Exhibit 10.7
SIXTH AMENDMENT TO
SECOND AMENDED AND RESTATED
AGREEMENT
OF LIMITED PARTNERSHIP
OF
DUKE REALTY LIMITED
PARTNERSHIP
The undersigned, as the General Partner of Duke Realty Limited
Partnership (the “Partnership”), hereby amends the
Partnership’s Second Amended and Restated Agreement of
Limited Partnership, as heretofore amended (the “Partnership
Agreement”), pursuant to Sections 4.02(a) and 9.05(a)(v)
of the Partnership Agreement, to add a new Exhibit Q to
read as provided in the attached Exhibit Q . In all
other respects, the Partnership Agreement shall continue in full
force and effect as amended hereby. Any capitalized terms used in
this Amendment and not defined herein have the meanings given to
them in the Partnership Agreement.
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Dated: February 13, 2004
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DUKE REALTY LIMITED PARTNERSHIP
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By:
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DUKE REALTY CORPORATION,
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general partner
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By:
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/s/ Howard L. Feinsand
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Howard L. Feinsand
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Executive Vice President and
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General Counsel
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Exhibit Q
Series K Preferred
Units . Pursuant to
the authority granted under Section 4.02(a) of the Second
Amended and Restated Agreement of Limited Partnership of Duke
Realty Limited Partnership (the “Partnership
Agreement”), the General Partner hereby establishes a series
of Preferred Units designated the 6.5% Series K Cumulative
Redeemable Preferred Units (liquidation preference $250.00 per
unit) (the “Series K Preferred Units”) on the
terms set forth in this Exhibit Q. Capitalized terms used
herein without definition have the meanings given to them in the
Partnership Agreement.
(a)
Number . The number of authorized units of the
Series K Preferred Units shall be 600,000 and shall at all
times be equal to the number of 6.5% Series K Cumulative
Redeemable Preferred Shares (“Series K Preferred
Shares”) issued by the General Partner and then outstanding.
Series K Preferred Units shall be issued only to and held only
by the General Partner.
(b)
Relative Seniority . In respect of rights to receive
Distributions and to participate in distributions or payments in
the event of any liquidation, dissolution or winding up of the
Partnership, the Series K Preferred Units shall rank
(i) on a parity with any class or series of Units of the
Partnership (“Parity Units”) as to the payment of
Distributions and as to the distribution of assets upon
liquidation, dissolution or winding up (whether or not the
Distribution rates, Distribution payment dates or redemption or
liquidation prices per unit thereof are different from those of the
Series K Preferred Units) if the holders of such class or
series of Units and Series K Preferred Units shall be entitled
to the receipt of Distributions and of amounts distributable upon
liquidation, dissolution or winding up (taking into account the
effects of allocations of Profits, Losses and other items) in
proportion to their respective amounts of accrued and unpaid
Distributions per unit or liquidation preferences without
preference or priority one over the other, (ii) senior to any
class or series of Units of the Partnership ranking, as to
Distributions and upon liquidation, junior to the Series K
Preferred Units (collectively, “Junior Units”) and
(iii) senior to the Common Units and any other class or series
of Units of the Partnership ranking, as to Distributions and upon
liquidation, junior to the Series K Preferred Units
(collectively, “Fully Junior Units”). Nothing contained
in Section 4.06 of the Partnership Agreement or this Exhibit Q
shall prohibit the Partnership from issuing additional Units that
are Parity Units with the Series K Preferred Units.
(c)
Distributions .
(1) The
General Partner, as holder of the then outstanding Series K
Preferred Units, shall be entitled to receive, when and as declared
by the General Partner out of any funds legally available therefor,
cumulative Distributions at the rate of 6.5% of the liquidation
preference per unit per year, payable quarterly in equal amounts of
$4.0625 per unit in cash on the last calendar day of each February,
May, August and November or, if not a Business Day (as hereinafter
defined), the next succeeding Business Day (each such day being
hereinafter called a “Quarterly Distribution Date” and
each period ending on a Quarterly Distribution Date being
hereinafter called a
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“Distribution Period”), provided,
however, that the first Distribution on the Series K Preferred
Units will be paid on May 31, 2004. Distributions shall be payable
to the General Partner, as holder of the Series K Preferred
Units, at the close of business on the applicable record date (the
“Record Date”), which shall be on such date designated
by the Partnership for the payment of Distributions that is not
more than 30 nor less than 10 days prior to such Quarterly
Distribution Date. The amount of any Distribution payable for any
partial Distribution Period shall be prorated and computed on the
basis of a 360-day year consisting of twelve 30-day months.
Distributions on each Series K Preferred Unit shall accrue and
be cumulative from and including the date of the original issue
thereof whether or not (i) there are funds legally available
for the payment of such Distributions or (ii) such
Distributions are authorized. Distributions paid on the
Series K Preferred Units in an amount less than the total
amount of such Distributions at the ti