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Indenture

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Title:

Indenture

Entities:

RAIT Investment Trust; RAIT Partnership, LP

Date:

2003

Size:

Preview shows 25KB of 249KB total

Price:

$68

ID:

#265623

► Financing ► Indentures
► Real Estate

Start of Preview

INDENTURE

Dated as of _________

Between

RAIT PARTNERSHIP, L.P.

and

---------------

{PAGE}

TABLE OF CONTENTS

{TABLE}

{S} {C}

ARTICLE ONE. DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION................................ 1

SECTION 101. DEFINITIONS............................................................... 1

SECTION 102. COMPLIANCE CERTIFICATES AND OPINIONS...................................... 9

SECTION 103. FORM OF DOCUMENTS DELIVERED TO TRUSTEE.................................... 9

SECTION 104. ACTS OF HOLDERS........................................................... 10

SECTION 105. NOTICES, ETC., TO TRUSTEE AND ISSUER...................................... 11

SECTION 106. NOTICE TO HOLDERS; WAIVER................................................. 11

SECTION 107. EFFECT OF HEADINGS AND TABLE OF CONTENTS.................................. 12

SECTION 108. SUCCESSORS AND ASSIGNS.................................................... 12

SECTION 109. SEVERABILITY CLAUSE....................................................... 12

SECTION 110. BENEFITS OF INDENTURE..................................................... 12

SECTION 111. GOVERNING LAW............................................................. 12

SECTION 112. LEGAL HOLIDAYS............................................................ 12

SECTION 113. QUALIFICATION UNDER TRUST INDENTURE ACT................................... 13

SECTION 114. COUNTERPARTS.............................................................. 13

ARTICLE TWO. SECURITIES FORMS....................................................................... 13

SECTION 201. FORMS OF SECURITIES....................................................... 13

SECTION 202. FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION........................... 13

SECTION 203. SECURITIES ISSUABLE IN GLOBAL FORM........................................ 14

ARTICLE THREE. THE SECURITIES....................................................................... 15

SECTION 301. AMOUNT; ISSUABLE IN SERIES................................................ 15

SECTION 302. DENOMINATIONS............................................................. 17

SECTION 303. EXECUTION, AUTHENTICATION, DELIVERY AND DATING............................ 17

SECTION 304. TEMPORARY SECURITIES...................................................... 19

SECTION 305. REGISTRATION, REGISTRATION OF TRANSFER

AND EXCHANGE........................................................... 21

SECTION 306. MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.......................... 23

SECTION 307. PAYMENT OF INTEREST; INTEREST RIGHTS RESERVED............................. 24

SECTION 308. PERSONS DEEMED OWNERS..................................................... 25

SECTION 309. CANCELLATION.............................................................. 26

SECTION 310. COMPUTATION OF INTEREST................................................... 26

SECTION 311. CUSIP NUMBERS............................................................. 26

ARTICLE FOUR. SATISFACTION AND DISCHARGE............................................................ 26

SECTION 401. SATISFACTION AND DISCHARGE OF INDENTURE................................... 26

SECTION 402. APPLICATION OF TRUST FUNDS................................................ 27

ARTICLE FIVE. REMEDIES.............................................................................. 28

SECTION 501. EVENTS OF DEFAULT......................................................... 28

SECTION 502. ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT........................ 29

SECTION 503. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT

BY TRUSTEE............................................................. 30

SECTION 504. TRUSTEE MAY FILE PROOFS OF CLAIM.......................................... 31

SECTION 505. TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF 32

SECURITIES.............................................................

SECTION 506. APPLICATION OF MONEY COLLECTED............................................ 32

SECTION 507. LIMITATION ON SUITS....................................................... 32

SECTION 508. UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL,

PREMIUM, IF ANY, AND OTHER SUMS........................................ 33

SECTION 509. RESTORATION OF RIGHTS AND REMEDIES........................................ 33

SECTION 510. RIGHTS AND REMEDIES CUMULATIVE............................................ 33

SECTION 511. DELAY OR OMISSION NOT WAIVER.............................................. 33

SECTION 512. CONTROL BY HOLDERS OF SECURITIES.......................................... 34

SECTION 513. WAIVER OF PAST DEFAULTS................................................... 34

SECTION 514. WAIVER OF USURY, STAY OR EXTENSION LAWS................................... 34

SECTION 515. UNDERTAKING FOR COSTS..................................................... 34

ARTICLE SIX. THE TRUSTEE............................................................................ 35

SECTION 601. NOTICE OF DEFAULTS........................................................ 35

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SECTION 602. CERTAIN RIGHTS OF TRUSTEE................................................. 35

SECTION 603. NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.................... 38

SECTION 604. MAY HOLD SECURITIES....................................................... 38

SECTION 605. MONEY HELD IN TRUST....................................................... 38

SECTION 606. COMPENSATION AND REIMBURSEMENT............................................ 38

SECTION 607. CORPORATE TRUSTEE REQUIRED ELIGIBILITY;

CONFLICTING INTERESTS.................................................. 39

SECTION 608. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR......................... 39

SECTION 609. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.................................... 41

SECTION 610. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO

BUSINESS............................................................... 42

SECTION 611. APPOINTMENT OF AUTHENTICATING AGENT....................................... 42

SECTION 612. RIGHT OF TRUSTEE IN CAPACITY OF SECURITY REGISTRAR OR

PAYING AGENT........................................................... 44

ARTICLE SEVEN. HOLDERS' LIST AND REPORTS BY TRUSTEE AND ISSUER...................................... 45

SECTION 701. DISCLOSURE OF NAMES AND ADDRESSES OF HOLDERS.............................. 45

SECTION 702. REPORTS BY TRUSTEE........................................................ 45

SECTION 703. REPORTS BY ISSUER......................................................... 45

SECTION 704. ISSUER TO FURNISH TRUSTEE NAMES AND ADDRESSES OF

HOLDERS................................................................ 46

ARTICLE EIGHT. CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE..................................... 47

SECTION 801. CONSOLIDATIONS AND MERGERS OF ISSUER AND SALES, LEASES

AND CONVEYANCES PERMITTED..............................................

SUBJECT TO CERTAIN CONDITIONS............................................. 47

SECTION 802. RIGHTS AND DUTIES OF SUCCESSOR PERSON..................................... 47

SECTION 803. OFFICERS' CERTIFICATE AND OPINION OF COUNSEL.............................. 47

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ARTICLE NINE. SUPPLEMENTAL INDENTURES............................................................... 48

SECTION 901. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS........................ 48

SECTION 902. SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS........................... 49

SECTION 903. EXECUTION OF SUPPLEMENTAL INDENTURES...................................... 50

SECTION 904. EFFECT OF SUPPLEMENTAL INDENTURES......................................... 50

SECTION 905. CONFORMITY WITH TRUST INDENTURE ACT....................................... 50

SECTION 906. REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES........................ 51

SECTION 907. NOTICE OF SUPPLEMENTAL INDENTURES......................................... 51

ARTICLE TEN. COVENANTS.............................................................................. 51

SECTION 1001. PAYMENT OF INTEREST, PRINCIPAL, PREMIUM, IF ANY, AND

OTHER SUMS............................................................. 51

SECTION 1002. MAINTENANCE OF OFFICE OR AGENCY........................................... 51

SECTION 1003. MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST......................... 52

SECTION 1004. [Intentionally omitted]................................................... 53

SECTION 1005. [intentionally omitted]................................................... 53

SECTION 1006. EXISTENCE................................................................. 53

SECTION 1007. MAINTENANCE OF PROPERTIES................................................. 53

SECTION 1008. INSURANCE................................................................. 53

SECTION 1009. PAYMENT OF TAXES AND OTHER CLAIMS......................................... 53

SECTION 1010. PROVISION OF FINANCIAL INFORMATION........................................ 54

SECTION 1011. STATEMENT AS TO COMPLIANCE................................................ 54

SECTION 1012. ADDITIONAL SUMS........................................................... 54

SECTION 1013. WAIVER OF CERTAIN COVENANTS............................................... 54

ARTICLE ELEVEN. REDEMPTION OF SECURITIES.................................................. 55

SECTION 1101. APPLICABILITY OF ARTICLE.................................................. 55

SECTION 1102. ELECTION TO REDEEM; NOTICE TO TRUSTEE..................................... 55

SECTION 1103. SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED......................... 55

SECTION 1104. NOTICE OF REDEMPTION...................................................... 55

SECTION 1105. DEPOSIT OF REDEMPTION PRICE............................................... 56

SECTION 1106. SECURITIES PAYABLE ON REDEMPTION DATE..................................... 57

SECTION 1107. SECURITIES REDEEMED IN PART............................................... 57

ARTICLE TWELVE. SINKING FUNDS............................................................. 57

SECTION 1201. APPLICABILITY OF ARTICLE.................................................. 57

SECTION 1202. SATISFACTION OF SINKING FUND PAYMENT WITH SECURITIES...................... 58

SECTION 1203. REDEMPTION OF SECURITIES FOR SINKING FUND................................. 58

ARTICLE THIRTEEN. REPAYMENT AT THE OPTION OF HOLDERS........................................ 58

SECTION 1301. APPLICABILITY OF ARTICLE.................................................. 58

SECTION 1302. REPAYMENT OF SECURITIES................................................... 59

SECTION 1303. EXERCISE OF OPTION........................................................ 59

SECTION 1304. WHEN SECURITIES PRESENTED FOR REPAYMENT BECOME DUE

AND PAYABLE............................................................ 60

SECTION 1305. SECURITIES REPAID IN PART................................................. 60

ARTICLE FOURTEEN. DEFEASANCE AND COVENANT DEFEASANCE........................................ 60

SECTION 1401. APPLICABILITY OF ARTICLE; ISSUER'S OPTION TO EFFECT

DEFEASANCE OR COVENANT DEFEASANCE...................................... 60

SECTION 1402. DEFEASANCE AND DISCHARGE.................................................. 61

SECTION 1403. COVENANT DEFEASANCE....................................................... 61

SECTION 1404. CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE........................... 62

SECTION 1405. DEPOSITED MONEY AND GOVERNMENT OBLIGATIONS TO BE HELD

IN TRUST; OTHER MISCELLANEOUS PROVISIONS............................... 63

ARTICLE FIFTEEN. MEETINGS OF HOLDERS OF SECURITIES......................................... 64

SECTION 1501. PURPOSES FOR WHICH MEETINGS MAY BE CALLED................................. 64

SECTION 1502. CALL, NOTICE AND PLACE OF MEETINGS........................................ 64

SECTION 1503. PERSONS ENTITLED TO VOTE AT MEETINGS...................................... 64

SECTION 1504. QUORUM; ACTION............................................................ 64

SECTION 1505. DETERMINATION OF VOTING RIGHTS; CONDUCT AND

ADJOURNMENT OF MEETINGS................................................ 65

SECTION 1506. COUNTING VOTES AND RECORDING ACTION OF MEETINGS........................... 66

SECTION 1507. EVIDENCE OF ACTION TAKEN BY HOLDERS....................................... 66

SECTION 1508. PROOF OF EXECUTION OF INSTRUMENTS......................................... 67

{/TABLE}

{PAGE}

{TABLE}

{CAPTION}

TRUST INDENTURE ACT SECTION INDENTURE SECTION

--------------------------- -----------------

{S} {C}

Sec. 310(a)(i) 607

(a)(2) 607

(b) 607, 608

Sec. 312(a) 704

Sec. 312(c) 701

Sec. 313(a) 702

Sec. 314(a) 703

(a)(4) 1011

(c)(1) 102

(c)(2) 102

(e) 102

Sec. 315(b) 601

Sec. 316(a) (last sentence) 101 ("Outstanding")

(a)(1)(A) 502, 512

(a)(1)(B) 513

(b) 508

Sec. 317(a)(1) 503

(a)(2) 504

Sec. 318(a) 113

{/TABLE}

------------

NOTE: This reconciliation shall not, for any purpose, be deemed to be part of

the indenture.

Attention should also be directed to Section 318(c) of the Trust Indenture

Act, which provides that the provisions of Sections 310 to and including 317 of

the Trust Indenture Act are a part of and govern every qualified indenture,

whether or not set forth in the indenture.

{PAGE}

INDENTURE (this "Indenture"), dated as of _______ between RAIT

PARTNERSHIP, L.P., a Delaware Limited partnership, (the "Issuer"), having its

principal offices at 1818 Market Street, Philadelphia, Pennsylvania 19103 and

__________________________, a bank duly organized and existing under the laws of

___________________, as trustee hereunder (the "Trustee"), having its Corporate

Trust Office at ________________________.

RECITALS OF THE ISSUER

The Issuer has duly authorized the execution and delivery of this

Indenture to provide for the issuance of up to $300,000,000 of debt securities

(hereinafter called the "Securities") evidencing its unsecured and

unsubordinated indebtedness, bearing interest at the rates or formulas, maturing

at such times and having such other provisions as shall be fixed as hereinafter

provided.

Upon making the appropriate filings with the Securities and Exchange

Commission, this Indenture will be subject to the provisions of the Trust

Indenture Act of 1939, as amended, and the rules and regulations of the

Securities and Exchange Commission promulgated thereunder that are deemed to be

incorporated into this Indenture and shall, to the extent applicable, be

governed by such provisions.

All things necessary to make this Indenture a valid agreement of the

Issuer, in accordance with its terms, have been done.

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

For and in consideration of the premises and the purchase of the

Securities by the holders thereof, it is mutually covenanted and agreed, for the

equal and proportionate benefit of all holders of the Securities, as follows:

ARTICLE ONE. DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 101. DEFINITIONS. For all purposes of this Indenture, except as

otherwise expressly provided or unless the context otherwise requires:

(1) the terms defined in this Article have the meanings assigned to them

in this Article, and include the plural as well as the singular;

(2) all other terms used herein which are defined in the Trust Indenture

Act of 1939, as amended, either directly or by reference therein,

have the meanings assigned to them therein;

(3) all accounting terms not otherwise defined herein have the meanings

assigned to them in accordance with USGAAP (as such term is

hereinafter defined);

(4) the words "herein," "hereof," "hereto" and "hereunder" and other

words of similar import refer to this Indenture as a whole and not

to any particular Article, Section or other subdivision;

(5) the word "or" is always used inclusively;

{PAGE}

(6) the word "including" is not limiting;

(7) references in this Indenture to any agreement, other document or law

"as amended" or "as amended from time to time," or to "amendments"

of any document or law, shall include any amendments, supplements,

replacements, renewals or other modifications from time to time,

provided in the case of modifications to documents, such

modifications are permissible under this Indenture; and

(8) references in this Indenture to any law include regulations

promulgated thereunder from time to time.

"Acquired Indebtedness" means Debt of a Person (i) existing at the time

the Person becomes a Subsidiary of or is merged with or into any other Person,

or (ii) assumed in connection with the acquisition of assets from the Person, in

each case, other than Debt incurred in connection with, or in contemplation of,

the Person becoming a Subsidiary or that acquisition. Acquired Indebtedness

shall be deemed to be incurred on the date of the related acquisition of assets

from any Person or the date the acquired Person becomes a Subsidiary of or is

merged with or into such other Person.

"Act," when used with respect to any Holder, has the meaning specified in

Section 104.

"Affiliate" of any specified Person means any other Person directly or

indirectly controlling or controlled by or under direct or indirect common

control with such specified Person. For the purposes of this definition,

"control," when used with respect to any specified Person, means the power to

direct the management and policies of such Person, directly or indirectly,

whether through the ownership of voting securities, by contract or otherwise;

and the terms "controlling" and "controlled" have meanings correlative to the

foregoing.

"Authenticating Agent" means any Person authorized by the Trustee pursuant

to Section 611 to act on behalf of the Trustee to authenticate Securities of one

or more series.

"Authorized Newspaper" means a newspaper, printed in the English language

or in an official language of the place of publication, customarily published on

each day that is a Business Day in the place of publication, whether or not

published on days that are Legal Holidays in the place of publication, and of

general circulation in each place in connection with which the term is used or

in the financial community of each such place. Whenever successive publications

are required to be made in Authorized Newspapers, the successive publications

may be made in the same or in different Authorized Newspapers in the same city

meeting the foregoing requirements and in each case on any day that is a

Business Day in the place of publication.

"Bankruptcy Law" has the meaning specified in Section 501.

"Board of Trustees" means the board of trustees of the Issuer or any

committee of that board duly authorized to act thereunder.

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