Document:

Exhibit 10(e)-3

 

ETHAN ALLEN INTERIORS INC.
HAS CLAIMED CONFIDENTIAL TREATMENT OF PORTIONS OF THIS DOCUMENT IN ACCORDANCE
WITH RULE 24-B UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

THIRD AMENDMENT TO

SECOND AMENDED AND RESTATED 

PRIVATE LABEL CONSUMER CREDIT CARD PROGRAM AGREEMENT

 

This
THIRD AMENDMENT TO SECOND AMENDED AND RESTATED PRIVATE LABEL CONSUMER CREDIT
CARD PROGRAM AGREEMENT dated as of June 30, 2010 (“Amendment”),
amends that certain Second Amended and Restated Private Label Consumer Credit
Card Program Agreement dated as of July 23, 2007 (as amended, modified and
supplemented from time to time, the “Agreement”), by and between Ethan
Allen Global, Inc., a Delaware corporation (“Ethan Allen Global”),
and Ethan Allen Retail, Inc., a Delaware corporation (“Ethan Allen
Retail”, and together with Ethan Allen Global, “Retailer”), and GE
Money Bank (“Bank”).  Capitalized
terms used herein and not otherwise defined have the meanings given them in the
Agreement.

 

WHEREAS,
Retailer and Bank previously amended the Agreement as of July 25, 2008,
and February 16, 2010; and

 

WHEREAS,
Retailer and Bank now wish to further amend the Agreement in accordance with
the terms and conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual promises and subject to the terms and
conditions hereinafter set forth, the parties hereby agree as follows:

 

I.                                         AMENDMENT
TO THE AGREEMENT

 

1.1                               Amendment
to Section 4.1(b).  Section 4.1(b) is
hereby amended by deleting it in its entirety and replacing it with the following:

 

*

 

1.2                               Amendment to Section 4.4.  Section 4.4 is hereby amended by
deleting it in its entirety and replacing it with the following:

 

Section 4.4                                   Letter of Credit.

 

(a)                                  At any time during any
Collateral Period, Bank may require that Retailer deliver to Bank, within
fifteen (15) days of Bank’s written request, either: (i) an Eligible
Letter of Credit, or (ii) substitute collateral in the form of cash and
securities (the “Substitute Collateral”) which shall be held in a
deposit account subject to Bank’s control in accordance with the Substitute
Collateral Documentation.  Retailer may,
at the time it receives Bank’s

 

*CONFIDENTIAL INFORMATION HAS BEEN OMITTED
AND FURNISHED SEPARATELY TO THE COMMISSION

 

 

ETHAN ALLEN INTERIORS INC.
HAS CLAIMED CONFIDENTIAL TREATMENT OF PORTIONS OF THIS DOCUMENT IN ACCORDANCE
WITH RULE 24-B UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

written
request or at any time during any Collateral Period, elect in its discretion to
provide to Bank pursuant to the terms of this Section 4.4 either the
Eligible Letter of Credit or the Substitute Collateral.  The amount of any Eligible Letter of Credit
or Substitute Collateral requested by Bank (such requested amount being
referred to herein as the “Collateral Amount”) shall not exceed (i)                 *                           in the event of a
Level 1 Collateral Event; or (ii)              * in the event of a Level 2
Collateral Event.  Retailer acknowledges
that the Collateral Amount may be increased from time to time pursuant to Section 6.21.

 

(b)                                 If, at any
time, an event shall occur which would cause any Letter of Credit previously
delivered to Bank to cease to be an Eligible Letter of Credit, within ten (10) days
of the earlier of (i) the date on which Retailer first learns of the
occurrence of such event; or (ii) the date on which Retailer first
receives notice thereof from Bank, Retailer shall cause a substitute Eligible
Letter of Credit to be issued and delivered to Bank in a face amount equal to
the Collateral Amount or Substitute Collateral in accordance with the
Substitute Collateral Documentation.  On
or before forty-five (45) days prior to the expiration of each Letter of Credit
provided to Bank, Retailer shall cause a substitute Eligible Letter of Credit
to be issued and delivered to Bank in a face amount equal to the Collateral
Amount or Substitute Collateral in accordance with the Substitute Collateral
Documentation.

 

(c)                                  If, at any
time, an event shall occur which would cause the Substitute Collateral
Documentation to no longer be valid or in full force and effect, Bank shall
have the applicable rights and remedies set forth in the Substitute Collateral
Documentation.

 

(d)                                 Any amounts
drawn under a Letter of Credit or transferred to Bank under the Substitute
Collateral Documentation hereunder in excess of the Delivery Obligations then
due to Bank shall be held by Bank in a non-interest bearing account on Bank’s
books (the “Collateral Account”) and shall secure Retailer’s full and
prompt payment of the Delivery Obligations then or thereafter owing.  If Retailer fails to pay any Delivery
Obligation when due, Bank may immediately, and without prior notice to
Retailer, debit such unpaid amount from the amounts then remaining in the
Collateral Account.  Bank’s security
interest in the Collateral Account shall be in addition to any right of setoff
or recoupment that Bank may otherwise have under this Agreement or Applicable
Law.  If Retailer purchases or arranges
for the purchase of all of the Accounts and related Indebtedness from Bank in
accordance with Section 10.1 hereof, and if as of the date of such
purchase, Retailer has paid all Delivery Obligations, Bank shall simultaneously
pay to Retailer, an amount equal to the amount remaining in the Collateral
Account on the date of such purchase.  If
Retailer does not purchase or arrange for the purchase of all of the Accounts
and related Indebtedness in accordance with Section 10.2 hereof, and if as
of the Final Liquidation Date, Retailer has paid all Delivery Obligations, Bank
shall pay to

 

*CONFIDENTIAL
INFORMATION HAS BEEN OMITTED AND FURNISHED SEPARATELY TO THE COMMISSION

 

 

ETHAN ALLEN INTERIORS INC.
HAS CLAIMED CONFIDENTIAL TREATMENT OF PORTIONS OF THIS DOCUMENT IN ACCORDANCE
WITH RULE 24-B UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

Retailer
an amount equal to the amounts remaining in the Collateral Account on the Final
Liquidation Date.

 

(e)                                  The obligations under this Section 4.4
shall apply at all times until the end of the Collateral Period, at which time,
Bank shall (x) surrender any outstanding Letter of Credit or Substitute
Collateral to Retailer, and (y) pay to Retailer an amount equal to the
amount remaining in the Collateral Account, if any.  The foregoing notwithstanding, if after Bank
shall have surrendered any Letter of Credit or Substitute Collateral hereunder
following the successful completion by Retailer of a Remediation Period, a
Level 1 Collateral Event or a Level 2 Collateral Event shall again occur, the
provisions of this Section 4.4 shall again apply.

 

1.3                               Amendment
to Section 6.21.  Section 6.21
is hereby amended by deleting it in its entirety and replacing it with the
following:

 

*

 

1.4                               Amendment
to Section 9.1.  The reference
to “the fifth (5th) anniversary
of the Effective Date” in the first sentence of Section 9.1 is hereby
deleted and replaced with “July 31, 2014”.

 

1.5                               Amendment
to Section 9.2(k).  The first
sentence of Section 9.2(k) is hereby amended by deleting it in its
entirety and replacing it with the following:

 

(k)                                  Bank shall have
the right to terminate the Agreement if (i) Retailer shall fail to deliver
or amend an Eligible Letter of Credit or Substitute Collateral as required
pursuant to Section 4.4(a); (ii) Retailer shall fail to deliver a
substitute Eligible Letter of Credit or Substitute Collateral pursuant to Section 4.4(b) in
the event any Letter of Credit previously delivered to Bank ceases to be an
Eligible Letter of Credit; or (iii) the Substitute Collateral
Documentation ceases to be a valid, binding and/or enforceable obligation of
any of the parties thereto (including pursuant to a permitted termination by
any party thereto) or Bank’s security interest set forth therein ceases to be a
first priority perfected security interest.

 

1.6                               Amendment to Appendix A.  The definitions
of “Letter of Credit Event” and “Letter of Credit Period” are hereby deleted in
their entirety, and the definitions of “Collateral Period,” “GAAP,”                *                , “Level 1 Collateral Event,” “Level
2 Collateral Event,            *               , “Remediation Period,” “Substitute
Collateral Documentation,”               
*              ,
and            *                   ,
set forth below are hereby added to Appendix A:

 

“Collateral
Period” means the period of time between the occurrence of either a Level 1
Collateral Event or a Level 2 Collateral Event and the earlier of (i) the
end of any

 

*CONFIDENTIAL INFORMATION HAS BEEN OMITTED
AND FURNISHED SEPARATELY TO THE COMMISSION

 

 

ETHAN ALLEN INTERIORS INC.
HAS CLAIMED CONFIDENTIAL TREATMENT OF PORTIONS OF THIS DOCUMENT IN ACCORDANCE
WITH RULE 24-B UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

Remediation
Period, and (ii) ninety (90) days after the expiration or earlier
termination of this Agreement.

 

“GAAP”
means generally accepted accounting principles applicable in the United States,
consistently applied.

 

*

 

“Level
1 Collateral Event” means Ethan Allen Interiors Inc.’s failure to maintain,
as of the end of each fiscal quarter of Ethan Allen Interiors Inc.,                       *                        .

 

“Level
2 Collateral Event” means Ethan Allen Interiors Inc.’s failure to maintain,
as of the end of each fiscal quarter of Ethan Allen Interiors Inc.,                        *                        .

 

*

 

“Remediation Period” means a two (2) successive full
calendar quarter period beginning after the occurrence of either a Level 1
Collateral Event or a Level 2 Collateral Event throughout which Ethan Allen
Interiors Inc.’s                    *
                   .

 

“Substitute
Collateral Documentation” means (i) that certain Master Pledge and
Security Agreement between GE Money Bank, Ethan Allen Global, Inc. and
Ethan Allen Retail, Inc., dated as of May 21, 2010; (ii) that
certain Control Agreement between GE Money Bank, Ethan Allen Global, Inc.,
Morgan Stanley Smith Barney LLC, and Citigroup Global Markets Inc., dated as of
May 21, 2010; (iii) any amendment, modification, and/or supplement to
the foregoing agreements; and (iv) any replacement agreement(s) concerning
the subject matter of the foregoing agreements.

 

*

 

*

 

1.7                               Amendment to Schedule 3.5.  Schedule 3.5 of the Agreement is hereby
deleted in its entirety and replaced with the revised Schedule 3.5 attached
hereto as Exhibit A.

 

*CONFIDENTIAL INFORMATION HAS BEEN OMITTED
AND FURNISHED SEPARATELY TO THE COMMISSION

 

 

ETHAN
ALLEN INTERIORS INC. HAS CLAIMED CONFIDENTIAL TREATMENT OF PORTIONS OF THIS
DOCUMENT IN ACCORDANCE WITH RULE 24-B UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

II.   GENERAL

 

2.1                               Authority
for Amendment.  Retailer
represents and warrants to Bank that the execution, delivery and performance of
this Amendment has been duly authorized by all requisite corporate action on
the part of Retailer and upon execution by all parties, will constitute a
legal, binding obligation of Retailer.

 

2.2                               Effect
of Amendment.  Except as
specifically amended hereby, the Agreement, and all terms contained therein,
remains in full force and effect.  The
Agreement, as amended by this Amendment, constitutes the entire understanding
of the parties with respect to the subject matter hereof.

 

2.3                               Binding
Effect; Severability.  Each
reference herein to a party hereto shall be deemed to include its successors
and assigns, all of whom shall be bound by this Amendment and in whose favor
the provisions of this Amendment shall inure. 
In case any one or more of the provisions contained in this Amendment
shall be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein shall
not in any way be affected or impaired thereby.

 

2.4                               Further
Assurances.  The parties
hereto agree to execute such other documents and instruments and to do such
other and further things as may be necessary or desirable for the execution and
implementation of this Amendment and the consummation of the transactions
contemplated hereby and thereby.

 

2.5                               Governing
Law.  This Amendment shall be
governed by and construed in accordance with the laws of the State of New York,
without regard to principles of conflicts of laws.

 

2.6                               Counterparts.  This Amendment may be
executed in counterparts, each of which shall constitute an original, but all
of which, when taken together, shall constitute but one agreement.

 

*CONFIDENTIAL INFORMATION HAS BEEN OMITTED
AND FURNISHED SEPARATELY TO THE COMMISSION

 

 

ETHAN
ALLEN INTERIORS INC. HAS CLAIMED CONFIDENTIAL TREATMENT OF PORTIONS OF THIS
DOCUMENT IN ACCORDANCE WITH RULE 24-B UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

IN WITNESS WHEREOF, Retailer and Bank have
caused this Amendment to be executed by their respective officers thereunto
duly authorized as of the date first above written.

 

	
  RETAILER:  

  	
   

  	
  BANK:  

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ETHAN
  ALLEN GLOBAL, INC. 

  	
   

  	
  GE
  MONEY BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
  Name:

  
	
   

  	
  Title:

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  ETHAN
  ALLEN RETAIL, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  

 

*CONFIDENTIAL INFORMATION HAS BEEN OMITTED
AND FURNISHED SEPARATELY TO THE COMMISSION

 

 

ETHAN
ALLEN INTERIORS INC. HAS CLAIMED CONFIDENTIAL TREATMENT OF PORTIONS OF THIS
DOCUMENT IN ACCORDANCE WITH RULE 24-B UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

EXHIBIT A

TO AMENDMENT

 

SCHEDULE 3.5

To

Credit Card Program Agreement

 

Initial Program Fee Percentages

 

*

 

*CONFIDENTIAL INFORMATION HAS BEEN OMITTED
AND FURNISHED SEPARATELY TO THE COMMISSIONExhibit
4.1

 

 

 

 

SUPPLEMENTAL INDENTURE NO. 20

 

by and between

 

COMMONWEALTH REIT

 

and

 

U.S. BANK NATIONAL ASSOCIATION

 

as of September 17, 2010

 

 

SUPPLEMENTAL TO THE INDENTURE DATED AS OF JULY 9, 1997

 

 

 

COMMONWEALTH REIT

 

5.875% Senior Notes due 2020

 

 

 

 

 

This
SUPPLEMENTAL INDENTURE NO. 20 (this “Supplemental Indenture”) made and entered
into as of September 17, 2010 between COMMONWEALTH REIT, a Maryland real
estate investment trust formerly known as HRPT Properties Trust (the “Company”),
and U.S. BANK NATIONAL ASSOCIATION, a
national banking association, as trustee (the “Trustee”),

 

WITNESSETH THAT:

 

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

 

WHEREAS,
the Company has determined to issue debt securities known as its 5.875% Senior
Notes due 2020; and

 

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

 

NOW,
THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

 

ARTICLE 1

 

DEFINED TERMS

 

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

 

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

 

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

 

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

 

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

 

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

 

 

minus
amounts which have been added, for the following (without duplication): (i) interest
on Debt of the Company and its Subsidiaries, (ii) provision for taxes of
the Company and its Subsidiaries based on income, (iii) amortization of
debt discount and deferred financing costs, (iv) provisions for gains and
losses on properties and property depreciation and amortization, (v) the
effect of any noncash charge resulting from a change in accounting principles
in determining Earnings from Operations for such period and (vi) amortization
of deferred charges.

 

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

 

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

 

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

 

2

 

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

 

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

 

“Make-Whole
Amount” means, in connection with any
optional redemption or accelerated payment of any Notes prior to March 15,
2020, the excess, if any, of (i) the aggregate present value as of the
date of such redemption or accelerated payment of each dollar of principal
being redeemed or paid and the amount of interest (exclusive of interest
accrued to the date of redemption or accelerated payment) that would have been
payable in respect of such dollar if such redemption or accelerated payment had
been made on March 15, 2020, determined by discounting, on a semiannual
basis, such principal and interest at the Reinvestment Rate (determined on the
third Business Day preceding the date such notice of redemption is given or
declaration of acceleration is made) from the respective dates on which such
principal and interest would have been payable if such redemption or
accelerated payment had been made on March 15, 2020, over (ii) the
aggregate principal amount of the Notes being redeemed or paid. In the case of
any redemption or accelerated payment of Notes on or after March 15, 2020,
the Make-Whole Amount means zero.  For
purposes of this Supplemental Indenture and the Notes, references in the
Indenture to the payment of the principal (and premium, if any) and interest on
the Notes shall be deemed to include the payment of the Make-Whole Amount, if
any, due upon redemption with respect to the Notes.  The Make-Whole Amount shall be calculated by
the Company and set forth in an Officer’s Certificate delivered to the Trustee,
and the Trustee shall be entitled to rely on said Officer’s Certificate.

 

“Notes”
means the Company’s 5.875% Senior Notes due 2020, issued under this Supplemental Indenture and the Indenture, as
amended or supplemented from time to time.

 

“Reinvestment
Rate” means a rate per annum equal to the sum of 0.50% plus the yield on
treasury securities at constant maturity under the heading “Week Ending”
published in the Statistical Release under the caption “Treasury Constant
Maturities” for the maturity (rounded to the nearest month) corresponding to
the remaining life to maturity (which, in the case of maturities corresponding
to the principal and interest due on the Notes at their maturity, shall be
deemed to be March 15, 2020), as of the payment date of the principal
being redeemed or paid. If no maturity exactly corresponds to such maturity,
yields for the two published maturities most closely corresponding to such
maturity shall be calculated pursuant to the immediately preceding sentence and
the Reinvestment Rate shall be interpolated or extrapolated from such yields on
a straight-line basis, rounding in each of such relevant periods to the nearest
month. For purposes of calculating the Reinvestment Rate, the most recent
Statistical Release published prior to the date of determination of the
Make-Whole Amount shall be used.

 

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

 

3

 

“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 this Supplemental Indenture,
then any publicly available source of similar market data which shall be
designated by the Company.

 

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

 

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

 

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

 

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

 

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

 

ARTICLE 2

 

TERMS OF THE NOTES

 

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

 

(a)           Title;
Aggregate Principal Amount; Form of Notes.  The Notes shall be Registered Securities
under the Indenture and shall be known as the Company’s “5.875% Senior Notes
due 2020.”  The Notes will be limited to
an aggregate principal amount of $250,000,000, subject to the right of the
Company to reopen such series for issuances of additional securities of such
series and except as provided in this Section or in Section 306 of
the Indenture.  The Notes (together with
the Trustee’s certificate of authentication) shall be substantially in the form
of Exhibit A hereto, which is hereby incorporated in and made a part of
this Supplemental Indenture.

 

The
Notes will be issued in the form of one or more registered global securities
without coupons (“Global Notes”) that will be deposited with, or on behalf of,
The Depository Trust Company (“DTC”), and registered in the name of DTC’s
nominee, Cede & Co.  Except
under 

 

4

 

the
circumstance described below, the Notes will not be issuable in definitive
form.  Unless and until it is exchanged
in whole or in part for the individual Notes represented thereby, a Global Note
may not be transferred except as a whole by DTC to a nominee of DTC or by a
nominee of DTC to DTC or another nominee of DTC or by DTC or any nominee of DTC
to a successor depositary or any nominee of such successor.

 

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

 

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

 

(b)           Interest and
Interest Rate.  The Notes
will bear interest at a rate of 5.875% 
per annum, from September 17, 2010 (or, in the case of Notes issued
upon any reopening of this series of Notes, from the date designated by the
Company in connection with such reopening) or from the immediately preceding
Interest Payment Date to which interest has been paid or duly provided for,
payable semiannually in arrears on each March 15 and September 15,
commencing March 15, 2011  (each
of which shall be an “Interest Payment Date”), to the Persons in whose names
the Notes are registered in the Security Register at the close of business on
the day falling 14 calendar days (whether or not a Business Day) next preceding
such Interest Payment Date (each, a “Regular Record Date”).

 

(c)           Principal
Repayment; Currency.  The stated
maturity of the Notes is September 15, 2020; provided, however, the Notes may be earlier redeemed at the
option of the Company as provided in paragraph (d) below.  The principal of each Note payable on its
maturity date shall be paid against presentation and surrender thereof at the
Corporate Trust Office of the Trustee in such coin or currency of the United
States of America as at the time of payment is legal tender for the payment of
public or private debts.  The Company
will not pay Additional Amounts (as defined in the Indenture) on the Notes.

 

(d)           Redemption at
the Option of the Company; Acceleration.  The Notes will be subject to redemption at
any time at the option of the Company, in whole or in part, upon not less than
30 nor more than 60 days’ notice to each Holder of Notes to be redeemed at its
address appearing in the Security Register, at a price equal to the sum of (i) the
outstanding principal amount of the Notes being redeemed, plus accrued and
unpaid interest to but excluding the 

 

5

 

applicable
Redemption Date, plus (ii) the Make-Whole Amount, if any.  If the Notes are redeemed on or after March 15, 2020, the redemption price
will not include the Make-Whole Amount. 
Upon the acceleration of the Notes in accordance with Section 502
of the Indenture, the Company shall pay the amount specified in Section 4.2
of this Supplemental Indenture.

 

(e)           Notices.  All notices and other communications
hereunder shall be in writing and shall be deemed to have been duly given if
mailed or transmitted by any standard form of telecommunication.  Notices to the Company shall be directed to
it at 400 Centre Street, Newton, Massachusetts 02458, Attention: President;
notices to the Trustee shall be directed to it at One Federal Street, 3rd
Floor, Boston, Massachusetts 02110, Attention: Corporate Trust Department, Re:
CommonWealth REIT 5.875% Senior Notes due 2020; or as to either party, at such other address as shall be
designated by such party in a written notice to the other party.

 

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

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

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

 

ARTICLE 3

 

ADDITIONAL COVENANTS

 

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

 

(a)           Limitations on
Incurrence of Debt.

 

(i)            The Company
will not, and will not permit any Subsidiary to, incur any Debt if, immediately
after giving effect to the incurrence of such additional Debt and the
application of the proceeds thereof, the aggregate principal amount of all
outstanding Debt of the Company and its Subsidiaries on a consolidated basis
determined in accordance with GAAP is greater than 60% of the sum (“Adjusted
Total Assets”) of (without 

 

6

 

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

 

(ii)           In addition to
the foregoing limitations on the incurrence of Debt, the Company will not, and
will not permit any Subsidiary to, incur any Secured Debt if, immediately after
giving effect to the incurrence of such additional Secured Debt and the
application of the proceeds thereof, the aggregate principal amount of all
outstanding Secured Debt of the Company and its Subsidiaries on a consolidated
basis is greater than 40% of Adjusted Total Assets.

 

(iii)          In addition to
the foregoing limitations on the incurrence of Debt, the Company will not, and
will not permit any Subsidiary to, incur any Debt if the ratio of Consolidated
Income Available for Debt Service to the Annual Debt Service for the four consecutive
fiscal quarters most recently ended prior to the date on which such additional
Debt is to be incurred shall have been less than 1.5 to 1.0, on a pro forma
basis after giving effect thereto and to the application of the proceeds
therefrom, and calculated on the assumption that (A) such Debt and any
other Debt incurred by the Company and its Subsidiaries since the first day of
such four-quarter period and the application of the proceeds therefrom,
including to refinance other Debt, had occurred at the beginning of such
period; (B) the repayment or retirement of any other Debt by the Company
and its Subsidiaries since the first day of such four-quarter period had been
repaid or retired at the beginning of such period (except that, in making such
computation, the amount of Debt under any revolving credit facility shall be
computed based upon the average daily balance of such Debt during such period);
(C) in the case of Acquired Debt or Debt incurred in connection with any
acquisition since the first day of such four-quarter period, the related
acquisition had occurred as of the first day of such period with appropriate
adjustments with respect to such acquisition being included in such pro forma
calculation; and (D) in the case of any acquisition or disposition by the
Company or its Subsidiaries of any asset or group of assets since the first day
of such four-quarter period, whether by merger, stock purchase or sale, or
asset purchase or sale, such acquisition or disposition or any related
repayment of Debt had occurred as of the first day of such period with the
appropriate adjustments with respect to such acquisition or disposition being
included in such pro forma calculation. 
If the Debt giving rise to the need to make the foregoing calculation or
any other Debt incurred after the first day of the relevant four-quarter period
bears interest at a floating rate then, for purposes of calculating the Annual
Debt Service, the interest rate on such Debt shall be computed on a pro forma
basis as if the average interest rate which would have been in effect during
the entire such four-quarter period had been the applicable rate for the entire
such period.

 

7

 

(b)           Maintenance of
Total Unencumbered Assets.  The
Company and its Subsidiaries will at all times maintain Total Unencumbered
Assets of not less than 150% of the aggregate outstanding principal amount of
the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis.

 

ARTICLE 4

 

ADDITIONAL EVENTS OF DEFAULT

 

Section 4.1            For purposes of
this Supplemental Indenture and the Notes, in addition to the Events of Default
set forth in Section 501 of the Indenture, it shall also constitute an “Event
of Default” if a default under any bond, debenture, note or other evidence of
indebtedness of the Company (including a default with respect to any other
series of securities), or under any mortgage, indenture or other instrument of
the Company under which there may be issued or by which there may be secured or
evidenced any indebtedness for money borrowed by the Company (or by any
Subsidiary, the repayment of which the Company has guaranteed or for which the
Company is directly responsible or liable as obligor or guarantor) having an
aggregate principal amount exceeding $20,000,000, whether such indebtedness now
exists or shall hereafter be incurred or created, which default shall have
resulted in such indebtedness becoming or being declared due and payable prior
to the date on which it would otherwise have become due and payable, without
such indebtedness having been discharged, or such acceleration having been
rescinded or annulled, within a period of ten days after there shall have been
given, by registered or certified mail, to the Company by the Trustee or to the
Company and the Trustee by the Holders of at least 25% in principal amount of
the outstanding Notes, a written notice specifying such default and requiring
the Company to cause such indebtedness to be discharged or cause such
acceleration to be rescinded or annulled and stating that such notice is a “Notice
of Default” hereunder.

 

Section 4.2            Notwithstanding
any provisions to the contrary in the Indenture, upon any acceleration of the
Notes under Section 502 of the Indenture, the amount immediately due and
payable in respect of the Notes shall equal the outstanding principal amount
thereof, plus accrued and unpaid interest thereon, plus, if such acceleration
occurs prior to March 15, 2020, the
Make-Whole Amount.

 

ARTICLE 5

 

EFFECTIVENESS

 

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

 

8

 

ARTICLE 6

 

MISCELLANEOUS

 

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

 

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

 

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

 

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

 

[Remainder of page intentionally left blank.]

 

9

 

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

 

	
   

  	
   

  	
  COMMONWEALTH
  REIT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  John C. Popeo

  
	
   

  	
   

  	
   

  	
  Name:

  	
  John
  C. Popeo

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Treasurer
  and Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION,

  
	
   

  	
   

  	
  as
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Sam Soltani

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Sam
  Soltani

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Authorized
  Officer

  

 

10

 

EXHIBIT A

 

FORM OF NOTE

 

[Face of Note]

 

5.875% Senior Note due 2020

 

	
  No. R-

  	
   

  	
  $

  

 

COMMONWEALTH REIT

 

promises
to pay to
                                                
or registered assigns, the principal sum of
                                                
($              )
on September 15, 2020, subject
to the terms set forth on the reverse of this Note and the terms of the
Indenture referred to therein.

 

	
  Interest
  Payment Dates:

  	
   

  	
  each
  March 15 and September 15, commencing March 15, 2011

  
	
   

  	
   

  	
   

  
	
  Interest
  Record Dates:

  	
   

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

  

 

CUSIP
No.: 203233 AA9

 

	
   

  	
  COMMONWEALTH
  REIT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
  [SEAL]

  	
   

  
					

 

CERTIFICATE
OF AUTHENTICATION

 

Dated:

 

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

 

U.S. BANK NATIONAL ASSOCIATION, as Trustee

 

	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  Officer

  	
   

  

 

 

[THE FOLLOWING CONSTITUTES THE REVERSE OF THE SECURITY]

 

COMMONWEALTH REIT

 

5.875% Senior Note due 2020

 

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

 

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

 

The
Company shall pay in cash interest on the principal amount of this Note at the
rate per annum of 5.875%. The Company will pay interest semiannually in arrears
on each March 15 and September 15, commencing March 15, 2011,
or, if any such day is not a Business Day (as defined in the Indenture), on the
next succeeding Business Day (each an “Interest Payment Date”), to Holders of
record on the day falling 14 calendar days immediately preceding such Interest
Payment Date (whether or not a Business Day).

 

Interest
will be computed on the basis of a 360-day year consisting of twelve 30-day
months. Interest shall accrue from the most recent date to which interest has
been paid or, if no interest has been paid, from September 17, 2010.

 

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

 

3.             Indenture.  The Company issued the Notes under an
Indenture, dated as of July 9, 1997, and a Supplemental Indenture No. 20
thereto, dated as of September 17, 2010 (collectively, the “Indenture”),
between the Company and the Trustee.  The
terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939 as in effect on
the date of the Indenture.  The Notes are
subject to all such terms, and Holders of the Notes are referred to the
Indenture and such Act for a statement of such terms.  The terms of the Indenture shall govern any
inconsistencies between the Indenture and the Notes.  The Notes are unsecured general obligations
of the Company limited to $250,000,000 in aggregate principal amount, except as
otherwise provided in the Indenture.

 

4.             Optional
Redemption.  The Notes will be
subject to redemption at any time at the option of the Company, in whole or in
part, upon not less than 30 nor more than 60 days’ notice, at a redemption
price equal to the sum of (i) the principal amount of the Notes being
redeemed, plus accrued and unpaid interest to but excluding the applicable
Redemption Date and (ii) the Make-Whole Amount, if any.  If the Notes are redeemed on or after  March 15, 2020, the
redemption price will not include the Make-Whole Amount.

 

A-2

 

As
used herein the term “Make-Whole Amount” means, in connection with any optional
redemption or accelerated payment of any Notes prior to March 15, 2020,
the excess, if any, of (i) the aggregate present value as of the date of
such redemption or accelerated payment of each dollar of principal being
redeemed or paid and the amount of interest (exclusive of interest accrued to
the date of redemption or accelerated payment) that would have been payable in
respect of such dollar if such redemption or accelerated payment had been made
on March 15, 2020, determined by discounting, on a semiannual basis, such
principal and interest at the Reinvestment Rate (determined on the third
Business Day preceding the date such notice of redemption is given or
declaration of acceleration is made) from the respective dates on which such
principal and interest would have been payable if such redemption or
accelerated payment had been made on March 15, 2020, over (ii) the
aggregate principal amount of the Notes being redeemed or paid. In the case of
any redemption or accelerated payment of Notes on or after March 15, 2020,
the Make-Whole Amount means zero.  For
purposes of the Indenture and the Notes, references in the Indenture to the
payment of the principal (and premium, if any) and interest on the Notes shall
be deemed to include the payment of the Make-Whole Amount, if any, due upon
redemption with respect to the Notes. 
The Make-Whole Amount shall be calculated by the Company and set forth
in an Officer’s Certificate delivered to the Trustee, and the Trustee shall be
entitled to rely on said Officer’s Certificate.

 

As
used herein the term “Reinvestment Rate” means a rate per annum equal to the
sum of 0.50% plus the yield on treasury securities at constant maturity under
the heading “Week Ending” published in the Statistical Release (as defined
herein) under the caption “Treasury Constant Maturities” for the maturity
(rounded to the nearest month) corresponding to the remaining life to maturity
(which, in the case of maturities corresponding to the principal and interest
due on the Notes at their maturity, shall be deemed to be March 15, 2020),
as of the payment date of the principal being redeemed or paid. If no maturity
exactly corresponds to such maturity, yields for the two published maturities
most closely corresponding to such maturity shall be calculated pursuant to the
immediately preceding sentence and the Reinvestment Rate shall be interpolated
or extrapolated from such yields on a straight-line basis, rounding in each of
such relevant periods to the nearest month. For purposes of calculating the
Reinvestment Rate, the most recent Statistical Release published prior to the
date of determination of the Make-Whole Amount shall be used.

 

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

 

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

 

6.             Notice
of Redemption.  Notice of redemption
shall be mailed at least 30 days but not more than 60 days before the Redemption
Date to each Holder of Notes to be redeemed at its registered address.  Notes may be redeemed in part but only in
whole multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed.  On and after the Redemption
Date, interest 

 

A-3

 

ceases
to accrue on Notes or portions of them called for redemption.

 

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

 

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

 

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

 

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

 

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

 

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

 

13.           No
Personal Liability.  THE AMENDED AND
RESTATED DECLARATION OF TRUST ESTABLISHING COMMONWEALTH REIT, DATED JULY 1,
1994, AS AMENDED AND SUPPLEMENTED, AS FILED WITH THE STATE DEPARTMENT OF
ASSESSMENTS AND TAXATION OF MARYLAND, PROVIDES THAT NO TRUSTEE, OFFICER,
SHAREHOLDER, EMPLOYEE OR AGENT OF COMMONWEALTH REIT SHALL BE HELD TO ANY
PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM
AGAINST, COMMONWEALTH REIT.  ALL PERSONS 

 

A-4

 

DEALING
WITH COMMONWEALTH REIT IN ANY WAY SHALL LOOK ONLY TO THE ASSETS OF COMMONWEALTH
REIT FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.

 

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

 

CommonWealth
REIT

400
Centre Street

Newton,
MA 02458

Facsimile
No.:  (617) 332-2261

Attention:
President

 

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

 

A-5

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

[I]
[We] assign and transfer this Note to
                                                                                    
                                                                 
[Print or type assignee’s name, address and zip code]
                                                                 
[Insert assignee’s soc. sec. or tax I.D. no.]
and irrevocably
appoint                                           
to transfer this Note on the books of the Company.  The agent may substitute another to act for
him.

 

	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Your
  Signature:

  	
   

  
	
   

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

  
	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [The signature must be guaranteed by an officer of a participant in a
  recognized signature guarantee program. Notarized or witnessed signatures are
  not acceptable.]

  	
   

  	
   

  

 

A-6

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