, is intended by the parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written
agreements, representations, or warranties, contracts, understandings, correspondence, conversations and memoranda between 
  

 -21- 

 the Initial Purchaser on the one hand and the Company on the other, or between or among any agents, representatives,
parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 
  

 -22- 

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

			
	 AMERICAN FINANCIAL REALTY TRUST

		
	 By:
	 	 /s/    Glen Blumenthal

	 Name:
	 	 
	 Title:
	 	 
	
	 DEUTSCHE BANK SECURITIES INC.

		
	 By:
	 	 /s/    Robert Blumenthal

	 Name:
	 	 Robert Blumenthal

	 Title:
	 	 Managing Director

		
	 By:
	 	 /s/    Geoffrey S. Bedrosian

	 Name:
	 	 Geoffrey S. Bedrosian

	 Title:
	 	 DirectorSpecimen Certificate of Common Stock of Sunstone Hotel Investors,Inc.

 EXHIBIT 4.1 
  

					
	 COMMON STOCK
	  	

	  	COMMON STOCK
	  
 Number
 SHO-
	  	  	  
 Shares

	 	  	  	CUSIP 867892 10 1
	INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND	  	 	  	SEE REVERSE FOR IMPORTANT NOTICE ON TRANSFER RESTRICTIONS AND OTHER INFORMATION

  
 THIS CERTIFIES THAT 

 
 is the owner of 
  
 FULLY PAID AND NONASSESSABLE SHARES OF COMMON STOCK, $.01 PAR VALUE, PER SHARE OF 
  
 SUNSTONE HOTEL INVESTORS, INC. 
  
 (the “Corporation”) transferable on the books of the Corporation by the holder
hereof in person or by its duly authorized attorney upon the surrender of this certificate properly endorsed. This Certificate and the shares represented hereby are issued and shall be held subject to all of the provisions of the charter of the
Corporation (the “Charter”) and the Bylaws of the Corporation and any amendments thereto. This certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar. 
  

									
	[SEAL]	  	Dated:	  	 	  	 	  	 
					
	 	  	 	  	/s/    JON D. KLINE        	  	 	  	/s/    ROBERT A.
ALTER        
	 	  	 	  	Secretary	  	 	  	President and Chief Executive Officer

  

			
	 COUNTERSIGNED AND REGISTERED:
 AMERICAN STOCK TRANSFER & TRUST COMPANY
 TRANSFER AGENT AND REGISTRAR,

		
	 BY
	 	 
	 	 	AUTHORIZED SIGNATURE

  

 SUNSTONE HOTEL INVESTORS, INC. 
  
 IMPORTANT NOTICE 
  
 The Corporation will furnish to any stockholder, on request and without charge, a full statement of the information required by Section 2-211(b) of the
Corporations and Associations Article of the Annotated Code of Maryland with respect to the designations and any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications, and terms and conditions of redemption of the stock of each class which the Corporation has authority to issue and, if the Corporation is authorized to issue any preferred or special class in series, (i) the differences in the
relative rights and preferences between the shares of each series to the extent set, and (ii) the authority of the Board of Directors to set such rights and preferences of subsequent series. The foregoing summary does not purport to be complete and
is subject to and qualified in its entirety by reference to the Charter, a copy of which will be sent without charge to each stockholder who so requests. Such request must be made to the Secretary of the Corporation at its principal office or to the
Transfer Agent. 
  
 The shares represented by this certificate are
subject to restrictions on Beneficial and Constructive Ownership and Transfer for the purpose, among others, of the Corporation’s maintenance of its status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended,
or any successor statute (the “Code”). Subject to certain further restrictions and except as expressly provided in the Corporation’s Charter, (i) no Person may Beneficially or Constructively Own shares of the Corporation’s Common
Stock in excess of 9.8 percent (in value or number of shares) of the outstanding shares of Common Stock of the Corporation unless such Person is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (ii) no Person may
Beneficially or Constructively Own shares of Capital Stock of the Corporation in excess of 9.8 percent of the value of the total outstanding shares of Capital Stock of the Corporation, unless such Person is an Excepted Holder (in which case the
Excepted Holder Limit shall be applicable); (iii) no Person may Beneficially or Constructively Own Capital Stock that would result in the Corporation being “closely held” under Section 856(h) of the Code or otherwise cause the Corporation
to fail to qualify as a REIT; and (iv) no Person may Transfer shares of Capital Stock if such Transfer would result in the Capital Stock of the Corporation being owned by fewer than 100 Persons. Any Person who Beneficially or Constructively Owns or
attempts to Beneficially or Constructively Own shares of Capital Stock which causes or will cause a Person to Beneficially or Constructively Own shares of Capital Stock in excess or in violation of the above limitations must immediately notify the
Corporation. If any of the restrictions on transfer or ownership are violated, the shares of Capital Stock represented hereby will be automatically transferred to a Trustee of a Trust for the benefit of one or more Charitable Beneficiaries. In
addition, the Corporation may redeem shares upon the terms and conditions specified by the Board of Directors in its sole discretion if the Board of Directors determines that ownership or a Transfer or other event may violate the restrictions
described above. Furthermore, upon the occurrence of certain events, attempted Transfers in violation of the restrictions described above may be void ab initio. All capitalized terms in this legend have the meanings defined in the Charter of the
Corporation, as the same may be amended from time to time, a copy of which, including the restrictions on transfer and ownership, will be furnished to each holder of Capital Stock of the Corporation on request and without charge. Requests for such a
copy may be directed to the Secretary of the Corporation at its Principal Office. 
  

  
 The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

											
	TEN COM-	 	as tenants in common	 	UNIF GIFT MIN ACT-  	 	 	 	Custodian  	 	 
						
	TEN ENT-	 	as tenants by the entireties	 	 	 	(Cust)	 	 	 	(Minor)
				
	JT TEN-	 	as joint tenants with right of survivorship and not as tenants in common	 	 	 	under Uniform Gifts to Minors
	 	 	 	 	 	 	Act                                      
                                        
           
	 	 	 	 	 	 	(State)
	 	 	 	 	UNIF TRF MIN ACT-  	 	 	 	Custodian (until age                    )
	 	 	 	 	 	 	(Cust)	 	 	 	 
						
	 	 	 	 	 	 	 	 	 	 	under Uniform Transfers
	 	 	 	 	 	 	(Minor)	 	 
	 	 	 	 	 	 	to Minors Act
                                        
                            
	 	 	 	 	 	 	(State)

  
 Additional
abbreviations may also be used though not in the above list. 
  
 For Value received,
                                        
                                        
                                 hereby sell, assign and transfer unto 
  

  

	
	 PLEASE INSERT SOCIAL SECURITY OR
 OTHER IDENTIFYING NUMBER OF ASSIGNEE

	
	  

  
  

 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE 
  

  

  
                                       
                                        
                                        
                                        
                                        
   Shares of the Common Stock represented by the within Certificate, and do(es) hereby irrevocably constitute and appoint 
  
                                       
                                        
                                        
                                        
                                       Attorney to
transfer the said stock on the books of the within named Corporation with full power of substitution in the premises. 
  

									
	 	 	 	 	X	 	 
					
	Dated  	 	 	 	 	 	X	 	 
	 	 	 	 	 	 	NOTICE:	 	THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
WHATEVER.

  
 Signature(s) Guaranteed: 

 

			
	 
		
	By	 	 
	 	 	THE SIGNATURE(S) 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 S.E.C. RULE 17Ad-15.

  
  
 KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A
REPLACEMENT CERTIFICATE.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00072-of-00352.parquet"}]]