Document:

Exhibit 4.1
 

 

DUKE
REALTY  LIMITED  PARTNERSHIP

ISSUER

TO

J.P. MORGAN
TRUST COMPANY, NATIONAL ASSOCIATION

TRUSTEE

 

FIRST
SUPPLEMENTAL INDENTURE

DATED AS OF
AUGUST 24, 2006

 

$250,000,000  5.625% SENIOR NOTES DUE 2011

 

 

 

 

SUPPLEMENT TO INDENTURE,

DATED AS OF JULY 28, 2006, BETWEEN

DUKE REALTY LIMITED PARTNERSHIP AND

J.P. MORGAN TRUST COMPANY, NATIONAL
ASSOCIATION

 

 

   
 

 

FIRST SUPPLEMENTAL INDENTURE,
dated as of August 24, 2006, 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 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 227 W. Monroe
Street, Suite 2600, Chicago, Illinois 
60606.

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 First Supplemental
Indenture to (i) create a series of debt securities, in an initial aggregate
principal amount of $250,000,000, entitled “Duke Realty Limited Partnership
5.625% Senior Notes due 2011” (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 First Supplemental Indenture is not required, and all other
actions required to be taken under the Original Indenture with respect to this
First 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 First 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 First 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 5.625% Senior Notes due
August 15, 2011, 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 .15% 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 $250,000,000.

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 First 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 First 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 First 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
First 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 First
Supplemental Indenture is inconsistent with any provision of the Original
Indenture, the terms of this First 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 First 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 First 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
First Supplemental Indenture shall be governed by and construed in accordance
with the laws of the State of New York. 
This First Supplemental Indenture is subject to the provisions of the
Trust Indenture Act of 1939, as amended, that are required to be part of this
First Supplemental Indenture and shall, to the extent applicable, be governed
by such provisions.

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

 4
 

 

IN WITNESS WHEREOF, the parties hereto have caused this First
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

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  J.P. MORGAN TRUST COMPANY,
  NATIONAL 

  
	
   

  	
  ASSOCIATION

  
	
   

  	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/   Janice Ott Rotunno

  
	
   

  	
   

  	
  Name:   Janice Ott Rotunno

  
	
   

  	
   

  	
  Title:    Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/   George N. Reaves

  	
   

  	
   

  
	
  Name:   George N. Reaves

  	
   

  	
   

  
	
  Title:    Vice President

  	
   

  	
   

  
					

 

 

 5

 

 

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. 26441YAL1

  	
   

  	
  $250,000,000

  

 

DUKE REALTY
LIMITED PARTNERSHIP

5.625%
Senior Notes due 2011

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 Two Hundred Fifty Million Dollars on August 15,
2011 (the “Maturity Date”), and to pay interest thereon from August 24, 2006
(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 February 15
and August 15 of each year, each, an
“Interest Payment Date”, commencing on February 15, 2007, and on the Maturity
Date, at the rate of 5.625% 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 August 24,
2006 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: August 24, 2006

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  

  	
   

  	
  DUKE REALTY LIMITED
  PARTNERSHIP,

  
	
   

  	
   

  	
   

  	
  as Issuer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  DUKE REALTY CORPORATION,

  
	
   

  	
   

  	
   

  	
  its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  

 

 

 A-3
  

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	
  

  	
  J.P. MORGAN TRUST COMPANY, NATIONAL

  
	
   

  	
  ASSOCIATION

  
	
   

  	
   

  	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

 

 

[REVERSE OF
NOTE]

DUKE REALTY
LIMITED PARTNERSHIP

5.625%
Senior Notes due 2011

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 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 5.625% Senior Notes due August 15, 2011 of the Issuer,
initially limited in aggregate principal amount to $250,000,000.

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 4.2
 

 

DUKE
REALTY  LIMITED  PARTNERSHIP

ISSUER

TO

J.P. MORGAN
TRUST COMPANY, NATIONAL ASSOCIATION

TRUSTEE

SECOND
SUPPLEMENTAL INDENTURE

DATED AS OF
AUGUST 24, 2006

 

 

$450,000,000  5.95% SENIOR NOTES DUE 2017

 

 

SUPPLEMENT TO INDENTURE,

DATED AS OF JULY 28, 2006, BETWEEN

DUKE REALTY LIMITED PARTNERSHIP AND

J.P. MORGAN TRUST COMPANY, NATIONAL
ASSOCIATION

 

   
 

 

SECOND SUPPLEMENTAL INDENTURE,
dated as of August 24, 2006, 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 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 227 W. Monroe
Street, Suite 2600, Chicago, Illinois 60606.

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 Second Supplemental
Indenture to (i) create a series of debt securities, in an initial aggregate
principal amount of $450,000,000, entitled “Duke Realty Limited Partnership
5.95% Senior Notes due 2017” (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 Second Supplemental Indenture is not required, and all other
actions required to be taken under the Original Indenture with respect to this
Second 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 Second 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 Second 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 5.95% Senior Notes due
February 15, 2017, 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 .20% 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 $450,000,000.

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 Second 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 Second 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 Second 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
Second 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 Second
Supplemental Indenture is inconsistent with any provision of the Original
Indenture, the terms of this Second 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 Second 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 Second 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
Second Supplemental Indenture shall be governed by and construed in accordance
with the laws of the State of New York. 
This Second Supplemental Indenture is subject to the provisions of the
Trust Indenture Act of 1939, as amended, that are required to be part of this
Second Supplemental Indenture and shall, to the extent applicable, be governed
by such provisions.

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

 4
 

 

IN WITNESS WHEREOF, the parties hereto have caused this Second
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

  	 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  

  	
  J.P. MORGAN TRUST COMPANY,
  NATIONAL 

  
	
   

  	
  ASSOCIATION

  
	
   

  	
   

  	
  as Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Janice Ott Rotunno

  
	
   

  	
   

  	
  Name: 

  	
  Janice Ott Rotunno

  
	
   

  	
   

  	
  Title: 

  	
  Vice President

  
	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  Attest:

  	
   

  	
   

  	 

	
  /s/
  George N. Reaves

  	
   

  	 

	
  Name: 

  	
  George N. Reaves

  	
   

  	 

	
  Title:

  	
  Vice President

  	 

											

 

 5

 

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. 26441YAM9

  	
   

  	
  $450,000,000

  

 

DUKE REALTY
LIMITED PARTNERSHIP

5.95%
Senior Notes due 2017

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 Four Hundred Fifty Million Dollars on February
15, 2017 (the “Maturity Date”), and to pay interest thereon from August 24,
2006 (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 February
15 and August 15 of each year, each,
an “Interest Payment Date”, commencing on February 15, 2007, and on the
Maturity Date, at the rate of 5.95% 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 August 24,
2006 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: August 24, 2006

  	
   

  	
   

  
	
  

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DUKE REALTY LIMITED PARTNERSHIP,

  
	
   

  	
   

  	
  as Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  DUKE REALTY CORPORATION,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
				

 

 A-3

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

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

J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION,

as
Trustee

By: _____________________________________

Authorized
Officer

 

[REVERSE OF
NOTE]

DUKE REALTY
LIMITED PARTNERSHIP

5.95%
Senior Notes due 2017

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 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 5.95% Senior Notes due February 15, 2017 of the Issuer, initially
limited in aggregate principal amount to $450,000,000.

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.

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