Document:

EX-4.2

 Exhibit 4.2 
 FIRST SUPPLEMENTAL INDENTURE 
 Dated as of April 2, 2013 

to 
 INDENTURE

 Dated as of April 2, 2013 
 Among 
 American Campus Communities Operating Partnership LP, as Issuer

 American Campus Communities, Inc., as Guarantor 

and 
 U.S. Bank
National Association, as Trustee 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 Section 1.1 Certain Terms Defined in the Indenture
	  	 	1	  
	 Section 1.2 Definitions
	  	 	1	  
	 ARTICLE II CERTAIN COVENANTS
	  	 	4	  
	 Section 2.1 Limitation on Indebtedness
	  	 	5	  
	 Section 2.2 Limitation on Secured Debt
	  	 	5	  
	 Section 2.3 Maintenance of Unencumbered Assets
	  	 	5	  
	 Section 2.4 Debt Service Test
	  	 	6	  
	 ARTICLE III EVENTS OF DEFAULT
	  	 	6	  
	 ARTICLE IV SUBSTITUTION OF OPERATING PARTNERSHIP
	  	 	8	  
	 ARTICLE V MISCELLANEOUS
	  	 	9	  
	 Section 5.1 Relationship with Indenture
	  	 	9	  
	 Section 5.2 Trust Indenture Act Controls
	  	 	9	  
	 Section 5.3 Governing Law
	  	 	9	  
	 Section 5.4 Multiple Counterparts
	  	 	9	  
	 Section 5.5 Severability
	  	 	9	  
	 Section 5.6 Ratification
	  	 	9	  
	 Section 5.7 Headings
	  	 	10	  
	 Section 5.8 Effectiveness
	  	 	10	  

 FIRST SUPPLEMENTAL INDENTURE 

This First Supplemental Indenture, dated as of April 2, 2013 (this “First Supplemental Indenture”), among American
Campus Communities Operating Partnership, LP, a Maryland limited partnership (the “Operating Partnership”), American Campus Communities, Inc., a Maryland corporation, as guarantor (the “Guarantor”), and U.S. Bank
National Association, as trustee (the Trustee”), supplements that certain Indenture, dated as of April 2, 2013, among the Operating Partnership, the Guarantor and the Trustee (the “Original Indenture”). 

RECITALS OF THE COMPANY 
 The Operating Partnership has duly authorized the execution and delivery of the Indenture to provide for the issuance from time to time of its senior unsecured debentures, notes or other evidences of
indebtedness (the “Securities”), unlimited as to principal amount and which will be guaranteed by the Guarantor, to bear such fixed or floating rates of interest, to mature at such time or times, to be issued in one or more series
and to have such other provisions as provided for in the Indenture; 
 The Indenture provides that the Securities shall be in
the form as may be established by or pursuant to a Board Resolution and set forth in an Officers’ Certificate or as may be established in one or more supplemental indentures thereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by the Indenture; and 
 The parties are entering into this
First Supplemental Indenture to establish the terms of the Securities created on or after the date of this First Supplemental Indenture (together with the Original Indenture, the “Indenture”). 

NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH: 
 For and in consideration of the premises stated herein, the parties hereto hereby enter into this First Supplemental Indenture, for the equal and proportionate benefit of all Holders of the Securities, as
follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Certain Terms Defined in the
Indenture. 
 For purposes of this First Supplemental Indenture, all capitalized terms used but not defined herein shall
have the meanings ascribed to such terms in the Indenture, as amended and supplemented hereby. 
 Section 1.2
Definitions. 
 For all purposes of this First Supplemental Indenture: 

  
 1 

 “Acquired Indebtedness” means Indebtedness of a Person (1) existing at
the time such Person is merged or consolidated with or into, or becomes a Subsidiary of, the Operating Partnership, or (2) assumed by the Operating Partnership or any of its Subsidiaries in connection with the acquisition of assets from such
Person. Acquired Indebtedness shall be deemed to be Incurred on the date the acquired Person is merged or consolidated with or into, or becomes a Subsidiary of, the Operating Partnership or the date of the related acquisition, as the case may be.

 “Consolidated Financial Statements” means, with respect to any Person, collectively, the consolidated
financial statements and notes to those financial statements of that Person and its consolidated subsidiaries prepared in accordance with GAAP. 
 “Consolidated Income Available for Debt Service” means, for any period of time, the Consolidated Net Income of the Operating Partnership for such period, plus amounts which have been
deducted and minus amounts which have been added for, without duplication: 
  

	 	(1)	Interest Expense on Indebtedness; 

  

	 	(2)	provision for taxes based on income; 

  

	 	(3)	depreciation, amortization and all other non-cash items deducted at arriving at Consolidated Net Income; 

 

	 	(4)	provision for gains and losses on sales or other dispositions of properties and other investments; 

 

	 	(5)	extraordinary items; 

  

	 	(6)	non-recurring items, as the Operating Partnership determined in good faith; and 

 

	 	(7)	noncontrolling interests. 

 In
each case for such period, the Operating Partnership will reasonably determine amounts in accordance with GAAP, except to the extent GAAP is not applicable with respect to the determination of non-cash and non-recurring items. 

“Consolidated Net Income” means, for any period of time, the amount of net income, or loss, for the Operating
Partnership and its Consolidated Subsidiaries for such period, excluding, without duplication, extraordinary items and the portion of net income, but not losses, for the Operating Partnership and its Consolidated Subsidiaries allocable to
noncontrolling interests in unconsolidated Persons to the extent that cash dividends or distributions have not actually been received by the Operating Partnership or one of its Consolidated Subsidiaries, all determined in accordance with GAAP.

 “Consolidated Subsidiary” means each Subsidiary of the Operating Partnership that is consolidated in the
Operating Partnership’s Consolidated Financial Statements. 
 “GAAP” means generally accepted accounting
principles in the United States of America as in effect on the date of any required calculation or determination. 

  
 2 

 “Incur” means, with respect to any Indebtedness or other obligation of any
Person, to create, assume, guarantee or otherwise become liable in respect of the Indebtedness or other obligation, and “Incurrence” and “Incurred” have meanings correlative to the foregoing. Indebtedness or other
obligation of the Operating Partnership or any Subsidiary of the Operating Partnership will be deemed to be Incurred by the Operating Partnership or such Subsidiary whenever the Operating Partnership or such Subsidiary shall create, assume,
guarantee or otherwise become liable in respect thereof. Indebtedness or other obligation of a Subsidiary of the Operating Partnership existing prior to the time it became a Subsidiary of the Operating Partnership will be deemed to be Incurred upon
such Subsidiary becoming a Subsidiary of the Operating Partnership; and Indebtedness or other obligation of a Person existing prior to a merger or consolidation of such Person with the Operating Partnership or any Subsidiary of the Operating
Partnership in which such Person is the successor to the Operating Partnership or such Subsidiary will be deemed to be Incurred upon the consummation of such merger or consolidation. Any issuance or transfer of capital stock that results in
Indebtedness constituting Intercompany Indebtedness being held by a Person other than the Operating Partnership, the Guarantor or any Consolidated Subsidiary or any sale or other transfer of any Indebtedness constituting Intercompany Indebtedness to
a Person that is not the Operating Partnership, the Guarantor or any Consolidated Subsidiary, will be deemed, in each case, to be an Incurrence of Indebtedness that is not Intercompany Indebtedness at the time of such issuance, transfer or sale, as
the case may be. 
 “Indebtedness” of the Operating Partnership, the Guarantor or any Consolidated Subsidiary
means, without duplication, any of the Operating Partnership’s indebtedness or that of the Guarantor or any Consolidated Subsidiary, whether or not contingent, in respect of: (a) borrowed money evidenced by bonds, notes, debentures or
similar instruments whether or not such indebtedness is secured by any lien existing on property owned by the Operating Partnership, the Guarantor or any Consolidated Subsidiary; (b) indebtedness for borrowed money of a Person other than the
Operating Partnership, the Guarantor or a Consolidated Subsidiary which is secured by any lien on property owned by the Operating Partnership, the Guarantor or any Consolidated Subsidiary, to the extent of the lesser of (i) the amount of
indebtedness so secured, and (ii) the fair market value of the property subject to such lien; (c) the reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing the
balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an accrued expense or trade payable; or (d) any lease of property by the Operating Partnership, the Guarantor or any
Consolidated Subsidiary as lessee which is reflected on the Guarantor’s consolidated balance sheet as a capitalized lease in accordance with GAAP, to the extent, in the case of indebtedness under (a) through (c) above, that any such
items (other than letters of credit) would appear as a liability on the Guarantor’s consolidated balance sheet in accordance with GAAP. Indebtedness also includes, to the extent not otherwise included, any obligation by the Operating
Partnership, the Guarantor or any Consolidated Subsidiary to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), indebtedness of another Person (other than the
Operating Partnership, the Guarantor or any Consolidated Subsidiary) of the type described in clauses (a)-(d) of this definition. 

  
 3 

 “Intercompany Indebtedness” means Indebtedness to which the only parties
are any of the Operating Partnership, the Guarantor and any Consolidated Subsidiary; provided, however, that with respect to any such Indebtedness of which the Operating Partnership or the Guarantor is the borrower, such Indebtedness is subordinate
in right of payment to the Securities of any series issued under the Indenture. 
 “Interest Expense” means,
for any period of time, the maximum amount payable for interest on, and original issue discount of, the Operating Partnership and its Subsidiaries’ Indebtedness, determined in accordance with GAAP. 

“Secured Debt” means, as of any date, that portion of principal amount of outstanding Indebtedness, excluding
Intercompany Indebtedness, of the Operating Partnership and its Consolidated Subsidiaries as of that date that is secured by a mortgage, trust deed, deed of trust, deeds to secure Indebtedness, pledge, security interest, assignment for collateral
purposes, deposit arrangement, or other security agreement, excluding any right of setoff but including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect
as any of the foregoing, and any other like agreement granting or conveying a security interest. 
 “Total
Assets” means, as of any time, the sum of, without duplication, Undepreciated Real Estate Assets and all other assets, excluding accounts receivable and intangibles, of the Operating Partnership and its Consolidated Subsidiaries, all
determined in accordance with GAAP. 
 “Total Unencumbered Assets” means, as of any time, the sum of, without
duplication, those Undepreciated Real Estate Assets which are not subject to a lien securing Indebtedness and all other assets, excluding accounts receivable and intangibles, of the Operating Partnership and its Consolidated Subsidiaries not subject
to a lien securing Indebtedness, all determined in accordance with GAAP; provided, however, that all investments by the Operating Partnership or its Consolidated Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships,
unconsolidated limited liability companies and other nonconsolidated entities shall be excluded from Total Unencumbered Assets to the extent that such investments would have otherwise been included. 

“Undepreciated Real Estate Assets” means, as of any time, the cost (original cost plus capital improvements) of the real
estate assets of the Operating Partnership and its Consolidated Subsidiaries on such date, before depreciation and amortization, all determined in accordance with GAAP. 
 “Unsecured Debt” means that portion of the outstanding principal amount of the Operating Partnership’s and its Consolidated Subsidiaries’ Indebtedness, excluding Intercompany
Indebtedness, that is not Secured Debt. 
 ARTICLE II 

CERTAIN COVENANTS 
 In addition to the covenants set forth in Sections 1001 through 1005, inclusive, of the Original Indenture, there are established the following covenants for the benefit of Holders of each series of
Securities issued on or subsequent to the date hereof (“Future Securities”) and to which such Future Securities shall be subject and to which Sections 402(3) and 1007 of the Original Indenture shall apply: 

  
 4 

 Section 2.1 Limitation on Indebtedness. The Operating Partnership will not, and
will not permit any of its Subsidiaries to, Incur any Indebtedness, other than Intercompany Indebtedness and guarantees of Indebtedness Incurred by the Operating Partnership or any of its Subsidiaries in compliance with the Indenture, if,
immediately after giving effect to the Incurrence of such Indebtedness and the application of the proceeds thereof, the aggregate principal amount of the outstanding Indebtedness, excluding Intercompany Indebtedness, of the Operating Partnership and
its Consolidated Subsidiaries would be greater than 60% of the sum of, without duplication: 
  

	 	(1)	Total Assets as of the end of the fiscal quarter covered in the Operating Partnership’s annual or quarterly report most recently furnished to Holders of the
Securities or filed with the Commission, as the case may be; and 

  

	 	(2)	the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent that such
proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Indebtedness), by the Operating Partnership or any of its Subsidiaries since the end of the relevant fiscal quarter, including those proceeds obtained in
connection with the incurrence of such additional Indebtedness. 

 Section 2.2 Limitation on Secured
Debt. In addition to the limitation set forth in Section 2.1 above, the Operating Partnership will not, and will not permit any of its Subsidiaries to, Incur any Secured Debt, other than guarantees of Secured Debt Incurred by the Operating
Partnership or any of its Subsidiaries in compliance with the Indenture, if, immediately after giving effect to the Incurrence of such Secured Debt and the application of the proceeds thereof, the aggregate principal amount of outstanding Secured
Debt would be greater than 40% of the sum of, without duplication: 
  

	 	(1)	Total Assets as of the end of the fiscal quarter covered in the Operating Partnership’s annual or quarterly report most recently furnished to Holders of the
Securities or filed with the Commission, as the case may be; and 

  

	 	(2)	the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent that such
proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Indebtedness), by the Operating Partnership or any of its Subsidiaries since the end of the relevant fiscal quarter, including those proceeds obtained in
connection with the incurrence of such additional Indebtedness. 

 Section 2.3 Maintenance of Unencumbered
Assets. The Operating Partnership will, and will cause its Subsidiaries to, have at all times Total Unencumbered Assets of not less than 150% of the Operating Partnership’s total outstanding Unsecured Debt determined on a consolidated basis
in accordance with GAAP. 

  
 5 

 Section 2.4 Debt Service Test. In addition to the limitations set forth in
Sections 2.1 and 2.2 above, the Operating Partnership will not, and will not permit any of its Subsidiaries to, Incur any Indebtedness, other than Intercompany Indebtedness and guarantees of Indebtedness Incurred by the Operating Partnership or any
of its Subsidiaries in accordance with the Indenture, if the ratio of Consolidated Income Available for Debt Service to Interest Expense for the period consisting of the four consecutive fiscal quarters most recently ended prior to the date on which
the additional Indebtedness is to be incurred shall have been less than 1.5:1 on a pro forma basis after giving effect to the incurrence of that Indebtedness and the application of the proceeds therefrom, and calculated on the following assumptions:

  

	 	(1)	such Indebtedness and any other Indebtedness Incurred by the Operating Partnership and its Subsidiaries since the first day of the relevant four-quarter period and the
application of the proceeds therefrom, including to refinance other Indebtedness, had occurred on the first day of such period; 

  

	 	(2)	the repayment or retirement of any Indebtedness (other than Indebtedness repaid or retired with the proceeds of any other Indebtedness, which repayment or retirement
shall be calculated pursuant to the foregoing clause (1) and not this clause (2)) by the Operating Partnership and its Subsidiaries since the first day of the relevant four-quarter period had been repaid or retired on the first day of such
period (except that, in making such computation, the amount of Indebtedness under any revolving credit facility shall be computed based upon the average daily balance of such Indebtedness during such period); 

 

	 	(3)	in the case of Acquired Indebtedness or Indebtedness Incurred in connection with any acquisition since the first day of the relevant four-quarter period, the related
acquisition had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition being included in such pro forma calculation; and 

 

	 	(4)	in the case of any acquisition or disposition of any asset or group of assets or the placement of any assets in service or removal of any assets from service by the
Operating Partnership or any of its Subsidiaries from the first day of the relevant four-quarter period to the date of determination, including, without limitation, by merger, or stock or asset purchase or sale, the acquisition, disposition,
placement in service or removal from service had occurred as of the first day of such period with appropriate adjustments with respect to the acquisition, disposition, placement in service or removal from service being included in that pro forma
calculation. 

 ARTICLE III 
 EVENTS OF DEFAULT 
 Section 501 of the Original Indenture shall be
superseded and replaced with respect to Future Securities by the following: 

  
 6 

 “Event of Default,” wherever used with respect to the Securities of any
series, means any one of the following events unless such event is specifically deleted or modified in or pursuant to the supplemental indenture, Board Resolution or Officers’ Certificate of the Operating Partnership establishing the terms of
such series pursuant to this Indenture: 
  

	 	(1)	default in the payment of any interest on, or any Additional Amounts payable in respect of any interest on, any of the Securities of such series or any Coupon
appertaining thereto when such interest or such Additional Amounts, as the case may be, become due and payable, and continuance of such default for a period of 30 days; or 

 

	 	(2)	default in the payment of any principal of, or premium, if any, on, or any Additional Amounts payable in respect of any principal of or premium, if any, on, any of the
Securities of such series when due (whether at Maturity, upon redemption or upon exercise of a repurchase right or otherwise and whether payable in cash or in shares of Common Equity or other securities or property); or 

 

	 	(3)	default for three Business Days in the deposit of any sinking fund payment, if applicable, or payment under any analogous provision when due with respect to any of the
Securities of such series; or 

  

	 	(4)	the Guarantee is not (or is claimed by the Guarantor not to be) in full force and effect with respect to the Securities of such series; or 

 

	 	(5)	default in the performance, or breach, of any covenant or warranty of the Operating Partnership or the Guarantor, as the case may be, in this Indenture or any of the
Securities of such series or the Guarantee (other than a covenant or warranty for which the consequences of breach or nonperformance are addressed elsewhere in this Section 501 or a covenant or warranty which has expressly been included in this
Indenture, whether or not by means of a supplemental indenture, solely for the benefit of Securities of a series other than such series), and continuance of such default or breach (without such default or breach having been waived in accordance of
the provisions of this Indenture) for a period of 60 days after there has been given, by registered or certified mail, to the Operating Partnership or the Guarantor, as applicable, by the Trustee or to the Operating Partnership or the Guarantor, as
applicable, and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of such series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is
a “Notice of Default” hereunder; or 

  

	 	(6)	 the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Operating Partnership or the
Guarantor in an involuntary case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order for relief adjudging the Operating Partnership or the Guarantor as bankrupt or insolvent,
or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Operating Partnership or the Guarantor under any applicable

  
 7 

	 	
law, or appointing a custodian, receiver, conservator, liquidator, assignee, trustee, sequestrator or other similar official of the Operating Partnership or the Guarantor or of any substantial
part of the property of the Operating Partnership or the Guarantor, or ordering the winding up or liquidation of the affairs of the Operating Partnership or the Guarantor, and, in each case, the continuance of any such decree or order for relief
unstayed and in effect for a period of 90 consecutive days; or 

  

	 	(7)	the commencement by the Operating Partnership or the Guarantor of a voluntary case or proceeding under any applicable bankruptcy, insolvency, reorganization or other
similar law or of any other case or proceeding to be adjudicated as bankrupt or insolvent, or the consent by the Operating Partnership or the Guarantor to the entry of a decree or order for relief in respect of the Operating Partnership or the
Guarantor in an involuntary case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Operating Partnership or the
Guarantor, the adoption by the Guarantor of an effective resolution for its winding-up, or the filing by the Operating Partnership or the Guarantor of a petition or answer or consent seeking reorganization or relief under any applicable law, or the
consent by the Operating Partnership or the Guarantor to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, conservator, liquidator, assignee, trustee, sequestrator or similar official of the
Operating Partnership or the Guarantor or of any substantial part of the property of the Operating Partnership or the Guarantor, or the making by the Operating Partnership or the Guarantor of an assignment for the benefit of creditors, or the taking
of corporate action by the Operating Partnership or the Guarantor in furtherance of any such action; or 

  

	 	(8)	default under any bond, debenture, note, mortgage, indenture or instrument of the Operating Partnership or any of its Consolidated Subsidiaries with an aggregate
principal amount outstanding of at least $35,000,000, which default has resulted in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such indebtedness
having been discharged or such acceleration having been rescinded or annulled within a period of 30 days after written notice to the Operating Partnership as provided in the Indenture. 

ARTICLE IV 

SUBSTITUTION OF OPERATING PARTNERSHIP 
 Section 802 of the Indenture shall not apply to the Future Securities and, accordingly, all references to the “Substituted Debtor” in the Indenture are eliminated insofar as they relate to
the Future Securities. 

  
 8 

 ARTICLE V 
 MISCELLANEOUS 
 Section 5.1 Relationship with Indenture.

 The terms and provisions contained in the Indenture will constitute, and are hereby expressly made, a part of this First
Supplemental Indenture. However, to the extent any provision of the Indenture conflicts with the express provisions of this First Supplemental Indenture, the provisions of this First Supplemental Indenture will govern and be controlling. 

Section 5.2 Trust Indenture Act Controls. 
 If any provision of this First Supplemental Indenture limits, qualifies or conflicts with another provision which is required to be included in this First Supplemental Indenture by the Trust Indenture
Act, the required provision shall control. If any provision of this First Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to
this First Supplemental Indenture as so modified or to be excluded, as the case may be. 
 Section 5.3 Governing
Law. 
 This First Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of
New York without regard to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401. 
 Section 5.4 Multiple Counterparts. 
 The parties may sign multiple
counterparts of this First Supplemental Indenture. Each signed counterpart shall be deemed an original but all of them together represent one and the same First Supplemental Indenture. 

Section 5.5 Severability. 
 Each provision of this First Supplemental Indenture shall be considered separable and if for any reason any provision which is not essential to the effectuation of the basic purpose of this First
Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and a Holder shall have no claim therefor against any party
hereto. 
 Section 5.6 Ratification. 
 The Original Indenture, as supplemented and amended by this First Supplemental Indenture, is in all respects ratified and confirmed. The Original Indenture and this First Supplemental Indenture shall be
read, taken and construed as one and the same instrument. All provisions included in this First Supplemental Indenture supersede any conflicting provisions included in the Original Indenture unless not permitted by law. The Trustee accepts the
trusts created by the Original Indenture, as supplemented by this First Supplemental Indenture, and 

  
 9 

 
agrees to perform the same upon the terms and conditions of the Indenture, as supplemented by this First Supplemental Indenture. The recitals and statement contained herein shall be taken as the
statements of the Operating Partnership, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture. 

Section 5.7 Headings. 
 The Section headings in this First Supplemental Indenture are for convenience only and shall not affect the construction thereof. 
 Section 5.8 Effectiveness. 
 The provisions of this First Supplemental
Indenture shall become effective as of the date hereof. 
 [Remainder of Page Intentionally Left Blank] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be
duly executed all as of the day and year first above written. 
  

							
		 	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP,
		 		 	as Issuer
			
		 	By: 	 	American Campus Communities Holdings LLC, its general partner
				
		 		 	By:	 	  

		 		 		 	William C. Bayless, Jr.
		 		 		 	President
				
		 		 	By:	 	  

		 		 		 	Jonathan A. Graf
		 		 		 	Vice President, Secretary and Treasurer
		
		 	AMERICAN CAMPUS COMMUNITIES, INC.,
		 		 	as Guarantor
			
		 	By:	 	  

		 		 	William C. Bayless, Jr.
		 		 	President and Chief Executive Officer
			
		 	By:	 	  

		 		 	Jonathan A. Graf
		 		 	 Senior Executive Vice President,
 Chief Financial Officer, Secretary and Treasurer

		
		 	U.S. BANK NATIONAL ASSOCIATION,
		 		 	as Trustee
			
		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  
 11EX-4.3

 Exhibit 4.3 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR CEDE & CO., AS NOMINEE OF THE DEPOSITARY. THIS NOTE
IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY. 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE OPERATING PARTNERSHIP OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND SUCH SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 AMERICAN CAMPUS
COMMUNITIES OPERATING PARTNERSHIP LP 
 3.750% Senior Note due 2023 

 

			
	REGISTERED	  	PRINCIPAL AMOUNT: $400,000,000
	No. R-1	  	
		
	 CUSIP: 024836 AA6

ISIN: US024836AA65
	  	

 AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP, a Maryland limited partnership (the
“Operating Partnership”), which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount of FOUR
HUNDRED MILLION DOLLARS ($400,000,000) on April 15, 2023 (the “Stated Maturity Date”) (unless redeemed on any date fixed for redemption (the “Redemption Date”) prior to the Stated Maturity Date in accordance
with the terms of this Note and the Indenture) (the Stated Maturity Date and the Redemption Date is hereinafter referred to as the “Maturity Date” with respect to the principal repayable on such date) and to pay interest on the
outstanding principal amount of this Note from and including April 2, 2013, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as applicable, semi-annually in arrears on April 15 and
October 15 of each year, commencing on October 15, 2013 (each, an “Interest Payment Date”), and, if applicable, on the Maturity Date, at the rate of 3.750% per annum, until said principal amount is paid or duly
provided for. Interest on this Note will be computed on the basis of a 360-day year consisting of twelve 30-day months. 

 Payment of Interest. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the April 1 or October 1, whether or not a
Business Day, as defined in the Indenture, as the case may be, immediately preceding such Interest Payment Date (the “Regular Record Date”). Any such interest not punctually paid or duly provided for on an Interest Payment Date
(“Defaulted Interest”) will forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted Interest may be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at
the close of business on a special record date (the “Special Record Date”) for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such
Special Record Date, or may be paid at any time in any other lawful manner, all as more fully provided in the Indenture. 

Optional Redemption. The provisions of Article Eleven of the Indenture shall apply to this Note, as supplemented or amended by the
following paragraphs. 
 The Operating Partnership may, at its option, redeem the Notes, in whole at any time or in part from
time to time, in each case prior to January 15, 2023, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed or (ii) the Make Whole Amount, plus unpaid interest, if any, accrued to,
but not including, the applicable Redemption Date. In addition, at any time on or after January 15, 2023, the Operating Partnership may, at its option, redeem the Notes prior to maturity, in whole at any time or in part from time to time, at a
Redemption Price equal to 100% of the principal amount of the Notes to be redeemed plus unpaid interest, if any, accrued to, but not including, the applicable Redemption Date. Notwithstanding the foregoing, the Operating Partnership will pay any
interest installment due on an Interest Payment Date that falls on or prior to the Redemption Date to the Holders of the Notes as of the close of business on the Regular Record Date immediately preceding such Interest Payment Date. 

In the case of any partial redemption of the Notes, selection of the Notes for redemption will be made by the Trustee by such method as
the Trustee in its sole discretion deems fair and appropriate, in accordance with methods generally used at the time of selection by fiduciaries in similar circumstances. A new Note in principal amount equal to the unredeemed portion thereof will be
issued in the name of the Holder thereof upon cancellation of this Note. 
 “Comparable Treasury Issue” means
the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of three Reference Treasury Dealer Quotations for such Redemption Date, after excluding the
highest and lowest of five Reference Treasury Dealer Quotations obtained, or (2) if the Operating Partnership obtains fewer than five such Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations obtained.

  
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 “Independent Investment Banker” means one of the Reference Treasury
Dealers appointed by the Operating Partnership. 
 “Make Whole Amount” means, as determined by an Independent
Investment Banker, the sum of the present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed that would be due after the applicable Redemption Date but for such redemption (except that, if such
Redemption Date is not an Interest Payment Date, the amount of the next succeeding scheduled interest payment will be reduced by the amount of unpaid interest accrued thereon to, but not including, such Redemption Date), discounted to the applicable
Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 0.30%. 
 “Reference Treasury Dealer” means: (i) Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo
Securities, LLC (or an affiliate of any of the foregoing that is a Primary Treasury Dealer); provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a
“Primary Treasury Dealer”), the Operating Partnership will substitute therefor another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Operating Partnership. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date,
the average, as determined by the Operating Partnership, of the bid and asked prices for the Comparable Treasury Issue (expressed as a percentage of its principal amount) quoted in writing to the Operating Partnership (and provided to the Trustee)
by such Reference Treasury Dealer as of 3:30 p.m., New York City time, on the third Business Day immediately preceding such Redemption Date. 
 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity (computed as of the third Business Day immediately
preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

Place of Payment. The Operating Partnership will make payment of principal of, and premium, if any, and interest on, this Note in
immediately available funds at the Corporate Trust Office of the Trustee or such other Office or Agency as may be designated by the Operating Partnership for such purpose in The City of New York, in Dollars. 

Time of Payment. If an Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the required payment
need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or the Maturity Date, as the case may be, and no additional interest shall accrue on such
payment as a result of payment on such next succeeding Business Day. 
 General. This Note is one of a duly authorized
issue of Securities of the Operating Partnership, issued and to be issued in one or more series under an indenture (the “Base Indenture”), dated as of April 2, 2013, among the Operating Partnership, American Campus

  
 3 

 
Communities, Inc., as guarantor (the “Guarantor”), and U.S. Bank National Association, as trustee (the “Trustee,” which term includes any successor trustee under
the Indenture with respect to the series of Securities of which this Note is a part), as supplemented by a First Supplemental Indenture thereto, dated as of April 2, 2013 (the “First Supplemental Indenture,” and together with
the Base Indenture, the “Indenture”), among the Operating Partnership, the Guarantor and the Trustee. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, obligations, duties and
immunities thereunder of the Operating Partnership, the Guarantor, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Note is one of a duly authorized
series of Securities designated as “3.750% Senior Notes due 2023” (collectively, the “Notes”), limited, except as specified below, in aggregate principal amount to FOUR HUNDRED MILLION DOLLARS ($400,000,000). To the extent
the terms of this Note conflict with the terms of the Indenture, the terms of this Note shall govern. 
 Further
Issuance. The Operating Partnership may, from time to time, without notice to, or the consent of, the Holders of the Notes, increase the principal amount of the series of Notes and issue and sell additional Securities (“Additional
Securities”) ranking equally and ratably with, and having the same interest rate, maturity and other terms as, the originally issued Notes (other than the issue date and, to the extent applicable, issue price, initial Interest Payment Date
and initial date of interest accrual). Any such Additional Securities will be consolidated, and constitute a single series of Securities, with the originally issued Notes for all purposes; provided, however, that any such Additional Securities that
have the same CUSIP, ISIN or other identifying number of any Outstanding Notes must be fungible with such Outstanding Notes for U.S. federal income tax purposes. 
 Events of Default. If an Event of Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes may be declared, and in certain cases shall automatically
become, due and payable in the manner and with the effect provided in the Indenture. 
 Sinking Fund. The Notes are not
subject to, or entitled to the benefits of, any sinking fund. 
 Satisfaction and Discharge. The Indenture contains
provisions where, upon the Operating Partnership’s direction and satisfaction of certain conditions, the Indenture shall cease to be of further effect with respect to the Notes, subject to the survival of specified provisions of the Indenture.

 Defeasance and Covenant Defeasance. The Indenture contains provisions for defeasance of certain obligations of the
Operating Partnership under this Note and the Indenture and covenant defeasance of certain obligations of the Operating Partnership under the Indenture. 
 Modification and Waivers; Obligations of the Operating Partnership Absolute. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the
rights and obligations of the Operating Partnership and the Guarantor and the rights of the Holders of the Securities. Such amendment and modification may be effected under the Indenture at any time by the Operating Partnership, the Guarantor and
the Trustee with the 

  
 4 

 
consent of the Holders of a majority in aggregate principal amount of the Outstanding Securities of each series affected thereby (voting as separate classes). The Indenture also contains
provisions permitting the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding Securities of such series, to waive compliance by the Operating Partnership with
certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series to waive, on behalf of the Holders of all Outstanding Securities
of such series, certain past defaults under the Indenture and their consequences. Any such consent or waiver in respect of the Notes shall be conclusive and binding upon the Holder of this Note and upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Operating Partnership, which is absolute and unconditional, to pay the
principal of, and premium, if any, and interest on, this Note at the time, place, and rate, and in the coin or currency, herein prescribed. 
 Limitation on Suits. As set forth in, and subject to, the provisions of the Indenture, no Holder of any Note will have any right to institute any proceeding, judicial or otherwise, with respect to
the Indenture, or for the appointment of a receiver or trustee, or for any remedy thereunder, except in the case of failure of the Trustee, for 60 days, to act after it has received a written request to institute proceedings in respect of an Event
of Default from the Holders of at least 25% in aggregate principal amount of the Outstanding Notes, as well as an offer of indemnity or security reasonably satisfactory to it, and no inconsistent direction has been given to the Trustee during such
60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes. Notwithstanding any other provision of the Indenture, each Holder of a Note will have the right, which is absolute and unconditional, to receive
payment of the principal of, and premium, if any, and interest on, such Note on the respective due dates therefor and to institute suit for the enforcement therefor, and this right shall not be impaired without the consent of such Holder.

 Authorized Denominations. The Notes are issuable only in registered form without coupons in minimum denominations of
$2,000 or any integral multiple of $1,000 in excess thereof. 
 Registration of Transfer or Exchange. As provided in the
Indenture and subject to certain limitations herein and therein set forth, the transfer of this Note is registrable in the register of the Notes maintained by the Security Registrar upon surrender of this Note for registration of transfer, at the
Office or Agency in any Place of Payment, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Operating Partnership and the Security Registrar duly executed by, the Holder hereof or his or her attorney
duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
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 As provided in the Indenture and subject to certain limitations herein and therein set
forth, this Note is exchangeable for a like aggregate principal amount of Notes of different authorized denominations, as requested by the Holders surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Operating Partnership may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith. 
 Prior to due presentment of this Note for registration of transfer, the Operating
Partnership, the Guarantor, the Trustee and any agent of the Operating Partnership, the Guarantor or the Trustee may treat the Holder as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Operating Partnership,
the Guarantor, the Trustee or any such agent shall be affected by notice to the contrary. 
 Guarantee. Payment of this
Note is fully and unconditionally guaranteed by the Guarantor pursuant to the Guarantee issued pursuant to the Base Indenture. 

Defined Terms. All terms used but not defined in this Note shall have the meanings assigned to them in the Indenture. 

Governing Law. The Indenture and this Note shall be governed by, and construed in accordance with, the laws of the State of New
York without regard to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401. EACH OF THE OPERATING PARTNERSHIP, THE GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES, THE GUARANTEE OR THE TRANSACTION CONTEMPLATED HEREBY. 

Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture (including the Guarantee) or be valid or obligatory for any purpose. 
 Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Operating Partnership has caused “CUSIP” numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is
made as to the correctness or accuracy of such CUSIP number, or the ISIN number, printed on the Notes, and reliance may be placed only on the other identification numbers printed hereon. 

[Remainder of Page Intentionally Left Blank] 

  
 6 

 IN WITNESS WHEREOF, the Operating Partnership has caused this Note to be duly executed by
duly authorized signatories. 
 Dated: April 2, 2013 

 

					
	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
		
	By:	 	American Campus Communities Holdings, LLC, its general partner
			
		 	By:	 	  

		 		 	William C. Bayless, Jr.
		 		 	President
			
		 	By:	 	  

		 		 	Jonathan A. Graf
		 		 	Vice President, Secretary and Treasurer

  
 7 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: April 2, 2013 

  
 8 

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

 
  

 
 PLEASE INSERT SOCIAL SECURITY
NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

					
		  	 	  	

  
  

 
  
 (Please print or typewrite name and address, 
 including postal zip code, of
assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints 

 
  
  

 
  

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

					
	Dated:                            
         	 		  	  

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

  
 9

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