<SEC-DOCUMENT>0001140361-21-032463.txt : 20210924
<SEC-HEADER>0001140361-21-032463.hdr.sgml : 20210924
<ACCEPTANCE-DATETIME>20210924160639
ACCESSION NUMBER:		0001140361-21-032463
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		17
FILED AS OF DATE:		20210924
DATE AS OF CHANGE:		20210924
EFFECTIVENESS DATE:		20210924

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESSEX PROPERTY TRUST, INC.
		CENTRAL INDEX KEY:			0000920522
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				770369576
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-259777
		FILM NUMBER:		211277321

	BUSINESS ADDRESS:	
		STREET 1:		1100 PARK PLACE
		STREET 2:		SUITE 200
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403
		BUSINESS PHONE:		6506557800

	MAIL ADDRESS:	
		STREET 1:		1100 PARK PLACE
		STREET 2:		SUITE 200
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94403

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ESSEX PORTFOLIO LP
		DATE OF NAME CHANGE:	20181211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ESSEX PROPERTY TRUST INC
		DATE OF NAME CHANGE:	19940318

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESSEX PORTFOLIO LP
		CENTRAL INDEX KEY:			0001053059
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				770369575
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-259777-01
		FILM NUMBER:		211277322

	BUSINESS ADDRESS:	
		STREET 1:		777 CALIFORNIA AVE
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94304
		BUSINESS PHONE:		4154943700

	MAIL ADDRESS:	
		STREET 1:		777 CALIFORNIA AVENUE
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94304
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>ny20000795x1_s3asr.htm
<DESCRIPTION>S-3ASR
<TEXT>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 540pt;"><a name="ny20000795x1_s3asr_100-regcov_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 540pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 25pt; text-align: center;">As filed with the Securities and Exchange Commission on September 24, 2021</div><div class="regno" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 1pt; text-align: right;">Registration No. 333-&#8195;&#8195;</div></div></div><div class="block-frill" style="width: 540pt; margin-left: 0pt;"><div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 2pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 4pt;"> </div></div></div><div class="block-main" style="width: 540pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 8pt; text-align: center;">UNITED STATES<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;">SECURITIES AND EXCHANGE COMMISSION<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 12pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-size: 10pt;">Washington, DC 20549</font></div><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 3.25pt;"> </div></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 3.5pt; text-align: center;">FORM S-3 <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-size: 11pt;">REGISTRATION STATEMENT</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-size: 11pt;">UNDER</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-size: 11pt;">THE SECURITIES ACT OF 1933</font></div><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 3.25pt;"> </div></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 3.5pt; text-align: center;">ESSEX PROPERTY TRUST, INC.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-size: 10pt;">and</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 0pt; text-align: center;">ESSEX PORTFOLIO, L.P.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-size: 8pt;">(Exact Name of Registrants as Specified in Charter)</font></div><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 540pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 48.89%; text-align: center; vertical-align: top; padding-top: 6pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">Maryland <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">California</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 48.89%; text-align: center; vertical-align: top; padding-top: 6pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">77-0369576 <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">77-0369575</div></td></tr><tr><td style="width: 48.89%; text-align: center; vertical-align: top; padding-top: 2pt; padding-bottom: 1.5pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; margin-top: 0pt; text-align: center;">(State or Other Jurisdiction of Incorporation or <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; margin-top: 0pt; text-align: center;">Organization)</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 1.5pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 1.5pt;">&#8203;</td><td style="width: 48.89%; text-align: center; vertical-align: top; padding-top: 2pt; padding-bottom: 1.5pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; margin-top: 0pt; text-align: center;">(I.R.S. Employer Identification Number)</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">1100 Park Place, Suite 200 <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">San Mateo, California 94403<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">(650) 655-7800<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">(Address, including zip code, and telephone number, including area code, of registrants&#8217; principal executive offices)</font></div><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 2.75pt;"> </div></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 2pt; text-align: center;">Michael J. Schall<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">Chief Executive Officer and President<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">1100 Park Place, Suite 200<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">San Mateo, California 94403<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">(650) 655-7800<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">(Name, address, including zip code, and telephone number, including area code, of agent for service)</font></div><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 2.75pt;"> </div></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; margin-top: 2pt; text-align: center;">With copies to:</div><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 540pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 48.89%; text-align: center; vertical-align: top; padding-top: 6pt; padding-bottom: 1pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">Craig M. Garner <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">Kevin C. Reyes <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">Latham &amp; Watkins LLP<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">12670 High Bluff Drive <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">San Diego, California 92130<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">(858) 523-5400</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 1pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 1pt;">&#8203;</td><td style="width: 48.89%; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-bottom: 1pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">Anne Morrison <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">Senior Vice President, General Counsel and <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">Secretary<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">1100 Park Place, Suite 200 <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">San Mateo, California 94403<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; text-align: center;">(650) 655-7800</div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 96pt; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; margin-right: auto; margin-top: 0.75pt;"> </div></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 3pt; margin-left: 0pt; text-align: left;">Approximate date of commencement of proposed sale to the public: <font style="font-weight: normal;">From time to time after the effective date of this Registration Statement.</font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; margin-top: 3pt; margin-left: 0pt; text-align: left;">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. <font style="font-size: 1pt;">&#8201;</font>&#x2610;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; margin-top: 3pt; margin-left: 0pt; text-align: left;">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. &#x2612;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; margin-top: 3pt; margin-left: 0pt; text-align: left;">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <font style="font-size: 1pt;">&#8201;</font>&#x2610;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; margin-top: 3pt; margin-left: 0pt; text-align: left;">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. <font style="font-size: 1pt;">&#8201;</font>&#x2610;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; margin-top: 3pt; margin-left: 0pt; text-align: left;">If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. &#x2612;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; margin-top: 3pt; margin-left: 0pt; text-align: left;">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. <font style="font-size: 1pt;">&#8201;</font>&#x2610;</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; margin-top: 3pt; margin-left: 0pt; text-align: left;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act. </div><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 540pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 23.33%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Essex Property Trust, Inc. </div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 2pt;">&#8203;</td></tr><tr><td style="width: 23.33%; text-align: left; vertical-align: top; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Large accelerated filer </div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 23.33%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#x2612;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 23.33%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accelerated filer </div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 23.33%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8201;<font style="font-size: 8.75pt;">&#x2610;</font></div></td></tr><tr><td style="width: 23.33%; text-align: left; vertical-align: top; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Non-accelerated filer </div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 23.33%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8201;<font style="font-size: 8.75pt;">&#x2610;</font></div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 23.33%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Smaller reporting company </div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 23.33%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">&#8201;<font style="font-size: 8.75pt;">&#x2610;</font></div></td></tr><tr><td style="width: 23.33%; text-align: left; vertical-align: top; padding-top: 2pt; padding-bottom: 1pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8.75pt;">&#160;</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; 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font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 3pt; text-align: right;">(Continued on next page)</div></div><div class="block-frill" style="width: 540pt; margin-top: 12pt; margin-left: 0pt;"><div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 2pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 4pt;"> </div></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 528pt;"><a name="ny20000795x1_s3asr_100-regcov_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 528pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-style: italic; margin-top: 5.25pt; margin-left: 0pt; text-align: left;">(Continued from previous page)<font style="font-style: normal;"> </font></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9pt; font-weight: bold; margin-top: 9.5pt; text-align: center;">CALCULATION OF REGISTRATION FEE</div><div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-bottom: 2pt; margin-left: auto; 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margin-top: 0pt; text-align: center;">maximum aggregate <br></div><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">offering price</div></td><td class="gutter" style="width: 0.57%; font-size: 2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-top: 6.5pt; padding-bottom: 3.25pt;">&#8203;</td><td class="gutter" style="width: 0.57%; font-size: 2pt; border-bottom: 1pt solid #000000; padding-top: 6.5pt; padding-bottom: 3.25pt;">&#8203;</td><td style="width: 17.05%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6.5pt; padding-bottom: 3.25pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Amount of <br></div><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.8pt; font-weight: bold; margin-top: 0pt; text-align: center;">registration fee</div></td></tr><tr><td style="width: 63.64%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Essex Property Trust, Inc.<br></div></td><td class="gutter" style="width: 0.57%; font-size: 2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;">&#8203;</td><td class="gutter" style="width: 0.57%; font-size: 2pt; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;">&#8203;</td><td style="width: 17.05%; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; 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border-bottom: none; font-size: 2pt; border-right: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 17.05%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3.25pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 37pt; text-align: left;">&#8195;&#8195;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></div></td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; border-right: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 17.05%; text-align: left; 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text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; margin-top: 0pt; margin-left: 37pt; text-align: left;"><font style="padding-left: 16pt; position: relative; top: -3.25pt;">(1)(2)</font></div></td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; border-right: 1pt solid #000000; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 17.05%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 35pt; text-align: left;">$<font style="padding-left: 16pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></div></td></tr><tr><td style="width: 63.64%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Depositary Shares<font style="padding-left: 4.92pt;"></font></div></td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; border-right: 1pt solid #000000; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 17.05%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; margin-top: 0pt; margin-left: 37pt; text-align: left;"><font style="padding-left: 16pt; position: relative; top: -3.25pt;">(1)(2)(4)</font></div></td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; border-right: 1pt solid #000000; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 17.05%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 35pt; text-align: left;">$<font style="padding-left: 16pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></div></td></tr><tr><td style="width: 63.64%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Warrants and Other Rights<font style="padding-left: 1.68pt;"></font></div></td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; border-right: 1pt solid #000000; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 17.05%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; margin-top: 0pt; margin-left: 37pt; text-align: left;"><font style="padding-left: 16pt; position: relative; top: -3.25pt;">(1)(2)</font></div></td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; border-right: 1pt solid #000000; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 17.05%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 35pt; text-align: left;">$<font style="padding-left: 16pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></div></td></tr><tr><td style="width: 63.64%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Stock Purchase Contracts<font style="padding-left: 0.92pt;"></font></div></td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; border-right: 1pt solid #000000; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 17.05%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; margin-top: 0pt; margin-left: 37pt; text-align: left;"><font style="padding-left: 16pt; position: relative; top: -3.25pt;">(1)(2)</font></div></td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; border-right: 1pt solid #000000; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 17.05%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 35pt; text-align: left;">$<font style="padding-left: 16pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></div></td></tr><tr><td style="width: 63.64%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Units<font style="padding-left: 1.67pt;"></font></div></td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; border-right: 1pt solid #000000; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 17.05%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; margin-top: 0pt; margin-left: 37pt; text-align: left;"><font style="padding-left: 16pt; position: relative; top: -3.25pt;">(1)(2)(5)</font></div></td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; border-right: 1pt solid #000000; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 17.05%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 35pt; text-align: left;">$<font style="padding-left: 16pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></div></td></tr><tr><td style="width: 63.64%; text-align: left; vertical-align: bottom; padding-top: 2pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Debt Securities<font style="padding-left: 4.24pt;"></font></div></td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; border-right: 1pt solid #000000; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 17.05%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; margin-top: 0pt; margin-left: 37pt; text-align: left;"><font style="padding-left: 16pt; position: relative; top: -3.25pt;">(1)(2)</font></div></td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; border-right: 1pt solid #000000; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; padding-top: 2pt; padding-bottom: 2pt;">&#8203;</td><td style="width: 17.05%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 2pt; padding-bottom: 2pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 35pt; text-align: left;">$<font style="padding-left: 16pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></div></td></tr><tr><td style="width: 63.64%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 2pt; padding-bottom: 3.25pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Guarantees of Debt Securities<font style="padding-left: 1.28pt;"></font></div></td><td class="gutter" style="width: 0.57%; font-size: 2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-top: 2pt; padding-bottom: 3.25pt;">&#8203;</td><td class="gutter" style="width: 0.57%; font-size: 2pt; border-bottom: 1pt solid #000000; padding-top: 2pt; padding-bottom: 3.25pt;">&#8203;</td><td style="width: 17.05%; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000; padding-top: 2pt; padding-bottom: 3.25pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; margin-top: 0pt; margin-left: 37pt; text-align: left;"><font style="padding-left: 16pt; position: relative; top: -3.25pt;">(1)(2)(6)</font></div></td><td class="gutter" style="width: 0.57%; font-size: 2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-top: 2pt; padding-bottom: 3.25pt;">&#8203;</td><td class="gutter" style="width: 0.57%; font-size: 2pt; border-bottom: 1pt solid #000000; padding-top: 2pt; padding-bottom: 3.25pt;">&#8203;</td><td style="width: 17.05%; text-align: left; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000; padding-top: 2pt; padding-bottom: 3.25pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 35pt; text-align: left;">$<font style="padding-left: 16pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></div></td></tr><tr><td style="width: 63.64%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Essex Portfolio, L.P.<br></div></td><td class="gutter" style="width: 0.57%; font-size: 2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;">&#8203;</td><td class="gutter" style="width: 0.57%; font-size: 2pt; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;">&#8203;</td><td style="width: 17.05%; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;</div></td><td class="gutter" style="width: 0.57%; font-size: 2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;">&#8203;</td><td class="gutter" style="width: 0.57%; font-size: 2pt; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;">&#8203;</td><td style="width: 17.05%; text-align: left; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;</div></td></tr><tr><td style="width: 63.64%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Debt Securities<font style="padding-left: 4.24pt;"></font></div></td><td class="gutter" style="width: 0.57%; font-size: 2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;">&#8203;</td><td class="gutter" style="width: 0.57%; font-size: 2pt; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;">&#8203;</td><td style="width: 17.05%; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 6pt; margin-top: 0pt; margin-left: 37pt; text-align: left;"><font style="padding-left: 16pt; position: relative; top: -3.25pt;">(1)(2)</font></div></td><td class="gutter" style="width: 0.57%; font-size: 2pt; border-right: 1pt solid #000000; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;">&#8203;</td><td class="gutter" style="width: 0.57%; font-size: 2pt; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;">&#8203;</td><td style="width: 17.05%; text-align: left; vertical-align: bottom; white-space: nowrap; border-bottom: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 3.25pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 35pt; text-align: left;">$<font style="padding-left: 16pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></div></td></tr><tr><td style="width: 63.64%; text-align: left; vertical-align: bottom; padding-top: 3.25pt; padding-bottom: 1.5pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total:<font style="font-weight: normal; padding-left: 3.85pt;"></font></div></td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; border-right: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 1.5pt;">&#8203;</td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 1.5pt;">&#8203;</td><td style="width: 17.05%; text-align: center; vertical-align: bottom; white-space: nowrap; padding-top: 3.25pt; padding-bottom: 1.5pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">&#160;</div></td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; border-right: 1pt solid #000000; padding-top: 3.25pt; padding-bottom: 1.5pt;">&#8203;</td><td class="gutter" style="width: 0.57%; border-bottom: none; font-size: 2pt; padding-top: 3.25pt; padding-bottom: 1.5pt;">&#8203;</td><td style="width: 17.05%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3.25pt; padding-bottom: 1.5pt;"><div class="calc" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 35pt; text-align: left;">$<font style="padding-left: 16pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></font></div></td></tr></table><div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 3.5pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.5pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.5pt; text-align: left;">Omitted pursuant to Form S-3 General Instruction II.E. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.5pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.5pt; text-align: left;">An unspecified number of the securities of each identified class is being registered for possible issuance from time to time at indeterminate prices. Separate consideration may or may not be received for securities that are issuable on exercise, conversion or exchange of other securities or that are issued in units or represented by depositary shares. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.5pt;">(3)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.5pt; text-align: left;">In accordance with Rules 456(b) and 457(r) under the Securities Act, the registrants are deferring payment of the entire registration fee.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.5pt;">(4)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.5pt; text-align: left;">Each depositary share will be issued under a deposit agreement, which will represent an interest in a fractional share or multiple shares of preferred stock and will be evidenced by a depositary receipt.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.5pt;">(5)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.5pt; text-align: left;">Each unit will be issued under a unit agreement and will represent an interest in two or more other securities, which may or may not be separable from each other.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.5pt;">(6)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 7.5pt; text-align: left;">Debt Securities issued by Essex Portfolio, L.P. may be accompanied by guarantees to be issued by Essex Property Trust, Inc. None of the proceeds will be received by Essex Property Trust, Inc. for the guarantees. Pursuant to Rule 457(n) under the Securities Act, no separate registration fee is payable in respect of the registration of the guarantees.</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.5pt; margin-left: 0pt; text-align: left;">&#8195;</div></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 528pt;"><a name="ny20000795x1_s3asr_201-cov_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 528pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">PROSPECTUS</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 5.5pt; text-align: center;">ESSEX PROPERTY TRUST, INC.<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">COMMON STOCK<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">PREFERRED STOCK<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">DEPOSITARY SHARES<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">WARRANTS AND OTHER RIGHTS<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">STOCK PURCHASE CONTRACTS<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">UNITS<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">DEBT SECURITIES<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">GUARANTEES OF DEBT SECURITIES<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">and<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">ESSEX PORTFOLIO, L.P.<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">DEBT SECURITIES</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Essex Property Trust, Inc., a Maryland corporation (&#8220;Essex&#8221;), may from time to time offer, in one or more series or classes, separately or together, and in amounts, at prices and on terms to be set forth in one or more supplements to this prospectus (each, a &#8220;Prospectus Supplement&#8221;), the following securities:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; text-align: left;">common stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; text-align: left;">preferred stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; text-align: left;">preferred stock represented by depositary shares;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; text-align: left;">warrants and other rights to purchase common stock and preferred stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; text-align: left;">stock purchase contracts;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; text-align: left;">units representing an interest in two or more other securities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; text-align: left;">debt securities; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; text-align: left;">guarantees of debt securities.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Essex Portfolio, L.P., a California limited partnership (including those entities/subsidiaries owned or controlled by Essex Portfolio, L.P., the &#8220;Operating Partnership&#8221;), may from time to time offer in one or more series of debt securities, which may be either senior debt securities (&#8220;Senior Securities&#8221;) or subordinated debt securities (&#8220;Subordinated Securities&#8221; and, together with the Senior Securities, the &#8220;Debt Securities&#8221;), guaranteed by Essex through guarantees (the &#8220;Guarantees&#8221;) of the Debt Securities. The Debt Securities may be non-convertible or convertible into or exercisable or exchangeable for securities of Essex or the Operating Partnership.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The securities listed above (collectively, the &#8220;Offered Securities&#8221;) may be offered, separately or together, in separate series, in amounts, at prices and on terms to be set forth in one or more Prospectus Supplements; provided that Essex will guarantee the payment of principal and a premium, if any, and interest on the Debt Securities, to the extent and on the terms described herein and in any accompanying Prospectus Supplement. Under this prospectus, Essex can issue equity securities, debt securities and debt guarantees, and the Operating Partnership can issue only debt securities.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">This prospectus describes some of the general terms that may apply to the Offered Securities. The specific terms of any Offered Securities will be described in a Prospectus Supplement. The specific terms may include limitations on direct or beneficial ownership and restrictions on transfer, in each case as may be appropriate to preserve Essex&#8217;s status as a real estate investment trust (&#8220;REIT&#8221;) for federal income tax purposes. See &#8220;Description of Common Stock &#8212; Restrictions on Ownership and Transfer.&#8221; It is important that you read both this prospectus and the applicable Prospectus Supplement before you invest in the Offered Securities.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The applicable Prospectus Supplement also will contain information, where applicable, about material United States federal income tax considerations relating to, and any listing on a securities exchange of, the Offered Securities covered by such Prospectus Supplement.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Offered Securities may be offered directly, through agents designated from time to time by Essex, or to or through underwriters or dealers. If any agents or underwriters are involved in the sale of any of the Offered Securities, their names, and any applicable purchase price, fee, commission or discount arrangement between or among them, will be set forth, or will be calculable from the information set forth, in the applicable Prospectus Supplement. See &#8220;Plan of Distribution.&#8221; No Offered Securities may be sold without delivery of the applicable Prospectus Supplement describing the plan of distribution and the method and terms of the offering of such series of Offered Securities.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Essex&#8217;s common stock is traded on the New York Stock Exchange (the &#8220;NYSE&#8221;) under the symbol &#8220;ESS.&#8221; On September 23, 2021, the closing sale price of Essex common stock on the NYSE was $330.90 per share.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">YOU SHOULD CONSIDER THE INFORMATION UNDER THE HEADING &#8220;RISK FACTORS&#8221; ON PAGE <a href="#tRF">3</a> OF THIS PROSPECTUS AND THE RISK FACTORS SET FORTH IN THE APPLICABLE PROSPECTUS SUPPLEMENT AND IN THE DOCUMENTS INCORPORATED OR DEEMED TO BE INCORPORATED BY REFERENCE IN THIS PROSPECTUS OR ANY APPLICABLE PROSPECTUS SUPPLEMENTS BEFORE YOU INVEST IN OUR SECURITIES.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; font-weight: bold; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 9.5pt; margin-top: 3pt; text-align: center;">The date of this prospectus is September 24, 2021</div></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_202-toc_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">TABLE OF CONTENTS</div><a name="TOC"><!--Anchor--></a><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold;">&#160;</div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 2.09%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 3.51%; text-align: center; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; text-align: center;">Page</div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tATP">ABOUT THIS PROSPECTUS<font style="padding-left: 4.33pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tATP"><font style="padding-left: 5pt;">1</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tEAT">ESSEX AND THE OPERATING PARTNERSHIP<font style="padding-left: 4.02pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tEAT"><font style="padding-left: 5pt;">2</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tRF">RISK FACTORS<font style="padding-left: 4.32pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tRF"><font style="padding-left: 5pt;">3</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tWYC">WHERE YOU CAN FIND MORE INFORMATION<font style="padding-left: 3.84pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tWYC"><font style="padding-left: 5pt;">4</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tIOC">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE<font style="padding-left: 4.67pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tIOC"><font style="padding-left: 5pt;">4</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tFLS">FORWARD-LOOKING STATEMENTS<font style="padding-left: 0.89pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tFLS"><font style="padding-left: 5pt;">6</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tUOP">USE OF PROCEEDS<font style="padding-left: 0.07pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tUOP"><font style="padding-left: 5pt;">8</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOC">DESCRIPTION OF COMMON STOCK<font style="padding-left: 3.06pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tDOC"><font style="padding-left: 5pt;">9</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOP">DESCRIPTION OF PREFERRED STOCK<font style="padding-left: 2.49pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tDOP">12</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOO">DESCRIPTION OF OTHER SECURITIES<font style="padding-left: 1.76pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tDOO">14</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOD">DESCRIPTION OF DEBT SECURITIES AND GUARANTEES<font style="padding-left: 4.74pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tDOD">15</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCPO">CERTAIN PROVISIONS OF MARYLAND LAW AND ESSEX&#8217;S CHARTER AND BYLAWS<font style="padding-left: 2.82pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tCPO">23</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tDOT">DESCRIPTION OF THE PARTNERSHIP AGREEMENT OF ESSEX PORTFOLIO, L.P. <font style="padding-left: 0.48pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tDOT">28</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tMFI">MATERIAL FEDERAL INCOME TAX CONSIDERATIONS<font style="padding-left: 1.84pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tMFI">32</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tSSH">SELLING SECURITY HOLDERS<font style="padding-left: 1.57pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tSSH">56</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tPOD">PLAN OF DISTRIBUTION<font style="padding-left: 3.98pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tPOD">57</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tLM">LEGAL MATTERS<font style="padding-left: 3.22pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tLM">58</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tEXP">EXPERTS<font style="padding-left: 1.77pt;"></font></a></div></td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 2.09%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 3.51%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 3.22pt; text-align: left;"><a href="#tEXP">58</a></div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">i<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_203-about_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tATP"><!--Anchor--></a>ABOUT THIS PROSPECTUS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left; line-height: 12pt;">This prospectus is part of an automatic shelf registration statement that we filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) as a &#8220;well-known seasoned issuer&#8221; as defined in Rule 405 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), using a &#8220;shelf&#8221; registration process for the delayed offering and sale of securities pursuant to Rule 415 under the Securities Act. Under this process, the Company may sell common stock, preferred stock, depositary shares, warrants, rights, stock purchase contracts, units, debt securities and guarantees by the Company of the debt securities of the Operating Partnership, and the Operating Partnership may sell debt securities, in each case in one or more offerings. In addition, selling security holders to be named in a Prospectus Supplement may sell certain of the Company&#8217;s securities from time to time. This prospectus provides you with a general description of the securities the Company, the Operating Partnership or any selling security holder may offer. Each time the Company, the Operating Partnership or any selling security holder sells securities, the Company, the Operating Partnership or the selling security holder will provide a Prospectus Supplement containing specific information about the terms of the applicable offering. We may also authorize one or more free writing prospectuses to be provided to you that may contain material information relating to these offerings. Such Prospectus Supplement or free writing prospectuses may add, update or change information contained in this prospectus. If there is any inconsistency between the information in this prospectus and any applicable Prospectus Supplement or free writing prospectus, you should rely on the Prospectus Supplement or free writing prospectus, as applicable. Before purchasing any securities, you should carefully read this prospectus and the applicable Prospectus Supplement (and any applicable free writing prospectuses) together with additional information described below under the heading &#8220;Where You Can Find More Information.&#8221;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left; line-height: 11.5pt;">The Company, the Operating Partnership or any selling security holder may offer the securities directly, through agents, or to or through underwriters or dealers. The applicable Prospectus Supplement will describe the terms of the plan of distribution and set forth the names of any agents, underwriters or dealers involved in the sale of the securities. See &#8220;Plan of Distribution&#8221; for more information on this topic. No securities may be sold without delivery of a Prospectus Supplement describing the method and terms of the offering of those securities.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left; line-height: 11.5pt;">Neither Essex nor the Operating Partnership has authorized any person to give any information or to make any representation not contained or incorporated by reference in this prospectus, any applicable Prospectus Supplement or any free writing prospectuses prepared by or on behalf of us or to which we have referred you. You must not rely upon any information or representation not contained or incorporated by reference in this prospectus, any applicable Prospectus Supplement or any free writing prospectuses as if we had authorized it. This prospectus is not an offer to sell or the solicitation of an offer to buy any securities other than the registered securities to which it relates and this prospectus is not an offer to sell or the solicitation of an offer to buy securities in any jurisdiction where, or to any person to whom, it is unlawful to make such offer or solicitation. You should assume that the information appearing in this prospectus and the applicable Prospectus Supplement is accurate only as of the date on its respective cover, that the information appearing in any applicable free writing prospectus is accurate only as of the date of that free writing prospectus, and that any information incorporated by reference is accurate only as of the date of the document incorporated by reference, unless we indicate otherwise. The business, financial condition, results of operations and prospects the Company and the Operating Partnership may have changed since those dates. This prospectus incorporates by reference, and any Prospectus Supplement or free writing prospectus may contain and incorporate by reference, market data and industry statistics and forecasts that are based on independent industry publications and other publicly available information. Although we believe these sources are reliable, we do not guarantee the accuracy or completeness of this information and we have not independently verified this information. In addition, the market and industry data and forecasts that may be included or incorporated by reference in this prospectus, any Prospectus Supplement or any applicable free writing prospectus may involve estimates, assumptions and other risks and uncertainties and are subject to change based on various factors, including those discussed under the heading &#8220;Risk Factors&#8221; contained in this prospectus, the applicable Prospectus Supplement and any applicable free writing prospectus, and under similar headings in other documents that are incorporated by reference into this prospectus. Accordingly, investors should not place undue reliance on this information. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left; line-height: 11.5pt;">Unless stated otherwise or the context otherwise requires, references to the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221; mean collectively Essex Property Trust, Inc. and those entities/subsidiaries owned or controlled by Essex&#160;Property Trust, Inc., including Essex Portfolio, L.P., and references to the &#8220;Operating Partnership&#8221; mean Essex Portfolio, L.P. and those entities/subsidiaries owned or controlled by Essex Portfolio, L.P. Unless stated otherwise or the context otherwise requires, references to &#8220;Essex&#8221; mean Essex Property Trust, Inc., not including any of its subsidiaries. When we refer to Essex&#8217;s &#8220;Charter,&#8221; we mean Essex&#8217;s articles of incorporation, as amended, supplemented and restated from time to time.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">1<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_203-about_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tEAT"><!--Anchor--></a>ESSEX AND THE OPERATING PARTNERSHIP</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Essex is an S&amp;P 500 company that operates as a self-administered and self-managed REIT under the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). Essex owns all of its interest in its real estate and other investments directly or indirectly through the Operating Partnership. Essex is the sole general partner of the Operating Partnership and, as of June&#160;30, 2021, owned a 96.6% general partnership interest in the Operating Partnership.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Essex has elected to be treated as a REIT for federal income tax purposes, commencing with the year ended December&#160;31, 1994. The Company completed its initial public offering on June&#160;13, 1994. In order to maintain compliance with REIT tax rules, the Company utilizes taxable REIT subsidiaries for various revenue generating or investment activities. All taxable REIT subsidiaries are consolidated by the Company.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast of the United States. As of June&#160;30, 2021, the Company owned or had ownership interests in 246 operating apartment communities, aggregating 60,920 apartment homes, excluding the Company&#8217;s ownership interest in preferred equity co-investments, loan investments, one operating commercial building, and a development pipeline comprised of two consolidated projects and one unconsolidated joint venture project.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">2<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_204-risk_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tRF"><!--Anchor--></a>RISK FACTORS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">An investment in any Offered Securities involves significant risks. Before making an investment decision, you should carefully consider the risk factors incorporated by reference to our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K we file after the date of this prospectus, and all other information contained or incorporated by reference into this prospectus, as updated by our subsequent filings under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), and the risk factors and other information contained in the applicable Prospectus Supplement and any applicable free writing prospectus before acquiring any of such securities. The risks and uncertainties we have described are not the only ones facing us. Additional risks and uncertainties not known to us or that we deem immaterial may also affect our business operations. The occurrence of any of these risks might cause you to lose all or part of your investment in the Offered Securities. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">3<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_205-info_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tWYC"><!--Anchor--></a>WHERE YOU CAN FIND MORE INFORMATION</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Essex and/or the Operating Partnership file annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains a website that contains reports, proxy and information statements, and other information regarding registrants that file electronically with the SEC (http://www.sec.gov). In addition, you can inspect reports and other information we file at the offices of the New York Stock Exchange, LLC, 20&#160;Broad Street, New York, New York 10005.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Company&#8217;s website address is http://www.essex.com. The information found on, or otherwise accessible through, our website is not incorporated by reference into, and does not form a part of, this prospectus or any other report or document that either Essex or the Operating Partnership files with or furnishes to the SEC.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">This prospectus and any Prospectus Supplement are part of a registration statement that we filed with the SEC and do not contain all of the information in the registration statement. The full registration statement may be obtained from the SEC or us, as provided below. Forms of the indenture and other documents establishing the terms of the Offered Securities are or may be filed as exhibits to the registration statement or documents incorporated by reference in the registration statement. Statements in this prospectus or any Prospectus Supplement about these documents are summaries and each statement is qualified in all respects by reference to the document to which it refers. You should refer to the actual documents for a more complete description of the relevant matters. You may inspect a copy of the registration statement through the SEC&#8217;s website, as provided above. </div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;"><a name="tIOC"><!--Anchor--></a>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">This prospectus &#8220;incorporates by reference&#8221; certain information we file with the SEC, which means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is an important part of this prospectus. Any statement contained in a document which is incorporated by reference in this prospectus is automatically updated and superseded if information contained in this prospectus, or information that we later file with the SEC, modifies or replaces this information. We incorporate by reference the following documents filed with the SEC:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Essex&#8217;s and the Operating Partnership&#8217;s combined Annual Report on Form 10-K for the year ended December&#160;31, 2020, filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/920522/000092052220000026/ess-123119x10k.htm">February&#160;19, 2021</a>;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The information specifically incorporated by reference into Essex&#8217;s and the Operating Partnership&#8217;s Annual Report on Form 10-K from Essex&#8217;s Definitive Proxy Statement on Schedule 14A, filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/920522/000114036121010129/nc10019546x1_def14a.htm">March&#160;26, 2021</a>; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Essex&#8217;s and the Operating Partnership&#8217;s combined Quarterly Reports on Form 10-Q for the quarters ended March&#160;31, 2021 and June&#160;30, 2021, filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/920522/000092052221000019/ess-20210331.htm">April&#160;28, 2021</a> and <a href="https://www.sec.gov/Archives/edgar/data/920522/000092052221000049/ess-20210630.htm">July&#160;30, 2021</a>, respectively;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Current Reports on Form 8-K jointly filed by Essex and the Operating Partnership with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/920522/000114036121005850/nt10020609x4_8k.htm">February&#160;23, 2021</a>, <a href="https://www.sec.gov/Archives/edgar/data/920522/000114036121006667/nt10020609x5_8k.htm">March&#160;1, 2021</a>, <a href="https://www.sec.gov/Archives/edgar/data/920522/000114036121017243/brhc10024527_8k.htm">May&#160;13, 2021</a>, <a href="https://www.sec.gov/Archives/edgar/data/920522/000114036121017881/nt10024612x4_8k.htm">May&#160;18, 2021</a> and <a href="https://www.sec.gov/Archives/edgar/data/920522/000114036121019424/nt10024612x5_8k.htm">June&#160;1, 2021</a>; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The description of the common stock of Essex contained in its Registration Statement on Form 8-A filed with the SEC on May&#160;27, 1994, including any amendment or report filed for the purpose of updating such description.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition, each of Essex and the Operating Partnership incorporates by reference herein any filings it makes with the SEC under Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus and prior to the termination of the offering. Such documents are considered to be a part of this prospectus, effective as of the date such documents are filed. In the event of conflicting information in these documents, the information in the latest filed document should be considered correct.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Notwithstanding any statement contained elsewhere in this prospectus to the contrary, any document, portion of or exhibit to a document or other information that is deemed to have been &#8220;furnished&#8221; to (rather than &#8220;filed&#8221; with) the SEC (including, without limitation, information furnished pursuant to Item 2.02 or 7.01 of Form 8-K) shall not be incorporated or deemed to be incorporated by reference in this prospectus.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">4<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_205-info_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If you request, either orally or in writing, we will provide you with a copy of any or all documents that are incorporated by reference. Such documents will be provided to you free of charge, but will not contain any exhibits, unless those exhibits are incorporated by reference into the document. A written request should be addressed to us at the following address: </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; text-align: center;">Essex Property Trust, Inc.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">1100 Park Place, Suite 200<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">San Mateo, California 94403<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Attention: Secretary<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Telephone: (650) 655-7800</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">5<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_206-fls_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tFLS"><!--Anchor--></a>FORWARD-LOOKING STATEMENTS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">This prospectus contains or incorporates by reference forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, and are subject to the &#8220;safe harbor&#8221; provisions created by these statutes. All statements, other than statements of historical facts, that address activities, events or developments that we intend, expect, hope, project, believe or anticipate will or may occur in the future are forward-looking statements. Words such as &#8220;expects,&#8221; &#8220;assumes,&#8221; &#8220;anticipates,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;projects,&#8221; &#8220;believes,&#8221; &#8220;seeks,&#8221; &#8220;future,&#8221; &#8220;estimates,&#8221; and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, among other things, statements regarding our expectations related to the continued impact of the COVID-19 pandemic on our business, financial condition and results of operations and the impact of any additional measures taken to mitigate the impact of the pandemic, our intent, beliefs or expectations with respect to the timing of completion of current development and redevelopment projects and the stabilization of such projects, the timing of lease-up and occupancy of our apartment communities, the anticipated operating performance of our apartment communities, the total projected costs of development and redevelopment projects, co-investment activities, qualification as a REIT under the Code, the real estate markets in the geographies in which our properties are located and in the United States in general, the adequacy of future cash flows to meet anticipated cash needs, our financing activities and the use of proceeds from such activities, the availability of debt and equity financing, general economic conditions including the potential impacts from such economic conditions, including as a result of the COVID-19 pandemic and governmental measures intended to prevent its spread, trends affecting our financial condition or results of operations, changes to U.S. tax laws and regulations in general or specifically related to REITs or real estate, changes to laws and regulations in jurisdictions in which communities we own are located, and other information that is not historical information.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">While our management believes the assumptions underlying the forward-looking statements are reasonable, such forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. We cannot assure the future results or outcome of the matters described in these statements; rather, these statements merely reflect our current expectations of the approximate outcomes of the matters discussed. Factors that might cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, the following: the continued impact of the COVID-19 pandemic, which remains inherently uncertain as to duration and severity, and any additional governmental measures taken to limit its spread and other potential future outbreaks of infectious diseases or other health concerns could continue to adversely affect our business and our tenants, and cause a significant downturn in general economic conditions, the real estate industry, and the markets in which our communities are located; we may fail to achieve our business objectives; the actual completion of development and redevelopment projects may be subject to delays; the stabilization dates of such projects may be delayed; we may abandon or defer development or redevelopment projects for a number of reasons, including changes in local market conditions which make development less desirable, increases in costs of development, increases in the cost of capital or lack of capital availability, resulting in losses; the total projected costs of current development and redevelopment projects may exceed expectations; such development and redevelopment projects may not be completed; development and redevelopment projects and acquisitions may fail to meet expectations; estimates of future income from an acquired property may prove to be inaccurate; occupancy rates and rental demand may be adversely affected by competition and local economic and market conditions; there may be increased interest rates and operating costs; we may be unsuccessful in the management of our relationships with our co-investment partners; future cash flows may be inadequate to meet operating requirements and/or may be insufficient to provide for dividend payments in accordance with REIT requirements; changes in laws or regulations; the terms of any refinancing may not be as favorable as the terms of existing indebtedness; unexpected difficulties in leasing of development projects; volatility in financial and securities markets; our failure to successfully operate acquired properties; unforeseen consequences from cyber-intrusion; our inability to maintain our investment grade credit rating with the rating agencies; government approvals, actions and initiatives, including the need for compliance with environmental requirements; and those further risks, special considerations, and other factors referred to in this prospectus or the documents incorporated by reference in this prospectus, including our Annual Report on Form 10-K for the year ended December&#160;31, 2020, and in our other filings with the SEC. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">6<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_206-fls_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">All forward-looking statements included or incorporated by reference in this prospectus are made as of the date hereof, based on information available to us as of the date hereof, and we assume no obligation to update any forward-looking statement or statements for any reason. It is important to note that such forward-looking statements are subject to risks and uncertainties and that our actual results could differ materially from those in such forward-looking statements. Additionally, the risks, uncertainties and other factors set forth above or otherwise referred to in the reports that the Company has filed with the SEC may be further amplified by the global impact of the COVID-19 pandemic. The risk factors set forth in any applicable Prospectus Supplement and those in Item 1A, &#8220;Risk Factors,&#8221; of our most recent Annual Report on Form 10-K and in the future Annual&#160;Reports on Form 10-K and Quarterly Reports on Form 10-Q that Essex and the Operating Partnership file with the SEC from time to time, and in our other filings with the SEC, set forth factors that in the future could affect our actual results and could cause our actual results to differ materially from those expressed in any forward-looking statement made by us. You are cautioned not to place undue reliance on forward-looking statements contained in this prospectus.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">7<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_207-use_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tUOP"><!--Anchor--></a>USE OF PROCEEDS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Unless we indicate otherwise in the applicable Prospectus Supplement, the Company intends to contribute the net proceeds from any sale of its securities pursuant to this prospectus to our Operating Partnership. Our Operating Partnership intends to subsequently use the net proceeds contributed by the Company, as well as any net proceeds from the sale of its debt securities pursuant to this prospectus, to potentially acquire, develop, or redevelop properties, which primarily will be apartment communities, to make other investments and for working capital or general corporate purposes, which may include the repayment of indebtedness. Pending application of the net proceeds from the sale of the Offered Securities, such proceeds initially may be invested in short-term securities. Further details regarding the use of the net proceeds from the sale of a specific series or class of the securities will be set forth in the applicable Prospectus Supplement. We will not receive any of the proceeds from sales of Offered Securities by selling security holders, if any, pursuant to this prospectus.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">8<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_208-description_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDOC"><!--Anchor--></a>DESCRIPTION OF COMMON STOCK</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following is a summary of the general terms of the Company&#8217;s common stock. This description is not complete and is subject to, and qualified in its entirety by reference to, the Maryland General Corporation Law and our Charter and Bylaws, copies of which are exhibits to the registration statement of which this prospectus is a part. See &#8220;Where You Can Find More Information&#8221; and &#8220;Incorporation of Certain Documents by Reference.&#8221;</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">General</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">As of June&#160;30, 2021, the total number of shares of stock of all classes which the Company has authority to issue is 1,000,000,000 shares (par value $.0001 per share), consisting of 670,000,000 shares of common stock and 330,000,000 shares of excess stock.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">As of June&#160;30, 2021, there were 65,003,996 shares of common stock outstanding. Also, as of June&#160;30, 2021, under the Essex Property Trust, Inc. 2018 Stock Award and Incentive Compensation Plan (the &#8220;2018 Plan&#8221;), there were options outstanding to acquire 424,758 shares of common stock. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">As of June&#160;30, 2021, an aggregate of 2,187,623 shares of common stock may be issued upon the conversion of limited partnership interests in the Operating Partnership and an additional 106,137 shares of common stock would be issuable in exchange for outstanding Long Term Incentive Plan (&#8220;LTIP&#8221;) units and other outstanding incentive compensation units in the Operating Partnership, subject to meeting certain requirements. In addition, as of June&#160;30, 2021, certain partners in limited partnerships in which the Operating Partnership has invested had the right to have their limited partnership interests in such partnership(s) redeemed for cash or, at our option, subject to certain restrictions, for an aggregate of 1,015,116 shares of common stock. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Common Stock</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following description of the common stock sets forth certain general terms and provisions of the common stock. This description is in all respects subject to and qualified in its entirety by reference to the applicable provisions of Essex&#8217;s Charter and Bylaws and the Maryland General Corporation Law. The common stock is listed on the NYSE under the symbol &#8220;ESS.&#8221; Computershare Trust Company, N.A. is Essex&#8217;s transfer agent.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Under Maryland law, stockholders generally are not personally liable for the Company&#8217;s debts or obligations solely as a result of their status as stockholders. The holders of the outstanding shares of common stock are entitled to one vote per share on all matters voted on by stockholders, including the election of directors. The Charter provides that shares of common stock do not have cumulative voting rights.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our Charter authorizes the Board of Directors of Essex (the &#8220;Board of Directors&#8221;), without stockholder approval, to reclassify any unissued shares of our common stock into other classes or series of stock, to establish the designation and number of shares of each such class or series and to set, subject to the provisions of our Charter regarding the restrictions on ownership and transfer of our stock, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of each such class or series.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The shares of common stock offered hereby will be fully paid and nonassessable and will not be subject to preemptive or similar rights. Subject to the preferential rights of any outstanding class or series of capital stock, the holders of common stock are entitled to such distributions as may be authorized from time to time by the Board of Directors and declared by Essex from funds available for distribution to such holders. Essex currently pays regular quarterly dividends to holders of common stock out of funds legally available for distribution when, and if, authorized by the Board of Directors and declared by Essex.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In the event of a liquidation, dissolution or winding up of Essex, the holders of common stock are entitled to receive ratably the assets remaining after satisfaction of all liabilities and payment of liquidation preferences and accrued dividends, if any, on any class or series of capital stock that has a liquidation preference. The rights of holders of common stock are subject to the rights and preferences established by the Board of Directors for any stock that may subsequently be issued by Essex.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We are required to seek certain information from all persons who own, directly or by virtue of the attribution provisions of the Code, more than a certain percentage of our outstanding stock. Stockholders who do </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">9<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_208-description_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">not provide us with the information requested are required to submit such information with their U.S. federal income tax returns. See &#8220;Material Federal Income Tax Considerations &#8212; Taxation of Our Company &#8212; Requirements for Qualification as a REIT.&#8221;</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Restrictions on Ownership and Transfer</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In order for Essex to qualify as a REIT under the Code, among other requirements, no more than 50% of the value of the outstanding shares of our stock may be owned, directly or indirectly, by five or fewer individuals, as defined in the Code, during the last half of a taxable year (other than our first year as a REIT) or during a proportionate part of a shorter taxable year. In addition, our stock must be owned by 100 or more persons during at least 335 days of a taxable year of 12 months (other than our first year as a REIT) or during a proportionate part of a shorter taxable year. See &#8220;Material Federal Income Tax Considerations &#8212; Taxation of Our Company &#8212; Requirements for Qualification as a REIT.&#8221;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Charter, subject to certain exceptions, provides an &#8220;ownership limit&#8221; under which no stockholder, other than George M. Marcus (and his wife and children, trusts for the benefit of his descendants and, upon his death, his heirs), may own, or be deemed to own by virtue of the attribution provisions of the Code, more than 6.0% of the value of the issued and outstanding shares of our stock (not including any shares of excess stock). However, the ownership limit provisions provide that a qualified trust, as defined in the Charter, generally may own up to 9.9% of the value of the outstanding shares of our stock. The ownership limit provisions provide that George M.&#160;Marcus (and his wife and children, trusts for the benefit of his descendants and, upon his death, his heirs) may own up to 25% of the value of the outstanding shares of our stock. The Board of Directors may also exempt an underwriter of a public offering of our stock or a person who is not an &#8220;individual&#8221; (as defined under the Code to include certain entities) from the ownership limit if it received, among other things, satisfactory evidence that such stockholder&#8217;s ownership of Essex&#8217;s shares in excess of the ownership limit will not jeopardize Essex&#8217;s status as a REIT. As a condition to providing such an exemption, the Board of Directors must receive an opinion of counsel or ruling of the Internal Revenue Service and representations and agreements from the applicant with respect to preserving Essex&#8217;s REIT status. However, the Board of Directors may not grant an exemption to the ownership limit if the applicant would own more than 25% of the value of the outstanding shares of Essex&#8217;s stock, unless, in addition to the foregoing, the Board of Directors receives a ruling from the Internal Revenue Service to the effect that such an exemption will not jeopardize Essex&#8217;s status as a REIT. The Board of Directors may also increase the ownership limit to a maximum of 9.9% and, in connection therewith, require opinions of counsel, affidavits, undertakings or agreements as it may deem necessary or advisable in order to preserve Essex&#8217;s REIT status. If the Board of Directors and Essex&#8217;s stockholders determine that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a REIT, the ownership limit provisions of the Charter can be terminated.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If a stockholder attempts to transfer shares of stock that would (i)&#160;create a direct or indirect ownership of Essex&#8217;s shares in excess of the ownership limit absent a Board exemption, (ii)&#160;result in the ownership of Essex&#8217;s stock by fewer than 100 persons, or (iii)&#160;result in the ownership of more than 50% of the value of Essex&#8217;s stock (other than excess stock), directly or indirectly, by five or fewer individuals, as defined in the Code, the transfer shall be null and void, and the intended transferee will acquire no rights to the shares. In addition, in the event of a transfer or attempted transfer, or other event, that would result in any person owning, directly or indirectly, shares of Essex stock in excess of the ownership limit (or any limit created in connection with an exemption from the ownership limit) or that would result in the ownership of more than 50% of the value of Essex&#8217;s stock, directly or indirectly, by five or fewer persons, such shares of our stock will automatically be exchanged for shares of &#8220;excess stock.&#8221; All shares of excess stock will be automatically transferred, without action by the purported holder, to a person who is unaffiliated with us or the intended transferee, as trustee for the exclusive benefit of one or more organizations described in Sections 170(b), 170(c) or 501(c)(3) of the Code as a charitable beneficiary and designated by resolution of the Board of Directors. Such shares of excess stock held in trust are considered issued and outstanding shares of Essex&#8217;s stock. In general, the trustee of such shares is deemed to own the shares of excess stock held in trust for the exclusive benefit of the charitable beneficiary on the day prior to the date of the purported transfer or change in capital structure which resulted in the automatic transfer and has all voting rights and all right to receive distributions payable with respect to the excess shares. Any dividend or other distribution paid prior to the discovery by Essex that shares were exchanged for excess </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">10<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_208-description_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">stock must be repaid by the recipient to Essex upon demand or, if Essex elects, will be offset against any future dividends or distributions payable to the recipient. Subject to Maryland law, any vote cast by the purported owner of excess shares will be rescinded and recast in accordance with the direction of the trustee acting for the benefit of the charitable beneficiary.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Essex may cause the trustee to transfer a beneficial interest in the trust representing a number of shares of excess stock if the shares of excess stock would not be excess stock in the hands of the identified transferee. In the event of such a transfer, the purported transferee of the shares exchanged for excess stock may receive a price for its interest in such shares that is the lesser of (i)&#160;the price paid by the purported transferee or, if the purported transferee did not give value for the shares in connection with the event causing shares to be exchanged for excess stock (e.g., a gift, devise or other similar transaction), the Market Price (as defined in Essex&#8217;s Charter) of the shares on the day of the event causing the shares to be exchanged for excess stock and (ii)&#160;the price received by the trustee from the sale or other disposition of the shares of excess stock. Upon any such a transfer, the shares of excess stock will automatically be exchanged for an equal number of shares of stock of the class and series originally exchanged for such shares of excess stock.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Shares of excess stock held in the trust will be deemed to have been offered for sale to Essex, or its designee, at a price per share equal to the lesser of (i)&#160;the price per share in the transaction that resulted in the exchange for shares of excess stock (or, in the case of a devise or gift, the Market Price at the time of the devise or gift) and (ii)&#160;the Market Price on the date that Essex, or its designee, accepts the offer. Essex will have the right to accept the offer for a period of ninety days after the later of the date of the transaction that resulted in the exchange for shares of excess stock and, if Essex does not receive prior notice of such transaction, the date that the Board of Directors determines in good faith that a transaction resulting in excess stock has occurred.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Every owner of more than 5% (or such lower percentage as required by the Code or the regulations promulgated thereunder) of our stock, within 30 days after the end of each taxable year, must give us written notice stating the stockholder&#8217;s name and address, the number of shares of each class and series of our stock that the stockholder beneficially or constructively owns and a description of the manner in which the shares are held. Each such owner must provide to us in writing such additional information as we may request in order to determine the effect, if any, of the stockholder&#8217;s beneficial ownership on our status as a REIT and to ensure compliance with the ownership limits. In addition, each person who is a beneficial owner or constructive owner of shares of our stock and each person (including the stockholder of record) who is holding shares of our stock for a beneficial owner or constructive owner must, on request, provide to us such information as we may request in order to determine our status as a REIT and to ensure compliance with the ownership limits.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Even if the provisions of the Code regarding REITs are changed to eliminate any ownership concentration limitation or increase the limitation, the ownership limitations in the Charter will not be automatically eliminated or modified. Except as described above, any change to such limitations would require an amendment to the Charter, which in turn would require the affirmative vote of holders owning a majority of the outstanding shares of Essex&#8217;s common stock. In addition to preserving Essex&#8217;s status as a REIT, the ownership limit provisions in the Charter may have the effect of precluding an acquisition of control of Essex without the approval of the Board of Directors.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">All certificates representing shares of our equity stock will bear a legend referring to the restrictions described above.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">11<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_208-description_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDOP"><!--Anchor--></a>DESCRIPTION OF PREFERRED STOCK</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">General</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Subject to limitations prescribed by the Maryland General Corporation Law and Essex&#8217;s Charter, the Board of Directors may authorize Essex to issue, from its authorized but unissued shares of capital stock, preferred stock in such classes or series as the Board of Directors may determine and may establish from time to time the number of shares of preferred stock to be included in any such class or series and fix the designation and any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of the shares of any such class or series, and such other subjects or matters as the Board may fix by resolution of the Board. The issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of Essex.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Preferred stock, upon filing with, and acceptance for record by, the State Department of Assessments and Taxation of Maryland of articles supplementary setting forth the terms of the class or series of preferred stock, and issuance against full payment of the purchase price therefor, will be fully paid and nonassessable. The specific terms of a particular class or series of preferred stock will be described in the Prospectus Supplement relating to that class or series, including a Prospectus Supplement providing that preferred stock may be issuable upon the exercise of Warrants issued by Essex. The description of preferred stock set forth below and the description of the terms of a particular class or series of preferred stock set forth in a Prospectus Supplement do not purport to be complete and are qualified in their entirety by reference to the articles supplementary relating to that class or series.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The preferences and other terms of the preferred stock of each class or series will be fixed by the articles supplementary relating to such class or series. A Prospectus Supplement, relating to each class or series, will specify the terms of the preferred stock as follows:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The title and par value of such preferred stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The number of shares of such preferred stock offered, the liquidation preference per share and the offering price of such preferred stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The dividend rate(s), period(s), and/or payment date(s) or method(s) of calculation thereof applicable to such preferred stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(4)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Whether dividends on such preferred stock are cumulative or not and, if cumulative, the date from which dividends on such preferred stock shall accumulate;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(5)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The provision for a sinking fund, if any, for such preferred stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(6)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The provision for redemption, if applicable, of such preferred stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(7)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Any listing of such preferred stock on any securities exchange;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(8)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The terms and conditions, if applicable, upon which such preferred stock will be converted into common stock, including the conversion price (or manner of calculation thereof);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(9)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">A discussion of any material federal income tax considerations applicable to such preferred stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(10)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Any limitations on direct or beneficial ownership and restrictions on transfer, in each case as may be appropriate to preserve the status of Essex as a REIT;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(11)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The relative ranking and preferences of such preferred stock as to dividend rights and rights upon liquidation, dissolution or winding up of the affairs of Essex;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(12)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Any limitations on issuance of any class or series of preferred stock ranking senior to or on a parity with such class or series of preferred stock as to dividend rights and rights upon liquidation, dissolution or winding up of the affairs of Essex;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(13)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Any other specific terms, preferences, rights, limitations or restrictions of such preferred stock; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(14)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Any voting rights of such preferred stock.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">12<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_208-description_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Rank</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Unless otherwise specified in the Prospectus Supplement, the preferred stock will, with respect to dividend rights and rights upon liquidation, dissolution or winding up of Essex, rank (i)&#160;senior to all classes or series of common stock and excess stock of Essex, and to all equity securities ranking junior to such preferred stock with respect to dividend rights and rights upon liquidation, dissolution or winding up of Essex; (ii)&#160;on a parity with all equity securities issued by Essex the terms of which specifically provide that such equity securities rank on a parity with the preferred stock with respect to dividends rights or rights upon liquidation, dissolution or winding up of Essex; and (iii)&#160;junior to all equity securities issued by Essex the terms of which specifically provide that such equity securities rank senior to the preferred stock with respect to dividend rights or rights upon liquidation, dissolution or winding up of Essex.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Conversion Rights</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The terms and conditions, if any, upon which any shares of any class or series of preferred stock are convertible into common stock will be set forth in the applicable Prospectus Supplement relating thereto. Such terms will include the number of shares of common stock into which the shares of preferred stock are convertible, the conversion price (or manner of calculation thereof), the conversion period, provisions as to whether conversion will be at the option of the holders of such class or series of preferred stock or Essex, the events requiring an adjustment of the conversion price and provisions affecting conversion in the event of the redemption of such class or series of preferred stock.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Restrictions on Ownership and Transfer</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">To assist us in complying with certain federal income tax requirements applicable to REITs, we have adopted certain restrictions relating to the ownership and transfer of our stock. See &#8220;Description of Common Stock &#8212; Restrictions on Ownership and Transfer.&#8221; The applicable Prospectus Supplement will specify any additional ownership limitations relating to a class or series of preferred stock.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">13<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_208-description_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDOO"><!--Anchor--></a>DESCRIPTION OF OTHER SECURITIES</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We will set forth in the applicable Prospectus Supplement a description of any depositary shares, warrants and other rights, stock purchase contracts or units issued by us that may be offered and sold pursuant to this prospectus.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">14<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_208-description_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDOD"><!--Anchor--></a>DESCRIPTION OF DEBT SECURITIES AND GUARANTEES</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following description, together with the additional information we include in any applicable Prospectus Supplement or free writing prospectus, summarizes certain general terms and provisions of the debt securities that we may offer under this prospectus. When we offer to sell a particular series of debt securities, we will describe the specific terms of the series in a supplement to this prospectus. We will also indicate in the supplement to what extent the general terms and provisions described in this prospectus apply to a particular series of debt securities. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may issue debt securities either separately, or together with, or upon the conversion or exercise of or in exchange for, other securities described in this prospectus. Debt securities may be our senior, senior subordinated or subordinated obligations and, unless otherwise specified in a supplement to this prospectus, the debt securities will be our direct, unsecured obligations and may be issued in one or more series. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The debt securities will be issued under an indenture between us and a trustee named in the prospectus supplement. We have summarized select portions of the indenture below. The summary is not complete. The form of the indenture has been filed as an exhibit to the registration statement and you should read the indenture for provisions that may be important to you. In the summary below, we have included references to the section numbers of the indenture so that you can easily locate these provisions. Capitalized terms used in the summary and not defined herein have the meanings specified in the indenture. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">As used in this section only, &#8220;the Operating Partnership,&#8221; &#8220;we,&#8221; &#8220;our&#8221; or &#8220;us&#8221; refer to Essex Portfolio, L.P. excluding its subsidiaries, unless expressly stated or the context otherwise requires. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">General </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The terms of each series of debt securities will be established by or pursuant to a resolution of Essex&#8217;s Board of Directors and set forth or determined in the manner provided in a resolution of Essex&#8217;s Board of Directors, in an officer&#8217;s certificate or by a supplemental indenture. (Section 2.2) The particular terms of each series of debt securities will be described in a Prospectus Supplement relating to such series (including any pricing supplement or term sheet). </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We can issue an unlimited amount of debt securities under the indenture that may be in one or more series with the same or various maturities, at par, at a premium, or at a discount. (Section 2.1) We will set forth in a Prospectus Supplement (including any pricing supplement or term sheet) relating to any series of debt securities being offered, the aggregate principal amount and the following terms of the debt securities, if applicable: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the title and ranking of the debt securities (including the terms of any subordination provisions); </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the price or prices (expressed as a percentage of the principal amount) at which we will sell the debt securities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any limit on the aggregate principal amount of the debt securities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the date or dates on which the principal of the securities of the series is payable; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the rate or rates (which may be fixed or variable) per annum or the method used to determine the rate or rates (including any commodity, commodity index, stock exchange index or financial index) at which the debt securities will bear interest, the date or dates from which interest will accrue, the date or dates on which interest will commence and be payable and any regular record date for the interest payable on any interest payment date; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the place or places where principal of, and interest, if any, on the debt securities will be payable (and the method of such payment), where the securities of such series may be surrendered for registration of transfer or exchange, and where notices and demands to us in respect of the debt securities may be delivered; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the period or periods within which, the price or prices at which and the terms and conditions upon which we may redeem the debt securities; </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">15<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_208-description_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any obligation we have to redeem or purchase the debt securities pursuant to any sinking fund or analogous provisions or at the option of a holder of debt securities and the period or periods within which, the price or prices at which and in the terms and conditions upon which securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the dates on which and the price or prices at which we will repurchase debt securities at the option of the holders of debt securities and other detailed terms and provisions of these repurchase obligations; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the denominations in which the debt securities will be issued, if other than denominations of $1,000 and any integral multiple thereof; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">whether the debt securities will be issued in the form of certificated debt securities or global debt securities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the portion of principal amount of the debt securities payable upon declaration of acceleration of the maturity date, if other than the principal amount; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the currency of denomination of the debt securities, which may be United States Dollars or any foreign currency, and if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the designation of the currency, currencies or currency units in which payment of principal of, premium and interest on the debt securities will be made; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if payments of principal of, premium or interest on the debt securities will be made in one or more currencies or currency units other than that or those in which the debt securities are denominated, the manner in which the exchange rate with respect to these payments will be determined; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the manner in which the amounts of payment of principal of, premium, if any, or interest on the debt securities will be determined, if these amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any provisions relating to any security provided for the debt securities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any addition to, deletion of or change in the Events of Default described in this prospectus or in the indenture with respect to the debt securities and any change in the acceleration provisions described in this prospectus or in the indenture with respect to the debt securities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any addition to, deletion of or change in the covenants described in this prospectus or in the indenture with respect to the debt securities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to the debt securities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the provisions, if any, relating to conversion or exchange of any debt securities of such series, including if applicable, the conversion or exchange price and period, provisions as to whether conversion or exchange will be mandatory, the events requiring an adjustment of the conversion or exchange price and provisions affecting conversion or exchange; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any other terms of the debt securities, which may supplement, modify or delete any provision of the indenture as it applies to that series, including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of the securities; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">whether any of our direct or indirect subsidiaries will guarantee the debt securities of that series, including the terms of subordination, if any, of such guarantees. (Section 2.2) </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may issue debt securities that provide for an amount less than their stated principal amount to be due and payable upon declaration of acceleration of their maturity pursuant to the terms of the indenture. We will provide you with information on the federal income tax considerations and other special considerations applicable to any of these debt securities in the applicable Prospectus Supplement. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If we denominate the purchase price of any of the debt securities in a foreign currency or currencies or a foreign currency unit or units, or if the principal of and any premium and interest on any series of debt securities </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">16<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_208-description_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">is payable in a foreign currency or currencies or a foreign currency unit or units, we will provide you with information on the restrictions, elections, general tax considerations, specific terms and other information with respect to that issue of debt securities and such foreign currency or currencies or foreign currency unit or units in the applicable Prospectus Supplement. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Transfer and Exchange </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Each debt security will be represented by either one or more global securities registered in the name of The Depository Trust Company, or the Depositary, or a nominee of the Depositary (we will refer to any debt security represented by a global debt security as a &#8220;book-entry debt security&#8221;), or a certificate issued in definitive registered form (we will refer to any debt security represented by a certificated security as a &#8220;certificated debt security&#8221;) as set forth in the applicable Prospectus Supplement. Except as set forth under the heading &#8220;Global Debt Securities and Book-Entry System&#8221; below, book-entry debt securities will not be issuable in certificated form. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Certificated Debt Securities. You may transfer or exchange certificated debt securities at any office we maintain for this purpose in accordance with the terms of the indenture. (Section 2.4) No service charge will be made for any transfer or exchange of certificated debt securities, but we may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with a transfer or exchange. (Section 2.7) </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">You may effect the transfer of certificated debt securities and the right to receive the principal of, and premium and interest on, certificated debt securities only by surrendering the certificate representing those certificated debt securities and either reissuance by us or the trustee of the certificate to the new holder or the issuance by us or the trustee of a new certificate to the new holder. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Global Debt Securities and Book-Entry System. Each global debt security representing book-entry debt securities will be deposited with, or on behalf of, the Depositary, and registered in the name of the Depositary or a nominee of the Depositary. Please see &#8220;Global Securities.&#8221; </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19pt; margin-left: 0pt; text-align: left;">Covenants </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We will set forth in the applicable Prospectus Supplement any restrictive covenants applicable to any issue of debt securities. (Article IV) </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">No Protection in the Event of a Change of Control </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Unless we state otherwise in the applicable Prospectus Supplement, the debt securities will not contain any provisions which may afford holders of the debt securities protection in the event we have a change in control or in the event of a highly leveraged transaction (whether or not such transaction results in a change in control) which could adversely affect holders of debt securities. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 19.5pt; margin-left: 0pt; text-align: left;">Consolidation, Merger and Sale of Assets </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of our properties and assets to any person (a &#8220;successor person&#8221;) unless: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">we are the surviving entity or the successor person (if other than the Operating Partnership) is a corporation, partnership, trust or other entity organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes our obligations on the debt securities and under the indenture; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if we are not the successor person, then each guarantor, unless it has become the successor person, shall confirm that its guarantee shall continue to apply to the obligations under the securities and the indenture to the same extent as prior to such merger, conveyance, transfer or lease, as applicable. </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Notwithstanding the above, any of our subsidiaries may consolidate with, merge into or transfer all or part of its properties to us. (Section 5.1) </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">17<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_208-description_pg10"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Guarantees </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">Unless otherwise described in the applicable Prospectus Supplement, the debt securities issued by the Operating Partnership will be fully and unconditionally guaranteed by Essex. These guarantees will be joint and several obligations of the guarantors. If a series of debt securities is so guaranteed, an indenture, or a supplemental indenture thereto, will be executed by the guarantors. The obligations of the guarantors under the guarantee will be limited as necessary to prevent that guarantee from constituting a fraudulent conveyance under applicable law. The terms of the guarantees will be set forth in the applicable Prospectus Supplement. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Events of Default </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">&#8220;Event of Default&#8221; means with respect to any series of debt securities, any of the following: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">default in the payment of any interest upon any debt security of that series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire amount of the payment is deposited by us with the trustee or with a paying agent prior to the expiration of the 30-day period); </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">default in the payment of principal of any security of that series at its maturity; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">default in the performance or breach of any other covenant or warranty by us in the indenture (other than a covenant or warranty that has been included in the indenture solely for the benefit of a series of debt securities other than that series), which default continues uncured for a period of 60 days after we receive written notice from the trustee or the Operating Partnership and the trustee receive written notice from the holders of not less than a majority in principal amount of the outstanding debt securities of that series as provided in the indenture; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">certain voluntary or involuntary events of bankruptcy, insolvency or reorganization of the Operating Partnership or any guarantor; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any other Event of Default provided with respect to debt securities of that series that is described in the applicable Prospectus Supplement. (Section 6.1) </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">No Event of Default with respect to a particular series of debt securities (except as to certain events of bankruptcy, insolvency or reorganization) necessarily constitutes an Event of Default with respect to any other series of debt securities. (Section 6.1) The occurrence of certain Events of Default or an acceleration under the indenture may constitute an event of default under certain indebtedness of ours or our subsidiaries outstanding from time to time. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We will provide the trustee written notice of any Default or Event of Default within 30 days of becoming aware of the occurrence of such Default or Event of Default, which notice will describe in reasonable detail the status of such Default or Event of Default and what action we are taking or propose to take in respect thereof. (Section 6.1)</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If an Event of Default with respect to debt securities of any series at the time outstanding occurs and is continuing, then the trustee or the holders of not less than 25% in principal amount of the outstanding debt securities of that series may, by a notice in writing to us (and to the trustee if given by the holders), declare to be due and payable immediately the principal of (or, if the debt securities of that series are discount securities, that portion of the principal amount as may be specified in the terms of that series) and accrued and unpaid interest, if any, on all debt securities of that series. In the case of an Event of Default resulting from certain events of bankruptcy, insolvency or reorganization, the principal (or such specified amount) of and accrued and unpaid interest, if any, on all outstanding debt securities will become and be immediately due and payable without any declaration or other act on the part of the trustee or any holder of outstanding debt securities. At any time after a declaration of acceleration with respect to debt securities of any series has been made, but before a judgment or decree for payment of the money due has been obtained by the trustee, the holders of a majority in principal amount of the outstanding debt securities of that series may rescind and annul the acceleration if all Events of Default, other than the non-payment of accelerated principal and interest, if any, with respect to debt securities of that series, have been cured or waived as provided in the indenture. (Section 6.2) We refer you to the Prospectus Supplement relating to any series of debt securities that are discount securities for the particular provisions relating to acceleration of a portion of the principal amount of such discount securities upon the occurrence of an Event of Default. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">18<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_208-description_pg11"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The indenture provides that the trustee may refuse to perform any duty or exercise any of its rights or powers under the indenture unless the trustee receives indemnity satisfactory to it against any cost, liability or expense which might be incurred by it in performing such duty or exercising such right or power. (Section&#160;7.1(e)) Subject to certain rights of the trustee, the holders of a majority in principal amount of the outstanding debt securities of any series will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to the debt securities of that series. (Section 6.12) </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">No holder of any debt security of any series 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 under the indenture, unless: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">that holder has previously given to the trustee written notice of a continuing Event of Default with respect to debt securities of that series; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the holders of at least a majority in principal amount of the outstanding debt securities of that series have made written request, and offered indemnity or security satisfactory to the trustee, to the trustee to institute the proceeding as trustee, and the trustee has not received from the holders of not less than a majority in principal amount of the outstanding debt securities of that series a direction inconsistent with that request and has failed to institute the proceeding within 60 days. (Section 6.7) </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Notwithstanding any other provision in the indenture, the holder of any debt security will have an absolute and unconditional right to receive payment of the principal of, and the premium and any interest on, that debt security on or after the due dates expressed in that debt security and to institute suit for the enforcement of payment. (Section 6.8) </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The indenture requires us, within 120 days after the end of our fiscal year, to furnish to the trustee a statement as to compliance with the indenture. (Section 4.3) If a Default or Event of Default occurs and is continuing with respect to the securities of any series and if it is known to a responsible officer of the trustee, the trustee shall mail to each security holder of the securities of that series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a responsible officer of the trustee has knowledge of such Default or Event of Default. The indenture provides that the trustee may withhold notice to the holders of debt securities of any series of any Default or Event of Default (except in payment on any debt securities of that series) with respect to debt securities of that series if the trustee determines in good faith that withholding notice is in the interest of the holders of those debt securities. (Section 7.5) </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Modification and Waiver </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We and the trustee may modify, amend or supplement the indenture or the debt securities of any series without the consent of any holder of any debt security: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to cure any ambiguity, defect or inconsistency; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to comply with covenants in the indenture described above under the heading &#8220;Consolidation, Merger and Sale of Assets&#8221;; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to provide for uncertificated securities in addition to or in place of certificated securities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to surrender any of our rights or powers under the indenture;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to add covenants or events of default for the benefit of the holders of debt securities of any series;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to comply with the applicable procedures of the applicable depositary;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to make any change that does not adversely affect the rights of any holder of debt securities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to provide for the issuance of and establish the form and terms and conditions of debt securities of any series as permitted by the indenture; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to effect the appointment of a successor trustee with respect to the debt securities of any series and to add to or change any of the provisions of the indenture to provide for or facilitate administration by more than one trustee;</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">19<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_208-description_pg12"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to comply with requirements of the SEC in order to effect or maintain the qualification of the indenture under the Trust Indenture Act;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to reflect the release of any guarantor; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to add guarantors with respect to any or all of the securities or to secure any or all of the securities or the guarantees. (Section 9.1) </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may also modify and amend the indenture with the consent of the holders of at least a majority in principal amount of the outstanding debt securities of each series affected by the modifications or amendments. We may not make any modification or amendment without the consent of the holders of each affected debt security then outstanding if that amendment will: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">reduce the amount of debt securities whose holders must consent to an amendment, supplement or waiver; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">reduce the rate of or extend the time for payment of interest (including default interest) on any debt security; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">reduce the principal of or premium on or change the fixed maturity of any debt security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation with respect to any series of debt securities; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">reduce the principal amount of discount securities payable upon acceleration of maturity; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">waive a default in the payment of the principal of, premium or interest on any debt security (except a rescission of acceleration of the debt securities of any series by the holders of at least a majority in aggregate principal amount of the then outstanding debt securities of that series and a waiver of the payment default that resulted from such acceleration); </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">make the principal of or premium or interest on any debt security payable in currency other than that stated in the debt security; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">make any change to certain provisions of the indenture relating to, among other things, the right of holders of debt securities to receive payment of the principal of, premium and interest on those debt securities and to institute suit for the enforcement of any such payment and to waivers or amendments;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">waive a redemption payment with respect to any debt security; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">if the securities of that series are entitled to the benefit of a guarantee, release any guarantor of such series other than as provided in the indenture or modify the guarantee in any manner adverse to the holders. (Section 9.3) </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Except for certain specified provisions, the holders of at least a majority in principal amount of the outstanding debt securities of any series may on behalf of the holders of all debt securities of that series waive our compliance with provisions of the indenture. (Section 9.2) The holders of a majority in principal amount of the outstanding debt securities of any series may on behalf of the holders of all the debt securities of such series waive any past default under the indenture with respect to that series and its consequences, except a default in the payment of the principal of, or the premium or any interest on, any debt security of that series; provided, however, that the holders of a majority in principal amount of the outstanding debt securities of any series may rescind an acceleration and its consequences, including any related payment default that resulted from the acceleration. (Section 6.13) </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Defeasance of Debt Securities and Certain Covenants in Certain Circumstances </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Legal Defeasance<font style="font-style: normal;">. The indenture provides that, unless otherwise provided by the terms of the applicable </font><font style="font-style: normal;">series of debt securities, we may be discharged from any and all obligations in respect of the debt securities of </font><font style="font-style: normal;">any series (subject to certain exceptions). We will be so discharged upon the irrevocable deposit with the trustee, </font><font style="font-style: normal;">in trust, of money and/or U.S. government obligations or, in the case of debt securities denominated in a single </font><font style="font-style: normal;">currency other than U.S. Dollars, government obligations of the government that issued or caused to be issued </font><font style="font-style: normal;">such currency, that, through the payment of interest and principal in accordance with their terms, will provide </font><font style="font-style: normal;">money or U.S. government obligations in an amount sufficient in the opinion of a nationally recognized firm of </font><font style="font-style: normal;">independent public accountants or investment bank to pay and discharge each installment of principal, premium </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">20<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_208-description_pg13"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">and interest on and any mandatory sinking fund payments in respect of the debt securities of that series on the stated maturity of those payments in accordance with the terms of the indenture and those debt securities. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">This discharge may occur only if, among other things, we have delivered to the trustee an opinion of counsel stating that we have received from, or there has been published by, the United States Internal Revenue Service a ruling or, since the date of execution of the indenture, there has been a change in the applicable United States federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the holders of the debt securities of that series will not recognize income, gain or loss for United States federal income tax purposes as a result of the deposit, defeasance and discharge and will be subject to United States federal income tax on the same amounts and in the same manner and at the same times as would have been the case if the deposit, defeasance and discharge had not occurred. (Section 8.3) </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Defeasance of Certain Covenants<font style="font-style: normal;">. The indenture provides that, unless otherwise provided by the terms of </font><font style="font-style: normal;">the applicable series of debt securities, upon compliance with certain conditions: </font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">we may omit to comply with the covenant described under the heading &#8220;Consolidation, Merger and Sale of Assets&#8221; and certain other covenants set forth in the indenture, as well as any additional covenants which may be set forth in the applicable Prospectus Supplement; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any omission to comply with those covenants will not constitute a Default or an Event of Default with respect to the debt securities of that series (&#8220;covenant defeasance&#8221;). </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The conditions include: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">depositing with the trustee money and/or U.S. government obligations or, in the case of debt securities denominated in a single currency other than U.S. Dollars, government obligations of the government that issued or caused to be issued such currency, that, through the payment of interest and principal in accordance with their terms, will provide money in an amount sufficient in the opinion of a nationally recognized firm of independent public accountants or investment bank to pay and discharge each installment of principal of, premium and interest on and any mandatory sinking fund payments in respect of the debt securities of that series on the stated maturity of those payments in accordance with the terms of the indenture and those debt securities; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">delivering to the trustee an opinion of counsel to the effect that the holders of the debt securities of that series will not recognize income, gain or loss for United States federal income tax purposes as a result of the deposit and related covenant defeasance and will be subject to United States federal income tax on the same amounts and in the same manner and at the same times as would have been the case if the deposit and related covenant defeasance had not occurred. (Section 8.4) </div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">No Personal Liability of Directors, Officers, Employees or Security Holders</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">None of our past, present or future directors, officers, employees or security holders, as such, will have any liability for any of our obligations under the debt securities or the indenture or for any claim based on, or in respect or by reason of, such obligations or their creation. By accepting a debt security, each holder waives and releases all such liability. This waiver and release is part of the consideration for the issue of the debt securities. However, this waiver and release may not be effective to waive liabilities under U.S. federal securities laws, and it is the view of the SEC that such a waiver is against public policy.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Governing Law </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The indenture and the debt securities, including any claim or controversy arising out of or relating to the indenture or the securities, will be governed by the laws of the State of New York. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The indenture will provide that we, the trustee and the holders of the debt securities (by their acceptance of the debt securities) irrevocably waive, 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 debt securities or the transactions contemplated thereby.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The indenture will provide that any legal suit, action or proceeding arising out of or based upon the indenture or the transactions contemplated thereby may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the City </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">21<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_208-description_pg14"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">of New York, and we, the trustee and the holder of the debt securities (by their acceptance of the debt securities) irrevocably submit to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. The indenture will further provide that service of any process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court) to such party&#8217;s address set forth in the indenture will be effective service of process for any suit, action or other proceeding brought in any such court. The indenture will further provide that we, the trustee and the holders of the debt securities (by their acceptance of the debt securities) irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the courts specified above and irrevocably and unconditionally waive and agree not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum. (Section 10.10) </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">22<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_209-certain_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tCPO"><!--Anchor--></a>CERTAIN PROVISIONS OF MARYLAND LAW AND ESSEX&#8217;S CHARTER AND BYLAWS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following is a summary of certain provisions of Maryland law and of our Charter and Bylaws. This description is not complete and is subject to, and qualified in its entirety by reference to, Maryland law and our Charter and Bylaws, copies of which are exhibits to the registration statement of which this prospectus is a part. See &#8220;Where You Can Find More Information&#8221; and &#8220;Incorporation of Certain Documents by Reference.&#8221;</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">Our Board of Directors</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Essex&#8217;s Charter and Bylaws provide that its Board of Directors may establish the number of directors as long as the number is not fewer than the minimum required under the Maryland General Corporation Law (which is one). Essex&#8217;s Charter provides that a director may be removed, without cause (as defined in the Charter) only by the affirmative vote of the holders of at least two-thirds of the votes entitled to be cast generally in the election of directors, and with cause only by the affirmative vote of the holders of at least a majority of the votes entitled to be cast generally in the election of directors.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Pursuant to Essex&#8217;s Charter and Bylaws, each of our directors is elected by our stockholders to serve until the next annual meeting of stockholders and until his or her successor is duly elected and qualifies. Pursuant to Essex&#8217;s Bylaws, directors in uncontested elections are elected upon the affirmative vote of a majority of the total votes cast for and affirmatively withheld as to such nominee at a duly called meeting of stockholders, and directors in contested elections are elected by a plurality of all of the votes cast. In both uncontested and contested elections, holders of shares of our common stock have no right to cumulative voting in the election of directors. Consequently, at each annual meeting of stockholders, the holders of a majority of the shares of our common stock will be able to elect all of our directors. Essex&#8217;s Bylaws further provide that an incumbent director, in an uncontested election, who does not receive the required vote for re-election must offer to resign. The Nominating and Corporate Governance Committee of the Board of Directors will consider the resignation offer and recommend to the Board of Directors whether to accept or reject the resignation offer. The Board of Directors will then publicly disclose its decision within 90 days of certification of the election results.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">Business Combinations</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Maryland General Corporation Law prohibits &#8220;business combinations&#8221; between us and an interested stockholder or an affiliate of an interested stockholder for five years after the most recent date on which the interested stockholder becomes an interested stockholder. These business combinations include a merger, consolidation, share exchange or, in certain circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. The Maryland General Corporation Law defines an interested stockholder as:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">any person who beneficially owns 10% or more of the voting power of our outstanding voting stock, or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">an affiliate or associate of ours who, at any time within the two-year period immediately prior to the date in question, was the beneficial owner of 10% or more of the voting power of our then-outstanding stock.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">A person is not an interested stockholder if our Board of Directors approved in advance the transaction by which the person otherwise would have become an interested stockholder. However, in approving a transaction, our Board of Directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by our Board of Directors.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">After the five-year prohibition, any business combination between us and an interested stockholder or an affiliate of an interested stockholder generally must be recommended by our Board of Directors and approved by the affirmative vote of at least:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">80% of the votes entitled to be cast by holders of our then-outstanding shares of voting stock, and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">two-thirds of the votes entitled to be cast by holders of our voting stock other than stock held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or stock held by an affiliate or associate of the interested stockholder.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">These super-majority vote requirements do not apply if our common stockholders receive a minimum price, as defined in the Maryland General Corporation Law, for their stock in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its stock.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">23<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_209-certain_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The statute permits various exemptions from its provisions, including business combinations that are approved or exempted by the Board of Directors before the time that the interested stockholder becomes an interested stockholder. As permitted by the statute, the Board of Directors of the Company irrevocably has elected to exempt any business combination among the Company, George M. Marcus, who is the chairman of the Company, and Marcus &amp; Millichap Company (&#8220;MMC&#8221;) or any entity owned or controlled by Mr.&#160;Marcus and MMC. Mr.&#160;Marcus is the chairman of MMC. Consequently, the five-year prohibition and supermajority vote requirements described above will not apply to any business combination between the Company, Mr.&#160;Marcus, or MMC. As a result, the Company may in the future enter into business combinations with Mr.&#160;Marcus and MMC, without compliance with the supermajority vote requirements and other provisions of the Maryland Business Combination Act.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Control Share Acquisitions</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Maryland General Corporation Law provides that holders of &#8220;control shares&#8221; of a Maryland corporation acquired in a &#8220;control share acquisition&#8221; have no voting rights except to the extent approved at a special meeting of stockholders by the affirmative vote of two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquiring person, or by officers or by directors who are our employees, are excluded from shares entitled to vote on the matter. &#8220;Control shares&#8221; are voting shares of stock which, if aggregated with all other such shares of stock previously acquired by the acquiror or in respect of which the acquiror is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in electing directors within one of the following ranges of voting power:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">one-tenth or more but less than one-third,</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">one-third or more but less than a majority, or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a majority or more of all voting power.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. A &#8220;control share acquisition&#8221; means the acquisition of issued and outstanding control shares, subject to certain exceptions.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">A person who has made or proposes to make a control share acquisition, upon satisfaction of certain conditions (including an undertaking to pay expenses), may compel our Board of Directors to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then, subject to certain conditions and limitations, the corporation may redeem any or all of the control shares (except those for which voting rights have previously been approved) for fair value determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquiror or, if a meeting of stockholders is held at which the voting rights of such shares are considered and not approved, as of the date of the meeting. If voting rights for control shares are approved at a stockholders meeting and the acquiror becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of such appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The control share acquisition statute does not apply (i)&#160;to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (ii)&#160;to acquisitions approved or exempted by the charter or bylaws of the corporation.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our Bylaws contain a provision exempting from the control share acquisition statute any and all acquisitions by any person of our stock. We can provide no assurance that our Board of Directors will not amend or eliminate such provision in the future. Should this happen, the control share acquisition statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">24<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_209-certain_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Subtitle 8</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Subtitle 8 of Title 3 of the Maryland General Corporation Law permits a Maryland corporation with a class of equity securities registered under the Exchange Act and with at least three independent directors to elect to be subject, by provision in its charter or bylaws or a resolution of its Board of Directors and notwithstanding any contrary provision in its charter or bylaws, to any or all of five provisions:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a classified board,</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a two-thirds vote requirement to remove a director,</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a requirement that the number of directors be fixed only by the vote of the directors,</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a requirement that a vacancy on the board be filled only by the remaining directors and for the remainder of the full term of the directorship in which the vacancy occurred, and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a majority requirement for the calling of a special meeting of stockholders.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Through provisions in our Charter and Bylaws unrelated to Subtitle 8, we (i)&#160;require the affirmative vote of the holders of not less than two-thirds of all of the votes entitled to be cast on the matter for the removal of any director from the Board of Directors, which removal will be allowed without cause, or the affirmative vote of the holders of at least a majority of all of the votes entitled to be cast on the matter for the removal of any director from the Board of Directors, which removal will be allowed only with cause, (ii)&#160;vest in the Board of Directors the exclusive power to fix the number of directorships and (iii)&#160;require, unless called by the Chairman of the Board, the President, the Chief Executive Officer or the Board of Directors, the written request of stockholders entitled to cast not less than a majority of all of the votes entitled to be cast at such a meeting to call a special meeting.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; margin-left: 0pt; text-align: left;">Advance Notice Requirements for Stockholder Proposals, Proxy Access and Director Nominations</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our Bylaws provide that with respect to an annual meeting of stockholders, nominations of individuals for election to our Board of Directors and the proposal of business to be considered by stockholders may be made only (i)&#160;pursuant to our notice of the meeting, (ii)&#160;by or at the direction of our Board of Directors or (iii)&#160;by a stockholder who is a stockholder of record both at the time of giving the stockholder&#8217;s notice required by our Bylaws and at the time of the meeting, who is entitled to vote at the meeting on such business or in the election of such nominee and has provided notice to us within the time period, and containing the information and other materials, specified in the advance notice provisions of our Bylaws.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">With respect to special meetings of stockholders, only the business specified in our notice of meeting may be brought before the meeting. Nominations of individuals for election to our Board of Directors may be made only (i)&#160;by or at the direction of our Board of Directors, (ii)&#160;by a stockholder that has requested that a special meeting be called for the purpose of electing directors in compliance with our Bylaws and that has supplied the information required by our Bylaws about each individual whom the stockholder proposes to nominate for election as a director or (iii)&#160;if the meeting has been called for the purpose of electing directors, by any stockholder who was a stockholder of record both at the time of giving the notice required by our Bylaws and at the time of the meeting, who is entitled to vote at the meeting in the election of each such nominee and who has provided notice to us within the time period, and containing the information and other materials, specified in the advance notice provisions of our Bylaws.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The advance notice procedures of our Bylaws provide that, to be timely, a stockholder&#8217;s notice with respect to director nominations or other proposals for an annual meeting must be delivered to our Secretary at our principal executive office not earlier than the 150<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day nor later than 5:00 p.m., Pacific Time, on the 120<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day prior to the first anniversary of the date of the proxy statement for our preceding year&#8217;s annual meeting. In the event that the date of the annual meeting is advanced or delayed by more than 30 days from the first anniversary of the date of the preceding year&#8217;s annual meeting, to be timely, a stockholder&#8217;s notice must be delivered not earlier than the 150<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day prior to the date of such annual meeting and not later than 5:00 p.m., Pacific Time, on the later of the 120<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day prior to the date of such annual meeting or the tenth day following the day on which public announcement of the date of such meeting is first made.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">25<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_209-certain_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition to advance notice procedures, the Bylaws also include provisions permitting, subject to certain eligibility, procedural and disclosure requirements, stockholders who have maintained continuous qualifying ownership of at least 3% of our outstanding shares of common stock for at least three years to use our annual meeting proxy statement to nominate a number of director candidates not to exceed the greater of two candidates or 20% of the number of directors in office.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17pt; margin-left: 0pt; text-align: left;">Meetings of Stockholders</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Pursuant to our Bylaws, a meeting of our stockholders for the election of directors and the transaction of any other business will be held annually on a date and at the time and place set by our Board of Directors. The Chairman of the Board, the President, the Chief Executive Officer or the Board of Directors may call a special meeting of our stockholders. Subject to the provisions of our Bylaws, a special meeting of our stockholders to act on any matter that may properly be brought before a meeting of our stockholders must also be called by our Secretary upon the written request of the stockholders entitled to cast a majority of all the votes entitled to be cast on such matter at the meeting and containing the information required by our Bylaws. Our Secretary will inform the requesting stockholders of the reasonably estimated cost of preparing and delivering the notice of meeting (including our proxy materials), and the requesting stockholder must pay such estimated cost before our Secretary is required to prepare and deliver the notice of the special meeting.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17pt; margin-left: 0pt; text-align: left;">Amendments to Our Charter and Bylaws</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Except for those amendments permitted to be made without stockholder approval under Maryland law or our Charter, our Charter generally may be amended only if the amendment is first declared advisable by our Board of Directors and thereafter approved by the affirmative vote of stockholders entitled to cast a majority of all of the votes entitled to be cast on the matter.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our Bylaws may be amended by (i)&#160;the Board of Directors or (ii)&#160;the affirmative vote of the holders of a majority of the outstanding shares of common stock pursuant to a binding proposal submitted by any stockholder or group of up to five stockholders holding at least one percent of the outstanding shares of common stock for at least one year. A stockholder proposal submitted under the Bylaws may not alter or repeal the amendment provisions of the Bylaws or the provisions of the Bylaws related to indemnification of directors and officers of the Company, in either case, without the approval of the Board of Directors.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17pt; margin-left: 0pt; text-align: left;">Forum Selection</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our Bylaws require, subject to limited exceptions, that any derivative action or proceeding brought on our behalf, any action asserting a claim of breach of any duty owed by any of our directors, officers or other employees to us or our stockholders and other similar actions, may be brought only in specified courts located in the State of Maryland, City of Baltimore. Although we believe this provision will benefit us by limiting costly and time-consuming litigation in multiple forums and by providing increased consistency in the application of Maryland law in the types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against us or our directors, officers and other employees.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Dissolution of Our Company</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The dissolution of the Company must be declared advisable by a majority of our entire Board of Directors and approved by the affirmative vote of the holders of two-thirds of all of the votes entitled to be cast on the matter.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Anti-Takeover Effect of Certain Provisions of Maryland Law and of Our Charter and Bylaws</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Maryland General Corporation Law contains, and our Charter and Bylaws contain, provisions that may delay, defer or prevent a change in control or other transaction that might involve a premium price for shares of our common stock or otherwise be in the best interests of our stockholders, including provisions of our Charter on removal of directors and the advance notice provisions of the Bylaws. Likewise, with respect to the business combination provisions of the Maryland General Corporation Law or if the provision in the Bylaws opting out of the control share acquisition provisions of the Maryland General Corporation Law were rescinded, these provisions of the Maryland General Corporation Law could have similar anti-takeover effects.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">26<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_209-certain_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Further, certain provisions of Essex&#8217;s Charter and Bylaws might discourage certain types of transactions that involve an actual or threatened change of control of Essex. The ownership limit may delay or impede a transaction or a change in control of Essex that might involve a premium price for Essex&#8217;s capital stock or otherwise be in the best interests of our stockholders. See &#8220;Description of Common Stock &#8212; Restrictions on Ownership and Transfer.&#8221; The issuance of preferred stock by the Board of Directors may also have the effect of delaying, deferring or preventing a change in control of Essex. See &#8220;Description of Preferred Stock &#8211; General.&#8221;</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">27<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_210-description01_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tDOT"><!--Anchor--></a>DESCRIPTION OF THE PARTNERSHIP AGREEMENT OF ESSEX PORTFOLIO, L.P.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following is a summary of material provisions in the Operating Partnership&#8217;s partnership agreement. For more detail, you should refer to the partnership agreement itself, a copy of which is filed with the SEC and which we incorporate by reference herein.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">Management</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Operating Partnership is a California limited partnership that was formed on March&#160;15, 1994. Essex is its sole general partner and substantially all of our business is conducted through the Operating Partnership. As the Operating Partnership&#8217;s sole general partner, Essex is, subject to limited exceptions for which the limited partners must consent, solely responsible for the management of the Operating Partnership&#8217;s day-to-day business and affairs. Essex can cause the Operating Partnership to enter into certain major transactions including acquisitions, dispositions and refinancings, subject to limited exceptions. The Operating Partnership&#8217;s limited partners may not transact business for, or participate in the management activities or decisions of, the Operating Partnership, except as provided in the partnership agreement and as required by applicable law. The partnership agreement restricts Essex&#8217;s ability to engage in certain &#8220;Major Decisions&#8221; &#8212; including terminating the partnership agreement, making a general assignment for the benefit of creditors, taking title to property not in the name of the Operating Partnership, instituting bankruptcy procedures on the Operating Partnership&#8217;s behalf or dissolving the Operating Partnership &#8212; without the written consent of the holders of a majority of the limited partnership interests (unless, in the case of such a Major Decision other than taking title to property not in the Operating Partnership&#8217;s name, the limited partners collectively own less than five percent of the Operating Partnership&#8217;s partnership interests at the time of such Major Decision).</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Essex is not liable under the partnership agreement to the Operating Partnership or to any partner for acts or omissions performed or omitted to be performed by it within the scope of authority conferred upon it by the partnership agreement, provided that Essex acted in good faith and was not guilty of fraud, misconduct, bad faith, or gross negligence.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The partnership agreement provides that substantially all of Essex&#8217;s business activities, including activities pertaining to the acquisition, development and ownership of properties, must be conducted through the Operating Partnership, and that Essex will use its best efforts to cause the Operating Partnership to avoid taking any action that would result in Essex ceasing to satisfy the requirements for being classified as a REIT or would result in the imposition of any federal income or excise tax liability on Essex.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-left: 0pt; text-align: left;">Transferability of Interests</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Essex, as general partner, may not voluntarily withdraw from the Operating Partnership, or transfer or assign all or any portion of its interest in the Operating Partnership, without the consent of the holders of a majority of the limited partnership interests (unless the limited partners collectively own less than five percent of the Operating Partnership&#8217;s partnership interests at the time of such withdrawal or transfer).</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Subject to certain limitations and conditions set forth in the partnership agreement, each limited partner generally has the right to transfer all or any portion of its partnership interest to any person or entity. Certain classes of the Operating Partnership&#8217;s partnership interests, such as its incentive partnership units, contain additional limitations on transfer, as set forth in the partnership agreement.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">No transfer of partnership interests is permitted if such transfer would result in (i)&#160;such interests being traded on an &#8220;established securities market&#8221; or a &#8220;secondary market (or the substantial equivalent thereof)&#8221; within the meaning of Section 7704 of the Code; or (ii)&#160;the Operating Partnership being unable to qualify for at least one of the &#8220;safe harbors&#8221; set forth in Section 1.7704-1(e), (f), (g), (h) or (j) of the Treasury regulations promulgated under the Code (the &#8220;Treasury Regulations&#8221;) (or such other guidance subsequently published by the Internal Revenue Service setting forth safe harbors under which interests will not be treated as &#8220;readily tradable on a secondary market (or the substantial equivalent thereof)&#8221; within the meaning of Section 7704 of the Code). Further, no transfer of partnership interests is permitted (i)&#160;to any person or entity that lacks the legal right, power or capacity to own such interests; (ii)&#160;in violation of any mortgage or trust deed constituting a lien against one of the Operating Partnership&#8217;s properties or in violation of any other instrument, document or agreement to which it is a party; (iii)&#160;in violation of applicable law, including, without limitation, any applicable state securities &#8220;blue sky&#8221; law; (iv)&#160;of any component portion of such interests; (v)&#160;in the event such transfer would </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">28<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_210-description01_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">cause Essex to cease to satisfy the requirements for being classified as a REIT; (vi)&#160;if such transfer would cause the Operating Partnership&#8217;s termination for federal income tax purposes; (vii)&#160;if such transfer would, in the opinion of the Operating Partnership&#8217;s counsel, cause it to cease to be classified as a partnership for federal income tax purposes; (viii)&#160;if such transfer would cause the Operating Partnership to become, with respect to any employee benefit plan subject to Title 1 of ERISA, a &#8220;party-in-interest&#8221; (as defined in Section 3(14) of ERISA) or a &#8220;disqualified person&#8221; (as defined in Section 4975 of the Code); (ix)&#160;if such transfer would, in the opinion of the Operating Partnership&#8217;s counsel, cause any portion of the Operating Partnership&#8217;s assets to constitute assets of any employee benefit plan pursuant to U.S. Department of Labor Regulations Section 2510.3-10 1; (x)&#160;if such transfer may not be effected without registration of such interest under the Securities Act; (xi)&#160;if such transfer would violate any provision of Essex&#8217;s Charter; or (xii)&#160;to any of the Operating Partnership&#8217;s lenders, or any person or entity related to any of its lenders whose loan constitutes a &#8220;nonrecourse liability&#8221; (within the meaning of Section 1.752-1(a)(2) of the Treasury Regulations) without the consent of Essex, in its sole and absolute discretion, unless the Operating Partnership&#8217;s basis for tax purposes would not be reduced as a result of such transfer.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Capital Contributions</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Essex contributed to the Operating Partnership all of the net proceeds of Essex&#8217;s initial public offering as Essex&#8217;s initial capital contribution. After Essex&#8217;s initial public offering, it has contributed to the Operating Partnership, as additional capital contributions, the net proceeds from its subsequent issuances of common stock and preferred stock. As of June&#160;30, 2021, Essex held 96.6% of the Operating Partnership&#8217;s partnership interests, and the limited partners held the remaining 3.4% of the partnership interests.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Certain of the Operating Partnership&#8217;s limited partners contributed to the Operating Partnership all of their right, title and interest in certain properties, assets and partnership interests in other partnerships as their initial capital contributions.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The partnership agreement provides that Essex, as general partner, subject to certain restrictions, may determine that the Operating Partnership&#8217;s best interests require additional funds by issuance of additional partnership interests, which may include preferred limited partnership interests. The Operating Partnership is authorized to cause partnership interests to be issued for less than fair market value if Essex concludes in good faith that such issuance is in the best interest of the Operating Partnership. Essex may not issue additional partnership interests to itself unless (i)&#160;the additional partnership interests are issued in connection with an issuance of shares of Essex&#8217;s capital stock and Essex makes a capital contribution to the Operating Partnership in an amount equal to the net proceeds raised in connection with the issuance of such shares; or (ii)&#160;the additional partnership interests are issued to all of the Operating Partnership&#8217;s partners pro rata in accordance with their respective percentage interest in the Operating Partnership.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Limited partners have no obligation to make additional capital contributions, unless such additional capital contributions are unanimously approved by the partners.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Under the partnership agreement, with certain limited exceptions, Essex is obligated to contribute the proceeds of any offering of its stock as additional capital to the Operating Partnership.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In the event that options to purchase stock of Essex are exercised, or shares of common stock are issued pursuant to any stock purchase plan, then (i)&#160;Essex will contribute to the Operating Partnership&#8217;s capital an amount equal to the total exercise price paid upon option exercises or the total purchase price of the common stock issued; (ii)&#160;Essex will be issued additional partnership interests equal to the number of shares of stock delivered to such exercising or purchasing party; (iii)&#160;Essex will be deemed to have made an additional capital contribution to the Operating Partnership, in an amount equal to the per share market price of such shares of stock, multiplied by the number of such shares of stock delivered; and (iv)&#160;the percentage interests of the other partners will be adjusted accordingly.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Amendments of the Partnership Agreement</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Operating Partnership&#8217;s partnership agreement may generally be amended by (i)&#160;the written consent of Essex as general partner, and (ii)&#160;only if the limited partners collectively own at least five percent of the partnership interests then outstanding, the holders of a majority of the limited partnership interests. However, no amendment to the partnership agreement may be made without the consent of all of the affected limited partners </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">29<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_210-description01_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">if such amendment (i)&#160;provides for distributions to any limited partner in any manner other than proportionally with all limited partners based on their respective ownership interests in the Operating Partnership; (ii)&#160;decreases any limited partner&#8217;s ownership interests in the Operating Partnership without proportionally decreasing all other limited partners&#8217; ownership interests; (iii)&#160;converts any limited partner&#8217;s interest in the Operating Partnership into a general partner interest; (iv)&#160;adversely modifies the limited liability of any limited partner; or (v)&#160;adversely modifies the exchange rights set forth in Article XI of the partnership agreement.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Notwithstanding the above, Essex may amend the partnership agreement without the consent of any limited partner to:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">add to Essex&#8217;s obligations or surrender any right or power granted to Essex or any of its affiliates for the benefit of the limited partners;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">reflect the admission, substitution, termination, or withdrawal of partners in accordance with the partnership agreement;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">set forth the rights, powers and duties of the holders of any additional partnership interests issued by the Operating Partnership;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">reflect any change that does not adversely affect the limited partners in any material respect, cure any ambiguity, correct or supplement any defective provision in the partnership agreement, or make other changes with respect to matters arising under the partnership agreement that are not inconsistent with any other provision of the partnership agreement;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">reflect the relative distribution and allocation preferences and priorities among two or more classes of Essex&#8217;s preferred stock;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">satisfy any requirements, conditions, or guidelines of federal or state law; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">reflect such changes as are reasonably necessary for Essex to maintain its status as a REIT, including changes which may be necessitated due to a change in applicable law (or an authoritative interpretation thereof) or a ruling of the Internal Revenue Service.</div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Exchange Rights</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Limited partners who were such on September&#160;30, 1997, as well as limited partners who acquired their limited partner interests with the rights specified in Article XI of the partnership agreement, have the right to convert a portion of their limited partner interests into shares of Essex&#8217;s common stock and to sell the remainder (or any part thereof) of their limited partner interests to Essex (or its designee), on the terms and subject to the conditions and restrictions contained in the partnership agreement. Subject to such terms, conditions and restrictions, common units of the Operating Partnership are generally exchangeable on a one-for-one basis into shares of Essex&#8217;s common stock.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">So long as any provision of federal law provides for the &#8220;step-up&#8221; in basis of an asset upon death, upon the death of a limited partner, all of such limited partner&#8217;s partnership interests shall automatically convert as of the date of such death into shares of Essex common stock; provided that Essex, in its sole and absolute discretion, shall have the option, instead of issuing the common stock to the estate of the decedent limited partner, of paying to such estate an amount in cash equal to the value of the shares of common stock issuable upon conversion of the decedent limited partner&#8217;s partnership interests, or any combination of cash and common stock equal to the value of the shares of common stock issuable upon conversion of the decedent limited partner&#8217;s partnership interests.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Incentive Units</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The partnership agreement permits the issuance of incentive units of limited partnership interests to executive management selected by the compensation committee of Essex, currently in the form of &#8220;LTIP Units&#8221;, which is a class of partnership units in the Operating Partnership. LTIP Units are intended be utilized by Essex in its equity compensation program.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Tax Matters</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Essex is the Operating Partnership&#8217;s partnership representative for U.S. federal income tax purposes. Essex has authority to make tax elections under the Code on the Operating Partnership&#8217;s behalf.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">30<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_210-description01_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Allocations of Net Income and Net Losses to Partners</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Operating Partnership&#8217;s net income (including net gains) and net losses generally will be allocated first&#160;to ensure, to the extent possible, that Essex has received cumulative allocations of net income equal to the amount of dividends that have been paid and the amount of accrued but unpaid dividends in respect of preferred stock issued by Essex to its stockholders, and thereafter to Essex, as the general partner, and to the limited partners in proportion to their percentage interests. The partnership agreement also contains special allocations that are made under certain circumstances, including special allocations of net gain to the holders of incentive units (including LTIP Units) in connection with a sale of all or substantially all of the Operating Partnership&#8217;s assets or certain &#8220;book-ups&#8221; of capital accounts. These special allocations may result in overall allocations of net income or net loss in any particular year that deviate from the allocations that would have been made if the partnership agreement did not contain such special allocations.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Operations and Distributions</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Essex will cause the Operating Partnership to distribute all or a portion of available cash (as defined in the partnership agreement) to the partners, which distribution will be made quarterly and will generally be made first&#160;to Essex in an amount equal to the accrued but unpaid dividends then payable on the outstanding preferred stock of Essex, if any, and thereafter pro rata in accordance with the partners&#8217; percentage interests. Distributions that the Operating Partnership make to Essex will be in amounts sufficient to enable Essex to pay dividends to its stockholders in a manner that will enable it to satisfy the requirements for qualifying as a REIT under the Code and the Treasury Regulations thereunder and avoid any federal income or excise tax liability.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Liquidation/Dissolution</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Operating Partnership will dissolve upon the first to occur of: (i)&#160;the dissolution, termination, retirement or bankruptcy of Essex, unless the holders of a majority of the limited partnership interests elect to continue its existence; (ii)&#160;the election to dissolve the Operating Partnership made in writing by Essex with the consent of the holders of a majority of the limited partnership interests, in accordance with the terms of the partnership agreement; (iii)&#160;the sale or other disposition of all or substantially all of the Operating Partnership&#8217;s assets unless the partners elect to continue its existence for the purpose of the receipt and the collection of indebtedness or the collection of any other consideration to be received in exchange for its assets in accordance with the terms of the partnership agreement; or (iv)&#160;the Operating Partnership&#8217;s dissolution by operation of law.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Upon the Operating Partnership&#8217;s dissolution, its assets will be liquidated and distributed as follows: (i)&#160;first, to the payment and discharge of all of its debt and liabilities to creditors; (ii)&#160;second, to the establishment of reserves as provided by Essex to provide for any contingent liabilities (iii)&#160;third, to the payment of any debts to the Operating Partnership&#8217;s partners and (iv)&#160;the balance, if any, to the partners in accordance with the positive balances in their capital accounts, after giving effect to all contributions, distributions and allocations for all periods.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Term</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The term of the Operating Partnership is perpetual, unless it is dissolved and wound up sooner in accordance with the partnership agreement&#8217;s terms or as otherwise provided by law.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Indemnification</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The partnership agreement requires the Operating Partnership to indemnify Essex, as general partner, its affiliates and any other persons acting on its behalf from and against any loss, damage, claim or liability incurred by them by reason of any acts or omissions performed or omitted to be performed by Essex in connection with its business and affairs, provided that such acts or omission are within the scope of the authority granted to Essex under the partnership agreement, and provided further, that such acts or omissions were taken in good faith and in the belief that such acts or omissions were in its best interests, and that the persons seeking indemnification were not guilty of fraud, misconduct, bad faith, or gross negligence.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Operating Partnership must pay any costs reasonably incurred by any person entitled to indemnification under the partnership agreement in defending any proceeding against them, but such costs must be repaid to the Operating Partnership if a court determines that such person was not entitled to indemnification. Any indemnification payments must be made entirely out of the Operating Partnership&#8217;s assets, and no partners will be liable for any portion of any such payments.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">31<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tMFI"><!--Anchor--></a>MATERIAL FEDERAL INCOME TAX CONSIDERATIONS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following is a general summary of certain material U.S. federal income tax considerations regarding our election to be taxed as a real estate investment trust (&#8220;REIT&#8221;) and the purchase, ownership and disposition of our capital stock and debt securities of Essex Portfolio, L.P. (our &#8220;Operating Partnership&#8221;). Supplemental U.S. federal income tax considerations relevant to the ownership of the securities offered by this prospectus may be provided in the Prospectus Supplement that relates to those securities. Your tax treatment will vary depending upon the terms of the specific securities you acquire, as well as your particular situation. For purposes of this discussion, references to &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221; mean only Essex Property Trust, Inc. and do not include any of its subsidiaries, except as otherwise indicated. This summary is for general information only and is not tax advice. The information in this summary is based on:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">current, temporary and proposed Treasury regulations promulgated under the Code (the &#8220;Treasury Regulations&#8221;);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the legislative history of the Code;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">administrative interpretations and practices of the Internal Revenue Service (the &#8220;IRS&#8221;); and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">court decisions;</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;">in each case, as of the date of this prospectus. In addition, the administrative interpretations and practices of the IRS include its practices and policies as expressed in private letter rulings that are not binding on the IRS except with respect to the particular taxpayers who requested and received those rulings. The sections of the Code and the corresponding Treasury Regulations that relate to qualification and taxation as a REIT are highly technical and complex. The following discussion sets forth certain material aspects of the sections of the Code that govern the U.S. federal income tax treatment of a REIT and its stockholders and the holders of our Operating Partnership&#8217;s debt securities. This summary is qualified in its entirety by the applicable Code provisions, Treasury Regulations promulgated under the Code, and administrative and judicial interpretations thereof. Potential tax reforms may result in significant changes to the rules governing U.S. federal income taxation. New&#160;legislation, Treasury Regulations, administrative interpretations and practices and/or court decisions may significantly and adversely affect our ability to qualify as a REIT, the U.S. federal income tax consequences of such qualification, or the U.S. federal income tax consequences of an investment in our capital stock or our Operating Partnership&#8217;s debt securities, including those described in this discussion. Moreover, the law relating to the tax treatment of other entities, or an investment in other entities, could change, making an investment in such other entities more attractive relative to an investment in a REIT. Any such changes could apply retroactively to transactions preceding the date of the change. We have not requested, and do not plan to request, any rulings from the IRS that we qualify as a REIT, and the statements in this prospectus are not binding on the IRS or any court. Thus, we can provide no assurance that the tax considerations contained in this discussion will not be challenged by the IRS or will be sustained by a court if challenged by the IRS. This summary does not discuss any state, local or non-U.S. tax consequences, or any tax consequences arising under any U.S. federal tax laws other than U.S. federal income tax laws, associated with the purchase, ownership or disposition of our capital stock or our Operating Partnership&#8217;s debt securities, or our election to be taxed as a REIT. This discussion does not attempt to address all aspects of U.S. federal income taxation relating to holders of our capital stock or our Operating Partnership&#8217;s debt securities. <font style="font-weight: bold;">You are urged to review the applicable Prospectus Supplement in </font><font style="font-weight: bold;">connection with the purchase of any of our capital stock or our Operating Partnership&#8217;s debt securities.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">You are urged to consult your tax advisor regarding the tax consequences to you of:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-weight: bold;">the purchase, ownership and disposition of our capital stock or our Operating Partnership&#8217;s debt </font><font style="font-weight: bold;">securities, including the U.S. federal, state, local, non-U.S. and other tax consequences;</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-weight: bold;">our election to be taxed as a REIT for U.S. federal income tax purposes; and</font></div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-weight: bold;">potential changes in applicable tax laws.</font></div></td></tr></table><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-left: 0pt; text-align: left;">Taxation of Our Company</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">General.<font style="font-style: normal; font-weight: normal;"> We have elected to be taxed as a REIT under Sections 856 through 860 of the Code commencing </font><font style="font-style: normal; font-weight: normal;">with our taxable year ended December&#160;31, 1994. We believe that we have been organized and have operated in a </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">32<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">manner that has allowed us to qualify for taxation as a REIT under the Code commencing with such taxable year, and we intend to continue to be organized and operate in this manner. However, qualification and taxation as a REIT depend upon our ability to meet the various qualification tests imposed under the Code, including through actual operating results, asset composition, distribution levels and diversity of stock ownership. Accordingly, no assurance can be given that we have been organized and have operated, or will continue to be organized and operate, in a manner so as to qualify or remain qualified as a REIT. See &#8220;&#8212;Failure to Qualify&#8221; for potential tax consequences if we fail to qualify as a REIT. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Latham &amp; Watkins LLP has acted as our tax counsel in connection with the filing of this prospectus. Latham &amp; Watkins LLP has rendered an opinion to us, as of the date of this prospectus, to the effect that, commencing with our taxable year ended December&#160;31, 2014, we have been organized and have operated in conformity with the requirements for qualification and taxation as a REIT under the Code, and our proposed method of operation will enable us to continue to meet the requirements for qualification and taxation as a REIT under the Code. It must be emphasized that this opinion was based on various assumptions and representations as to factual matters, including representations made by us in a factual certificate provided by one or more of our officers. In addition, this opinion was based upon our factual representations set forth in this prospectus and does not foreclose the possibility that we may have to pay a deficiency dividend, or an excise or penalty tax, which could be significant in amount, in order to maintain our REIT qualification. Moreover, our qualification and taxation as a REIT depend upon our ability to meet the various qualification tests imposed under the Code, which are discussed below, including through actual operating results, asset composition, distribution levels and diversity of stock ownership, the results of which have not been and will not be reviewed by Latham &amp; Watkins LLP. Accordingly, no assurance can be given that our actual results of operations for any particular taxable year have satisfied or will satisfy those requirements. Further, the anticipated U.S. federal income tax treatment described herein may be changed, perhaps retroactively, by legislative, administrative or judicial action at any time. Latham &amp; Watkins LLP has no obligation to update its opinion subsequent to the date of such opinion. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Provided we qualify for taxation as a REIT, we generally will not be required to pay U.S. federal corporate income taxes on our REIT taxable income that is currently distributed to our stockholders. This treatment substantially eliminates the &#8220;double taxation&#8221; that ordinarily results from investment in a C corporation. A C&#160;corporation is a corporation that generally is required to pay tax at the corporate level. Double taxation means taxation once at the corporate level when income is earned and once again at the stockholder level when the income is distributed. We will, however, be required to pay U.S. federal income tax as follows:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">First, we will be required to pay regular U.S. federal corporate income tax on any undistributed REIT taxable income, including undistributed capital gain.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Second, if we have (i)&#160;net income from the sale or other disposition of &#8220;foreclosure property&#8221; held primarily for sale to customers in the ordinary course of business or (ii)&#160;other nonqualifying income from foreclosure property, we will be required to pay regular U.S. federal corporate income tax on this income. To the extent that income from foreclosure property is otherwise qualifying income for purposes of the 75% gross income test, this tax is not applicable. Subject to certain other requirements, foreclosure property generally is defined as property we acquired through foreclosure or after a default on a loan secured by the property or a lease of the property.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Third, we will be required to pay a 100% tax on any net income from prohibited transactions. Prohibited transactions are, in general, sales or other taxable dispositions of property, other than foreclosure property, held as inventory or primarily for sale to customers in the ordinary course of business.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Fourth, if we fail to satisfy the 75% gross income test or the 95% gross income test, as described below, but have otherwise maintained our qualification as a REIT because certain other requirements are met, we will be required to pay a tax equal to (i)&#160;the greater of (A) the amount by which we fail to satisfy the 75% gross income test and (B) the amount by which we fail to satisfy the 95% gross income test, multiplied by (ii)&#160;a fraction intended to reflect our profitability.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Fifth, if we fail to satisfy any of the asset tests (other than a <font style="font-style: italic;">de minimis</font> failure of the 5% or 10% asset test), as described below, due to reasonable cause and not due to willful neglect, and we nonetheless maintain our REIT qualification because of specified cure provisions, we will be required to pay a </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">33<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="bl" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 40pt; text-align: left;">tax&#160;equal to the greater of $50,000 or the U.S. federal corporate income tax rate multiplied by the net income generated by the nonqualifying assets that caused us to fail such test.</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Sixth, if we fail to satisfy any provision of the Code that would result in our failure to qualify as a REIT (other than a violation of the gross income tests or certain violations of the asset tests, as described below) and the violation is due to reasonable cause and not due to willful neglect, we may retain our REIT qualification but we will be required to pay a penalty of $50,000 for each such failure.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Seventh, we will be required to pay a 4% excise tax to the extent we fail to distribute during each calendar year at least the sum of (i) 85% of our ordinary income for the year, (ii) 95% of our capital gain net income for the year, and (iii)&#160;any undistributed taxable income from prior periods.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Eighth, if we acquire any asset from a corporation that is or has been a C corporation in a transaction in which our tax basis in the asset is less than the fair market value of the asset, in each case determined as of the date on which we acquired the asset, and we subsequently recognize gain on the disposition of the asset during the five-year period beginning on the date on which we acquired the asset, then we generally will be required to pay regular U.S. federal corporate income tax on this gain to the extent of the excess of (i)&#160;the fair market value of the asset over (ii)&#160;our adjusted tax basis in the asset, in each case determined as of the date on which we acquired the asset. The results described in this paragraph with respect to the recognition of gain assume that the C corporation will refrain from making an election to receive different treatment under applicable Treasury Regulations on its tax return for the year in which we acquire the asset from the C corporation. Under applicable Treasury Regulations, any gain from the sale of property we acquired in an exchange under Section 1031 (a&#160;like-kind exchange) or Section 1033 (an involuntary conversion) of the Code generally is excluded from the application of this built-in gains tax.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Ninth, our subsidiaries that are C corporations and are not qualified REIT subsidiaries, including our &#8220;taxable REIT subsidiaries&#8221; described below, generally will be required to pay regular U.S. federal corporate income tax on their earnings.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Tenth, we will be required to pay a 100% tax on any &#8220;redetermined rents,&#8221; &#8220;redetermined deductions,&#8221; &#8220;excess interest&#8221; or &#8220;redetermined TRS service income,&#8221; as described below under &#8220;&#8212;Penalty Tax.&#8221; In general, redetermined rents are rents from real property that are overstated as a result of services furnished to any of our tenants by a taxable REIT subsidiary of ours. Redetermined deductions and excess interest generally represent amounts that are deducted by a taxable REIT subsidiary of ours for amounts paid to us that are in excess of the amounts that would have been deducted based on arm&#8217;s length negotiations. Redetermined TRS service income generally represents income of a taxable REIT subsidiary that is understated as a result of services provided to us or on our behalf.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Eleventh, we may elect to retain and pay income tax on our net capital gain. In that case, a stockholder would include its proportionate share of our undistributed capital gain (to the extent we make a timely designation of such gain to the stockholder) in its income, would be deemed to have paid the tax that we paid on such gain, and would be allowed a credit for its proportionate share of the tax deemed to have been paid, and an adjustment would be made to increase the tax basis of the stockholder in our capital stock.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Twelfth, if we fail to comply with the requirement to send annual letters to our stockholders holding at least a certain percentage of our stock, as determined under applicable Treasury Regulations, requesting information regarding the actual ownership of our stock, and the failure is not due to reasonable cause or is due to willful neglect, we will be subject to a $25,000 penalty, or if the failure is intentional, a $50,000 penalty.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We and our subsidiaries may be subject to a variety of taxes other than U.S. federal income tax, including payroll taxes and state and local income, property and other taxes on our assets and operations.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Requirements for Qualification as a REIT.<font style="font-style: normal; font-weight: normal;"> The Code defines a REIT as a corporation, trust or association:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">that is managed by one or more trustees or directors;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">that issues transferable shares or transferable certificates to evidence its beneficial ownership;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">that would be taxable as a domestic corporation, but for Sections 856 through 860 of the Code;</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">34<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(4)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">that is not a financial institution or an insurance company within the meaning of certain provisions of the Code;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(5)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">that is beneficially owned by 100 or more persons;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(6)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">not more than 50% in value of the outstanding stock of which is owned, actually or constructively, by five or fewer individuals, including certain specified entities, during the last half of each taxable year; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(7)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">that meets other tests, described below, regarding the nature of its income and assets and the amount of its distributions.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Code provides that conditions (1) to (4), inclusive, must be met during the entire taxable year and that condition (5) must be met during at least 335 days of a taxable year of 12 months, or during a proportionate part of a taxable year of less than 12 months. Conditions (5) and (6) do not apply until after the first taxable year for which an election is made to be taxed as a REIT. For purposes of condition (6), the term &#8220;individual&#8221; includes a supplemental unemployment compensation benefit plan, a private foundation or a portion of a trust permanently set aside or used exclusively for charitable purposes, but generally does not include a qualified pension plan or profit sharing trust. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We believe that we have been organized and have operated in a manner that has allowed us, and will continue to allow us, to satisfy conditions (1) through (7), inclusive, during the relevant time periods. In addition, our charter provides for restrictions regarding ownership and transfer of our shares that are intended to assist us in continuing to satisfy the share ownership requirements described in conditions (5) and (6) above. A description of the share ownership and transfer restrictions relating to our capital stock is contained in the discussion in this prospectus under the heading &#8220;Description of Common Stock &#8212; Restrictions on Ownership and Transfer.&#8221; These restrictions, however, do not ensure that we have previously satisfied, and may not ensure that we will, in all cases, be able to continue to satisfy, the share ownership requirements described in conditions (5) and (6) above. If we fail to satisfy these share ownership requirements, then except as provided in the next sentence, our status as a REIT will terminate. If, however, we comply with the rules contained in applicable Treasury Regulations that require us to ascertain the actual ownership of our shares and we do not know, or would not have known through the exercise of reasonable diligence, that we failed to meet the requirement described in condition (6)&#160;above, we will be treated as having met this requirement. See &#8220;&#8212;Failure to Qualify.&#8221; </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition, we may not maintain our status as a REIT unless our taxable year is the calendar year. We have and will continue to have a calendar taxable year. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Ownership of Interests in Partnerships, Limited Liability Companies and Qualified REIT Subsidiaries.<font style="font-style: normal; font-weight: normal;"> In </font><font style="font-style: normal; font-weight: normal;">the case of a REIT that is a partner in a partnership (for purposes of this discussion, references to &#8220;partnership&#8221; </font><font style="font-style: normal; font-weight: normal;">include a limited liability company treated as a partnership for U.S. federal income tax purposes, and references </font><font style="font-style: normal; font-weight: normal;">to &#8220;partner&#8221; include a member in such a limited liability company), Treasury Regulations provide that the REIT </font><font style="font-style: normal; font-weight: normal;">will be deemed to own its proportionate share of the assets of the partnership based on its interest in partnership </font><font style="font-style: normal; font-weight: normal;">capital, subject to special rules relating to the 10% asset test described below. Also, the REIT will be deemed to </font><font style="font-style: normal; font-weight: normal;">be entitled to its proportionate share of the income of that entity. The assets and gross income of the partnership </font><font style="font-style: normal; font-weight: normal;">retain the same character in the hands of the REIT for purposes of Section 856 of the Code, including satisfying </font><font style="font-style: normal; font-weight: normal;">the gross income tests and the asset tests. Thus, our pro rata share of the assets and items of income of our </font><font style="font-style: normal; font-weight: normal;">Operating Partnership, including our Operating Partnership&#8217;s share of these items of any partnership or </font><font style="font-style: normal; font-weight: normal;">disregarded entity for U.S. federal income tax purposes in which it owns an interest, is treated as our assets and </font><font style="font-style: normal; font-weight: normal;">items of income for purposes of applying the requirements described in this discussion, including the gross </font><font style="font-style: normal; font-weight: normal;">income and asset tests described below. A brief summary of the rules governing the U.S. federal income taxation </font><font style="font-style: normal; font-weight: normal;">of partnerships is set forth below in &#8220;&#8212;Tax Aspects of Our Operating Partnership, the Subsidiary Partnerships </font><font style="font-style: normal; font-weight: normal;">and the Limited Liability Companies.&#8221; </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We have control of our Operating Partnership and the subsidiary partnerships and intend to operate them in a manner consistent with the requirements for our qualification as a REIT. If we become a limited partner or non-managing member in any partnership and such entity takes or expects to take actions that could jeopardize our status as a REIT or require us to pay tax, we may be forced to dispose of our interest in such entity. In </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">35<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">addition, it is possible that a partnership could take an action which could cause us to fail a gross income or asset test, and that we would not become aware of such action in time to dispose of our interest in the partnership or take other corrective action on a timely basis. In such a case, we could fail to qualify as a REIT unless we were entitled to relief, as described below. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We may from time to time own and operate certain properties through wholly-owned subsidiaries that we intend to be treated as &#8220;qualified REIT subsidiaries&#8221; under the Code. A corporation (or other entity treated as a corporation for U.S. federal income tax purposes) will qualify as our qualified REIT subsidiary if we own 100% of the corporation&#8217;s outstanding stock and do not elect with the subsidiary to treat it as a &#8220;taxable REIT subsidiary,&#8221; as described below. A qualified REIT subsidiary is not treated as a separate corporation, and all assets, liabilities and items of income, gain, loss, deduction and credit of a qualified REIT subsidiary are treated as assets, liabilities and items of income, gain, loss, deduction and credit of the parent REIT for all purposes under the Code, including all REIT qualification tests. Thus, in applying the U.S. federal income tax requirements described in this discussion, any qualified REIT subsidiaries we own are ignored, and all assets, liabilities and items of income, gain, loss, deduction and credit of such corporations are treated as our assets, liabilities and items of income, gain, loss, deduction and credit. A qualified REIT subsidiary is not subject to U.S. federal income tax, and our ownership of the stock of a qualified REIT subsidiary will not violate the restrictions on ownership of securities, as described below under &#8220;&#8212;Asset Tests.&#8221;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Ownership of Interests in Taxable REIT Subsidiaries.<font style="font-style: normal; font-weight: normal;"> We, through our Operating Partnership, own interests </font><font style="font-style: normal; font-weight: normal;">in companies that have elected, together with us, to be treated as our taxable REIT subsidiaries, and we may </font><font style="font-style: normal; font-weight: normal;">acquire securities in additional taxable REIT subsidiaries in the future. A taxable REIT subsidiary is a </font><font style="font-style: normal; font-weight: normal;">corporation (or other entity treated as a corporation for U.S. federal income tax purposes) other than a REIT in </font><font style="font-style: normal; font-weight: normal;">which a REIT directly or indirectly holds stock, and that has made a joint election with such REIT to be treated </font><font style="font-style: normal; font-weight: normal;">as a taxable REIT subsidiary. If a taxable REIT subsidiary owns more than 35% of the total voting power or </font><font style="font-style: normal; font-weight: normal;">value of the outstanding securities of another corporation, such other corporation will also be treated as a taxable </font><font style="font-style: normal; font-weight: normal;">REIT subsidiary. Other than some activities relating to lodging and health care facilities, a taxable REIT </font><font style="font-style: normal; font-weight: normal;">subsidiary may generally engage in any business, including the provision of customary or non-customary services </font><font style="font-style: normal; font-weight: normal;">to tenants of its parent REIT. A taxable REIT subsidiary is subject to U.S. federal income tax as a regular </font><font style="font-style: normal; font-weight: normal;">C&#160;corporation. A REIT is not treated as holding the assets of a taxable REIT subsidiary or as receiving any </font><font style="font-style: normal; font-weight: normal;">income that the taxable REIT subsidiary earns. Rather, the stock issued by the taxable REIT subsidiary is an </font><font style="font-style: normal; font-weight: normal;">asset in the hands of the REIT, and the REIT generally recognizes as income the dividends, if any, that it </font><font style="font-style: normal; font-weight: normal;">receives from the taxable REIT subsidiary. A REIT&#8217;s ownership of securities of a taxable REIT subsidiary is not </font><font style="font-style: normal; font-weight: normal;">subject to the 5% or 10% asset test described below. See &#8220;&#8212;Asset Tests.&#8221; Taxpayers are subject to a limitation </font><font style="font-style: normal; font-weight: normal;">on their ability to deduct net business interest generally equal to 30% of adjusted taxable income, subject to </font><font style="font-style: normal; font-weight: normal;">certain exceptions. For any taxable year beginning in 2019 or 2020, the 30% limitation has been increased to a </font><font style="font-style: normal; font-weight: normal;">50% limitation, provided that for partnerships the 50% limitation applies for any taxable year beginning in 2020 </font><font style="font-style: normal; font-weight: normal;">only. Taxpayers may elect to use their 2019 adjusted taxable income for purposes of computing their 2020 </font><font style="font-style: normal; font-weight: normal;">limitation. See &#8220;&#8212;Annual Distribution Requirements.&#8221; While not certain, this provision may limit the ability of </font><font style="font-style: normal; font-weight: normal;">our taxable REIT subsidiaries to deduct interest, which could increase their taxable income.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Ownership of Interests in Subsidiary REITs.<font style="font-style: normal; font-weight: normal;"> We own and may acquire direct or indirect interests in one or </font><font style="font-style: normal; font-weight: normal;">more entities that have elected or will elect to be taxed as REITs under the Code (each, a &#8220;Subsidiary REIT&#8221;). A </font><font style="font-style: normal; font-weight: normal;">Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein </font><font style="font-style: normal; font-weight: normal;">that are applicable to us. If a Subsidiary REIT were to fail to qualify as a REIT, then (i)&#160;that Subsidiary REIT </font><font style="font-style: normal; font-weight: normal;">would become subject to U.S. federal income tax and (ii)&#160;the Subsidiary REIT&#8217;s failure to qualify could have an </font><font style="font-style: normal; font-weight: normal;">adverse effect on our ability to comply with the REIT income and asset tests, and thus could impair our ability </font><font style="font-style: normal; font-weight: normal;">to qualify as a REIT unless we could avail ourselves of certain relief provisions. </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Income Tests.<font style="font-style: normal; font-weight: normal;"> We must satisfy two gross income requirements annually to maintain our qualification as a </font><font style="font-style: normal; font-weight: normal;">REIT. First, in each taxable year we must derive directly or indirectly at least 75% of our gross income </font><font style="font-style: normal; font-weight: normal;">(excluding gross income from prohibited transactions, certain hedging transactions and certain foreign currency </font><font style="font-style: normal; font-weight: normal;">gains) from investments relating to real property or mortgages on real property, including &#8220;rents from real </font><font style="font-style: normal; font-weight: normal;">property,&#8221; dividends from other REITs and, in certain circumstances, interest, or certain types of temporary </font><font style="font-style: normal; font-weight: normal;">investments. Second, in each taxable year we must derive at least 95% of our gross income (excluding gross </font><font style="font-style: normal; font-weight: normal;">income from prohibited transactions, certain hedging transactions and certain foreign currency gains) from the </font><font style="font-style: normal; font-weight: normal;">real property investments described above or dividends, interest and gain from the sale or disposition of stock or </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">36<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg6"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">securities, or from any combination of the foregoing. For these purposes, the term &#8220;interest&#8221; generally does not include any amount received or accrued, directly or indirectly, if the determination of all or some of the amount depends in any way on the income or profits of any person. However, an amount received or accrued generally will not be excluded from the term &#8220;interest&#8221; solely by reason of being based on a fixed percentage or percentages of receipts or sales.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 5.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Rents we receive from a tenant will qualify as &#8220;rents from real property&#8221; for the purpose of satisfying the gross income requirements for a REIT described above only if all of the following conditions are met:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The amount of rent is not based in whole or in part on the income or profits of any person. However, an amount we receive or accrue generally will not be excluded from the term &#8220;rents from real property&#8221; solely because it is based on a fixed percentage or percentages of receipts or sales or if it is based on the net income of a tenant which derives substantially all of its income with respect to such property from subleasing of substantially all of such property, to the extent that the rents paid by the subtenants would qualify as rents from real property if we earned such amounts directly;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Neither we nor an actual or constructive owner of 10% or more of our capital stock actually or constructively owns 10% or more of the interests in the assets or net profits of a non-corporate tenant, or, if the tenant is a corporation, 10% or more of the total combined voting power of all classes of stock entitled to vote or 10% or more of the total value of all classes of stock of the tenant. Rents we receive from such a tenant that is a taxable REIT subsidiary of ours, however, will not be excluded from the definition of &#8220;rents from real property&#8221; as a result of this condition if at least 90% of the space at the property to which the rents relate is leased to third parties, and the rents paid by the taxable REIT subsidiary are substantially comparable to rents paid by our other tenants for comparable space. Whether rents paid by a taxable REIT subsidiary are substantially comparable to rents paid by other tenants is determined at the time the lease with the taxable REIT subsidiary is entered into, extended, and modified, if such modification increases the rents due under such lease. Notwithstanding the foregoing, however, if a lease with a &#8220;controlled taxable REIT subsidiary&#8221; is modified and such modification results in an increase in the rents payable by such taxable REIT subsidiary, any such increase will not qualify as &#8220;rents from real property.&#8221; For purposes of this rule, a &#8220;controlled taxable REIT subsidiary&#8221; is a taxable REIT subsidiary in which the parent REIT owns stock possessing more than 50% of the voting power or more than 50% of the total value of the outstanding stock of such taxable REIT subsidiary;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Rent attributable to personal property, leased in connection with a lease of real property, is not greater than 15% of the total rent received under the lease. If this condition is not met, then the portion of the rent attributable to personal property will not qualify as &#8220;rents from real property.&#8221; To the extent that rent attributable to personal property, leased in connection with a lease of real property, exceeds 15% of the total rent received under the lease, we may transfer a portion of such personal property to a taxable REIT subsidiary; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">We generally may not operate or manage the property or furnish or render services to our tenants, subject to a 1% <font style="font-style: italic;">de minimis</font> exception and except as provided below. We may, however, perform services that are &#8220;usually or customarily rendered&#8221; in connection with the rental of space for occupancy only and are not otherwise considered &#8220;rendered to the occupant&#8221; of the property. Examples of these services include the provision of light, heat, or other utilities, trash removal and general maintenance of common areas. In addition, we may employ an independent contractor from whom we derive no revenue to provide customary services to our tenants, or a taxable REIT subsidiary (which may be wholly or partially owned by us) to provide both customary and non-customary services to our tenants, without causing the rent we receive from those tenants to fail to qualify as &#8220;rents from real property.&#8221;</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We generally do not intend, and, as the general partner of our Operating Partnership, we do not intend to permit our Operating Partnership, to take actions we believe will cause us to fail to satisfy the rental conditions described above. However, we may intentionally fail to satisfy some of these conditions to the extent we determine, based on the advice of our tax counsel, that the failure will not jeopardize our tax status as a REIT. In&#160;addition, with respect to the limitation on the rental of personal property, we generally have not obtained appraisals of the real property and personal property leased to tenants. Accordingly, there can be no assurance that the IRS will not disagree with our determinations of value. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">37<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg7"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">From time to time, we may enter into hedging transactions with respect to one or more of our assets or liabilities. Our hedging activities may include entering into interest rate swaps, caps, and floors, options to purchase these items, and futures and forward contracts. Income from a hedging transaction, including gain from the sale or disposition of such a transaction, that is clearly identified as a hedging transaction as specified in the Code will not constitute gross income under, and thus will be exempt from, the 75% and 95% gross income tests. The term &#8220;hedging transaction,&#8221; as used above, generally means (A) any transaction we enter into in the normal course of our business primarily to manage risk of (1) interest rate changes or fluctuations with respect to borrowings made or to be made by us to acquire or carry real estate assets, or (2) currency fluctuations with respect to an item of qualifying income under the 75% or 95% gross income test or any property which generates such income and (B) new transactions entered into to hedge the income or loss from prior hedging transactions, where the property or indebtedness which was the subject of the prior hedging transaction was extinguished or disposed of. To the extent that we do not properly identify such transactions as hedges or we hedge with other types of financial instruments, the income from those transactions is not likely to be treated as qualifying income for purposes of the gross income tests. We intend to structure any hedging transactions in a manner that does not jeopardize our status as a REIT. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">To the extent our taxable REIT subsidiaries pay dividends or interest, our allocable share of such dividend or interest income will qualify under the 95%, but not the 75%, gross income test (except that our allocable share of such interest would also qualify under the 75% gross income test to the extent the interest is paid on a loan that is adequately secured by real property). </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We will monitor the amount of the dividend and other income from our taxable REIT subsidiaries and will take actions intended to keep this income, and any other nonqualifying income, within the limitations of the gross income tests. Although we expect these actions will be sufficient to prevent a violation of the gross income tests, we cannot guarantee that such actions will in all cases prevent such a violation. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If we fail to satisfy one or both of the 75% or 95% gross income tests for any taxable year, we may nevertheless qualify as a REIT for the year if we are entitled to relief under certain provisions of the Code. We generally may make use of the relief provisions if:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">following our identification of the failure to meet the 75% or 95% gross income tests for any taxable year, we file a schedule with the IRS setting forth each item of our gross income for purposes of the 75% or 95% gross income tests for such taxable year in accordance with Treasury Regulations to be issued; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">our failure to meet these tests was due to reasonable cause and not due to willful neglect. </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">It is not possible, however, to state whether in all circumstances we would be entitled to the benefit of these relief provisions. For example, if we fail to satisfy the gross income tests because nonqualifying income that we intentionally accrue or receive exceeds the limits on nonqualifying income, the IRS could conclude that our failure to satisfy the tests was not due to reasonable cause. If these relief provisions do not apply to a particular set of circumstances, we will not qualify as a REIT. See &#8220;&#8212;Failure to Qualify&#8221; below. As discussed above in &#8220;&#8212;General,&#8221; even if these relief provisions apply, and we retain our status as a REIT, a tax would be imposed with respect to our nonqualifying income. We may not always be able to comply with the gross income tests for REIT qualification despite periodic monitoring of our income. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Prohibited Transaction Income.<font style="font-style: normal; font-weight: normal;"> Any gain that we realize on the sale of property (other than any foreclosure </font><font style="font-style: normal; font-weight: normal;">property) held as inventory or otherwise held primarily for sale to customers in the ordinary course of business, </font><font style="font-style: normal; font-weight: normal;">including our share of any such gain realized by our Operating Partnership, either directly or through its </font><font style="font-style: normal; font-weight: normal;">subsidiary partnerships, will be treated as income from a prohibited transaction that is subject to a 100% penalty </font><font style="font-style: normal; font-weight: normal;">tax, unless certain safe harbor exceptions apply. This prohibited transaction income may also adversely affect our </font><font style="font-style: normal; font-weight: normal;">ability to satisfy the gross income tests for qualification as a REIT. Under existing law, whether property is held </font><font style="font-style: normal; font-weight: normal;">as inventory or primarily for sale to customers in the ordinary course of a trade or business is a question of fact </font><font style="font-style: normal; font-weight: normal;">that depends on all the facts and circumstances surrounding the particular transaction. As the general partner of </font><font style="font-style: normal; font-weight: normal;">our Operating Partnership, we intend to cause our Operating Partnership to hold its properties for investment </font><font style="font-style: normal; font-weight: normal;">with a view to long-term appreciation, to engage in the business of acquiring, developing and owning its </font><font style="font-style: normal; font-weight: normal;">properties and to make occasional sales of the properties as are consistent with our investment objectives. We do </font><font style="font-style: normal; font-weight: normal;">not intend, and do not intend to permit our Operating Partnership or its subsidiary partnerships, to enter into any </font><font style="font-style: normal; font-weight: normal;">sales that are prohibited transactions. However, the IRS may successfully contend that some or all of the sales </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">38<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg8"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">made by our Operating Partnership or its subsidiary partnerships are prohibited transactions. We would be required to pay the 100% penalty tax on our allocable share of the gains resulting from any such sales. The 100% penalty tax will not apply to gains from the sale of assets that are held through a taxable REIT subsidiary, but such income will be subject to regular U.S. federal corporate income tax.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Penalty Tax.<font style="font-style: normal; font-weight: normal;"> Any redetermined rents, redetermined deductions, excess interest or redetermined TRS service </font><font style="font-style: normal; font-weight: normal;">income we generate will be subject to a 100% penalty tax. In general, redetermined rents are rents from real </font><font style="font-style: normal; font-weight: normal;">property that are overstated as a result of any services furnished to any of our tenants by a taxable REIT </font><font style="font-style: normal; font-weight: normal;">subsidiary of ours, redetermined deductions and excess interest represent any amounts that are deducted by a </font><font style="font-style: normal; font-weight: normal;">taxable REIT subsidiary of ours for amounts paid to us that are in excess of the amounts that would have been </font><font style="font-style: normal; font-weight: normal;">deducted based on arm&#8217;s length negotiations, and redetermined TRS service income is income of a taxable REIT </font><font style="font-style: normal; font-weight: normal;">subsidiary that is understated as a result of services provided to us or on our behalf. Rents we receive will not </font><font style="font-style: normal; font-weight: normal;">constitute redetermined rents if they qualify for certain safe harbor provisions contained in the Code.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We do not believe we have been, and do not expect to be, subject to this penalty tax, although any rental or service arrangements we enter into from time to time may not satisfy the safe harbor provisions described above. These determinations are inherently factual, and the IRS has broad discretion to assert that amounts paid between related parties should be reallocated to clearly reflect their respective incomes. If the IRS successfully made such an assertion, we would be required to pay a 100% penalty tax on any overstated rents paid to us, or any excess deductions or understated income of our taxable REIT subsidiaries.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Asset Tests.<font style="font-style: normal; font-weight: normal;"> At the close of each calendar quarter of our taxable year, we must also satisfy certain tests </font><font style="font-style: normal; font-weight: normal;">relating to the nature and diversification of our assets. First, at least 75% of the value of our total assets must be </font><font style="font-style: normal; font-weight: normal;">represented by real estate assets, cash, cash items and U.S. government securities. For purposes of this test, the </font><font style="font-style: normal; font-weight: normal;">term &#8220;real estate assets&#8221; generally means real property (including interests in real property and interests in </font><font style="font-style: normal; font-weight: normal;">mortgages on real property or on both real property and, to a limited extent, personal property), shares (or </font><font style="font-style: normal; font-weight: normal;">transferable certificates of beneficial interest) in other REITs, any stock or debt instrument attributable to the </font><font style="font-style: normal; font-weight: normal;">investment of the proceeds of a stock offering or a public offering of debt with a term of at least five years (but </font><font style="font-style: normal; font-weight: normal;">only for the one-year period beginning on the date the REIT receives such proceeds), debt instruments of </font><font style="font-style: normal; font-weight: normal;">publicly offered REITs, and personal property leased in connection with a lease of real property for which the </font><font style="font-style: normal; font-weight: normal;">rent attributable to personal property is not greater than 15% of the total rent received under the lease.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Second, not more than 25% of the value of our total assets may be represented by securities (including securities of taxable REIT subsidiaries), other than those securities includable in the 75% asset test.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Third, of the investments included in the 25% asset class, and except for certain investments in other REITs, our qualified REIT subsidiaries and taxable REIT subsidiaries, the value of any one issuer&#8217;s securities may not exceed 5% of the value of our total assets, and we may not own more than 10% of the total vote or value of the outstanding securities of any one issuer. Certain types of securities we may own are disregarded as securities solely for purposes of the 10% value test, including, but not limited to, securities satisfying the &#8220;straight debt&#8221; safe harbor, securities issued by a partnership that itself would satisfy the 75% income test if it were a REIT, any loan to an individual or an estate, any obligation to pay rents from real property and any security issued by a REIT. In addition, solely for purposes of the 10% value test, the determination of our interest in the assets of a partnership in which we own an interest will be based on our proportionate interest in any securities issued by the partnership, excluding for this purpose certain securities described in the Code. From time to time we may own securities (including debt securities) of issuers that do not qualify as a REIT, a qualified REIT subsidiary or a taxable REIT subsidiary. We intend that our ownership of any such securities will be structured in a manner that allows us to comply with the asset tests described above.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Fourth, not more than 20% (25% for taxable years beginning after July&#160;30, 2008 and before January&#160;1,&#160;2018) of the value of our total assets may be represented by the securities of one or more taxable REIT subsidiaries. We and our Operating Partnership own interests in companies that have elected, together with us, to be treated as our taxable REIT subsidiaries, and we may acquire securities in additional taxable REIT subsidiaries in the future. So long as each of these companies qualifies as a taxable REIT subsidiary of ours, we will not be subject to the 5% asset test, the 10% voting securities limitation or the 10% value limitation with respect to our ownership of the securities of such companies. We believe that the aggregate value of our taxable REIT subsidiaries has not exceeded, and in the future will not exceed, 20% (25% for taxable years beginning </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">39<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg9"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">after July&#160;30, 2008 and before January&#160;1, 2018) of the aggregate value of our gross assets. We generally do not obtain independent appraisals to support these conclusions. In addition, there can be no assurance that the IRS will not disagree with our determinations of value.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Fifth, not more than 25% of the value of our total assets may be represented by debt instruments of publicly offered REITs to the extent those debt instruments would not be real estate assets but for the inclusion of debt instruments of publicly offered REITs in the meaning of real estate assets, as described above (e.g., a debt instrument issued by a publicly offered REIT that is not secured by a mortgage on real property). </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition, we may acquire certain mezzanine loans secured by equity interests in pass-through entities that directly or indirectly own real property. Revenue Procedure 2003-65 (the &#8220;Revenue Procedure&#8221;) provides a safe harbor pursuant to which mezzanine loans meeting the requirements of the safe harbor will be treated by the IRS as real estate assets for purposes of the REIT asset tests. In addition, any interest derived from such mezzanine loans will be treated as qualifying mortgage interest for purposes of the 75% gross income test (described above). Although the Revenue Procedure provides a safe harbor on which taxpayers may rely, it does not prescribe rules of substantive tax law. The mezzanine loans that we acquire may not meet all of the requirements of the safe harbor. Accordingly, there can be no assurance that the IRS will not challenge the qualification of such assets as real estate assets or the interest generated by these loans as qualifying income under the 75% gross income test (described above).</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The asset tests must be satisfied at the close of each calendar quarter of our taxable year in which we (directly or through any partnership or qualified REIT subsidiary) acquire securities in the applicable issuer, and also at the close of each calendar quarter in which we increase our ownership of securities of such issuer (including as a result of an increase in our interest in any partnership that owns such securities). For example, our indirect ownership of securities of each issuer will increase as a result of our capital contributions to our Operating Partnership or as limited partners exercise any redemption/exchange rights. Also, after initially meeting the asset tests at the close of any quarter, we will not lose our status as a REIT for failure to satisfy the asset tests at the end of a later quarter solely by reason of changes in asset values. If we fail to satisfy an asset test because we acquire securities or other property during a quarter (including as a result of an increase in our interest in any partnership), we may cure this failure by disposing of sufficient nonqualifying assets within 30&#160;days after the close of that quarter. We believe that we have maintained, and we intend to maintain, adequate records of the value of our assets to ensure compliance with the asset tests. If we fail to cure any noncompliance with the asset tests within the 30-day cure period, we would cease to qualify as a REIT unless we are eligible for certain relief provisions discussed below.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Certain relief provisions may be available to us if we discover a failure to satisfy the asset tests described above after the 30-day cure period. Under these provisions, we will be deemed to have met the 5% and 10% asset tests if the value of our nonqualifying assets (i)&#160;does not exceed the lesser of (a) 1% of the total value of our assets at the end of the applicable quarter or (b) $10,000,000, and (ii)&#160;we dispose of the nonqualifying assets or otherwise satisfy such tests within (a) six months after the last day of the quarter in which the failure to satisfy the asset tests is discovered or (b) the period of time prescribed by Treasury Regulations to be issued. For violations of any of the asset tests due to reasonable cause and not due to willful neglect and that are, in the case of the 5% and 10% asset tests, in excess of the <font style="font-style: italic;">de minimis</font> exception described above, we may avoid disqualification as a REIT after the 30-day cure period by taking steps including (i)&#160;the disposition of sufficient nonqualifying assets, or the taking of other actions, which allow us to meet the asset tests within (a) six months after the last day of the quarter in which the failure to satisfy the asset tests is discovered or (b) the period of time prescribed by Treasury Regulations to be issued, (ii)&#160;paying a tax equal to the greater of (a) $50,000 or (b)&#160;the U.S. federal corporate income tax rate multiplied by the net income generated by the nonqualifying assets, and (iii)&#160;disclosing certain information to the IRS.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Although we believe we have satisfied the asset tests described above and plan to take steps to ensure that we satisfy such tests for any quarter with respect to which retesting is to occur, there can be no assurance that we will always be successful, or will not require a reduction in our Operating Partnership&#8217;s overall interest in an issuer (including in a taxable REIT subsidiary). If we fail to cure any noncompliance with the asset tests in a timely manner, and the relief provisions described above are not available, we would cease to qualify as a REIT. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">40<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg10"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Annual Distribution Requirements.<font style="font-style: normal; font-weight: normal;"> To maintain our qualification as a REIT, we are required to distribute </font><font style="font-style: normal; font-weight: normal;">dividends, other than capital gain dividends, to our stockholders each year in an amount at least equal to the sum </font><font style="font-style: normal; font-weight: normal;">of:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">90% of our REIT taxable income; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">90% of our after-tax net income, if any, from foreclosure property; minus</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the excess of the sum of certain items of non-cash income over 5% of our REIT taxable income.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">For these purposes, our REIT taxable income is computed without regard to the dividends paid deduction and our net capital gain. In addition, for purposes of this test, non-cash income generally means income attributable to leveled stepped rents, original issue discount, cancellation of indebtedness, or a like-kind exchange that is later determined to be taxable.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition, our REIT taxable income will be reduced by any taxes we are required to pay on any gain we recognize from the disposition of any asset we acquired from a corporation that is or has been a C corporation in a transaction in which our tax basis in the asset is less than the fair market value of the asset, in each case determined as of the date on which we acquired the asset, within the five-year period following our acquisition of such asset, as described above under &#8220;&#8212;General.&#8221;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Except as provided below, a taxpayer&#8217;s deduction for net business interest expense will generally be limited to 30% of its taxable income, as adjusted for certain items of income, gain, deduction or loss. For any taxable year beginning in 2019 or 2020, the 30% limitation has been increased to a 50% limitation, provided that for partnerships the 50% limitation applies for any taxable year beginning in 2020 only. Taxpayers may elect to use their 2019 adjusted taxable income for purposes of computing their 2020 limitation. Any business interest deduction that is disallowed due to this limitation may be carried forward to future taxable years, subject to special rules applicable to partnerships. If we or any of our subsidiary partnerships (including our Operating Partnership) are subject to this interest expense limitation, our REIT taxable income for a taxable year may be increased. Taxpayers that conduct certain real estate businesses may elect not to have this interest expense limitation apply to them, provided that they use an alternative depreciation system to depreciate certain property. We believe that we or any of our subsidiary partnerships that are subject to this interest expense limitation will be eligible to make this election. If such election is made, although we or such subsidiary partnership, as applicable, would not be subject to the interest expense limitation described above, depreciation deductions may be reduced and, as a result, our REIT taxable income for a taxable year may be increased.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We generally must pay, or be treated as paying, the distributions described above in the taxable year to which they relate. At our election, a distribution will be treated as paid in a taxable year if it is declared before we timely file our tax return for such year and paid on or before the first regular dividend payment after such declaration, provided such payment is made during the 12-month period following the close of such year. These distributions are treated as received by our stockholders in the year in which they are paid. This is so even though these distributions relate to the prior year for purposes of the 90% distribution requirement. In order to be taken into account for purposes of our distribution requirement, except as provided below, the amount distributed must not be preferential&#8212;<font style="font-style: italic;">i.e.</font>, every stockholder of the class of stock to which a distribution is made must be treated the same as every other stockholder of that class, and no class of stock may be treated other than according to its dividend rights as a class. This preferential dividend limitation will not apply to distributions made by us, provided we qualify as a &#8220;publicly offered REIT.&#8221; We believe that we are, and expect we will continue to be, a publicly offered REIT. However, Subsidiary REITs we may own from time to time may not be publicly offered REITs. To the extent that we do not distribute all of our net capital gain, or distribute at least 90%, but less than 100%, of our REIT taxable income, as adjusted, we will be required to pay regular U.S. federal corporate income tax on the undistributed amount. We believe that we have made, and we intend to continue to make, timely distributions sufficient to satisfy these annual distribution requirements and to minimize our corporate tax obligations. In this regard, the partnership agreement of our Operating Partnership authorizes us, as the general partner of our Operating Partnership, to take such steps as may be necessary to cause our Operating Partnership to distribute to its partners an amount sufficient to permit us to meet these distribution requirements and to minimize our corporate tax obligation.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We expect that our REIT taxable income will be less than our cash flow because of depreciation and other non-cash charges included in computing REIT taxable income. Accordingly, we anticipate that we generally will </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">41<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg11"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">have sufficient cash or liquid assets to enable us to satisfy the distribution requirements described above. However, from time to time, we may not have sufficient cash or other liquid assets to meet these distribution requirements due to timing differences between the actual receipt of income and actual payment of deductible expenses, and the inclusion of income and deduction of expenses in determining our taxable income. In addition, we may decide to retain our cash, rather than distribute it, in order to repay debt or for other reasons. If these timing differences occur, we may borrow funds to pay dividends or pay dividends in the form of taxable stock distributions in order to meet the distribution requirements, while preserving our cash.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Under some circumstances, we may be able to rectify an inadvertent failure to meet the 90% distribution requirement for a year by paying &#8220;deficiency dividends&#8221; to our stockholders in a later year, which may be included in our deduction for dividends paid for the earlier year. In that case, we may be able to avoid being taxed on amounts distributed as deficiency dividends, subject to the 4% excise tax described below. However, we will be required to pay interest to the IRS based upon the amount of any deduction claimed for deficiency dividends. While the payment of a deficiency dividend will apply to a prior year for purposes of our REIT distribution requirements, it will be treated as an additional distribution to our stockholders in the year such dividend is paid. In addition, if a dividend paid by a REIT (including one of our Subsidiary REITs) is treated as a preferential dividend, in lieu of treating the dividend as not counting toward satisfying the 90% distribution requirement, the IRS may provide a remedy to cure such failure if the IRS determines that such failure is (or is of a type that is) inadvertent or due to reasonable cause and not due to willful neglect.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Furthermore, we will be required to pay a 4% excise tax to the extent we fail to distribute during each calendar year at least the sum of 85% of our ordinary income for such year, 95% of our capital gain net income for the year and any undistributed taxable income from prior periods. Any ordinary income and net capital gain on which U.S. federal corporate income tax is imposed for any year is treated as an amount distributed during that year for purposes of calculating this excise tax. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">For purposes of the 90% distribution requirement and excise tax described above, dividends declared during the last three months of the taxable year, payable to stockholders of record on a specified date during such period and paid during January of the following year, will be treated as paid by us and received by our stockholders on December 31 of the year in which they are declared. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Like-Kind Exchanges.<font style="font-style: normal; font-weight: normal;"> We may dispose of real property that is not held primarily for sale in transactions </font><font style="font-style: normal; font-weight: normal;">intended to qualify as like-kind exchanges under the Code. Such like-kind exchanges are intended to result in the </font><font style="font-style: normal; font-weight: normal;">deferral of gain for U.S. federal income tax purposes. The failure of any such transaction to qualify as a </font><font style="font-style: normal; font-weight: normal;">like-kind exchange could require us to pay U.S. federal income tax, possibly including the 100% prohibited </font><font style="font-style: normal; font-weight: normal;">transaction tax, or deficiency dividends, depending on the facts and circumstances surrounding the particular </font><font style="font-style: normal; font-weight: normal;">transaction. </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Tax Liabilities and Attributes Inherited in Connection with Acquisitions.<font style="font-style: normal; font-weight: normal;"> From time to time, we or our </font><font style="font-style: normal; font-weight: normal;">Operating Partnership may acquire other corporations or entities and, in connection with such acquisitions, we </font><font style="font-style: normal; font-weight: normal;">may succeed to the historical tax attributes and liabilities of such entities. For example, if we acquire a </font><font style="font-style: normal; font-weight: normal;">C&#160;corporation and subsequently dispose of its assets within five years of the acquisition, we could be required to </font><font style="font-style: normal; font-weight: normal;">pay the built-in gain tax described above under &#8220;&#8212;General.&#8221; In addition, in order to qualify as a REIT, at the </font><font style="font-style: normal; font-weight: normal;">end of any taxable year, we must not have any earnings and profits accumulated in a non-REIT year. As a result, </font><font style="font-style: normal; font-weight: normal;">if we acquire a C corporation, we must distribute the corporation&#8217;s earnings and profits accumulated prior to the </font><font style="font-style: normal; font-weight: normal;">acquisition before the end of the taxable year in which we acquire the corporation. We also could be required to </font><font style="font-style: normal; font-weight: normal;">pay the acquired entity&#8217;s unpaid taxes even though such liabilities arose prior to the time we acquired the entity.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Moreover, we may from time to time acquire other REITs through a merger or acquisition. If any such REIT failed to qualify as a REIT for any of its taxable years, such REIT would be liable for (and we or our subsidiary, as the surviving corporation in the merger or acquisition, would be obligated to pay) regular U.S. federal corporate income tax on its taxable income for such taxable years. In addition, if such REIT was a C&#160;corporation at the time of the merger or acquisition, the tax consequences described in the preceding paragraph generally would apply. If such REIT failed to qualify as a REIT for any of its taxable years, but qualified as a REIT at the time of such merger or acquisition, and we acquired such REIT&#8217;s assets in a transaction in which our tax basis in the assets of such REIT is determined, in whole or in part, by reference to such REIT&#8217;s tax basis in such assets, we generally would be subject to tax on the built-in gain on each asset of such REIT as described above if we were to dispose of the asset in a taxable transaction during the five-year period following such </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">42<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg12"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">REIT&#8217;s requalification as a REIT, subject to certain exceptions. Moreover, even if such REIT qualified as a REIT at all relevant times, we would similarly be liable for other unpaid taxes (if any) of such REIT (such as the 100% tax on gains from any sales treated as &#8220;prohibited transactions&#8221; as described above under &#8220;&#8212;Prohibited Transaction Income&#8221;).</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Furthermore, after our acquisition of another corporation or entity, the asset and income tests will apply to all of our assets, including the assets we acquire from such corporation or entity, and to all of our income, including the income derived from the assets we acquire from such corporation or entity. As a result, the nature of the assets that we acquire from such corporation or entity and the income we derive from those assets may have an effect on our tax status as a REIT.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Failure to Qualify.<font style="font-style: normal; font-weight: normal;"> If we discover a violation of a provision of the Code that would result in our failure to </font><font style="font-style: normal; font-weight: normal;">qualify as a REIT, certain specified cure provisions may be available to us. Except with respect to violations of </font><font style="font-style: normal; font-weight: normal;">the gross income tests and asset tests (for which the cure provisions are described above), and provided the </font><font style="font-style: normal; font-weight: normal;">violation is due to reasonable cause and not due to willful neglect, these cure provisions generally impose a </font><font style="font-style: normal; font-weight: normal;">$50,000 penalty for each violation in lieu of a loss of REIT status. If we fail to satisfy the requirements for </font><font style="font-style: normal; font-weight: normal;">taxation as a REIT in any taxable year, and the relief provisions do not apply, we will be required to pay regular </font><font style="font-style: normal; font-weight: normal;">U.S. federal corporate income tax, including any applicable alternative minimum tax for taxable years beginning </font><font style="font-style: normal; font-weight: normal;">before January&#160;1, 2018, on our taxable income. Distributions to stockholders in any year in which we fail to </font><font style="font-style: normal; font-weight: normal;">qualify as a REIT will not be deductible by us. As a result, we anticipate that our failure to qualify as a REIT </font><font style="font-style: normal; font-weight: normal;">would reduce the cash available for distribution by us to our stockholders. In addition, if we fail to qualify as a </font><font style="font-style: normal; font-weight: normal;">REIT, we will not be required to distribute any amounts to our stockholders and all distributions to stockholders </font><font style="font-style: normal; font-weight: normal;">will be taxable as regular corporate dividends to the extent of our current and accumulated earnings and profits. </font><font style="font-style: normal; font-weight: normal;">In such event, corporate stockholders may be eligible for the dividends-received deduction. In addition, </font><font style="font-style: normal; font-weight: normal;">non-corporate stockholders, including individuals, may be eligible for the preferential tax rates on qualified </font><font style="font-style: normal; font-weight: normal;">dividend income. Non-corporate stockholders, including individuals, generally may deduct up to 20% of </font><font style="font-style: normal; font-weight: normal;">dividends from a REIT, other than capital gain dividends and dividends treated as qualified dividend income, for </font><font style="font-style: normal; font-weight: normal;">taxable years beginning before January&#160;1, 2026 for purposes of determining their U.S. federal income tax (but </font><font style="font-style: normal; font-weight: normal;">not for purposes of the 3.8% Medicare tax), subject to certain holding period requirements and other limitations. </font><font style="font-style: normal; font-weight: normal;">If we fail to qualify as a REIT, such stockholders may not claim this deduction with respect to dividends paid by </font><font style="font-style: normal; font-weight: normal;">us. Unless entitled to relief under specific statutory provisions, we would also be ineligible to elect to be treated </font><font style="font-style: normal; font-weight: normal;">as a REIT for the four taxable years following the year for which we lose our qualification. It is not possible to </font><font style="font-style: normal; font-weight: normal;">state whether in all circumstances we would be entitled to this statutory relief. </font></div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Tax Aspects of Our Operating Partnership, the Subsidiary Partnerships and the Limited Liability Companies<font style="font-weight: normal;"> </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">General.<font style="font-style: normal; font-weight: normal;"> Substantially all of our investments are held indirectly through our Operating Partnership. In </font><font style="font-style: normal; font-weight: normal;">addition, our Operating Partnership holds certain of its investments indirectly through subsidiary partnerships and </font><font style="font-style: normal; font-weight: normal;">limited liability companies that we believe are and will continue to be treated as partnerships or disregarded </font><font style="font-style: normal; font-weight: normal;">entities for U.S. federal income tax purposes. In general, entities that are treated as partnerships or disregarded </font><font style="font-style: normal; font-weight: normal;">entities for U.S. federal income tax purposes are &#8220;pass-through&#8221; entities which are not required to pay U.S. </font><font style="font-style: normal; font-weight: normal;">federal income tax. Rather, partners of such partnerships are allocated their shares of the items of income, gain, </font><font style="font-style: normal; font-weight: normal;">loss, deduction and credit of the partnership, and are potentially required to pay tax on this income, without </font><font style="font-style: normal; font-weight: normal;">regard to whether they receive a distribution from the partnership. We will include in our income our share of </font><font style="font-style: normal; font-weight: normal;">these partnership items for purposes of the various gross income tests, the computation of our REIT taxable </font><font style="font-style: normal; font-weight: normal;">income, and the REIT distribution requirements. Moreover, for purposes of the asset tests, we will include our </font><font style="font-style: normal; font-weight: normal;">pro rata share of assets held by our Operating Partnership, including its share of the assets of its subsidiary </font><font style="font-style: normal; font-weight: normal;">partnerships, based on our capital interests in each such entity. See &#8220;&#8212;Taxation of Our Company&#8212;Ownership of </font><font style="font-style: normal; font-weight: normal;">Interests in Partnerships, Limited Liability Companies and Qualified REIT Subsidiaries.&#8221; A disregarded entity is </font><font style="font-style: normal; font-weight: normal;">not treated as a separate entity for U.S. federal income tax purposes, and all assets, liabilities and items of </font><font style="font-style: normal; font-weight: normal;">income, gain, loss, deduction and credit of a disregarded entity are treated as assets, liabilities and items of </font><font style="font-style: normal; font-weight: normal;">income, gain, loss, deduction and credit of its parent that is not a disregarded entity (e.g., our Operating </font><font style="font-style: normal; font-weight: normal;">Partnership) for all purposes under the Code, including all REIT qualification tests.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Entity Classification.<font style="font-style: normal; font-weight: normal;"> Our interests in our Operating Partnership and the subsidiary partnerships and limited </font><font style="font-style: normal; font-weight: normal;">liability companies involve special tax considerations, including the possibility that the IRS might challenge the </font><font style="font-style: normal; font-weight: normal;">status of these entities as partnerships or disregarded entities for U.S. federal income tax purposes. For example, </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">43<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg13"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">an entity that would otherwise be treated as a partnership for U.S. federal income tax purposes may nonetheless be taxable as a corporation if it is a &#8220;publicly traded partnership&#8221; and certain other requirements are met. A partnership would be treated as a publicly traded partnership if its interests are traded on an established securities market or are readily tradable on a secondary market or a substantial equivalent thereof, within the meaning of applicable Treasury Regulations. If any such entity were treated as a corporation, it would be required to pay an entity-level tax on its income. In this situation, the character of our assets and items of gross income would change and could prevent us from satisfying the REIT asset tests and possibly the REIT income tests. See &#8220;&#8212;Taxation of Our Company&#8212;Asset Tests&#8221; and &#8220;&#8212;Income Tests.&#8221; This, in turn, could prevent us from qualifying as a REIT. See &#8220;&#8212;Taxation of Our Company&#8212;Failure to Qualify&#8221; for a discussion of the effect of our failure to meet these tests. In addition, a change in the tax status of our Operating Partnership or a subsidiary treated as a partnership or disregarded entity to a corporation might be treated as a taxable event. If so, we might incur a tax liability without any related cash payment. We believe our Operating Partnership and each of the subsidiary partnerships and limited liability companies are and will continue to be treated as partnerships or disregarded entities for U.S. federal income tax purposes.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We believe our Operating Partnership and each of the subsidiary partnerships and limited liability companies will be classified as partnerships or disregarded entities for U.S. federal income tax purposes, and we do not anticipate that our Operating Partnership or any subsidiary partnership or limited liability company will be treated as a publicly traded partnership that is taxable as a corporation (other than any partnership or limited liability company that has elected to be taxed as a corporation and is either a REIT or a taxable REIT subsidiary of ours).</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Allocations of Items of Income, Gain, Loss and Deduction.<font style="font-style: normal; font-weight: normal;"> A partnership agreement (or, in the case of a </font><font style="font-style: normal; font-weight: normal;">limited liability company treated as a partnership for U.S. federal income tax purposes, the limited liability </font><font style="font-style: normal; font-weight: normal;">company agreement) generally will determine the allocation of income and loss among partners. These </font><font style="font-style: normal; font-weight: normal;">allocations, however, will be disregarded for tax purposes if they do not comply with the provisions of </font><font style="font-style: normal; font-weight: normal;">Section&#160;704(b) of the Code and the Treasury Regulations thereunder. Generally, Section 704(b) of the Code and </font><font style="font-style: normal; font-weight: normal;">the Treasury Regulations thereunder require that partnership allocations respect the economic arrangement of the </font><font style="font-style: normal; font-weight: normal;">partners.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The partnership agreement for our Operating Partnership provides that our Operating Partnership&#8217;s net income (including net gains) and net losses generally will be allocated first to ensure, to the extent possible, that we have received cumulative allocations of net income equal to the amount of dividends that have been paid and the amount of accrued but unpaid dividends in respect of preferred stock issued by us to our stockholders, and thereafter to us, as the general partner, and to the limited partners in proportion to their percentage interests. The partnership agreement also contains special allocations that are made under certain circumstances, including special allocations of net gain to the holders of incentive units (including LTIP Units) in connection with a sale of all or substantially all of our Operating Partnership&#8217;s assets or certain &#8220;book-ups&#8221; of capital accounts. These special allocations may result in overall allocations of net income or net loss in any particular year that deviate from the allocations that would have been made if the partnership agreement did not contain such special allocations.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If an allocation of partnership income or loss does not comply with the requirements of Section 704(b) of the Code and the Treasury Regulations thereunder, the item subject to the allocation will be reallocated in accordance with the partners&#8217; interests in the partnership. This reallocation will be determined by taking into account all of the facts and circumstances relating to the economic arrangement of the partners with respect to such item. The allocations of taxable income and loss of our Operating Partnership and any subsidiaries that are treated as partnerships for U.S. federal income tax purposes are intended to comply with the requirements of Section 704(b) of the Code and the Treasury Regulations thereunder.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Tax Allocations With Respect to the Properties.<font style="font-style: normal; font-weight: normal;"> Under Section 704(c) of the Code, items of income, gain, </font><font style="font-style: normal; font-weight: normal;">loss and deduction attributable to appreciated or depreciated property that is contributed to a partnership in </font><font style="font-style: normal; font-weight: normal;">exchange for an interest in the partnership must be allocated in a manner so that the contributing partner is </font><font style="font-style: normal; font-weight: normal;">charged with the unrealized gain or benefits from the unrealized loss associated with the property at the time of </font><font style="font-style: normal; font-weight: normal;">the contribution. The amount of the unrealized gain or unrealized loss generally is equal to the difference </font><font style="font-style: normal; font-weight: normal;">between the fair market value or book value and the adjusted tax basis of the contributed property at the time of </font><font style="font-style: normal; font-weight: normal;">contribution (this difference is referred to as a book-tax difference), as adjusted from time to time. These </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">44<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg14"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">allocations are solely for U.S. federal income tax purposes and do not affect the book capital accounts or other economic or legal arrangements among the partners.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Our Operating Partnership may, from time to time, acquire interests in property in exchange for interests in our Operating Partnership. In that case, the tax basis of these property interests generally will carry over to our Operating Partnership, notwithstanding their different book (<font style="font-style: italic;">i.e.</font>, fair market) value. The partnership agreement requires that income and loss allocations with respect to these properties be made in a manner consistent with Section 704(c) of the Code. Treasury Regulations issued under Section 704(c) of the Code provide partnerships with a choice of several methods of accounting for book-tax differences. Depending on the method we choose in connection with any particular contribution, the carryover basis of each of the contributed interests in the properties in the hands of our Operating Partnership (1) could cause us to be allocated lower amounts of depreciation deductions for tax purposes than would be allocated to us if any of the contributed properties were to have a tax basis equal to its respective fair market value at the time of the contribution and (2) could cause us to be allocated taxable gain in the event of a sale of such contributed interests or properties in excess of the economic or book income allocated to us as a result of such sale, with a corresponding benefit to the other partners in our Operating Partnership. An allocation described in clause (2) above might cause us or the other partners to recognize taxable income in excess of cash proceeds in the event of a sale or other disposition of property, which might adversely affect our ability to comply with the REIT distribution requirements. See &#8220;&#8212;Taxation of Our Company&#8212;Requirements for Qualification as a REIT&#8221; and &#8220;&#8212;Annual Distribution Requirements.&#8221;</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Any property acquired by our Operating Partnership in a taxable transaction will initially have a tax basis equal to its fair market value, and Section 704(c) of the Code generally will not apply.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Partnership Audit Rules.<font style="font-style: normal; font-weight: normal;"> Under the current rules applicable to U.S. federal income tax audits of </font><font style="font-style: normal; font-weight: normal;">partnerships, any audit adjustment to items of income, gain, loss, deduction, or credit of a partnership (and any </font><font style="font-style: normal; font-weight: normal;">partner&#8217;s distributive share thereof) generally is determined, and taxes, interest, or penalties attributable thereto </font><font style="font-style: normal; font-weight: normal;">are assessed and collected, at the partnership level. It is possible that these rules could result in partnerships in </font><font style="font-style: normal; font-weight: normal;">which we directly or indirectly invest, including our Operating Partnership, being required to pay additional </font><font style="font-style: normal; font-weight: normal;">taxes, interest and penalties as a result of an audit adjustment, and we, as a direct or indirect partner of these </font><font style="font-style: normal; font-weight: normal;">partnerships, could be required to bear the economic burden of those taxes, interest, and penalties even though </font><font style="font-style: normal; font-weight: normal;">we, as a REIT, may not otherwise have been required to pay additional corporate-level taxes as a result of the </font><font style="font-style: normal; font-weight: normal;">related audit adjustment. Investors are urged to consult their tax advisors with respect to these rules and their </font><font style="font-style: normal; font-weight: normal;">potential impact on their investment in our capital stock.</font></div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 12pt; margin-left: 0pt; text-align: left;">Material U.S. Federal Income Tax Consequences to Holders of Our Capital Stock and Our Operating Partnership&#8217;s Debt Securities</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following discussion is a summary of the material U.S. federal income tax consequences to you of purchasing, owning and disposing of our capital stock or our Operating Partnership&#8217;s debt securities. This discussion is limited to holders who hold our capital stock or our Operating Partnership&#8217;s debt securities as &#8220;capital assets&#8221; within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a holder&#8217;s particular circumstances, including the alternative minimum tax. In addition, except where specifically noted, it does not address consequences relevant to holders subject to special rules, including, without limitation:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">U.S. expatriates and former citizens or long-term residents of the United States;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">U.S. holders (as defined below) whose functional currency is not the U.S. dollar;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">persons holding our capital stock or our Operating Partnership&#8217;s debt securities as part of a hedge, straddle or other risk reduction strategy or as part of a conversion transaction or other integrated investment;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">banks, insurance companies, and other financial institutions;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">REITs or regulated investment companies;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">brokers, dealers or traders in securities;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">&#8220;controlled foreign corporations,&#8221; &#8220;passive foreign investment companies,&#8221; and corporations that accumulate earnings to avoid U.S. federal income tax;</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">45<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg15"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">S corporations, partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">tax-exempt organizations or governmental organizations;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">persons subject to special tax accounting rules as a result of any item of gross income with respect to our capital stock or our Operating Partnership&#8217;s debt securities being taken into account in an applicable financial statement;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">persons deemed to sell our capital stock or our Operating Partnership&#8217;s debt securities under the constructive sale provisions of the Code; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">persons who hold or receive our capital stock pursuant to the exercise of any employee stock option or otherwise as compensation.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED AS TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR CAPITAL STOCK OR OUR OPERATING PARTNERSHIP&#8217;S DEBT SECURITIES ARISING UNDER OTHER U.S. FEDERAL TAX LAWS (INCLUDING ESTATE AND GIFT TAX LAWS), UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE TAX TREATY.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">For purposes of this discussion, a &#8220;U.S. holder&#8221; is a beneficial owner of our capital stock or our Operating Partnership&#8217;s debt securities that, for U.S. federal income tax purposes, is or is treated as:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">an individual who is a citizen or resident of the United States;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a corporation created or organized under the laws of the United States, any state thereof, or the District of Columbia;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">an estate, the income of which is subject to U.S. federal income tax regardless of its source; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more &#8220;United States persons&#8221; (within the meaning of Section 7701(a)(30) of the Code) or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes. </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">For purposes of this discussion, a &#8220;non-U.S. holder&#8221; is any beneficial owner of our capital stock or our Operating Partnership&#8217;s debt securities that is neither a U.S. holder nor an entity treated as a partnership for U.S. federal income tax purposes. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If an entity treated as a partnership for U.S. federal income tax purposes holds our capital stock or our Operating Partnership&#8217;s debt securities, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships holding our capital stock or our Operating Partnership&#8217;s debt securities and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Taxation of Taxable U.S. Holders of Our Capital Stock </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Distributions Generally.<font style="font-style: normal; font-weight: normal;"> Distributions out of our current or accumulated earnings and profits will be treated </font><font style="font-style: normal; font-weight: normal;">as dividends and, other than with respect to capital gain dividends and certain amounts which have previously </font><font style="font-style: normal; font-weight: normal;">been subject to corporate level tax, as discussed below, will be taxable to our taxable U.S. holders as ordinary </font><font style="font-style: normal; font-weight: normal;">income when actually or constructively received. See &#8220;&#8212;Tax Rates&#8221; below. As long as we qualify as a REIT, </font><font style="font-style: normal; font-weight: normal;">these distributions will not be eligible for the dividends-received deduction in the case of U.S. holders that are </font><font style="font-style: normal; font-weight: normal;">corporations or, except to the extent described in &#8220;&#8212;Tax Rates&#8221; below, the preferential rates on qualified </font><font style="font-style: normal; font-weight: normal;">dividend income applicable to non-corporate U.S. holders, including individuals. For purposes of determining </font><font style="font-style: normal; font-weight: normal;">whether distributions to holders of our capital stock are out of our current or accumulated earnings and profits, </font><font style="font-style: normal; font-weight: normal;">our earnings and profits will be allocated first to our outstanding preferred stock, if any, and then to our </font><font style="font-style: normal; font-weight: normal;">outstanding common stock.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">To the extent that we make distributions on our capital stock in excess of our current and accumulated earnings and profits allocable to such stock, these distributions will be treated first as a tax-free return of capital </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">46<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg16"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">to a U.S. holder to the extent of the U.S. holder&#8217;s adjusted tax basis in such shares of stock. This treatment will reduce the U.S. holder&#8217;s adjusted tax basis in such shares of stock by such amount, but not below zero. Distributions in excess of our current and accumulated earnings and profits and in excess of a U.S. holder&#8217;s adjusted tax basis in its shares will be taxable as capital gain. Such gain will be taxable as long-term capital gain if the shares have been held for more than one year. Dividends we declare in October, November, or December of any year and which are payable to a holder of record on a specified date in any of these months will be treated as both paid by us and received by the holder on December 31 of that year, provided we actually pay the dividend on or before January 31 of the following year. U.S. holders may not include in their own income tax returns any of our net operating losses or capital losses.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">U.S. holders that receive taxable stock distributions, including distributions partially payable in our capital stock and partially payable in cash, would be required to include the full amount of the distribution (<font style="font-style: italic;">i.e.</font>, the cash and the stock portion) as a dividend (subject to limited exceptions) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes, as described above. The amount of any distribution payable in our capital stock generally is equal to the amount of cash that could have been received instead of the capital stock. Depending on the circumstances of a U.S. holder, the tax on the distribution may exceed the amount of the distribution received in cash, in which case such U.S. holder would have to pay the tax using cash from other sources. If a U.S. holder sells the capital stock it received in connection with a taxable stock distribution in order to pay this tax and the proceeds of such sale are less than the amount required to be included in income with respect to the stock portion of the distribution, such U.S. holder could have a capital loss with respect to the stock sale that could not be used to offset such income. A U.S. holder that receives capital stock pursuant to such distribution generally has a tax basis in such capital stock equal to the amount of cash that could have been received instead of such capital stock as described above, and has a holding period in such capital stock that begins on the day immediately following the payment date for the distribution.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Capital Gain Dividends.<font style="font-style: normal; font-weight: normal;"> Dividends that we properly designate as capital gain dividends will be taxable to </font><font style="font-style: normal; font-weight: normal;">our taxable U.S. holders as a gain from the sale or disposition of a capital asset held for more than one year, to </font><font style="font-style: normal; font-weight: normal;">the extent that such gain does not exceed our actual net capital gain for the taxable year and may not exceed our </font><font style="font-style: normal; font-weight: normal;">dividends paid for the taxable year, including dividends paid the following year that are treated as paid in the </font><font style="font-style: normal; font-weight: normal;">current year. U.S. holders that are corporations may, however, be required to treat up to 20% of certain capital </font><font style="font-style: normal; font-weight: normal;">gain dividends as ordinary income. If we properly designate any portion of a dividend as a capital gain dividend, </font><font style="font-style: normal; font-weight: normal;">then, except as otherwise required by law, we presently intend to allocate a portion of the total capital gain </font><font style="font-style: normal; font-weight: normal;">dividends paid or made available to holders of all classes of our capital stock for the year to the holders of each </font><font style="font-style: normal; font-weight: normal;">class of our capital stock in proportion to the amount that our total dividends, as determined for U.S. federal </font><font style="font-style: normal; font-weight: normal;">income tax purposes, paid or made available to the holders of each such class of our capital stock for the year </font><font style="font-style: normal; font-weight: normal;">bears to the total dividends, as determined for U.S. federal income tax purposes, paid or made available to </font><font style="font-style: normal; font-weight: normal;">holders of all classes of our capital stock for the year. In addition, except as otherwise required by law, we will </font><font style="font-style: normal; font-weight: normal;">make a similar allocation with respect to any undistributed long-term capital gains which are to be included in </font><font style="font-style: normal; font-weight: normal;">our stockholders&#8217; long-term capital gains, based on the allocation of the capital gain amount which would have </font><font style="font-style: normal; font-weight: normal;">resulted if those undistributed long-term capital gains had been distributed as &#8220;capital gain dividends&#8221; by us to </font><font style="font-style: normal; font-weight: normal;">our stockholders.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Retention of Net Capital Gains.<font style="font-style: normal; font-weight: normal;"> We may elect to retain, rather than distribute as a capital gain dividend, all </font><font style="font-style: normal; font-weight: normal;">or a portion of our net capital gains. If we make this election, we would pay tax on our retained net capital </font><font style="font-style: normal; font-weight: normal;">gains. In addition, to the extent we so elect, our earnings and profits (determined for U.S. federal income tax </font><font style="font-style: normal; font-weight: normal;">purposes) would be adjusted accordingly, and a U.S. holder generally would:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">include its pro rata share of our undistributed capital gain in computing its long-term capital gains in its U.S. federal income tax return for its taxable year in which the last day of our taxable year falls, subject to certain limitations as to the amount that is includable;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">be deemed to have paid its share of the capital gains tax imposed on us on the designated amounts included in the U.S. holder&#8217;s income as long-term capital gain;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">receive a credit or refund for the amount of tax deemed paid by it;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">increase the adjusted tax basis of its capital stock by the difference between the amount of includable gains and the tax deemed to have been paid by it; and</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">47<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg17"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">in the case of a U.S. holder that is a corporation, appropriately adjust its earnings and profits for the retained capital gains in accordance with Treasury Regulations to be promulgated by the IRS.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Passive Activity Losses, Excess Business Losses and Investment Interest Limitations.<font style="font-style: normal; font-weight: normal;"> Distributions we </font><font style="font-style: normal; font-weight: normal;">make and gain arising from the sale or exchange of our capital stock by a U.S. holder will not be treated as </font><font style="font-style: normal; font-weight: normal;">passive activity income. As a result, U.S. holders generally will not be able to apply any &#8220;passive losses&#8221; against </font><font style="font-style: normal; font-weight: normal;">this income or gain. Similarly, for taxable years beginning before January&#160;1, 2026, non-corporate U.S. holders </font><font style="font-style: normal; font-weight: normal;">cannot apply &#8220;excess business losses&#8221; against dividends that we distribute and gains arising from the disposition </font><font style="font-style: normal; font-weight: normal;">of our capital stock. A U.S. holder generally may elect to treat capital gain dividends, capital gains from the </font><font style="font-style: normal; font-weight: normal;">disposition of our capital stock and income designated as qualified dividend income, as described in &#8220;&#8212;Tax </font><font style="font-style: normal; font-weight: normal;">Rates&#8221; below, as investment income for purposes of computing the investment interest limitation, but in such </font><font style="font-style: normal; font-weight: normal;">case, the holder will be taxed at ordinary income rates on such amount. Other distributions made by us, to the </font><font style="font-style: normal; font-weight: normal;">extent they do not constitute a return of capital, generally will be treated as investment income for purposes of </font><font style="font-style: normal; font-weight: normal;">computing the investment interest limitation.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Dispositions of Our Capital Stock.<font style="font-style: normal; font-weight: normal;"> Except as described below under &#8220;&#8212;Taxation of Taxable U.S. Holders </font><font style="font-style: normal; font-weight: normal;">of Our Capital Stock&#8212;Redemption or Repurchase by Us,&#8221; if a U.S. holder sells or disposes of shares of our </font><font style="font-style: normal; font-weight: normal;">capital stock, it will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the </font><font style="font-style: normal; font-weight: normal;">difference between the amount of cash and the fair market value of any property received on the sale or other </font><font style="font-style: normal; font-weight: normal;">disposition and the holder&#8217;s adjusted tax basis in the shares. This gain or loss, except as provided below, will be </font><font style="font-style: normal; font-weight: normal;">long-term capital gain or loss if the holder has held such capital stock for more than one year. However, if a U.S. </font><font style="font-style: normal; font-weight: normal;">holder recognizes a loss upon the sale or other disposition of capital stock that it has held for six months or less, </font><font style="font-style: normal; font-weight: normal;">after applying certain holding period rules, the loss recognized will be treated as a long-term capital loss to the </font><font style="font-style: normal; font-weight: normal;">extent the U.S. holder received distributions from us which were required to be treated as long-term capital </font><font style="font-style: normal; font-weight: normal;">gains. The deductibility of capital losses is subject to limitations.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Redemption or Repurchase by Us.<font style="font-style: normal; font-weight: normal;"> A redemption or repurchase of shares of our capital stock will be treated </font><font style="font-style: normal; font-weight: normal;">under Section 302 of the Code as a distribution (and taxable as a dividend to the extent of our current and </font><font style="font-style: normal; font-weight: normal;">accumulated earnings and profits as described above under &#8220;&#8212;Distributions Generally&#8221;) unless the redemption </font><font style="font-style: normal; font-weight: normal;">or repurchase satisfies one of the tests set forth in Section 302(b) of the Code and is therefore treated as a sale or </font><font style="font-style: normal; font-weight: normal;">exchange of the redeemed or repurchased shares. The redemption or repurchase generally will be treated as a </font><font style="font-style: normal; font-weight: normal;">sale or exchange if it:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">is &#8220;substantially disproportionate&#8221; with respect to the U.S. holder,</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">results in a &#8220;complete redemption&#8221; of the U.S. holder&#8217;s stock interest in us, or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">is &#8220;not essentially equivalent to a dividend&#8221; with respect to the U.S. holder, </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">all within the meaning of Section 302(b) of the Code. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In determining whether any of these tests has been met, shares of our capital stock, including common stock and other equity interests in us, considered to be owned by the U.S. holder by reason of certain constructive ownership rules set forth in the Code, as well as shares of our capital stock actually owned by the U.S. holder, generally must be taken into account. Because the determination as to whether any of the alternative tests of Section 302(b) of the Code will be satisfied with respect to the U.S. holder depends upon the facts and circumstances at the time that the determination must be made, U.S. holders are advised to consult their tax advisors to determine such tax treatment. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If a redemption or repurchase of shares of our capital stock is treated as a distribution, the amount of the distribution will be measured by the amount of cash and the fair market value of any property received. See &#8220;&#8212;Distributions Generally.&#8221; A U.S. holder&#8217;s adjusted tax basis in the redeemed or repurchased shares generally will be transferred to the holder&#8217;s remaining shares of our capital stock, if any. If a U.S. holder owns no other shares of our capital stock, under certain circumstances, such basis may be transferred to a related person or it may be lost entirely. Prospective investors should consult their tax advisors regarding the U.S. federal income tax consequences of a redemption or repurchase of our capital stock.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If a redemption or repurchase of shares of our capital stock is not treated as a distribution, it will be treated as a taxable sale or exchange in the manner described under &#8220;&#8212;Dispositions of Our Capital Stock.&#8221;</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">48<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg18"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Tax Rates.<font style="font-style: normal; font-weight: normal;"> The maximum tax rate for non-corporate taxpayers for (1) long-term capital gains, including </font><font style="font-style: normal; font-weight: normal;">certain &#8220;capital gain dividends,&#8221; generally is 20% (although depending on the characteristics of the assets which </font><font style="font-style: normal; font-weight: normal;">produced these gains and on designations which we may make, certain capital gain dividends may be taxed at a </font><font style="font-style: normal; font-weight: normal;">25% rate) and (2) &#8220;qualified dividend income&#8221; generally is 20%. In general, dividends payable by REITs are not </font><font style="font-style: normal; font-weight: normal;">eligible for the reduced tax rate on qualified dividend income, except to the extent that certain holding period </font><font style="font-style: normal; font-weight: normal;">requirements have been met and the REIT&#8217;s dividends are attributable to dividends received from taxable </font><font style="font-style: normal; font-weight: normal;">corporations (such as its taxable REIT subsidiaries) or to income that was subject to tax at the corporate/REIT </font><font style="font-style: normal; font-weight: normal;">level (for example, if the REIT distributed taxable income that it retained and paid tax on in the prior taxable </font><font style="font-style: normal; font-weight: normal;">year). Capital gain dividends will only be eligible for the rates described above to the extent that they are </font><font style="font-style: normal; font-weight: normal;">properly designated by the REIT as &#8220;capital gain dividends.&#8221; U.S. holders that are corporations may be required </font><font style="font-style: normal; font-weight: normal;">to treat up to 20% of some capital gain dividends as ordinary income. In addition, non-corporate U.S. holders, </font><font style="font-style: normal; font-weight: normal;">including individuals, generally may deduct up to 20% of dividends from a REIT, other than capital gain </font><font style="font-style: normal; font-weight: normal;">dividends and dividends treated as qualified dividend income, for taxable years beginning before January&#160;1, 2026 </font><font style="font-style: normal; font-weight: normal;">for purposes of determining their U.S. federal income tax (but not for purposes of the 3.8% Medicare tax), </font><font style="font-style: normal; font-weight: normal;">subject to certain holding period requirements and other limitations.</font></div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Taxation of Tax-Exempt Holders of Our Capital Stock </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Dividend income from us and gain arising upon a sale of shares of our capital stock generally should not be unrelated business taxable income (&#8220;UBTI&#8221;) to a tax-exempt holder, except as described below. This income or gain will be UBTI, however, to the extent a tax-exempt holder holds its shares as &#8220;debt-financed property&#8221; within the meaning of the Code. Generally, &#8220;debt-financed property&#8221; is property the acquisition or holding of which was financed through a borrowing by the tax-exempt holder.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">For tax-exempt holders that are social clubs, voluntary employee benefit associations or supplemental unemployment benefit trusts exempt from U.S. federal income taxation under Sections 501(c)(7), (c)(9) or (c)(17) of the Code, respectively, income from an investment in our shares will constitute UBTI unless the organization is able to properly claim a deduction for amounts set aside or placed in reserve for specific purposes so as to offset the income generated by its investment in our shares. These prospective investors should consult their tax advisors concerning these &#8220;set aside&#8221; and reserve requirements. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Notwithstanding the above, however, a portion of the dividends paid by a &#8220;pension-held REIT&#8221; may be treated as UBTI as to certain trusts that hold more than 10%, by value, of the interests in the REIT. A REIT will not be a &#8220;pension-held REIT&#8221; if it is able to satisfy the &#8220;not closely held&#8221; requirement without relying on the &#8220;look-through&#8221; exception with respect to certain trusts or if such REIT is not &#8220;predominantly held&#8221; by &#8220;qualified trusts.&#8221; As a result of restrictions on ownership and transfer of our stock contained in our charter, we do not expect to be classified as a &#8220;pension-held REIT,&#8221; and as a result, the tax treatment described above should be inapplicable to our holders. However, because our common stock is (and, we anticipate, will continue to be) publicly traded, we cannot guarantee that this will always be the case. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Taxation of Non-U.S. Holders of Our Capital Stock </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following discussion addresses the rules governing U.S. federal income taxation of the purchase, ownership and disposition of our capital stock by non-U.S. holders. These rules are complex, and no attempt is made herein to provide more than a brief summary of such rules. Accordingly, the discussion does not address all aspects of U.S. federal income taxation and does not address other federal, state, local or non-U.S. tax consequences that may be relevant to a non-U.S. holder in light of its particular circumstances. We urge non-U.S. holders to consult their tax advisors to determine the impact of U.S. federal, state, local and non-U.S. income and other tax laws and any applicable tax treaty on the purchase, ownership and disposition of shares of our capital stock, including any reporting requirements. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Distributions Generally.<font style="font-style: normal; font-weight: normal;"> Distributions (including any taxable stock distributions) that are neither attributable </font><font style="font-style: normal; font-weight: normal;">to gains from sales or exchanges by us of United States real property interests (&#8220;USRPIs&#8221;) nor designated by us </font><font style="font-style: normal; font-weight: normal;">as capital gain dividends (except as described below) will be treated as dividends of ordinary income to the </font><font style="font-style: normal; font-weight: normal;">extent that they are made out of our current or accumulated earnings and profits. Such distributions ordinarily </font><font style="font-style: normal; font-weight: normal;">will be subject to withholding of U.S. federal income tax at a 30% rate or such lower rate as may be specified </font><font style="font-style: normal; font-weight: normal;">by an applicable income tax treaty, unless the distributions are treated as effectively connected with the conduct </font><font style="font-style: normal; font-weight: normal;">by the non-U.S. holder of a trade or business within the United States (and, if required by an applicable income </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">49<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg19"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such dividends are attributable). Under certain treaties, however, lower withholding rates generally applicable to dividends do not apply to dividends from a REIT. Certain certification and disclosure requirements must be satisfied for a non-U.S. holder to be exempt from withholding under the effectively connected income exemption. Dividends that are treated as effectively connected with a U.S. trade or business generally will not be subject to withholding but will be subject to U.S. federal income tax on a net basis at the regular rates, in the same manner as dividends paid to U.S. holders are subject to U.S. federal income tax. Any such dividends received by a non-U.S. holder that is a corporation may also be subject to an additional branch profits tax at a 30% rate (applicable after deducting U.S. federal income taxes paid on such effectively connected income) or such lower rate as may be specified by an applicable income tax treaty.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Except as otherwise provided below, we expect to withhold U.S. federal income tax at the rate of 30% on any distributions made to a non-U.S. holder unless:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">a lower treaty rate applies and the non-U.S. holder furnishes an IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) evidencing eligibility for that reduced treaty rate; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the non-U.S. holder furnishes an IRS Form W-8ECI (or other applicable documentation) claiming that the distribution is income effectively connected with the non-U.S. holder&#8217;s trade or business. </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Distributions in excess of our current and accumulated earnings and profits will not be taxable to a non-U.S. holder to the extent that such distributions do not exceed the adjusted tax basis of the holder&#8217;s capital stock, but rather will reduce the adjusted tax basis of such stock. To the extent that such distributions exceed the non-U.S. holder&#8217;s adjusted tax basis in such capital stock, they generally will give rise to gain from the sale or exchange of such stock, the tax treatment of which is described below. However, such excess distributions may be treated as dividend income for certain non-U.S. holders. For withholding purposes, we expect to treat all distributions as made out of our current or accumulated earnings and profits. However, amounts withheld may be refundable if it is subsequently determined that the distribution was, in fact, in excess of our current and accumulated earnings and profits, provided that certain conditions are met. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Capital Gain Dividends and Distributions Attributable to a Sale or Exchange of United States Real Property Interests.<font style="font-style: normal; font-weight: normal;"> Distributions to a non-U.S. holder that we properly designate as capital gain dividends, other </font><font style="font-style: normal; font-weight: normal;">than those arising from the disposition of a USRPI, generally should not be subject to U.S. federal income </font><font style="font-style: normal; font-weight: normal;">taxation, unless:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the investment in our capital stock is treated as effectively connected with the conduct by the non-U.S. holder of a trade or business within the United States (and, if required by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such dividends are attributable), in which case the non-U.S. holder will be subject to the same treatment as U.S. holders with respect to such gain, except that a non-U.S. holder that is a corporation may also be subject to a branch profits tax of up to 30%, as discussed above; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the non-U.S. holder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and certain other conditions are met, in which case the non-U.S. holder will be subject to U.S. federal income tax at a rate of 30% on the non-U.S. holder&#8217;s capital gains (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source capital losses of such non-U.S. holder (even though the individual is not considered a resident of the United States), provided the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses. </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Pursuant to the Foreign Investment in Real Property Tax Act, which is referred to as &#8220;FIRPTA,&#8221; distributions to a non-U.S. holder that are attributable to gain from sales or exchanges by us of USRPIs, whether or not designated as capital gain dividends, will cause the non-U.S. holder to be treated as recognizing such gain as income effectively connected with a U.S. trade or business. Non-U.S. holders generally would be taxed at the regular rates applicable to U.S. holders, subject to any applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals. We also will be required to withhold and to remit to the IRS 21% of any distribution to non-U.S. holders attributable to gain from sales or exchanges by us of USRPIs. Distributions subject to FIRPTA may also be subject to a 30% branch profits tax in the hands of a non-U.S. holder that is a corporation. The amount withheld is creditable against the non-U.S. holder&#8217;s U.S. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">50<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg20"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">federal income tax liability. However, any distribution with respect to any class of stock that is &#8220;regularly traded,&#8221; as defined by applicable Treasury Regulations, on an established securities market located in the United States is not subject to FIRPTA, and therefore, not subject to the 21% U.S. withholding tax described above, if the non-U.S. holder did not own more than 10% of such class of stock at any time during the one-year period ending on the date of the distribution. Instead, such distributions generally will be treated as ordinary dividend distributions and subject to withholding in the manner described above with respect to ordinary dividends. In addition, distributions to certain non-U.S. publicly traded shareholders that meet certain record-keeping and other requirements (&#8220;qualified shareholders&#8221;) are exempt from FIRPTA, except to the extent owners of such qualified shareholders that are not also qualified shareholders own, actually or constructively, more than 10% of our capital stock. Furthermore, distributions to &#8220;qualified foreign pension funds&#8221; or entities all of the interests of which are held by &#8220;qualified foreign pension funds&#8221; are exempt from FIRPTA. Non-U.S. holders should consult their tax advisors regarding the application of these rules. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Retention of Net Capital Gains.<font style="font-style: normal; font-weight: normal;"> Although the law is not clear on the matter, it appears that amounts we </font><font style="font-style: normal; font-weight: normal;">designate as retained net capital gains in respect of our capital stock should be treated with respect to non-U.S. </font><font style="font-style: normal; font-weight: normal;">holders as actual distributions of capital gain dividends. Under this approach, the non-U.S. holders may be able </font><font style="font-style: normal; font-weight: normal;">to offset as a credit against their U.S. federal income tax liability their proportionate share of the tax paid by us </font><font style="font-style: normal; font-weight: normal;">on such retained net capital gains and to receive from the IRS a refund to the extent their proportionate share of </font><font style="font-style: normal; font-weight: normal;">such tax paid by us exceeds their actual U.S. federal income tax liability. If we were to designate any portion of </font><font style="font-style: normal; font-weight: normal;">our net capital gain as retained net capital gain, non-U.S. holders should consult their tax advisors regarding the </font><font style="font-style: normal; font-weight: normal;">taxation of such retained net capital gain.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Sale of Our Capital Stock.<font style="font-style: normal; font-weight: normal;"> Except as described below under &#8220;&#8212;Redemption or Repurchase by Us,&#8221; gain </font><font style="font-style: normal; font-weight: normal;">realized by a non-U.S. holder upon the sale, exchange or other taxable disposition of our capital stock generally </font><font style="font-style: normal; font-weight: normal;">will not be subject to U.S. federal income tax unless such stock constitutes a USRPI. In general, stock of a </font><font style="font-style: normal; font-weight: normal;">domestic corporation that constitutes a &#8220;United States real property holding corporation,&#8221; or USRPHC, will </font><font style="font-style: normal; font-weight: normal;">constitute a USRPI. We believe that we are a USRPHC. Our capital stock will not, however, constitute a USRPI </font><font style="font-style: normal; font-weight: normal;">so long as we are a &#8220;domestically controlled qualified investment entity.&#8221; A &#8220;domestically controlled qualified </font><font style="font-style: normal; font-weight: normal;">investment entity&#8221; includes a REIT in which at all times during a five-year testing period less than 50% in value </font><font style="font-style: normal; font-weight: normal;">of its stock is held directly or indirectly by non-United States persons, subject to certain rules. For purposes of </font><font style="font-style: normal; font-weight: normal;">determining whether a REIT is a &#8220;domestically controlled qualified investment entity,&#8221; a person who at all </font><font style="font-style: normal; font-weight: normal;">applicable times holds less than 5% of a class of stock that is &#8220;regularly traded&#8221; is treated as a United States </font><font style="font-style: normal; font-weight: normal;">person unless the REIT has actual knowledge that such person is not a United States person. We believe, but </font><font style="font-style: normal; font-weight: normal;">cannot guarantee, that we are a &#8220;domestically controlled qualified investment entity.&#8221; Because our common stock </font><font style="font-style: normal; font-weight: normal;">is (and, we anticipate, will continue to be) publicly traded, no assurance can be given that we will continue to be </font><font style="font-style: normal; font-weight: normal;">a &#8220;domestically controlled qualified investment entity.&#8221; </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Even if we do not qualify as a &#8220;domestically controlled qualified investment entity&#8221; at the time a non-U.S. holder sells our capital stock, gain realized from the sale or other taxable disposition by a non-U.S. holder of such capital stock would not be subject to U.S. federal income tax under FIRPTA as a sale of a USRPI if:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">such class of stock is &#8220;regularly traded,&#8221; as defined by applicable Treasury Regulations, on an established securities market such as the New York Stock Exchange; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">such non-U.S. holder owned, actually and constructively, 10% or less of such class of stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the non-U.S. holder&#8217;s holding period. </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition, dispositions of our capital stock by qualified shareholders are exempt from FIRPTA, except to the extent owners of such qualified shareholders that are not also qualified shareholders own, actually or constructively, more than 10% of our capital stock. Furthermore, dispositions of our capital stock by &#8220;qualified foreign pension funds&#8221; or entities all of the interests of which are held by &#8220;qualified foreign pension funds&#8221; are exempt from FIRPTA. Non-U.S. holders should consult their tax advisors regarding the application of these rules.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Notwithstanding the foregoing, gain from the sale, exchange or other taxable disposition of our capital stock not otherwise subject to FIRPTA will be taxable to a non-U.S. holder if either (i)&#160;the investment in our capital stock is treated as effectively connected with the conduct by the non-U.S. holder of a trade or business within the United States (and, if required by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such gain is attributable), in which case the non-U.S. holder will be </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">51<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg21"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">subject to the same treatment as U.S. holders with respect to such gain, except that a non-U.S. holder that is a corporation may also be subject to the 30% branch profits tax (or such lower rate as may be specified by an applicable income tax treaty) on such gain, as adjusted for certain items, or (ii)&#160;the non-U.S. holder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and certain other conditions are met, in which case the non-U.S. holder will be subject to a 30% tax on the non-U.S. holder&#8217;s capital gains (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source capital losses of the non-U.S. holder (even though the individual is not considered a resident of the United States), provided the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses. In addition, even if we are a domestically controlled qualified investment entity, upon disposition of our capital stock, a non-U.S. holder may be treated as having gain from the sale or other taxable disposition of a USRPI if the non-U.S. holder (1) disposes of such stock within a 30-day period preceding the ex-dividend date of a distribution, any portion of which, but for the disposition, would have been treated as gain from the sale or exchange of a USRPI and (2) acquires, or enters into a contract or option to acquire, or is deemed to acquire, other shares of that stock during the 61-day period beginning with the first day of the 30-day period described in clause (1), unless such class of stock is &#8220;regularly traded&#8221; and the non-U.S. holder did not own more than 10% of such class of stock at any time during the one-year period ending on the date of the distribution described in clause (1).</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If gain on the sale, exchange or other taxable disposition of our capital stock were subject to taxation under FIRPTA, the non-U.S. holder would be required to file a U.S. federal income tax return and would be subject to regular U.S. federal income tax with respect to such gain in the same manner as a taxable U.S. holder (subject to any applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals). In addition, if the sale, exchange or other taxable disposition of our capital stock were subject to taxation under FIRPTA, and if shares of the applicable class of our capital stock were not &#8220;regularly traded&#8221; on an established securities market, the purchaser of such capital stock generally would be required to withhold and remit to the IRS 15% of the purchase price.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Redemption or Repurchase by Us.<font style="font-style: normal; font-weight: normal;"> A redemption or repurchase of shares of our capital stock will be treated </font><font style="font-style: normal; font-weight: normal;">under Section 302 of the Code as a distribution (and taxable as a dividend to the extent of our current and </font><font style="font-style: normal; font-weight: normal;">accumulated earnings and profits) unless the redemption or repurchase satisfies one of the tests set forth in </font><font style="font-style: normal; font-weight: normal;">Section 302(b) of the Code and is therefore treated as a sale or exchange of the redeemed or repurchased shares. </font><font style="font-style: normal; font-weight: normal;">See &#8220;&#8212;Taxation of Taxable U.S. Holders of Our Capital Stock&#8212;Redemption or Repurchase by Us.&#8221; Qualified </font><font style="font-style: normal; font-weight: normal;">shareholders and their owners may be subject to different rules, and should consult their tax advisors regarding </font><font style="font-style: normal; font-weight: normal;">the application of such rules. If the redemption or repurchase of shares is treated as a distribution, the amount of </font><font style="font-style: normal; font-weight: normal;">the distribution will be measured by the amount of cash and the fair market value of any property received. See </font><font style="font-style: normal; font-weight: normal;">&#8220;&#8212;Taxation of Non-U.S. Holders of Our Capital Stock&#8212;Distributions Generally&#8221; above. If the redemption or </font><font style="font-style: normal; font-weight: normal;">repurchase of shares is not treated as a distribution, it will be treated as a taxable sale or exchange in the manner </font><font style="font-style: normal; font-weight: normal;">described above under &#8220;&#8212;Sale of Our Capital Stock.&#8221;</font></div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17.5pt; margin-left: 0pt; text-align: left;">Taxation of Holders of Our Operating Partnership&#8217;s Debt Securities</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following summary describes the material U.S. federal income tax consequences of purchasing, owning and disposing of debt securities issued by our Operating Partnership. This discussion assumes the debt securities will be issued with less than a statutory <font style="font-style: italic;">de minimis</font> amount of original issue discount for U.S. federal income tax purposes. In addition, this discussion is limited to persons purchasing the debt securities for cash at original issue and at their original &#8220;issue price&#8221; within the meaning of Section 1273 of the Code (i.e., the first price at which a substantial amount of the debt securities is sold to the public for cash). </div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 17.5pt; margin-left: 20pt; text-align: left;">U.S. Holders </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Payments of Interest. <font style="font-style: normal;">Interest on a debt security generally will be taxable to a U.S. holder as ordinary </font><font style="font-style: normal;">income at the time such interest is received or accrued, in accordance with such U.S. holder&#8217;s method of </font><font style="font-style: normal;">accounting for U.S. federal income tax purposes. </font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Sale or Other Taxable Disposition. <font style="font-style: normal;">A U.S. holder will recognize gain or loss on the sale, exchange, </font><font style="font-style: normal;">redemption, retirement or other taxable disposition of a debt security. The amount of such gain or loss generally </font><font style="font-style: normal;">will be equal to the difference between the amount received for the debt security in cash or other property valued </font><font style="font-style: normal;">at fair market value (less amounts attributable to any accrued but unpaid interest, which will be taxable as </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">52<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg22"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">interest to the extent not previously included in income) and the U.S. holder&#8217;s adjusted tax basis in the debt security. A U.S. holder&#8217;s adjusted tax basis in a debt security generally will be equal to the amount the U.S. holder paid for the debt security. Any gain or loss generally will be capital gain or loss, and will be long-term capital gain or loss if the U.S. holder has held the debt security for more than one year at the time of such sale or other taxable disposition. Otherwise, such gain or loss will be short-term capital gain or loss. Long-term capital gains recognized by certain non-corporate U.S. holders, including individuals, generally will be taxable at reduced rates. The deductibility of capital losses is subject to limitations. </div><div class="h3" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 20pt; margin-left: 20pt; text-align: left;">Non-U.S. Holders </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Payments of Interest. <font style="font-style: normal;">Interest paid on a debt security to a non-U.S. holder that is not effectively connected </font><font style="font-style: normal;">with the non-U.S. holder&#8217;s conduct of a trade or business within the United States generally will not be subject </font><font style="font-style: normal;">to U.S. federal income tax or withholding, provided that:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the non-U.S. holder does not, actually or constructively, own 10% or more of our Operating Partnership&#8217;s capital or profits;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the non-U.S. holder is not a controlled foreign corporation related to our Operating Partnership through actual or constructive stock ownership; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">either (1) the non-U.S. holder certifies in a statement provided to the applicable withholding agent under penalties of perjury that it is not a United States person and provides its name and address; (2) a securities clearing organization, bank or other financial institution that holds customers&#8217; securities in the ordinary course of its trade or business and holds the debt security on behalf of the non-U.S. holder certifies to the applicable withholding agent under penalties of perjury that it, or the financial institution between it and the non-U.S. holder, has received from the non-U.S. holder a statement under penalties of perjury that such holder is not a United States person and provides the applicable withholding agent with a copy of such statement; or (3) the non-U.S. holder holds its debt security directly through a &#8220;qualified intermediary&#8221; (within the meaning of the applicable Treasury Regulations) and certain conditions are satisfied. </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If a non-U.S. holder does not satisfy the requirements above, such non-U.S. holder will be subject to withholding tax of 30%, subject to a reduction in or an exemption from withholding on such interest as a result of an applicable tax treaty. To claim such entitlement, the non-U.S. holder must provide the applicable withholding agent with a properly executed IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) claiming a reduction in or exemption from withholding tax under the benefit of an income tax treaty between the United States and the country in which the non-U.S. holder resides or is established.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If interest paid to a non-U.S. holder is effectively connected with the non-U.S. holder&#8217;s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such interest is attributable), the non-U.S. holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the non-U.S. holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that interest paid on a debt security is not subject to withholding tax because it is effectively connected with the conduct by the non-U.S. holder of a trade or business within the United States. Any such effectively connected interest generally will be subject to U.S. federal income tax at the regular rates. A non-U.S. holder that is a corporation may also be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected interest, as adjusted for certain items. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The certifications described above must be provided to the applicable withholding agent prior to the payment of interest and must be updated periodically. Non-U.S. holders that do not timely provide the applicable withholding agent with the required certification, but that qualify for a reduced rate under an applicable income tax treaty, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Sale or Other Taxable Disposition. <font style="font-style: normal;">A non-U.S. holder will not be subject to U.S. federal income tax on any </font><font style="font-style: normal;">gain realized upon the sale, exchange, redemption, retirement or other taxable disposition of a debt security (such </font><font style="font-style: normal;">amount excludes any amount allocable to accrued and unpaid interest, which generally will be treated as interest </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">53<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg23"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">and may be subject to the rules discussed above in &#8220;&#8212;Taxation of Holders of Our Operating Partnership&#8217;s Debt Securities&#8212;Non-U.S. Holders&#8212;Payments of Interest&#8221;) unless:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the gain is effectively connected with the non-U.S. holder&#8217;s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the non-U.S. holder maintains a permanent establishment in the United States to which such gain is attributable); or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the non-U.S. holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and certain other requirements are met. </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular rates. A non-U.S. holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">A non-U.S. holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on gain realized upon the sale or other taxable disposition of a debt security, which may be offset by U.S. source capital losses of the non-U.S. holder (even though the individual is not considered a resident of the United States), provided the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Non-U.S. holders should consult their tax advisors regarding any applicable income tax treaties that may provide for different rules. </div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 14pt; margin-left: 0pt; text-align: left;">Information Reporting and Backup Withholding</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">U.S. Holders. A U.S.<font style="font-style: normal; font-weight: normal;"> holder may be subject to information reporting and backup withholding when such </font><font style="font-style: normal; font-weight: normal;">holder receives payments on our capital stock or our Operating Partnership&#8217;s debt securities or proceeds from the </font><font style="font-style: normal; font-weight: normal;">sale or other taxable disposition of such stock or debt securities (including a redemption or retirement of a debt </font><font style="font-style: normal; font-weight: normal;">security). Certain U.S. holders are exempt from backup withholding, including corporations and certain </font><font style="font-style: normal; font-weight: normal;">tax-exempt organizations. A U.S. holder will be subject to backup withholding if such holder is not otherwise </font><font style="font-style: normal; font-weight: normal;">exempt and:</font></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the holder fails to furnish the holder&#8217;s taxpayer identification number, which for an individual is ordinarily his or her social security number;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the holder furnishes an incorrect taxpayer identification number;</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the applicable withholding agent is notified by the IRS that the holder previously failed to properly report payments of interest or dividends; or</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">the holder fails to certify under penalties of perjury that the holder has furnished a correct taxpayer identification number and that the IRS has not notified the holder that the holder is subject to backup withholding.</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a U.S. holder&#8217;s U.S. federal income tax liability, provided the required information is timely furnished to the IRS. U.S. holders should consult their tax advisors regarding their qualification for an exemption from backup withholding and the procedures for obtaining such an exemption.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Non-U.S. Holders.<font style="font-style: normal; font-weight: normal;"> Payments of dividends on our capital stock or interest on our Operating Partnership&#8217;s </font><font style="font-style: normal; font-weight: normal;">debt securities generally will not be subject to backup withholding, provided the applicable withholding agent </font><font style="font-style: normal; font-weight: normal;">does not have actual knowledge or reason to know the holder is a United States person and the holder either </font><font style="font-style: normal; font-weight: normal;">certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI, or </font><font style="font-style: normal; font-weight: normal;">otherwise establishes an exemption. However, information returns are required to be filed with the IRS in </font><font style="font-style: normal; font-weight: normal;">connection with any distributions on our capital stock or interest on our Operating Partnership&#8217;s debt securities </font><font style="font-style: normal; font-weight: normal;">paid to the non-U.S. holder, regardless of whether such distributions constitute a dividend or whether any tax </font><font style="font-style: normal; font-weight: normal;">was actually withheld. In addition, proceeds of the sale or other taxable disposition of such stock or debt </font><font style="font-style: normal; font-weight: normal;">securities (including a retirement or redemption of a debt security) within the United States or conducted through </font><font style="font-style: normal; font-weight: normal;">certain U.S.-related brokers generally will not be subject to backup withholding or information reporting, if the </font><font style="font-style: normal; font-weight: normal;">applicable withholding agent receives the certification described above and does not have actual knowledge or </font><font style="font-style: normal; font-weight: normal;">reason to know that such holder is a United States person, or the holder otherwise establishes an exemption. </font></div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">54<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg24"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">Proceeds of a disposition of such stock or debt securities conducted through a non-U.S. office of a non-U.S. broker generally will not be subject to backup withholding or information reporting.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the non-U.S. holder resides or is established.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a non-U.S. holder&#8217;s U.S. federal income tax liability, provided the required information is timely furnished to the IRS.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 16.5pt; margin-left: 0pt; text-align: left;">Medicare Contribution Tax on Unearned Income</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Certain U.S. holders that are individuals, estates or trusts are required to pay an additional 3.8% tax on, among other things, dividends on stock, interest on debt obligations and capital gains from the sale or other disposition of stock or debt obligations, subject to certain limitations. U.S. holders should consult their tax advisors regarding the effect, if any, of these rules on their ownership and disposition of our capital stock or our Operating Partnership&#8217;s debt securities.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 16.5pt; margin-left: 0pt; text-align: left;">Additional Withholding Tax on Payments Made to Foreign Accounts </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (such sections commonly referred to as the Foreign Account Tax Compliance Act (&#8220;FATCA&#8221;)) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on our capital stock, interest on our Operating Partnership&#8217;s debt securities, or (subject to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of our capital stock or our Operating Partnership&#8217;s debt securities, in each case paid to a &#8220;foreign financial institution&#8221; or a &#8220;non-financial foreign entity&#8221; (each as defined in the Code), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2) the non-financial foreign entity either certifies it does not have any &#8220;substantial United States owners&#8221; (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (3) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in clause (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain &#8220;specified United States persons&#8221; or &#8220;United States owned foreign entities&#8221; (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends on our capital stock or interest on our Operating Partnership&#8217;s debt securities. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of stock or debt securities on or after January&#160;1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. Because we may not know the extent to which a distribution is a dividend for U.S. federal income tax purposes at the time it is made, for purposes of these withholding rules we may treat the entire distribution as a dividend. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our capital stock or our Operating Partnership&#8217;s debt securities.</div><div class="h2" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 17pt; margin-left: 0pt; text-align: left;">Other Tax Consequences </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">State, local and non-U.S. income tax laws may differ substantially from the corresponding U.S. federal income tax laws, and this discussion does not purport to describe any aspect of the tax laws of any state, local or non-U.S. jurisdiction, or any U.S. federal tax other than income tax. You should consult your tax advisor regarding the effect of state, local and non-U.S. tax laws with respect to our tax treatment as a REIT and on an investment in our capital stock or our Operating Partnership&#8217;s debt securities.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">55<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_211-tax_pg25"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tSSH"><!--Anchor--></a>SELLING SECURITY HOLDERS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If the registration statement of which this prospectus forms a part is used by selling security holders for the resale of any securities registered thereunder, information about such selling security holders, their beneficial ownership of the securities and their relationship with us will be set forth in a Prospectus Supplement, in a post-effective amendment, or in filings we make with the SEC under the Exchange Act that are incorporated by reference in such registration statement.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">56<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_212-plan_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tPOD"><!--Anchor--></a>PLAN OF DISTRIBUTION</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We or any of the selling security holders may sell the Offered Securities from time to time: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">through underwriters or dealers; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">through agents; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">directly to one or more purchasers; or </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">through a combination of any of these methods of sale. </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">We will identify the specific plan of distribution, including any underwriters, dealers, agents or direct purchasers and their compensation, in the applicable Prospectus Supplement. </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">57<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_212-plan_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tLM"><!--Anchor--></a>LEGAL MATTERS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Unless otherwise indicated in the applicable Prospectus Supplement, certain legal matters regarding the validity of the securities offered hereby will be passed upon for us by Latham &amp; Watkins LLP, San Diego, California, and Venable LLP, Baltimore, Maryland. Latham &amp; Watkins LLP will also issue an opinion to us regarding certain tax matters described under &#8220;Material Federal Income Tax Considerations.&#8221;</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 20.5pt; text-align: center;"><a name="tEXP"><!--Anchor--></a>EXPERTS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The consolidated financial statements of Essex Property Trust, Inc. and subsidiaries as of December&#160;31, 2020 and 2019, and for each of the years in the three-year period ended December&#160;31, 2020, and management&#8217;s assessment of the effectiveness of internal control over financial reporting as of December&#160;31, 2020 have been incorporated by reference herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The consolidated financial statements of Essex Portfolio, L.P. and subsidiaries as of December&#160;31, 2020 and 2019, and for each of the years in the three-year period ended December&#160;31, 2020, have been incorporated by reference herein in reliance upon the report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">58<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_300-part2_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">PART II<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">&#8195;<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">INFORMATION NOT REQUIRED IN PROSPECTUS</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 50pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">ITEM 14.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The estimated expenses in connection with this offering will be borne by the registrants and are estimated as follows:</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">SEC registration fee<font style="padding-left: 2.76pt;"></font></div></td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 10pt;">&#8195;&#8195;&#8195;</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">FINRA filing fee<font style="padding-left: 0.52pt;"></font></div></td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 40pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">New York Stock Exchange supplemental listing fee<font style="padding-left: 4.73pt;"></font></div></td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 40pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Printing expenses<font style="padding-left: 3.86pt;"></font></div></td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 40pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Legal fees and expenses<font style="padding-left: 1.11pt;"></font></div></td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 40pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Accounting fees and expenses<font style="padding-left: 2.22pt;"></font></div></td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 40pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Blue Sky, qualification fees and expenses<font style="padding-left: 0.38pt;"></font></div></td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 40pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Transfer agent fees and expenses<font style="padding-left: 0.38pt;"></font></div></td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 40pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Trustee fees and expenses<font style="padding-left: 4.24pt;"></font></div></td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 40pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Depositary fees and expenses<font style="padding-left: 0.01pt;"></font></div></td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 40pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Warrant agent fees and expenses<font style="padding-left: 1.93pt;"></font></div></td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">$<font style="padding-left: 40pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Miscellaneous<font style="padding-left: 2.74pt;"></font></div></td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 1pt solid #000000; min-width: 45pt;">$&#8195;&#8195;&#8195;&#8195;</font><font style="min-width: 45pt;"></font><font style="min-width: 45pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></font></div></td></tr><tr><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Total<font style="padding-left: 0.09pt;"></font></div></td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 1.6%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 9.62%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="border-bottom: 3pt double #000000; min-width: 45pt;">$&#8195;&#8195;&#8195;&#8195;</font><font style="min-width: 45pt;"></font><font style="min-width: 45pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)</sup></font></div></td></tr></table><div><div class="rule-partial" style="height: 0pt; width: 72pt; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 10.25pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">Pursuant to Rules 456(b) and 457(r) under the Securities Act, the SEC registration fee will be paid at the time of any particular offering of securities under the registration statement, and is therefore not currently determinable.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">These fees are calculated based on the securities offered and the number of issuances and accordingly cannot be estimated at this time. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 50pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">ITEM 15.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">INDEMNIFICATION OF DIRECTORS AND OFFICERS</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages, except for liability resulting from (i)&#160;actual receipt of an improper benefit or profit in money, property or services or (ii)&#160;active and deliberate dishonesty established by a final judgment and which is material to the cause of action. Essex&#8217;s Charter contains such a provision which eliminates the liability of Essex&#8217;s directors and officers to the maximum extent permitted by Maryland law.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Section 2-418 of the Maryland General Corporation Law permits a corporation to indemnify its directors and officers and certain other parties against judgments, penalties, fines, settlements, and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a party by reason of their service in those or other capacities unless it is established that (i)&#160;the act or omission of the director or officer was material to the matter giving rise to the proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty; (ii)&#160;the director or officer actually received an improper personal benefit in money, property or services; or (iii)&#160;in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. Indemnification may be made against judgments, penalties, fines, settlements and reasonable expenses actually incurred by the director or officer in connection with the proceeding; provided, however, that if the proceeding is one by or in the right of the corporation, indemnification may not be made with respect to any proceeding in which the director or officer has been adjudged to be liable to the corporation. In addition, a director or officer may not be indemnified with respect to any proceeding charging improper personal benefit to the director or officer, whether or not involving action in the director&#8217;s or officer&#8217;s official capacity, in which the director or officer was adjudged to be liable on the basis that personal benefit was improperly received.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition, Section 2-418 of the Maryland General Corporation Law requires that, unless prohibited by its charter (which Essex&#8217;s Charter does not), a corporation shall indemnify any director or officer who is made a party to any proceeding by reason of service in that capacity against reasonable expenses incurred by the director or officer in connection with the proceeding, in the event that the director or officer is successful, on the merits or otherwise, in the defense of the proceeding.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-1<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_300-part2_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The Charter authorizes Essex, and the Bylaws obligate Essex, to the maximum extent permitted by Maryland law, to indemnify and to pay or reimburse reasonable expenses in advance of final disposition of a proceeding to any present or former director or officer who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity or any individual who, while serving as one of our directors or officers and at our request, serves or has served another corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or any other enterprise as a director, officer, trustee, member, manager or partner of such corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to, or witness in, the proceeding by reason of his or her service in that capacity. The Charter and Bylaws also permit Essex to indemnify and advance expenses to any person who served a predecessor of Essex in any of the capacities described above and to any employee or agent of Essex or its predecessor. Essex has purchased directors&#8217; and officers&#8217; liability insurance for the benefit of its directors and officers.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Essex has entered into indemnification agreements with each of its directors and executive officers. The indemnification agreements provide, among other provisions, and subject to the definitions, procedures and applicable terms of the agreements, that (i)&#160;Essex will indemnify the indemnitee to the fullest extent permitted by applicable law in the event indemnitee is or is threatened to be made a party to any Proceeding (as defined in the indemnification agreements); (ii)&#160;Essex will advance Expenses (as defined in the indemnification agreements) incurred in connection with any Proceeding by the indemnitee; and (iii)&#160;the rights of the indemnitee under the indemnification agreements are in addition to any other rights the indemnitee may have under applicable law, our Charter or Bylaws, or otherwise. The indemnification agreements also set forth the procedures for determining entitlement to indemnification, the requirements relating to notice and defense of claims for which indemnification is sought, the procedures for enforcement of indemnification rights, and the limitations on and exclusions from indemnification.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The amended and restated partnership agreement of the Operating Partnership requires it to indemnify Essex, its affiliates and any individual or entity acting on Essex&#8217;s behalf against any loss or damage, including reasonable legal fees and court costs incurred by the person by reason of anything it may do or refrain from doing for or on behalf of the Operating Partnership or in connection with its business or affairs unless it is determined that indemnification is not permitted.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-2<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_301-exindex_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 50pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">ITEM 16.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">EXHIBITS</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following are filed as part of, or incorporated by reference into, this registration statement on Form S-3.</div><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 7.69%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Exhibit <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Number</div></td><td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; 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padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/920522/000156761916002429/s001312x1_ex3-2.htm">3.1</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Articles of Amendment and Restatement of Essex Property Trust, Inc., attached as Exhibit 3.2 to the Company&#8217;s Current Report on Form 8-K, filed May&#160;23, 2016, and incorporated herein by reference.</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/920522/000156761917000322/s001565x1_ex3-2.htm">3.2</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; 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(as of February&#160;21, 2017), attached as Exhibit 3.2 to the Company&#8217;s Current Report on Form 8-K, filed February&#160;27, 2017, and incorporated herein by reference.</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/920522/000114036118009470/s002080x1_ex3-2.htm">3.3</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">First Amendment to Sixth Amended and Restated Bylaws of Essex Property Trust, Inc. (as of February&#160;20, 2018), attached as Exhibit 3.2 to the Company&#8217;s Current Report on Form 8-K, filed February&#160;22, 2018, and incorporated herein by reference.</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; 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text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20000795x1_ex4-1.htm">4.1</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Form of Indenture among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of senior notes and the guarantee thereof.</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/920522/000114036113016432/ex4_1.htm">4.2</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; 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border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/920522/000119312514024842/d655540dex45.htm">4.3</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; 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border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/920522/000114036114016822/ex4_1.htm">4.4</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; 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margin-top: 9.47pt; text-align: center;">II-3<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_301-exindex_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 7.69%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Exhibit <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Number</div></td><td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Description</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/920522/000114036118012618/s002090x7_ex4-1.htm">4.8</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Indenture, dated March&#160;8, 2018, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 4.500% Senior Notes due 2048 and the guarantee thereof, attached as Exhibit 4.1 to the Company&#8217;s Current Report on Form 8-K, filed March&#160;8, 2018, and incorporated herein by reference.</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/920522/000114036119002866/s002649x6_ex4-1.htm">4.9</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Indenture, dated February&#160;11, 2019, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 4.000% Senior Notes due 2029 and the guarantee thereof, attached as Exhibit 4.1 to the Company&#8217;s Current Report on Form 8-K, filed February&#160;11, 2019, and incorporated herein by reference.</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/920522/000114036119014468/ex4_1.htm">4.10</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Indenture, dated August&#160;7, 2019, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 3.000% Senior Notes due 2030 and the guarantee thereof, attached as Exhibit 4.1 to the Company&#8217;s Current Report on Form 8-K, filed August&#160;7, 2019, and incorporated herein by reference.</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/920522/000114036120002821/nc10008575x1_4-1.htm">4.11</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Indenture, dated February&#160;11, 2020, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 2.650% Senior Notes due 2032 and the guarantee thereof, attached as Exhibit 4.1 to the Company&#8217;s Current Report on Form 8-K, filed February&#160;11, 2020, and incorporated herein by reference.</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/920522/000114036120018965/brhc10014587_ex4-1.htm">4.12</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Indenture, dated August&#160;24, 2020, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 1.650% Senior Notes due 2031, the form of 2.650% Senior Notes due 2050 and the guarantees thereof, attached as Exhibit 4.1 to the Company&#8217;s Current Report on Form 8-K, filed August&#160;24, 2020, and incorporated herein by reference.</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/920522/000114036121006667/nt10020609x5_ex4-1.htm">4.13</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Indenture, dated March&#160;1, 2021, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 1.700% Senior Notes due 2028 and the guarantee thereof, attached as Exhibit 4.1 to the Company&#8217;s Current Report on Form 8-K, filed March&#160;1, 2021, and incorporated herein by reference.</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/920522/000114036121019424/nt10024612x5_ex4-1.htm">4.14</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Indenture, dated June&#160;1, 2021, among Essex Portfolio, L.P., Essex Property Trust, Inc., and U.S. Bank National Association, as trustee, including the form of 2.550% Senior Notes due 2031 and the guarantee thereof, attached as Exhibit 4.1 to the Company&#8217;s Current Report on Form 8-K, filed June&#160;1, 2021, and incorporated herein by reference.</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">4.15*</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Form of Warrant Agreement.</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; 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padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Form of Purchase Contract.</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; 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vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20000795x1_ex5-2.htm">5.2</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Opinion of Latham &amp; Watkins LLP.</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; 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text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Opinion of Latham &amp; Watkins LLP relating to certain tax matters.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-4<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_301-exindex_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 7.69%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Exhibit <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Number</div></td><td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td class="gutter" style="width: 0.64%; font-size: 2pt; padding-top: 6pt; padding-bottom: 4.25pt; border-bottom: 1px solid #ffffff;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Description</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="https://www.sec.gov/Archives/edgar/data/920522/000092052219000009/ess-123118xex1014.htm">10.1**</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 4.25pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fourth Amended and Restated Agreement of Limited Partnership of Essex Portfolio, L.P., dated as of December&#160;20, 2018, attached as Exhibit 10.14 to the Company&#8217;s Annual Report on Form 10-K for the year ended December&#160;31, 2018, and incorporated herein by reference.</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="ny20000795x1_ex5-1.htm">23.1</a></div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Consent of Venable LLP (included in Exhibit 5.1).</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; 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font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Powers of Attorney.</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 0.64%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 91.03%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td></tr><tr><td style="width: 7.69%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; 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margin-bottom: 1pt; margin-right: auto; margin-left: 0pt; margin-top: 16pt;"> </div></div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">*<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; text-align: left;">To be filed by amendment or incorporated by reference in connection with the offering of the applicable Offered Securities.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 3pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt;">**<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; 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text-align: left;">The undersigned registrant hereby undertakes: </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(1)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 60pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(i)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 60pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(ii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 60pt;"><tr><td style="width: 20pt; 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margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-5<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_301-exindex_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(5)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser: </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 60pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(A)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 60pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(B)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule&#160;415(a)(1)(i), (vii), or (x)&#160;for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. <font style="font-style: italic;">Provided</font>, <font style="font-style: italic;">however</font>, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 40pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(6)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 60pt; text-align: left;">The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 60pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(i)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 60pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(ii)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; 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font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Any other communications that is an offer in the offering made by the undersigned registrant to the purchaser. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(b)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#8217;s annual report pursuant to Section 13(a) or Section&#160;15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <font style="font-style: italic;">bona fide</font> offering thereof. </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-6<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_301-exindex_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(h)<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">II-7<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_302-sig_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">SIGNATURES</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Pursuant to the requirements of the Securities Act of 1933, the Registrants certify that they have reasonable grounds to believe that they meet all of the requirements for filing on Form S-3 and have duly caused this Registration Statement to be signed on their behalf by the undersigned, thereunto duly authorized, in the City of San Mateo, State of California, on the 24th day of September, 2021.</div><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; 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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20000795x1_s3asr_302-sig_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; border-collapse: collapse; width: 468pt; margin-left: auto; margin-right: auto;"><tr class="header"><td style="width: 33.33%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">Signature</div></td><td class="gutter" style="width: 1.92%; font-size: 2pt; padding-top: 6pt; 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padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Director</div></td><td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 4.25pt;">&#8203;</td><td style="width: 25.64%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">September 24, 2021</div></td></tr><tr><td style="width: 33.33%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Mary Kasaris</div></td><td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 33.33%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div></td><td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td class="gutter" style="width: 1.92%; border-bottom: none; font-size: 2pt; padding-top: 4.25pt; padding-bottom: 3pt;">&#8203;</td><td style="width: 25.64%; text-align: left; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; 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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">10</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">10</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">11</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 2.7.</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">11</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 2.8.</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Mutilated, Destroyed, Lost and Stolen Securities</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">11</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 2.9.</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">12</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 2.10.</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">13</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 2.11.</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">13</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 2.12.</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Cancellation</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">13</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 2.13.</p>
        </td>
        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">13</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 2.14.</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">14</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 2.15.</p>
        </td>
        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">CUSIP Numbers</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">16</p>
        </td>
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        <td style="padding: 0pt;" colspan="4" valign="top">
          <p style="font: 10pt Times New Roman, Times, serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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      </tr>
      <tr>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">16</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Notice to Trustee</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">16</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Selection of Securities to be Redeemed</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">16</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Notice of Redemption</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">17</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Effect of Notice of Redemption</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">17</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Deposit of Redemption Price</p>
        </td>
        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">18</p>
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        <td style="padding: 0pt; vertical-align: top">
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          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">18</p>
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      <tr>
        <td style="padding: 0pt;" colspan="4" valign="top">
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        <td style="padding: 0pt; vertical-align: top">
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          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">18</p>
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      <tr>
        <td style="padding: 0pt; vertical-align: top">
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">18</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">18</p>
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      <tr>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">19</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">19</p>
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        <td style="padding: 0pt;" colspan="4" valign="top">
          <p style="font: 10pt Times New Roman, Times, serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">19</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">19</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">20</p>
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        <td style="padding: 0pt;" colspan="4" valign="top">
          <p style="font: 10pt Times New Roman, Times, serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">21</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="padding: 0pt; vertical-align: top">
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        <td style="padding: 0pt; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">21</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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      <tr>
        <td style="width: 5%; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 6.2.</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Acceleration of Maturity; Rescission and Annulment</p>
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        <td style="width: 5%; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">22</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 6.3.</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Collection of Indebtedness and Suits for Enforcement by Trustee</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">23</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 6.4.</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Trustee May File Proofs of Claim</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">24</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 6.5.</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Trustee May Enforce Claims Without Possession of Securities</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">24</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 6.6.</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Application of Money Collected</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">25</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 6.7.</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Limitation on Suits</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">25</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 6.8.</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Unconditional Right of Holders to Receive Principal and Interest</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">26</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 6.9.</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Restoration of Rights and Remedies</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">26</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 6.10.</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Rights and Remedies Cumulative</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">26</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 6.11.</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Delay or Omission Not Waiver</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">26</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 6.12.</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Control by Holders</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">26</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 6.13.</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Waiver of Past Defaults</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">27</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 6.14.</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Undertaking for Costs</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">27</p>
        </td>
      </tr>
      <tr>
        <td colspan="4" valign="top">
          <p style="font: 10pt Times New Roman, Times, serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
      </tr>
      <tr>
        <td colspan="4" valign="top">
          <p style="font: 10pt Times New Roman, Times, serif;text-indent: 0pt;background: transparent;margin: 0pt;">ARTICLE VII. TRUSTEE</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">28</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 7.1.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Duties of Trustee</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">28</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 7.2.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Rights of Trustee</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">29</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 7.3.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Individual Rights of Trustee</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">31</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 7.4.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Trustee&#8217;s Disclaimer</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">31</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 7.5.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Notice of Defaults</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">31</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 7.6.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Reports by Trustee to Holders</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">31</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 7.7.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Compensation and Indemnity</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">32</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 7.8.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Replacement of Trustee</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">33</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 7.9.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Successor Trustee by Merger, Etc.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">34</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 7.10.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Eligibility; Disqualification</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">34</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 7.11.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Preferential Collection of Claims Against Company</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">34</p>
        </td>
      </tr>
      <tr>
        <td colspan="4" valign="top">
          <p style="font: 10pt Times New Roman, Times, serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
      </tr>
      <tr>
        <td colspan="4" valign="top">
          <p style="font: 10pt Times New Roman, Times, serif;text-indent: 0pt;background: transparent;margin: 0pt;">ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">34</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 8.1.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Satisfaction and Discharge of Indenture</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">34</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 8.2.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Application of Trust Funds; Indemnification</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">35</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 8.3.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Legal Defeasance of Securities of any Series</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">36</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 8.4.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Covenant Defeasance</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">38</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 8.5.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Repayment to Company</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">39</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 8.6.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Reinstatement</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">39</p>
        </td>
      </tr>
      <tr>
        <td colspan="4" valign="top">
          <p style="font: 10pt Times New Roman, Times, serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
      </tr>
      <tr>
        <td colspan="4" valign="top">
          <p style="font: 10pt Times New Roman, Times, serif;text-indent: 0pt;background: transparent;margin: 0pt;">ARTICLE IX. AMENDMENTS AND WAIVERS</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">39</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 9.1.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Without Consent of Holders</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">39</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 9.2.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">With Consent of Holders</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">40</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 9.3.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Limitations</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">40</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 9.4.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Compliance with Trust Indenture Act</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">41</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 9.5.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Revocation and Effect of Consents</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">41</p>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 9.6.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
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        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">42</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 9.7.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
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        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">42</p>
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      <tr>
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          <p style="font: 10pt Times New Roman, Times, serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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      <tr>
        <td colspan="4" valign="top">
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        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">42</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">42</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
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        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Notices</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">42</p>
        </td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="width: 10%; vertical-align: top">
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        <td style="width: 1%; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="width: 79%; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Communication by Holders with Other Holders</p>
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        <td style="width: 5%; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">44</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 10.4.</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Certificate and Opinion as to Conditions Precedent</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">44</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 10.5.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Statements Required in Certificate or Opinion</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">44</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 10.6.</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Rules by Trustee and Agents</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">44</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 10.7.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Legal Holidays</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">45</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 10.8.</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">No Recourse Against Others</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">45</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 10.9.</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Counterparts</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">45</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 10.10.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Governing Law; Waiver of Jury Trial; Consent to Jurisdiction</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">46</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 10.11.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">No Adverse Interpretation of Other Agreements</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">46</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 10.12.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Successors</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">46</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 10.13.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Severability</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">46</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 10.14.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Table of Contents, Headings, Etc.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">47</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 10.15.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Securities in a Foreign Currency</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">47</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 10.16.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Judgment Currency</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">47</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 10.17.</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Force Majeure</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">48</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 10.18.</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">U.S.A. Patriot Act</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">48</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
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      <tr>
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          <p style="font: 10pt Times New Roman, Times, serif;text-indent: 0pt;background: transparent;margin: 0pt;">ARTICLE XI. SINKING FUNDS</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">48</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 11.1.</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Applicability of Article</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">48</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 11.2.</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Satisfaction of Sinking Fund Payments with Securities</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">49</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">Section 11.3.</p>
        </td>
        <td style="vertical-align: top">
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        <td style="vertical-align: top">
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        <td style="vertical-align: top">
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      <tr>
        <td colspan="4" valign="top">
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        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, serif;text-align: right;background: transparent;margin: 0pt;text-indent: 0pt;">&#160;</p>
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      <tr>
        <td colspan="4" valign="top">
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      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="vertical-align: top">
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          <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;text-indent: 0pt;background: transparent;margin: 0pt;">50</p>
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      </tr>
      <tr>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;margin: 0pt;">&#160;</p>
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        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 67%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 12%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">7.10</p>
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        <td style="text-align: right;width: 12%;" valign="top">
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        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 67%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 12%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">7.10</p>
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        <td style="text-align: right;width: 12%;" valign="top">
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        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 67%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="text-align: right;width: 12%;" valign="top">
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        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 67%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 12%;" valign="top">
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      <tr>
        <td style="text-align: right;width: 12%;" valign="top">
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        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 67%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 12%;" valign="top">
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      <tr>
        <td style="text-align: right;width: 12%;" valign="top">
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        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 67%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 12%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">7.10</p>
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      </tr>
      <tr>
        <td style="text-align: right;width: 12%;" valign="top">
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        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 67%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 12%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">7.11</p>
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      <tr>
        <td style="text-align: right;width: 12%;" valign="top">
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        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 67%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 12%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">7.11</p>
        </td>
      </tr>
      <tr>
        <td style="text-align: right;width: 12%;" valign="top">
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        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 67%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 12%;" valign="top">
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      </tr>
      <tr>
        <td style="text-align: right;width: 12%;" valign="top">
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        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 67%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 12%;" valign="top">
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        </td>
      </tr>
      <tr>
        <td style="text-align: right;width: 12%;" valign="top">
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        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 67%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 12%;" valign="top">
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        </td>
      </tr>
      <tr>
        <td style="text-align: right;width: 12%;" valign="top">
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        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 67%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 12%;" valign="top">
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      </tr>
      <tr>
        <td style="text-align: right;width: 12%;" valign="top">
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        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 67%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 12%;" valign="top">
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      <tr>
        <td style="text-align: right;width: 12%;" valign="top">
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        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 67%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 12%;" valign="top">
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      <tr>
        <td style="text-align: right;width: 12%;" valign="top">
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        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 67%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 12%;" valign="top">
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      <tr>
        <td style="text-align: right;width: 12%;" valign="top">
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        <td style="width: 2%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 67%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 2%;" valign="top">
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          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">10.1</p>
        </td>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">Indenture dated as of __________, 20__ among Essex Portfolio, L.P., a California limited partnership (the &#8220;<i>Company</i>&#8221;), Essex Property Trust,
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: center;text-indent: 0pt;text-transform: uppercase;margin: 0pt;"><font style="text-transform: none;">ARTICLE I.<br>
      DEFINITIONS AND INCORPORATION BY REFERENCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Board Resolution</i>&#8221; means a copy of a resolution certified by the Secretary or an Assistant Secretary of the General
    Partner to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Business Day</i>&#8221; means any day except a Saturday, Sunday or a legal holiday in The City of New York, New York (or in
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    entity, any and all shares, interests, participations, rights or other equivalents (however designated and whether or not voting) of corporate stock, including each class of common stock and preferred stock of such person; and (c) in the case of a
    partnership or limited liability company, partnership or membership interests (whether general or limited).</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Corporate Trust Office</i>&#8221; means the designated office of the Trustee at which at any particular time its corporate
    trust business related to this Indenture shall be administered, which office at the date of the Indenture is located at the address set forth in Section 10.2, or such other address as the Trustee may designate from time to time by notice to the Holders
    and the Company or the designated corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Company).</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>CUSIP</i>&#8221; means the Committee on Uniform Security Identification Procedures and will be used pursuant to Section 2.15.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Default</i>&#8221; means any event which is, or after notice or passage of time or both would be, an Event of Default.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Depositary</i>&#8221; means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of
    one or more Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person, &#8220;Depositary&#8221; as
    used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Dollars</i>&#8221; and &#8220;<i><font style="font-style: italic;">$</font></i>&#8221; means the currency of The United States of America.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Foreign Currency</i>&#8221; means any currency or currency unit issued by a government other than the government of the United
    States of America, including the Euro.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Foreign Government Obligations</i>&#8221; means, with respect to Securities of any Series that are denominated in a Foreign
    Currency, direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged and which are not callable or redeemable at the
    option of the issuer thereof.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;"><i><i>&#8220;GAAP&#8221;</i></i> means generally accepted accounting principles in the United States of America set forth in the opinions
    and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been
    approved by a significant segment of the accounting profession, which are in effect as of the date of determination.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>General Partner</i>&#8221; means the corporation named as the &#8220;<i>General Partner</i>&#8221; in the first paragraph of this
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Global Security</i>&#8221; or &#8220;<i>Global Securities</i>&#8221; means a Security or Securities, as the case may be, in the form
    established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Guarantor</i>&#8221; means each person that executes this Indenture or a supplemental indenture hereto as a guarantor and its
    respective successors and assigns, in each case until the Guarantee of such person has been released in accordance with the provisions of this Indenture; provided, however, that such person shall be a Guarantor only with respect to a Series of
    Securities for which such person has executed a Notation of Guarantee with respect to such Series.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Indenture</i>&#8221; means this Indenture as amended or supplemented from time to time and shall include the form and terms of
    particular Series of Securities established as contemplated hereunder.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>interest</i>&#8221; with respect to any Discount Security which by its terms bears interest only after Maturity, means interest
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Maturity</i>,&#8221; when used with respect to any Security, means the date on which the principal of such Security becomes due
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Notation of Guarantee</i>&#8221; means a notation, substantially in the form of Exhibit A, executed by a Guarantor and affixed
    to each Security of any Series to which the Guarantee of such Guarantor under Article XII of this Indenture applies.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Officer</i>&#8221; means the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer,
    the Treasurer or any Assistant Treasurer, the Secretary or any Assistant Secretary, and any Vice President (whether or not designated by a number or numbers or word or words added before or after the title &#8220;Vice President&#8221;) of the General Partner or
    the Company.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Officer&#8217;s Certificate</i>&#8221; means a certificate signed by any Officer of the Company or the General Partner, as
    applicable.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Opinion of Counsel</i>&#8221; means a written opinion of legal counsel who is acceptable to the Trustee. The counsel may be an
    employee of or counsel to the Company. The opinion may contain customary limitations, conditions and exceptions.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>person</i>&#8221; means any individual, corporation, partnership, joint venture, association, limited liability company,
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>principal</i>&#8221; of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any
    Additional Amounts in respect of, the Security.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Responsible Officer</i>&#8221; means any officer of the Trustee in its Corporate Trust Office (or any successor group of the
    Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of such officers having responsibility for administration of this Indenture and also means, with respect to a particular corporate trust
    matter, any other officer to whom any corporate trust matter relating to this Indenture is referred because of his or her knowledge of and familiarity with a particular subject and who, in each case, shall have direct responsibility for the
    administration of this Indenture.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>SEC</i>&#8221; means the Securities and Exchange Commission.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Securities</i>&#8221; means the debentures, notes or other debt instruments of the Company of any Series authenticated and
    delivered under this Indenture; provided, however, that, if at any time there is more than one person acting as Trustee under this Indenture, &#8220;Securities&#8221; with respect to any such person shall mean Securities authenticated and delivered under this
    Indenture, exclusive, however, of Securities of any Series as to which such person is not Trustee.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Series</i>&#8221; or &#8220;<i><font style="font-style: italic;">Series of Securities</font></i>&#8221; means each series of debentures,
    notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    on which the principal of such Security or interest is due and payable.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Subsidiary</i>&#8221; of any specified person means any corporation, association or other business entity of which more than
    50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by
    such person or one or more of the other Subsidiaries of that person or a combination thereof.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 1.2. &#160;&#160;&#160;</font><u>Other Definitions</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <table style="width: 80%;border: none;margin: 0px 0px 0px 36pt;" border="0" cellpadding="0" cellspacing="0">

      <tr>
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            <font style="font-size: 8pt;"><u>SECTION</u></font></p>
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      <tr>
        <td style="width: 68%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt;">&#160;</p>
        </td>
        <td style="width: 12%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt;">&#160;</p>
        </td>
      </tr>
      <tr>
        <td style="width: 68%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt;">&#8220;<i>Bankruptcy Law</i>&#8221;</p>
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        </td>
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      <tr>
        <td style="width: 68%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt;">&#8220;<i>Custodian</i>&#8221;</p>
        </td>
        <td style="text-align: center;width: 12%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, serif; background: transparent; margin: 0pt;">6.1</p>
        </td>
      </tr>
      <tr>
        <td style="width: 68%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt;">&#8220;<i>Event of Default</i>&#8221;</p>
        </td>
        <td style="text-align: center;width: 12%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, serif; background: transparent; margin: 0pt;">6.1</p>
        </td>
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        <td style="width: 68%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt;">&#8220;<i>Guarantee</i>&#8221;</p>
        </td>
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        </td>
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        </td>
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        </td>
      </tr>
      <tr>
        <td style="width: 68%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt;">&#8220;<i>Legal Holiday</i>&#8221;</p>
        </td>
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      <tr>
        <td style="width: 68%;" valign="top">
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        </td>
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      <tr>
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          <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt;">&#8220;<i>New York Banking Day</i>&#8221;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;">Section 1.3. &#160;&#160;&#160;<u>Incorporation by Reference of Trust Indenture Act</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt 36.0pt 0pt 0pt;">&#8220;<i>indenture securities</i>&#8221; means the Securities.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt 36.0pt 0pt 0pt;">&#8220;<i>indenture security holder</i>&#8221; means a Securityholder.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt 36.0pt 0pt 0pt;">&#8220;<i>indenture to be qualified</i>&#8221; means this Indenture.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;background: transparent;text-align: justify;margin: 0pt 36.0pt 0pt 72.0pt;">&#8220;<i>obligor</i>&#8221; on the indenture securities means the Company and any successor obligor upon the Securities.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Unless the context otherwise requires:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(a) &#160;&#160;&#160;&#160;&#160;&#160;a term has the meaning assigned to it;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(b) &#160;&#160;&#160;&#160;&#160;&#160;an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(d) &#160;&#160;&#160;&#160;&#160;words in the singular include the plural, and in the plural include the singular; and</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(e) &#160;&#160;&#160;&#160;&#160;&#160;provisions apply to successive events and transactions.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    THE SECURITIES</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 2.1. &#160;&#160;&#160;</font><u>Issuable in Series</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    adoption of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer&#8217;s Certificate or supplemental indenture detailing the adoption of
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    may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 2.2. &#160;&#160;&#160;</font><u>Establishment of Terms of Series of Securities</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">2.2.6. &#160;&#160;&#160;&#160;&#160;&#160;&#160;the place or places where the principal of and interest, if any, on the Securities of the Series shall be
    payable, where the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered, and the
    method of such payment, if by wire transfer, mail or other means;</p>
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    sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or
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    and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;</p>
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    applicable, the conversion or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the option of the Company, the events requiring an adjustment
    of the conversion price or exchange price and provisions affecting conversion or exchange if such Series of Securities are redeemed;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Any Officer shall sign the Securities for the Company by manual, facsimile or other electronic signature.</p>
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    provided in the Board Resolution, supplemental indenture hereto or Officer&#8217;s Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of its authentication.</p>
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    fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officer&#8217;s Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or
    of Securities within that Series, (b) an Officer&#8217;s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.</p>
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    being advised by counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of
    Securities.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent
    may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as the Trustee would have if it were
    performing the duties that the authenticating agent was validly appointed to undertake.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such
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    and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (&#8220;<i>Notice Agent</i>&#8221;). The Registrar shall keep a register with respect to each Series of Securities and to their
    transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any
    such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and
    the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands; <u>provided</u>, <u>however</u>, that any appointment of the Trustee as the Notice Agent shall exclude the appointment of the
    Trustee or any office of the Trustee as an agent to receive the service of legal process on the Company.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company may also from time to time designate one or more co-registrars, additional paying agents or additional notice
    agents and may from time to time rescind such designations; <u>provided</u>, <u>however</u>, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent and Notice Agent in
    each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such
    co-registrar, additional paying agent or additional notice agent. The term &#8220;<i>Registrar</i>&#8221; includes any co-registrar; the term &#8220;<i>Paying Agent</i>&#8221; includes any additional paying agent; and the term &#8220;<i>Notice Agent</i>&#8221; includes any additional
    notice agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Notice Agent for each Series unless another
    Registrar, Paying Agent or Notice Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in
    trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee in writing of any default by
    the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee.
    Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold
    in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying Agent
    for the Securities.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;margin: 0pt;"><font style="text-decoration: none;">Section 2.6. &#160;&#160;&#160;&#160;</font><u>Securityholder Lists</u><font style="text-decoration: none;"><u>.</u></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the
    names and addresses of Securityholders of each Series of Securities and shall otherwise comply with TIA &#167; 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten days before each interest payment date and at
    such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;margin: 0pt;"><font style="text-decoration: none;">Section 2.7. &#160;&#160;&#160;&#160;</font><u>Transfer and Exchange</u><font style="text-decoration: none;">.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to
    exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the
    Trustee shall authenticate Securities at the Registrar&#8217;s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to
    cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Section 2.11, 3.6 or 9.6).</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any
    Series for the period beginning at the opening of business 15 days immediately preceding the sending of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day such notice is sent, or
    (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Registrar will be entitled to conclusively rely upon the Company&#8217;s instruction in connection with effecting such
    registration of transfer or exchange and will have no liability in respect of such registration of transfer or exchange.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;margin: 0pt;"><font style="text-decoration: none;">Section 2.8. &#160;&#160;&#160;&#160;</font><u>Mutilated, Destroyed, Lost and Stolen Securities</u><font style="text-decoration: none;"><u>.</u></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and
    deliver in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">If there shall be delivered to the Company and the Trustee (a) evidence to their satisfaction of the destruction, loss or
    theft of any Security and (b) such security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona
    fide purchaser, the Company shall execute and upon receipt of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor
    and principal amount and bearing a number not contemporaneously outstanding.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover
    any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall
    constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
    proportionately with any and all other Securities of that Series duly issued hereunder.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 2.9. &#160;&#160;&#160;</font><u>Outstanding Securities</u><font style="text-decoration: none;">.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it,
    those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory
    to it that the replaced Security is held by a bona fide purchaser.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the
    Maturity of Securities of a Series money sufficient to pay such Securities payable on that date as provided in this Indenture, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    otherwise. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below).</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request,
    demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of
    the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 2.10. &#160;</font><u>Treasury Securities</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request,
    demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying
    on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 2.11. &#160;</font><u>Temporary Securities</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary
    Securities upon a Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall
    prepare and the Trustee upon receipt of a Company Order shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights under
    this Indenture as the definitive Securities.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 2.12. &#160;</font><u>Cancellation</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall
    forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such
    canceled Securities (subject to the record retention requirements of the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company upon written request of the Company. The Company may not issue new Securities to
    replace Securities that it has paid or delivered to the Trustee for cancellation.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 2.13. &#160;</font><u>Defaulted Interest</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the
    extent permitted by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least ten days before the
    special record date, the Company shall send to the Trustee and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any
    other lawful manner.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 2.14. &#160;</font><u>Global Securities</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">2.14.1. &#160;&#160;&#160;&#160;&#160;<u>Terms of Securities</u>. A Board Resolution, a supplemental indenture hereto or an Officer&#8217;s Certificate
    shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">2.14.2. &#160;&#160;&#160;&#160;&#160;<u>Transfer and Exchange</u>. Notwithstanding any provisions to the contrary contained in Section 2.7 of the
    Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (a) such
    Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails
    to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event or (b) the Company executes and delivers to the Trustee an Officer&#8217;s Certificate to the effect that such Global Security shall be so
    exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal
    amount of the Global Security with like tenor and terms.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Except as provided in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with
    respect to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a
    successor Depositary.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Trustee will have no obligation or duty to monitor, determine or inquire as to compliance with any transfer restrictions
    imposed under this Indenture or applicable law with respect to any Security, other than to require the delivery of such certificates or other documentation or evidence as expressly required by this Indenture and to examine the same to determine
    substantial compliance as to form with the requirements of this Indenture.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">2.14.3. &#160;&#160;&#160;&#160;&#160;<u>Legends</u>. Any Global Security issued hereunder shall bear a legend in substantially the following form:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
    OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES 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
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">In addition, so long as the Depository Trust Company (&#8220;DTC&#8221;) is the Depositary, each Global Note registered in the name of
    DTC or its nominee shall bear a legend in substantially the following form:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
    (&#8220;DTC&#8221;), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
    IS MADE TO CEDE &amp; 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
    &amp; CO., HAS AN INTEREST HEREIN.&#8221;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Neither the Trustee nor any Agent will have any responsibility for any action taken or not taken by the Depositary.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Trustee and the Paying Agent will have no responsibility or obligation to any beneficial owner of a Global Note or a
    Depositary Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof with respect to any ownership interest in the Notes or with respect to the delivery to any
    participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any Redemption Notice) or the payment of any amount, under or with respect to such Notes. The rights of beneficial owners in any Global Note will
    be exercised only through the Depositary subject to the Depositary Procedures. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial
    owners.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">2.14.4. &#160;&#160;&#160;&#160;&#160;<u>Acts of Holders</u>. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to
    give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">2.14.5. &#160;&#160;&#160;&#160;&#160;<u>Payments</u>. Notwithstanding the other provisions of this Indenture, unless otherwise specified as
    contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">2.14.6. &#160;&#160;&#160;&#160;&#160;<u>Consents, Declaration and Directions</u>. The Company, the Trustee and any Agent shall treat a person as the
    Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary or by the applicable procedures of the Depositary with respect to such Global
    Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 2.15. &#160;</font><u>CUSIP Numbers</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company in issuing the Securities may use &#8220;CUSIP&#8221; numbers (if then generally in use), and, if so, the Trustee shall use
    &#8220;CUSIP&#8221; numbers in notices of redemption as a convenience to Holders; <u>provided</u> that any such notice may state that no representation is made by the Trustee as to the correctness or accuracy of such numbers either as printed on the Securities or
    as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: center;text-indent: 0pt;text-transform: uppercase;margin: 0pt;"><font style="text-transform: none;">ARTICLE III.</font><br>
    REDEMPTION</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 3.1. &#160;&#160;&#160;</font><u>Notice to Trustee</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or
    may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is
    obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal amount of the Series of
    Securities to be redeemed. The Company shall give such notice to the Trustee at least 15 days before the redemption date, unless a shorter period is satisfactory to the Trustee.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 3.2. &#160;&#160;&#160;</font><u>Selection of Securities to be Redeemed</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer&#8217;s
    Certificate, if less than all the Securities of a Series are to be redeemed, the Securities of the Series to be redeemed will be selected as follows: (a) if the Securities are in the form of Global Securities, in accordance with the applicable
    procedures of the Depositary; (b) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed; or (c) if not otherwise
    provided for under clause (a) or (b), in the manner that the Trustee deems fair and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange requirements, subject, in the case of Global Securities, to
    the applicable rules and procedures of the Depositary. The Securities to be redeemed shall be selected from Securities of the Series outstanding not previously called for redemption. Portions of the principal of Securities of the Series that have
    denominations larger than $1,000 may be selected for redemption. Securities of the Series and portions of them it selected for redemption shall be in amounts of $1,000 or whole multiples of $1,000 thereof or, with respect to Securities of any Series
    issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also
    apply to portions of Securities of that Series called for redemption.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 3.3. &#160;&#160;&#160;</font><u>Notice of Redemption</u><font style="text-decoration: none;"><u>.</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer&#8217;s
    Certificate, at least 15 days but not more than 60 days before a redemption date, the Company shall send or cause to be sent by first-class mail or electronically, in accordance with the applicable procedures of the Depositary, a notice of redemption
    to each Holder whose Securities are to be redeemed.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The notice shall identify the Securities of the Series to be redeemed and shall state:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(a) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the redemption date;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(b) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the redemption price;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(c) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the name and address of the Paying Agent;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(d) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;if any Securities are being redeemed in part, the portion of the principal amount of such
    Securities to be redeemed and that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original Security shall be issued in the name of the Holder
    thereof upon cancellation of the original Security;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(e) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;that Securities of the Series called for redemption must be surrendered to the Paying Agent to
    collect the redemption price;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(f) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;that interest on Securities of the Series called for redemption ceases to accrue on and after the
    redemption date;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(g) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the CUSIP number, if any; and</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    of a Series being redeemed.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">At the Company&#8217;s written request, the Trustee shall give the notice of redemption in the Company&#8217;s name and at its expense,
    provided, however, that the Company has delivered to the Trustee, at least five days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer&#8217;s Certificate requesting that the Trustee give such notice and setting
    forth the information to be stated in such notice.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 3.4. &#160;&#160;&#160;</font><u>Effect of Notice of Redemption</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Once notice of redemption is sent as provided in Section 3.3, Securities of a Series called for redemption become due and
    payable on the redemption date and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer&#8217;s Certificate for a Series, a notice of redemption may not be conditional. Upon surrender to the Paying
    Agent, such Securities shall be paid at the redemption price plus accrued interest, if any, to the redemption date.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 3.5. &#160;&#160;&#160;</font><u>Deposit of Redemption Price</u><font style="text-decoration: none;"><u>.</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">On or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money
    sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 3.6. &#160;&#160;&#160;</font><u>Securities Redeemed in Part</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the
    same Series and the same Maturity equal in principal amount to the unredeemed portion of the Security surrendered.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: center;text-indent: 0pt;text-transform: uppercase;margin: 0pt;"><font style="text-transform: none;">ARTICLE IV.</font><br>
    COVENANTS</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 4.1. &#160;&#160;&#160;</font><u>Payment of Principal and Interest</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it shall duly and
    punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before 11:00 a.m., New York City time, on the applicable payment date, the Company shall
    deposit with the Paying Agent money sufficient to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 4.2. &#160;&#160;&#160;</font><u>SEC Reports</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The General Partner shall, so long as any Securities are outstanding, deliver to the Trustee within 15 days after it files
    them with the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the General Partner is required to file
    with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company and the General Partner also shall comply with the other provisions of TIA &#167; 314(a). Reports, information and documents filed with the SEC via the EDGAR system will be deemed
    to be delivered to the Trustee as of the time of such filing via EDGAR for purposes of this Section 4.2.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Delivery of reports, information and documents to the Trustee under this Section 4.2 is for informational purposes only and
    the Trustee&#8217;s receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein, including the Company&#8217;s compliance with any of the covenants hereunder
    (as to which the Trustee is entitled to rely exclusively on Officer&#8217;s Certificates). All such reports, information or documents referred to in this Section 4.2 that the Company files with the SEC via the SEC&#8217;s EDGAR system shall be deemed to be filed
    with the Trustee and transmitted to Holders at the time such reports, information or documents are filed via the EDGAR system (or any successor system). The Trustee will have no obligation whatsoever to monitor or confirm, on a continuing basis or
    otherwise, the Company&#8217;s compliance with its covenants under this Indenture or with respect to any reports or other documents filed with the SEC via the EDGAR system (or any successor thereto) or any other website, or to participate in any conference
    calls.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 4.3. &#160;&#160;&#160;</font><u>Compliance Certificate</u><font style="text-decoration: none;"><u>.</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall, so long as any
    Securities are outstanding, deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officer&#8217;s Certificate stating that a review of the activities of the Guarantor, the Company and its Subsidiaries during the
    preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Company and any Guarantor has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as
    to such Officer signing such certificate, that to the best of his/her knowledge the Company and any Guarantor has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or
    observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which such Officer may have knowledge).</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 4.4. &#160;&#160;&#160;</font><u>Stay, Extension and Usury Laws</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company and the Guarantors covenant (to the extent that they may lawfully do so) that they will not at any time insist
    upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the
    Securities; and the Company and the Guarantors (to the extent they may lawfully do so) hereby expressly waive all benefit or advantage of any such law and covenant that they will not, by resort to any such law, hinder, delay or impede the execution of
    any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: center;text-indent: 0pt;text-transform: uppercase;margin: 0pt;"><font style="text-transform: none;">ARTICLE V.</font><br>
    SUCCESSORS</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 5.1. &#160;&#160;&#160;</font><u>When Company May Merge, Etc</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its
    properties and assets to, any person (a &#8220;<i>successor person</i>&#8221;) unless:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(a) &#160;&#160;&#160;&#160;&#160;&#160;the Company is the surviving entity or the successor person (if other than the Company) is a corporation, partnership, trust
    or other entity organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company&#8217;s obligations on the Securities and under this Indenture;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(b) &#160;&#160;&#160;&#160;&#160;&#160;immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing;
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(c) &#160;&#160;&#160;&#160;&#160;&#160;if the Company is not the successor person, then each Guarantor, unless it has become the successor person, shall confirm
    that its Guarantee shall continue to apply to the obligations under the Securities and this Indenture to the same extent as prior to such merger, conveyance, transfer or lease, as applicable.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officer&#8217;s Certificate to
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Notwithstanding the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its
    properties to the Company. Neither an Officer&#8217;s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 5.2. &#160;&#160;&#160;</font><u>Successor Corporation Substituted</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the
    assets of the Company in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be
    substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein; <u>provided</u>, <u>however</u>, that the predecessor Company in the
    case of a sale, conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture and the Securities.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    person or persons (whether or not affiliated with the General Partner), or successive consolidations or mergers in which either the General Partner will be the continuing entity or the General Partner or its successor or successors shall be a party or
    parties, or shall prevent any sale, conveyance, transfer or lease of all or substantially all of the property of the General Partner, to any other person (whether or not affiliated with the General Partner); provided, however, that the following
    conditions are met:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-align: justify;margin: 0pt 0pt 0pt 36.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;the General Partner shall be the continuing entity, or the successor entity (if other than the General Partner) formed by or
    resulting from any consolidation or merger or which shall have received the transfer of assets shall expressly assume the obligations of the General Partner under the Guarantee and the due and punctual performance and observance of all of the covenants
    and conditions in this Indenture;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    Certificate of the General Partner and Opinion of Counsel, stating that such consolidation, sale, merger, conveyance, transfer or lease and such supplemental indenture comply with this Section 5.3 and that all conditions precedent herein provided for
    relating to such transaction have been complied with.</p>
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    assets of the General Partner to any person in accordance with Section 5.3, the successor person formed by such consolidation or into which the General Partner is merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and
    be substituted for, and may exercise every right and power of, the General Partner under this Indenture with the same effect as if such successor person had been named as the General Partner herein, and thereafter, the predecessor person shall be
    released from all obligations and covenants under this Indenture; provided, however, that the predecessor General Partner shall not be relieved from the obligation, if any, to guarantee the payment of the principal of and interest on the Securities
    except in the case of a sale of all or substantially all of the General Partner&#8217;s assets in a transaction that is subject to, and that complies with the provisions of, Section 5.3 hereof.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: center;text-indent: 0pt;text-transform: uppercase;margin: 0pt;"><font style="text-transform: none;">ARTICLE VI.</font><br>
    DEFAULTS AND REMEDIES</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 6.1. &#160;&#160;&#160;</font><u>Events of Default</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">&#8220;<i>Event of Default</i>,&#8221; wherever used herein with respect to Securities of any Series, means any one of the following
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(a) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;default in the payment of any interest on any Security of that Series when it becomes due and
    payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to 11:00 a.m., New York City time, on the 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of such period); or</p>
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    pursuant to paragraph (a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of a Series of Securities other than that Series), which default continues uncured for a period of 60 days
    after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of not less than a majority in principal amount of the outstanding Securities of that Series a written notice
    specifying such default or breach and requiring it to be remedied and stating that such notice is a &#8220;Notice of Default&#8221; hereunder; or</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 72.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;consents to the appointment of a Custodian of it or for all or substantially all of its property,</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company will provide the Trustee written notice of any Default or Event of Default within 30 days of becoming aware of
    the occurrence of such Default or Event of Default, which notice will describe in reasonable detail the status of such Default or Event of Default and what action the Company is taking or proposes to take in respect thereof.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;margin: 0pt;"><font style="text-decoration: none;">Section 6.2. &#160;&#160;&#160;&#160;</font><u>Acceleration of Maturity; Rescission and Annulment</u><font style="text-decoration: none;"><u>.</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than
    an Event of Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities
    of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by
    a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of
    Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall <i>ipso facto</i> become and be immediately due and payable without any
    declaration or other act on the part of the Trustee or any Holder.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may
    rescind and annul such declaration and its consequences, including any related payment default that resulted from such acceleration, if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal and
    interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">No such rescission shall affect any subsequent Default or impair any right consequent thereon.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 6.3. &#160;&#160;&#160;</font><u>Collection of Indebtedness and Suits for Enforcement by
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company covenants that if:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(b) &#160;&#160;&#160;&#160;&#160;&#160;default is made in the payment of principal of any Security at the Maturity thereof, or</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(c) &#160;&#160;&#160;&#160;&#160;&#160;default is made in the deposit of any sinking fund payment when and as due by the terms of a
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt;"><i><i>then,</i></i> the Company and the Guarantors shall, upon demand of the Trustee, pay to it, for the benefit of the Holders of such
    Securities, the whole amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest at the rate or
    rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the
    Trustee, its agents and counsel.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">If the Company or the Guarantors fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as
    trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company, any Guarantor or any other
    obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company, any Guarantor or any other obligor upon such Securities, wherever situated.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its
    discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the
    specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
    composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities
    shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by
    intervention in such proceeding or otherwise,</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(a) &#160;&#160;&#160;&#160;&#160;&#160;to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect
    of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
    agents and counsel) and of the Holders allowed in such judicial proceeding, and</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(b) &#160;&#160;&#160;&#160;&#160;&#160;to collect and receive any moneys or other property payable or deliverable on any such claims and to
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt;">and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
    authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses,
    disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of
    any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 6.5. &#160;&#160;&#160;</font><u>Trustee May Enforce Claims Without Possession of Securities</u><font style="text-decoration: none;"><u>.</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without
    the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall,
    after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been
    recovered.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Any money or property collected by the Trustee pursuant to this Article shall be applied in the following order, at the date
    or dates fixed by the Trustee and, in case of the distribution of such money or property on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof
    if fully paid:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Second:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect
    of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Third:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To the Company or the Guarantors, as applicable.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;margin: 0pt;"><font style="text-decoration: none;">Section 6.7. &#160;&#160;&#160;&#160;</font><u>Limitation on Suits</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(a) &#160;&#160;&#160;&#160;&#160;&#160;such Holder has previously given written notice to the Trustee of a continuing Event of Default with
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(b) &#160;&#160;&#160;&#160;&#160;&#160;the Holders of at least a majority in principal amount of the outstanding Securities of that Series shall have made written
    request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(c) &#160;&#160;&#160;&#160;&#160;&#160;such Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs,
    expenses and liabilities which might be incurred by the Trustee in compliance with such request;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(d) &#160;&#160;&#160;&#160;&#160;&#160;the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed
    to institute any such proceeding; and</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(e) &#160;&#160;&#160;&#160;&#160;&#160;no direction inconsistent with such written request has been given to the Trustee during such 60-day
    period by the Holders of a majority in principal amount of the outstanding Securities of that Series;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt;">it being understood, intended and expressly covenanted by the Holder of every Security with every other Holder and the Trustee that no one or
    more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or
    preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders of the applicable Series. The Trustee will have no duty to determine
    whether any Holder&#8217;s use of this Indenture complies with the preceding sentence.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 6.8. &#160;&#160;&#160;</font><u>Unconditional Right of Holders to Receive Principal and
      Interest</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and
    unconditional, to receive payment of the principal of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date) and to
    institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 6.9. &#160;&#160;&#160;</font><u>Restoration of Rights and Remedies</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such
    proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Guarantors, the Trustee and
    the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 6.10. &#160;</font><u>Rights and Remedies Cumulative</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in
    Section 2.8, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition
    to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent
    assertion or employment of any other appropriate right or remedy.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 6.11. &#160;</font><u>Delay or Omission Not Waiver</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any
    Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to
    time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 6.12. &#160;</font><u>Control by Holders</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the
    time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(a) &#160;&#160;&#160;&#160;&#160;&#160;such direction shall not be in conflict with any rule of law or with this Indenture,</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(b) &#160;&#160;&#160;&#160;&#160;&#160;the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with
    such direction,</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(c) &#160;&#160;&#160;&#160;&#160;&#160;subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any
    such direction if the Trustee in good faith shall determine that the proceeding so directed would involve the Trustee in personal liability, and</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(d) &#160;&#160;&#160;&#160;&#160;prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled to
    indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 6.13. &#160;</font><u>Waiver of Past Defaults</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the
    Holders of all the Securities of such Series, by written notice to the Trustee and the Company, waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any
    Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such
    acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other
    Default or impair any right consequent thereon.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 6.14. &#160;</font><u>Undertaking for Costs</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have
    agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party
    litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys&#8217; fees, against any party litigant in such suit, having due regard to the merits and
    good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of
    Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the
    Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date).</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;text-indent: 0pt;text-transform: uppercase;margin: 0pt;"><font style="text-transform: none;">ARTICLE VII.</font><br>
    TRUSTEE</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 7.1. &#160;&#160;&#160;</font><u>Duties of Trustee</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(a) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If an Event of Default has occurred and is continuing of which a Responsible Officer of the Trustee has actual
    knowledge, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person&#8217;s own
    affairs; provided that the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders have offered, and if requested, provided, to the Trustee
    indemnity or security satisfactory to Trustee against any loss, liability or expense that might be incurred by it in compliance with such request or direction.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(b) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except during the continuance of an Event of Default:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 72.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The duties of the Trustee will be determined solely by the express provisions of this Indenture, and the Trustee need
    perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 72.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
    correctness of the opinions expressed therein, upon Officer&#8217;s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; <u>however</u>, in the case of any such Officer&#8217;s Certificates or Opinions
    of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer&#8217;s Certificates and Opinions of Counsel to determine whether or not they conform to the form requirements of this
    Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 72.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to
    Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy
    available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in accordance with Section 6.12.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    incur any liability in the performance of any of its duties, or in the exercise of any of its rights or powers, if it has reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk is not assured to the Trustee
    to its satisfaction.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 72.0pt;margin: 0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Trustee will not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters
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    Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless a Responsible Officer of the Trustee had actual knowledge of such event.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 72.0pt;margin: 0pt;">(l) Under no circumstances will the Trustee be liable in its individual capacity for the obligations evidenced by the Securities.</p>
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    authorization and protection in respect of any action taken, suffered or omitted by it hereunder without willful misconduct or negligence, and in reliance thereon.</p>
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    request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such
    request or direction.</p>
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    statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation
    into such facts or matters as it may see fit.</p>
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    Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the Securities of
    a particular Series and this Indenture.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(i) &#160;&#160;&#160;&#160;&#160;&#160;&#160;In no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 72.0pt;margin: 0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Neither the Trustee nor any Agent will have any responsibility or liability for any actions or not taken by the Depositary.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 72.0pt;margin: 0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding anything to the contrary in this Indenture, other than this Indenture and the Notes, the Trustee will have no duty to know
    or inquire as to the performance or nonperformance of any provision of any other agreement, instrument, or contract, nor will the Trustee be responsible for, nor chargeable with, knowledge of the terms and conditions of any other agreement, instrument,
    or contract, whether or not a copy of such agreement has been provided to the Trustee.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with
    the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee; provided, however, that if the Trustee acquires a &#8220;conflicting interest&#8221; (within the meaning of Section 310(b) of the Trust Indenture Act), then it
    must eliminate such conflict within 90 days or resign as Trustee. Any Agent will have the same rights and duties as the Trustee under this Section. The Trustee is also subject to Sections 7.10 and 7.11.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be
    accountable for the Company&#8217;s use of the proceeds from the Securities or any money paid to the Company or upon the Company&#8217;s direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received
    by any Paying Agent other than the Trustee and it shall not be responsible for any statement or recital in this Indenture, the Securities or any other document relating to the sale of the Notes or this Indenture, other than the Trustee&#8217;s certificate of
    authentication.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series of which a Responsible
    Officer of the Trustee has received notice, the Trustee shall send to each Securityholder of the Securities of that Series notice of a Default or Event of Default within 90 days after receipt of such notice or, if later, after a Responsible Officer of
    the Trustee has knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as it in good
    faith determines that withholding the notice is in the interests of Securityholders of that Series.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 7.6. &#160;&#160;&#160;</font><u>Reports by Trustee to Holders</u><font style="text-decoration: none;"><u>.</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    names and addresses appear on the register kept by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the extent required under, TIA &#167; 313.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each
    national securities exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series are listed on any national securities exchange.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 7.7. &#160;&#160;&#160;</font><u>Compensation and Indemnity</u><font style="text-decoration: none;">.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company shall pay to the Trustee and any Agent from time to time compensation for its services as the Company and the
    Trustee shall from time to time agree upon in writing. The Trustee&#8217;s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee promptly upon request for all reasonable
    disbursements, advances and expenses incurred or made by it under this Indenture. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee&#8217;s agents and counsel.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company shall indemnify each of the Trustee (in each of its capacities) and any predecessor Trustee (including for the
    cost of defending itself) against any all loss, cost, expense or liability, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in the next paragraph in the
    performance of its duties under this Indenture as Trustee or Agent, including the costs and expenses of enforcing this Indenture against the Company (including this Section 7.7) and defending itself against any claim (whether asserted by the Company,
    any Holder or any other Person) or liability in connection with the with the exercise or performance of any of its powers or duties under this Indenture. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity.
    Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder, unless and to the extent that the Company is materially prejudiced thereby. The Company shall defend the claim and the Trustee shall cooperate
    in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.
    This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any
    officer, director, employee, shareholder or agent of the Trustee through willful misconduct or negligence as determined by a final non-appealable order of a court of competent jurisdiction.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    Series on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series, which lien will survive the discharge of this Indenture.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The provisions of this Section shall survive the resignation or removal of the Trustee and the termination of this Indenture.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 7.8. &#160;&#160;&#160;</font><u>Replacement of Trustee</u><font style="text-decoration: none;">.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor
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    prior to the date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company in writing with 30 days prior
    notice. The Company may remove the Trustee with respect to Securities of one or more Series if:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(a) &#160;&#160;&#160;&#160;&#160;&#160;the Trustee fails to comply with Section 7.10;</p>
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    Bankruptcy Law;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(c) &#160;&#160;&#160;&#160;&#160;&#160;a Custodian or public officer takes charge of the Trustee or its property; or</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(d) &#160;&#160;&#160;&#160;&#160;the Trustee becomes incapable of acting.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall
    promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed
    by the Company.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the
    retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a
    successor Trustee.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.
    Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective, and the
    successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall send notice of its succession to each
    Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company&#8217;s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to expenses and
    liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 7.9. &#160;&#160;&#160;</font><u>Successor Trustee by Merger, Etc</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust
    business to, another corporation, the successor corporation without any further act shall be the successor Trustee, subject to Section 7.10 and will have all of the rights, powers and duties of the Trustee under this Indenture.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 7.10. &#160;</font><u>Eligibility; Disqualification</u><font style="text-decoration: none;">.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">This Indenture shall always have a Trustee who satisfies the requirements of TIA &#167; 310(a)(1), (2) and (5). The Trustee shall
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 7.11. &#160;</font><u>Preferential Collection of Claims Against Company</u><font style="text-decoration: none;">.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Trustee is subject to TIA &#167; 311(a), excluding any creditor relationship listed in TIA &#167; 311(b). A Trustee who has
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;text-indent: 0pt;text-transform: uppercase;margin: 0pt;"><font style="text-transform: none;">ARTICLE VIII.</font><br>
    SATISFACTION AND DISCHARGE; DEFEASANCE</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 8.1. &#160;&#160;&#160;</font><u>Satisfaction and Discharge of Indenture</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">This Indenture shall upon Company Order be discharged with respect to the Securities of any Series and cease to be of further
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 72.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;all such Securities of such Series not theretofore delivered to the Trustee for cancellation:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;background: transparent;text-align: justify;margin: 0pt 0pt 0pt 108.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;have become due and payable by reason of sending a notice of redemption or otherwise, or</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;background: transparent;text-align: justify;margin: 0pt 0pt 0pt 108.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;are deemed paid and discharged pursuant to Section 8.3, as applicable;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 36.0pt;margin-top: 0pt;margin-bottom: 0pt;">and the Company, in the case of (1), (2) or (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in
    trust an amount of money or U.S. Government Obligations, which amount shall be sufficient for the purpose of paying and discharging each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the
    Securities of such Series on the dates such installments of principal or interest are due<u>, as determined by the Company in the case of an all cash deposit, and</u> as certified in writing to the Trustee by a nationally recognized firm of independent
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(c)&#160; &#160; &#160; the Company has delivered to the Trustee an Officer&#8217;s Certificate and an Opinion of Counsel, each stating that all conditions
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">At the Company&#8217;s request, the Trustee will acknowledge the satisfaction and discharge of this Indenture.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 8.2. &#160;&#160;&#160;&#160;&#160;&#160;</font><u>Application of Trust Funds; Indemnification</u><font style="text-decoration: none;">.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(a) &#160;&#160;&#160;&#160;&#160;&#160;Subject to the provisions of Section 8.5, all money and U.S. Government Obligations or Foreign Government Obligations
    deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4, shall be
    held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to
    the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Section 8.1, 8.3 or 8.4.</p>
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    U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Section 8.1, 8.3 or 8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(c) &#160;&#160;&#160;&#160;&#160;&#160;The Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or
    Foreign Government Obligations or money held by it as provided in Section 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification thereof
    delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received.
    This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.</p>
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    Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as
    it relates to such outstanding Securities of such Series, shall no longer be in effect and any Guarantee will terminate with respect to that Series of Securities (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order,
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(a) &#160;&#160;&#160;&#160;&#160;&#160;the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof,
    (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund
    payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt;">provided that, the following conditions shall have been satisfied:</p>
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    Trustee as trust funds specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations,
    or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with
    their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally
    recognized firm of independent public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund
    payments in respect of all the Securities of such Series on the dates such installments of principal or interest and such sinking fund payments are due;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    agreement or instrument to which the Company is a party or by which it is bound;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(f)&#160; &#160;&#160;&#160;&#160; &#160;no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the
    date of such deposit or during the period ending on the 91st day after such date;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(g)&#160; &#160;&#160;&#160; the Company shall have delivered to the Trustee an Officer&#8217;s Certificate and an Opinion of Counsel to the effect that (i) the
    Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect
    that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit, defeasance and discharge and will be
    subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 8.4. &#160;&#160;&#160;</font><u>Covenant Defeasance</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Unless this Section 8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the
    Company may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4 and 5.1 and, unless otherwise specified therein, any additional covenants specified in a supplemental
    indenture for such Series of Securities or a Board Resolution or an Officer&#8217;s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect to such
    Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer&#8217;s Certificate delivered pursuant to Section 2.2 and designated as an Event of Default
    shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby; provided that the following
    conditions shall have been satisfied:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(a) &#160;&#160;&#160;&#160;&#160;&#160;with reference to this Section 8.4, the Company has irrevocably deposited or caused to be irrevocably deposited (except as
    provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of
    Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government
    Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the
    due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay
    and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the Securities of such Series on the dates such installments of principal or interest are due;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(b) &#160;&#160;&#160;&#160;&#160;such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other
    agreement or instrument to which the Company is a party or by which it is bound;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(c) &#160;&#160;&#160;&#160;&#160;&#160;no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the
    date of such deposit;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(d) &#160;&#160;&#160;&#160;&#160;the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the Securities of
    such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would
    have been the case if such deposit and covenant defeasance had not occurred;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(e) &#160;&#160;&#160;&#160;&#160;&#160;The Company shall have delivered to the Trustee an Officer&#8217;s Certificate stating the deposit was not made by the Company
    with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(f) &#160;&#160;&#160;&#160;&#160;&#160;The Company shall have delivered to the Trustee an Officer&#8217;s Certificate and an Opinion of Counsel, each stating that all
    conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 8.5. &#160;&#160;&#160;</font><u>Repayment to Company</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Subject to applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any
    money held by them for the payment of principal and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law
    designates another person.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 8.6. &#160;&#160;&#160;</font><u>Reinstatement</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">If the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in
    accordance with Section 8.1 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this
    Indenture with respect to the Securities of such Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to
    apply all such money in accordance with Section 8.1; <u>provided</u>, <u>however</u>, that if the Company has made any payment of principal of or interest on or any Additional Amounts with respect to any Securities because of the reinstatement of its
    obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the Holders.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;text-indent: 0pt;text-transform: uppercase;margin: 0pt;"><font style="text-transform: none;">ARTICLE IX.</font><br>
    AMENDMENTS AND WAIVERS</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 9.1. &#160;&#160;&#160;</font><u>Without Consent of Holders</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company, any Guarantors and the Trustee may amend or supplement this Indenture or the Securities of one or more Series
    without the consent of any Securityholder:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(a) &#160;&#160;&#160;&#160;&#160;&#160;to cure any ambiguity, mistake, defect or inconsistency;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(b) &#160;&#160;&#160;&#160;&#160;&#160;to comply with Article V;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(c) &#160;&#160;&#160;&#160;&#160;&#160;to provide for uncertificated Securities in addition to or in place of certificated Securities;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(d) &#160;&#160;&#160;&#160;&#160;to surrender any of the Company&#8217;s rights or powers under this Indenture;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(e) &#160;&#160;&#160;&#160;&#160;&#160;to add covenants or events of default for the benefit of the holders of Securities of any Series;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(f) &#160;&#160;&#160;&#160;&#160;&#160;to comply with the applicable procedures of the applicable Depositary;</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(g) &#160;&#160;&#160;&#160;&#160;&#160;to make any change that does not adversely affect the rights of any Securityholder;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(h) &#160;&#160;&#160;&#160;&#160;&#160;to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by
    this Indenture;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(i) &#160;&#160;&#160;&#160;&#160;&#160;&#160;to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities
    of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(j) &#160;&#160;&#160;&#160;&#160;&#160;&#160;to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(k) &#160;&#160;&#160;&#160;&#160;&#160;to reflect the release of any Guarantor in accordance with Article XII; or</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(l) &#160;&#160;&#160;&#160;&#160;&#160;&#160;to add Guarantors with respect to any or all of the Securities or to secure any or all of the Securities or the Guarantees.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 9.2. &#160;&#160;&#160;</font><u>With Consent of Holders</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company, any Guarantors and the Trustee may enter into a supplemental indenture with the written consent of the Holders
    of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the
    purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as
    provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of
    such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form
    of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes effective, the Company shall send to the Holders of
    Securities affected thereby, a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental
    indenture or waiver.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 9.3. &#160;&#160;&#160;</font><u>Limitations</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Without the consent of each Securityholder affected, an amendment or waiver may not:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(a) &#160;&#160;&#160;&#160;&#160;&#160;reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(b) &#160;&#160;&#160;&#160;&#160;&#160;reduce the rate of or extend the time for payment of interest (including default interest) on any Security;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(c) &#160;&#160;&#160;&#160;&#160;&#160;reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for,
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(d) &#160;&#160;&#160;&#160;&#160;reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(h) &#160;&#160;&#160;&#160;&#160;&#160;waive a redemption payment with respect to any Security, provided that such redemption is made at the Company&#8217;s option; or</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(i) &#160;&#160;&#160;&#160;&#160;&#160;&#160;if the Securities of that Series are entitled to the benefit of the Guarantee, release any Guarantor of such Series other
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 9.4. &#160;&#160;&#160;</font><u>Compliance with Trust Indenture Act</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 9.5. &#160;&#160;&#160;</font><u>Revocation and Effect of Consents</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder&#8217;s Security, even if notation of the consent is not made on any Security. However,
    any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver
    unless it is of the type described in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security
    that evidences the same debt as the consenting Holder&#8217;s Security.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the second immediately preceding paragraph, those persons who were Holders at such
    record date (or their duly designated proxies), and only those persons, shall be entitled to give such consent or to revoke any consent previously given or take any such action, whether or not such persons continue to be Holders after such record date.
    No such consent shall be valid or effective for more than 120 days after such record date.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 9.6. &#160;&#160;&#160;</font><u>Notation on or Exchange of Securities</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company or the Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 9.7. &#160;&#160;&#160;</font><u>Trustee Protected</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the
    modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Officer&#8217;s Certificate or an Opinion of Counsel stating that the execution
    of such supplemental indenture is authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures upon delivery of such an Officer&#8217;s Certificate or Opinion of Counsel, except that the Trustee need not sign any supplemental
    indenture that adversely affects its rights.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;text-indent: 0pt;text-transform: uppercase;margin: 0pt;"><font style="text-transform: none;">ARTICLE X.</font><br>
    MISCELLANEOUS</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 10.1. &#160;</font><u>Trust Indenture Act Controls</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Any notice or communication by the Company, any Guarantor or the Trustee to the other, or by a Holder to the Company, any
    Guarantor or the Trustee, is duly given if in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile transmission, email or overnight air courier guaranteeing next day delivery, to
    the others&#8217; address:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt;">if to the Company:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 108.0pt;text-align: justify;margin: 0pt;">Essex Portfolio, L.P.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 108.0pt;text-align: justify;margin: 0pt;">1100 Park Place, Suite 200</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 108.0pt;text-align: justify;margin: 0pt;">San Mateo, California 94403</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 108.0pt;text-align: justify;margin: 0pt;">Email: bpak@essex.com</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 108.0pt;text-align: justify;margin: 0pt;">Attention: Barbara Pak, Executive Vice President, Chief Financial Officer</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt;">if to the Guarantor:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 108.0pt;text-align: justify;margin: 0pt;">Essex Property Trust, Inc.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 108.0pt;text-align: justify;margin: 0pt;">1100 Park Place, Suite 200</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 108.0pt;text-align: justify;margin: 0pt;">San Mateo, California 94403</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 108.0pt;text-align: justify;margin: 0pt;">Email: bpak@essex.com</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 108.0pt;text-align: justify;margin: 0pt;">Attention: Barbara Pak, Executive Vice President, Chief Financial Officer</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt;">in each case, with a copy to:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 108.0pt;background: transparent;text-align: justify;margin: 0pt;">Latham &amp; Watkins LLP&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt 0pt 0pt 108.0pt;">12670 High Bluff Drive&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt 0pt 0pt 108.0pt;">San Diego, California 92130&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt 0pt 0pt 108.0pt;">Attention: Craig M. Garner&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt 0pt 0pt 108.0pt;">Telephone: (858) 523-5400</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;margin: 0pt;">if to the Trustee:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 108.0pt;background: transparent;margin-top: 0pt;margin-bottom: 0pt;">U.S. Bank National Association</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 108.0pt;background: transparent;margin-top: 0pt;margin-bottom: 0pt;">One California Street, Suite 1000&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 108.0pt;background: transparent;margin-top: 0pt;margin-bottom: 0pt;">San Francisco, California 94111&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 108.0pt;background: transparent;margin-top: 0pt;margin-bottom: 0pt;">Attention: David Jason (Essex Portfolio)&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 108.0pt;background: transparent;margin-top: 0pt;margin-bottom: 0pt;">Fax: (415) 677-3769</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company, any Guarantor or the Trustee by notice to the other may designate additional or different addresses for
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Any notice or communication to a Securityholder shall be sent electronically or by first-class mail to his, her or its
    address shown on the register kept by the Registrar, in accordance with the applicable procedures of the Depositary. Failure to send a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">If the Company or any Guarantor sends a notice or communication to Securityholders, it shall send a copy to the Trustee and
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security provides for
    notice of any event (including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary for such Security (or its designee) pursuant to the customary procedures
    of such Depositary, including by electronic mail.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Securityholders of any Series may communicate pursuant to TIA &#167; 312(b) with other Securityholders of that Series or any other
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 10.4. &#160;</font><u>Certificate and Opinion as to Conditions Precedent</u><font style="text-decoration: none;">.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(a) &#160;&#160;&#160;&#160;&#160;an Officer&#8217;s Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(b) &#160;&#160;&#160;&#160;&#160;an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 36.0pt;margin: 0pt 0pt 0pt 36.0pt;">(c) &#160;&#160;&#160;&#160;&#160;a statement that, in the opinion of such person, such person has made such examination or investigation as is necessary to
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 10.6. &#160;</font><u>Rules by Trustee and Agents</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 10.7. &#160;</font><u>Legal Holidays</u><font style="text-decoration: none;">.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">A &#8220;<i>Legal Holiday</i>&#8221; is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment,
    payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 10.8. &#160;</font><u>No Recourse Against Others</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">A director, officer, employee or stockholder (past or present), as such, of the Company or any Guarantor shall not have any
    liability for any obligations of the Company under the Securities, the Guarantee or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and
    releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 10.9. &#160;</font><u>Counterparts</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of
    which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or other electronic format (e.g., &#8220;.pdf&#8221;
    or &#8220;.tif&#8221;) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or
    electronic format (e.g., &#8220;.pdf&#8221; or &#8220;.tif&#8221;) shall be deemed to be their original signatures for all purposes.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Unless otherwise provided herein or in any other Securities, the words &#8220;execute&#8221;, &#8220;execution&#8221;, &#8220;signed&#8221;, and &#8220;signature&#8221; and
    words of similar import used in or related to any document to be signed in connection with this Indenture, any Securities or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications) shall be deemed
    to include electronic signatures and the keeping of records in electronic form, including [DocuSign]<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;or such other digital signature provider as specified in writing to
    Trustee by an authorized representative, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and as
    provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other similar state laws based on the Uniform Electronic Transactions
    Act, provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by such Trustee pursuant to procedures
    approved by such Trustee. The Company and General Partner each agree to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee, including without limitation the risk of the
    Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 10.10. &#160;&#160;</font><u>Governing Law; Waiver of Jury Trial; Consent to Jurisdiction</u><font style="text-decoration: none;"><u>.</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;"><b><b>THIS INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR
        THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK</b><b>.</b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;"><b><b>THE COMPANY, THE GUARANTORS, THE TRUSTEE AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE SECURITIES) EACH HEREBY
        IRREVOCABLY WAIVE, 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 THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.</b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated hereby may
    be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the City of New York (collectively, the &#8220;<i>Specified Courts</i>&#8221;), and each party
    irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court) to such
    party&#8217;s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The Company, the Guarantors, the Trustee and the Holders (by their acceptance of the Securities) each hereby
    irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim any such suit, action or other
    proceeding has been brought in an inconvenient forum.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 10.11. &#160;&#160;</font><u>No Adverse Interpretation of Other Agreements</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">This Indenture or the Securities may not be used to interpret another indenture, loan or debt agreement of the Company or a
    Subsidiary of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture or the Securities.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 10.12. &#160;&#160;</font><u>Successors</u><font style="text-decoration: none;"><u>.</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">All agreements of the Company and the Guarantors in this Indenture and the Securities shall bind their respective successors.
    All agreements of the Trustee in this Indenture shall bind its successor.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 10.13. &#160;&#160;</font><u>Severability</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">In case any provision in this Indenture or in the Securities 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.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 10.14. &#160;&#160;</font><u>Table of Contents, Headings, Etc</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted
    for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 10.15. &#160;&#160;</font><u>Securities in a Foreign Currency</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer&#8217;s Certificate delivered
    pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all
    Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in more than one currency, then the principal amount of Securities of such Series which
    shall be deemed to be outstanding for the purpose of taking such action shall be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series of Securities. Unless otherwise specified in a
    Board Resolution, a supplemental indenture hereto or an Officer&#8217;s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be made by the Company at the spot rate for the
    purchase of the designated currency as published in The Financial Times in the &#8220;Currency Rates&#8221; section (or, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source as may be
    selected in good faith by the Company) on any date of determination. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in
    connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">All decisions and determinations provided for in the preceding paragraph shall, in the absence of manifest error, to the
    extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 10.16. &#160;&#160;</font><u>Judgment Currency</u><font style="text-decoration: none;"><u>.</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company and each Guarantor agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if
    for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the &#8220;<i>Required Currency</i>&#8221;) into a currency in which a judgment
    will be rendered (the &#8220;<i>Judgment Currency</i>&#8221;), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on
    the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New
    York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be
    discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in
    the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required
    Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture.
    For purposes of the foregoing, &#8220;<i>New York Banking Day</i>&#8221; means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 10.17. &#160;&#160;</font><u>Force Majeure</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
    hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
    acts of God, epidemics, pandemics and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility,
    it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 10.18. &#160;&#160;</font><u>U.S.A. Patriot Act</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee is required to
    obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it
    may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;text-indent: 0pt;text-transform: uppercase;margin: 0pt;"><font style="text-transform: none;">ARTICLE XI.</font><br>
    SINKING FUNDS</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 11.1. &#160;</font><u>Applicability of Article</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series if so
    provided by the terms of such Securities pursuant to Section 2.2, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred
    to as a &#8220;<i>mandatory sinking fund payment</i>&#8221; and any other amount provided for by the terms of Securities of such Series is herein referred to as an &#8220;<i>optional sinking fund payment</i>.&#8221; If provided for by the terms of Securities of any Series,
    the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such Series.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 11.2. &#160;</font><u>Satisfaction of Sinking Fund Payments with Securities</u><font style="text-decoration: none;">.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series
    to be made pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (2)
    apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except
    pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited.
    Such Securities shall be received by the Trustee, together with an Officer&#8217;s Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be
    credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit
    of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of
    such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, <u>provided</u>, <u>however</u>,
    that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of
    Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officer&#8217;s Certificate specifying the amount of the next ensuing mandatory
    sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of
    that Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days
    (unless otherwise indicated in the Board Resolution, Officer&#8217;s Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Securities to be redeemed upon such sinking fund
    payment date will be selected in the manner specified in Section 3.2 and the Company shall send or cause to be sent a notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in and in
    accordance with Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;background: transparent;text-align: justify;margin: 0pt 0pt 0pt 36.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding any provision of this Article XII to the contrary, the provisions of this Article
    XII shall be applicable only to, and inure solely to the benefit of, the Securities of any Series designated, pursuant to Section 2.2.23, as entitled to the benefits of the Guarantee of each Guarantor identified in such designation and that has
    executed a Notation of Guarantee with respect to such Series.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;background: transparent;text-align: justify;margin: 0pt 0pt 0pt 36.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;For value received, each Guarantor hereby jointly and severally, fully, unconditionally and
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    with respect to such Series and all other amounts due and payable under this Indenture and the Securities of such Series by the Company, when and as such principal, premium, if any, and interest shall become due and payable, whether at the Stated
    Maturity or by declaration of acceleration, call for redemption or otherwise, according to the terms of such Securities and this Indenture, subject to the limitations set forth in Section 12.3.</p>
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    each of the Guarantors will be jointly and severally obligated to pay the same immediately. Each of the Guarantors hereby agrees that its obligations hereunder shall be full, unconditional and absolute, irrespective of the validity, regularity or
    enforceability of the Securities, the Guarantee (including the Guarantee of any other Guarantor) or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Securities with respect to any provisions
    hereof or thereof, the recovery of any judgment against the Company or any other Guarantor, or any action to enforce the same or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of any of the
    Guarantors. Each Guarantor hereby agrees that in the event of a default in payment of the principal of or interest on the Securities entitled to the Guarantee of such Guarantor, whether at the Stated Maturity or by declaration of acceleration, call for
    redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or, subject to Section 6.7, by the Holders, on the terms and conditions set forth in this Indenture, directly against such Guarantor to enforce the
    Guarantee without first proceeding against the Company or any other Guarantor.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    court in the event of the merger, insolvency or bankruptcy of the Company or any of the Guarantors, and all demands whatsoever and (ii) acknowledges that any agreement, instrument or document evidencing the Guarantee may be transferred and that the
    benefit of its obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the Guarantee without notice to it. Each Guarantor further agrees that if at any time all or any part of any payment theretofore
    applied by any person to the Guarantee is, or must be, rescinded or returned for any reason whatsoever, including without limitation, the insolvency, bankruptcy or reorganization of the Company or any of the Guarantors, the Guarantee shall, to the
    extent that such payment is or must be rescinded or returned, be deemed to have continued in existence notwithstanding such application, and the Guarantee shall continue to be effective or be reinstated, as the case may be, as though such application
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    in respect of any amounts paid by such Guarantor pursuant to the provisions of this Indenture; provided, however, that such Guarantor shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation
    until all of the Securities entitled to the Guarantee of such Guarantor and the Guarantee shall have been paid in full or discharged.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 12.2. &#160;</font><u>Execution and Delivery of Notation of Guarantee</u><font style="text-decoration: none;">. </font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">To evidence the Guarantee of a Guarantor of a Series of Securities, a Notation of Guarantee, executed by either manual or
    facsimile signature of an Officer of such Guarantor, shall be affixed on each Security entitled to the benefits of the Guarantee of such Guarantor. If any Officer of any Guarantor whose signature is on a Notation of Guarantee no longer holds that
    office at the time the Trustee authenticates a Security to which such Notation of Guarantee is affixed or at any time thereafter, the Guarantee of such Security shall be valid nevertheless. The delivery of any Security by the Trustee, after the
    authentication thereof hereunder, shall constitute due delivery of any Guarantee relating to such Security set forth in the Indenture on behalf of the Guarantor. Notwithstanding the foregoing, each Guarantor hereby agrees that its Guarantee shall
    remain in full force and effect notwithstanding the absence of a Notation of Guarantee being affixed to such Security.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;text-decoration: none;margin: 0pt;"><font style="text-decoration: none;">Section 12.3. &#160;</font><u>Limitation on Guarantors&#8217; Liability</u><font style="text-decoration: none;">.</font><u>
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  <p style="font: 10pt Times New Roman, Times, Serif;background: transparent;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Each Guarantor by its acceptance hereof and each Holder of Security and the Trustee entitled to the benefits of the Guarantee
    hereby confirms that it is the intention of all such parties that the guarantee by such Guarantor pursuant to the Guarantee not constitute a fraudulent transfer or conveyance for purposes of any federal or state law. To effectuate the foregoing
    intention, each Holder of a Security and the Trustee entitled to the benefits of the Guarantee and each Guarantor hereby irrevocably agrees that the obligations of each Guarantor under the Guarantee shall be limited to the maximum amount as will, after
    giving effect to all other contingent and fixed liabilities of such Guarantor and to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under the Guarantee, not result in
    the obligations of such Guarantor under the Guarantee constituting a fraudulent conveyance or fraudulent transfer under federal or state law.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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    released upon the terms and subject to the conditions set forth in Section 8.1, Section 8.3 and this Section 12.4. Provided that no Default shall have occurred and shall be continuing under this Indenture, the Guarantee incurred by a Guarantor pursuant
    to this Article XII shall be unconditionally released and discharged (i) automatically upon (A) any sale, exchange or transfer, whether by way of merger or otherwise, to any person that is not an Affiliate of the Company, of all of the Company&#8217;s direct
    or indirect equity interests in such Guarantor (provided such sale, exchange or transfer is not prohibited by this Indenture) or (B) the merger of such Guarantor into the Company or any other Guarantor or the liquidation and dissolution of such
    Guarantor (in each case to the extent not prohibited by this Indenture) or (ii) with respect to any Series of Securities, upon the occurrence of any other condition set forth in the Board Resolution, supplemental indenture or Officer&#8217;s Certificate
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;background: transparent;text-align: justify;margin: 0pt 0pt 0pt 36.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon receipt of a written request of the Company accompanied by an Officer&#8217;s Certificate or Opinion
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    release of such Guarantor from the Guarantee. Any Guarantor not so released shall remain liable for the full amount of principal of and interest on the Securities entitled to the benefits of the Guarantee as provided in this Indenture, subject to the
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;text-indent: 0pt;background: transparent;margin: 0pt;">[SIGNATURE PAGE FOLLOWS]</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: 0pt;margin-top: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: 0pt;margin-top: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: 0pt;margin-top: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: 0pt;margin-top: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: 0pt;margin-top: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: 0pt;margin-top: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: 0pt;margin-top: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: 0pt;margin-top: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: 0pt;margin-top: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: 0pt;margin-top: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: 0pt;margin-top: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: 0pt;margin-top: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: 0pt;margin-top: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: 0pt;margin-top: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: 0pt;margin-top: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: 0pt;margin-top: 0pt;">&#160;&#160;&#160;&#160;&#160;as Trustee</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;text-indent: 0pt;margin: 0pt;">[FORM OF]</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 72.0pt;margin: 0pt;">Each Guarantor signing below has fully, unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and subject to the
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;text-indent: 72.0pt;margin: 0pt;">The obligations of such Guarantor to the Holders of Securities to which this notation is affixed and to the Trustee pursuant to the Guarantee and the
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;"> <br>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-bottom: 0pt;margin-top: 0pt;">&#160;</p>
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<TYPE>EX-5.1
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<DESCRIPTION>EXHIBIT 5.1
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  <div style="width: 100%;font-size: 1pt;border-top: 4pt solid #000000;">&#160;</div>
  <p style="font: 10pt Times New Roman, Times, serif;text-indent: 36pt;margin-top: 0pt;margin-bottom: 0pt;text-align: right;"><b>Exhibit 5.1</b></p>
  <p style="font: 10pt Times New Roman, Times, serif;text-indent: 36pt;margin-top: 0pt;margin-bottom: 0pt;text-align: center;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, serif;text-indent: 36pt;margin-top: 0pt;margin-bottom: 0pt;text-align: center;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, serif;text-indent: 0pt;margin: 0pt 0px;text-align: center;"><img src="ny20000795x1_ex5-1img01.jpg"></p>
  <p style="font: 10pt Times New Roman, Times, serif;text-indent: 36pt;margin-top: 0pt;margin-bottom: 0pt;text-align: center;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, serif;text-indent: 36pt;margin-top: 0pt;margin-bottom: 0pt;text-align: center;">September 24, 2021</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">Essex Property Trust, Inc.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">1100 Park Place, Suite 200</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify;margin-top: 0pt;margin-bottom: 0pt;">San Mateo, California 94403</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Registration Statement on Form S-3</u></p>
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  <p style="font: 10pt Times New Roman, Times, serif;text-indent: 0pt;margin: 0pt 0px;"><font style="font-size: 10pt;">Ladies and Gentlemen:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;"><font style="font-size: 10pt;">We have served as Maryland counsel to Essex Property Trust, Inc., a Maryland corporation (the &#8220;Company&#8221;), in
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      share (&#8220;Common Stock&#8221;); (ii) shares (&#8220;Preferred Shares&#8221;) of preferred stock, par value $0.0001 per share (&#8220;Preferred Stock&#8221;); (iii) depositary shares, representing an interest in shares of Preferred Stock (&#8220;Depositary Shares&#8221;); (iv) warrants and
      other rights to purchase Common Stock and Preferred Stock (&#8220;Warrants&#8221;); (v) stock purchase contracts (&#8220;Stock Purchase Contracts&#8221;); (vi) Units, representing an interest in two or more other Securities (&#8220;Units&#8221;); (vii) guarantees of Operating
      Partnership Debt Securities (as defined herein) (&#8220;Guarantees&#8221;); and (viii) debt securities of the Company (&#8220;Company Debt Securities&#8221;) and (b) debt securities (&#8220;Operating Partnership Debt Securities&#8221;) of Essex Portfolio, L.P., a California limited
      partnership (the &#8220;Operating Partnership&#8221;), covered by the above-referenced Registration Statement, and any amendments thereto (collectively, the &#8220;Registration Statement&#8221;), filed by the Company and the Operating Partnership with the United States
      Securities and Exchange Commission (the &#8220;Commission&#8221;) under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">In connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies
    certified or otherwise identified to our satisfaction, of the following documents (collectively, the &#8220;Documents&#8221;):</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Registration Statement (and the related form of prospectus included therein) in the form in which it was transmitted to the
    Commission under the 1933 Act;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The charter of the Company (the &#8220;Charter&#8221;), certified by the State Department of Assessments and Taxation of Maryland (the &#8220;SDAT&#8221;);</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Sixth Amended and Restated Bylaws of the Company, as amended (the &#8220;Bylaws&#8221;), certified as of the date hereof by an officer of
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;<img src="ny20000795x1_ex5-1img02.jpg" alt="image"></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">September 24, 2021</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">Page 2</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A certificate of the SDAT as to the good standing of the Company, dated as of a recent date;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Resolutions (the &#8220;Resolutions&#8221;) adopted by the Board of Directors of the Company (the &#8220;Board&#8221;) relating to, among other matters, the
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A certificate executed by an officer of the Company, dated as of the date hereof; and</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Such other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">In expressing the opinion set forth below, we have assumed the following:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do
    so.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;All Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts
    do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original documents. All signatures on all
    Documents are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained in the Documents are true and complete. There has been no oral or
    written modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;"><img src="ny20000795x1_ex5-1img02.jpg" alt="image"></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">Essex Property Trust, Inc.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">September 24, 2021</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">Page 3</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The issuance, and certain terms, of the Securities to be issued by the Company from time to time will be authorized and approved by
    the Board, or a duly authorized committee thereof, in accordance with the Maryland General Corporation Law, the Charter, the Bylaws and the Resolutions and, with respect to Preferred Shares, Articles Supplementary setting forth the number of shares and
    the terms of any class or series of Preferred Stock to be issued by the Company will be filed with and accepted for record by the SDAT prior to the issuance of such Preferred Shares (such authorization and approval and, if applicable, acceptance for
    record are referred to herein as the &#8220;Corporate Proceedings&#8221;).</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon the issuance of any Securities that are Common Shares, including any Common Shares which may be issued upon conversion or
    exercise of any other Securities that are convertible into or exercisable for Common Shares (collectively, the &#8220;Common Securities&#8221;), the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares of Common
    Stock that the Company is then authorized to issue under the Charter.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon the issuance of any Securities that are Preferred Shares, including (a) Preferred Shares which may be issued upon conversion or
    exercise of any other Securities that are convertible into or exercisable for Preferred Shares and (b) Preferred Shares represented by Depositary Shares (collectively, the &#8220;Preferred Securities&#8221;), the total number of shares of Preferred Stock issued
    and outstanding, and the total number of issued and outstanding shares of the applicable class or series of Preferred Stock designated pursuant to the Charter, will not exceed, respectively, the total number of shares of Preferred Stock or the number
    of shares of such class or series of Preferred Stock that the Company is then authorized to issue under the Charter.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Operating Partnership Debt Securities will be issued in the form and will contain the terms set forth in an indenture (as
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Any Securities convertible into or exercisable for any other Securities will be duly converted or exercised in accordance with their
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;"><img src="ny20000795x1_ex5-1img02.jpg" alt="image"></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">Essex Property Trust, Inc.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">September 24, 2021</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">Page 4</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;None of the Securities will be issued in violation of any restriction or limitation on ownership or transfer contained in the
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">Based upon the foregoing, and subject to the assumptions, limitations and qualifications stated herein, it is our opinion that:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company is a corporation duly incorporated and existing under and by virtue of the laws of the State of Maryland and is in good
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon the completion of all Corporate Proceedings relating to Common Securities, the issuance of the Common Securities will be duly
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon the completion of all Corporate Proceedings relating to Preferred Securities, the issuance of the Preferred Securities will be
    duly authorized and, when and if issued and delivered against payment therefor in accordance with the Registration Statement, the Resolutions and the Corporate Proceedings, the Preferred Securities will be validly issued, fully paid and nonassessable.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon the completion of all Corporate Proceedings relating to Securities that are Depositary Shares, the issuance of the Depositary
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon the completion of all Corporate Proceedings relating to Securities that are Warrants, the issuance of the Warrants will be duly
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon the completion of all Corporate Proceedings relating to Securities that are Stock Purchase Contracts, the issuance of the Stock
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon the completion of all Corporate Proceedings relating to Securities that are Units, the issuance of the Units will be duly
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon the completion of all Corporate Proceedings relating to Securities that are Guarantees, the issuance of the Guarantees will be
    duly authorized.</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;"><img src="ny20000795x1_ex5-1img02.jpg" alt="image"></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">Essex Property Trust, Inc.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">September 24, 2021</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">Page 5</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon the completion of all Corporate Proceedings relating to Securities that are Company Debt Securities, the issuance of the
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">The foregoing opinion is limited to the laws of the State of Maryland and we do not express any opinion herein concerning any other law. We
    express no opinion as to the applicability or effect of federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. To the extent that any matter as to which
    our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of Maryland, we do not express any opinion on such matter. The opinion expressed herein is subject to the effect of any judicial decision which may
    permit the introduction of parol evidence to modify the terms or the interpretation of agreements.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">The opinion expressed herein is limited to the matters specifically set forth herein and no other opinion shall be inferred beyond the matters
    expressly stated. We assume no obligation to supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">This opinion is being furnished to you for submission to the Commission as an exhibit to the Registration Statement. We hereby consent to the
    filing of this opinion as an exhibit to the Registration Statement and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933
    Act.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 55%">&#160;</td>
        <td style="width: 45%">Very truly yours,</td>
      </tr>
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        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top; text-align: left">
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        <td>/s/ Venable LLP</td>
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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>ny20000795x1_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;margin-top: 0pt;margin-bottom: 0pt;"><b>Exhibit 5.2</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12670 High Bluff Drive</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">Essex Portfolio, L.P.<br>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: -36.0pt;margin: 0pt 0pt 0pt 108.0pt;">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Registration Statement on Form S-3</u></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin: 0pt;">Ladies and Gentlemen:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">We have acted as special counsel to Essex Property Trust, Inc., a Maryland corporation (the &#8220;<b><i><b>Company</b></i></b>&#8221; or the &#8220;<b><i><b>Guarantor</b></i></b>&#8221;), and
    Essex Portfolio, L.P., a California limited partnership (the &#8220;<b><i><b>Operating Partnership</b></i></b>&#8221;), in connection with their filing on the date hereof with the Securities and Exchange Commission (the &#8220;<b><i><b>Commission</b></i></b>&#8221;) of a
    registration statement on Form S-3 (as amended, the &#8220;<b><i><b>Registration Statement</b></i></b>&#8221;), including a base prospectus (the &#8220;<b><i><b>Base Prospectus</b></i></b>&#8221;), which provides that it will be supplemented by one or more prospectus
    supplements (each such prospectus supplement, together with the Base Prospectus, a &#8220;<b><i><b>Prospectus</b></i></b>&#8221;), under the Securities Act of 1933, as amended (the &#8220;<b><i><b>Act</b></i></b>&#8221;), relating to the registration for issue and sale by the
    Company and/or the Operating Partnership of<font style="background: white;"> (i) one or more series of debt securities of the Operating Partnership (the &#8220;</font><b><i><font style="background: white;"><b>Operating Partnership </b></font>Debt Securities</i></b><font style="background: white;">&#8221;), which may be guaranteed (the &#8220;</font><b><i><b>Guarantees</b></i></b><font style="background: white;">&#8221;) by the Guarantor; (ii) one or more series of debt securities of the Company (the &#8220;</font><b><i><b>Company </b>Debt
        Securities</i></b><font style="background: white;">,&#8221; and together with the Operating Partnership Debt Securities, the &#8220;</font><b><i><b>Debt Securities</b></i></b><font style="background: white;">&#8221;); (iii) shares of the Company&#8217;s common stock,
      $.0001 par value per share (&#8220;</font><b><i><b>Common Stock</b></i></b><font style="background: white;">&#8221;); (iv) shares of one or more series of the Company&#8217;s preferred stock, $.0001 par value per share (&#8220;</font><b><i><b>Preferred Stock</b></i></b><font style="background: white;">&#8221;); (v) depositary shares (the &#8220;</font><b><i><b>Depositary Shares</b></i></b><font style="background: white;">&#8221;), each of which will represent a fractional share or multiple shares of Preferred Stock; (vi) warrants and
      other rights to purchase Common Stock and Preferred Stock (the &#8220;</font><b><i><b>Warrants</b></i></b><font style="background: white;">&#8221;); (vii) </font>purchase contracts (the &#8220;<b><i><b>Purchase Contracts</b></i></b>&#8221;); and (viii) units (the &#8220;<b><i><b>Units</b></i></b>&#8221;)<font style="background: white;">. Any Debt Securities and the Guarantees will be issued under an indenture among the Operating Partnership, the Guarantor and U.S. Bank National Association, as trustee, the form of which is attached as Exhibit 4.1 to the
      Registration Statement </font>(such indenture, together with the applicable board resolution, supplement or officer&#8217;s certificate pertaining to the applicable series of Debt Securities, the &#8220;<b><i><b>Applicable Indenture</b></i></b>&#8221;)<font style="background: white;">. The Debt Securities, Guarantees, Depositary Shares, Warrants, Purchase Contracts and Units are referred to herein collectively as the &#8220;</font><b><i><font style="background: white;"><b>Securities</b></font></i></b><font style="background: white;">.&#8221;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;"><b>September 24, 2021</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;margin: 0pt;"><b>Page 2</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;margin: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;margin: 0pt;"><b><img src="ny20000795x1_ex5-2img02.jpg" alt="image"></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any
    matter pertaining to the contents of the Registration Statement or related applicable Prospectus, other than as expressly stated herein with respect to the issue of the Securities.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have
    relied upon certificates and other assurances of officers of the Company and the Operating Partnership and others as to factual matters without having independently verified such factual matters. We are opining herein as to general limited partnership
    law of the State of California, and with respect to the opinions set forth in paragraphs 1 through 7 below, the internal laws of the State of New York, and we express no opinion with respect to the applicability thereto, or the effect thereon, of the
    laws of any other jurisdiction or, in the case of California, any other laws, or as to any matters of municipal law or the laws of any local agencies within any state. Various issues pertaining to Maryland law, including the validity of the Common
    Stock and Preferred Stock and the due authorization of the Securities by the Company, are addressed in the opinion of Venable LLP, separately provided to you. We express no opinion with respect to those matters herein.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof:</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When the Applicable Indenture has been duly authorized, executed and delivered by all necessary limited partnership action of the Operating Partnership,
    and when the specific terms of a particular series of Operating Partnership Debt Securities have been duly established in accordance with the terms of the Applicable Indenture and authorized by all necessary limited partnership action of the Operating
    Partnership, and such Operating Partnership Debt Securities have been duly executed, authenticated, issued and delivered against payment therefor in accordance with the terms of the Applicable Indenture and in the manner contemplated by the applicable
    Prospectus and by such limited partnership action, such Operating Partnership Debt Securities will be the legally valid and binding obligations of the Operating Partnership, enforceable against the Operating Partnership in accordance with their terms.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When the specific terms of the Guarantees of a particular Operating Partnership Debt Security and such Operating Partnership Debt Security have been duly
    established in accordance with the Applicable Indenture, the Guarantees have been authorized by all necessary corporate action of the Company and such Operating Partnership Debt Security has been authorized by all necessary limited partnership action
    of the Operating Partnership, such Guarantees have been duly executed, issued and delivered in accordance with the Applicable Indenture and in the manner contemplated by the Prospectus and by such corporate action, and such Operating Partnership Debt
    Security has been duly executed, authenticated, issued and delivered against payment therefor in accordance with the Applicable Indenture and in the manner contemplated by the Prospectus and by such limited partnership action, such Guarantees will be
    the legally valid and binding obligations of the Guarantor, enforceable against the Guarantor in accordance with their terms.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;"><b><b>September 24, 2021</b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;margin: 0pt;"><b><b>Page 3</b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;margin: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;margin: 0pt;"><b><b><img src="ny20000795x1_ex5-2img02.jpg" alt="image"></b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When the Applicable Indenture has been duly authorized, executed and delivered by all necessary corporate action of the Company, and when the specific
    terms of a particular series of Company Debt Securities have been duly established in accordance with the terms of the Applicable Indenture and authorized by all necessary corporate action of the Company, and such Company Debt Securities have been duly
    executed, authenticated, issued and delivered against payment therefor in accordance with the terms of the Applicable Indenture and in the manner contemplated by the applicable Prospectus and by such corporate action, such Company Debt Securities will
    be the legally valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When the applicable deposit agreement has been duly authorized, executed and delivered by all necessary corporate action of the Company, and when the
    specific terms of a particular issuance of Depositary Shares have been duly established in accordance with the terms of the applicable deposit agreement and authorized by all necessary corporate action of the Company, and such Depositary Shares have
    been duly executed, authenticated, issued and delivered against payment therefor in accordance with the terms of the applicable deposit agreement and in the manner contemplated by the applicable Prospectus and by such corporate action (assuming the
    underlying securities have been validly issued and deposited with the depositary), such Depositary Shares will be the legally valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When the applicable warrant agreement has been duly authorized, executed and delivered by all necessary corporate action of the Company, and when the
    specific terms of a particular issuance of Warrants have been duly established in accordance with the terms of the applicable warrant agreement and authorized by all necessary corporate action of the Company, and such Warrants have been duly executed,
    authenticated, issued and delivered against payment therefor in accordance with the terms of the applicable warrant agreement and in the manner contemplated by the applicable Prospectus and by such corporate action (assuming the securities issuable
    upon exercise of such Warrants have been duly authorized and reserved for issuance by all necessary corporate action), such Warrants will be the legally valid and binding obligations of the Company, enforceable against the Company in accordance with
    their terms.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When the applicable purchase contract agreement has been duly authorized, executed and delivered by all necessary corporate action of the Company, and when
    the specific terms of a particular issue of Purchase Contracts have been duly authorized in accordance with the terms of the applicable purchase contract agreement and authorized by all necessary corporate action of the Company, and such Purchase
    Contracts have been duly executed, authenticated, issued and delivered against payment therefor in accordance with the terms of the applicable purchase contract agreement and in the manner contemplated by the applicable Prospectus and by such corporate
    action (assuming the securities issuable under such Purchase Contracts have been duly authorized and reserved for issuance by all necessary corporate action), such Purchase Contracts will be the legally valid and binding obligations of the Company,
    enforceable against the Company in accordance with their terms.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When the applicable unit agreement has been duly authorized, executed and delivered by all necessary corporate action of the Company, and when the specific
    terms of a particular issuance of Units have been duly authorized in accordance with the terms of the applicable unit agreement and authorized by all necessary corporate action of the Company, and such Units have been duly executed, authenticated,
    issued and delivered against payment therefor in accordance with the terms of the applicable unit agreement and in the manner contemplated by the applicable Prospectus and by such corporate action (assuming the securities issuable upon exercise of such
    Units have been duly authorized and reserved for issuance by all necessary corporate action), such Units will be the legally valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.</p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;"><b><b>September 24, 2021</b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;margin: 0pt;"><b><b>Page 4</b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;margin: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 0pt;margin: 0pt;"><b><b><img src="ny20000795x1_ex5-2img02.jpg" alt="image"></b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">Our opinions are subject to: (i) the effect of bankruptcy, insolvency, reorganization, preference, fraudulent transfer, moratorium or other similar laws relating to or
    affecting the rights and remedies of creditors; (ii) (a) the effect of general principles of equity, whether considered in a proceeding in equity or at law (including the possible unavailability of specific performance or injunctive relief), (b)
    concepts of materiality, reasonableness, good faith and fair dealing, and (c) the discretion of the court before which a proceeding is brought; and (iii) the invalidity under certain circumstances under law or court decisions of provisions providing
    for the indemnification of or contribution to a party with respect to a liability where such indemnification or contribution is contrary to public policy. We express no opinion as to (a) any provision for liquidated damages, default interest, late
    charges, monetary penalties, make-whole premiums or other economic remedies to the extent such provisions are deemed to constitute a penalty, (b) consents to, or restrictions upon, governing law, jurisdiction, venue, arbitration, remedies or judicial
    relief, (c) waivers of rights or defenses, (d) any provision requiring the payment of attorneys&#8217; fees, where such payment is contrary to law or public policy, (e) any provision permitting, upon acceleration of any Debt Securities, collection of that
    portion of the stated principal amount thereof which might be determined to constitute unearned interest thereon, (f) the creation, validity, attachment, perfection, or priority of any lien or security interest, (g) advance waivers of claims, defenses,
    rights granted by law, or notice, opportunity for hearing, evidentiary requirements, statutes of limitation, trial by jury or at law, or other procedural rights, (h) waivers of broadly or vaguely stated rights, (i) provisions for exclusivity, election
    or cumulation of rights or remedies, (j) provisions authorizing or validating conclusive or discretionary determinations, (k) grants of setoff rights, (l) proxies, powers and trusts, (m) provisions prohibiting, restricting, or requiring consent to
    assignment or transfer of any right or property, (n) provisions purporting to make a guarantor primarily liable rather than as a surety, (o) provisions purporting to waive modifications of any guaranteed obligation to the extent such modification
    constitutes a novation, (p) any provision to the extent it requires that a claim with respect to a security denominated in other than U.S. dollars (or a judgment in respect of such a claim) be converted into U.S. dollars at a rate of exchange at a
    particular date, to the extent applicable law otherwise provides, and (q) the severability, if invalid, of provisions to the foregoing effect.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">With your consent, we have assumed (a) that each of the Debt Securities, Depositary Shares, Warrants, Purchase Contracts and Units and the Applicable Indenture, deposit
    agreements, warrant agreements, purchase contract agreements and unit agreements governing such Securities (collectively, the &#8220;<b><i><b>Documents</b></i></b>&#8221;) will be governed by the internal laws of the State of New York, (b) that each of the
    Documents has been or will be duly authorized, executed and delivered by the parties thereto, (c) that each of the Documents constitutes or will constitute legally valid and binding obligations of the parties thereto other than the Company and the
    Operating Partnership, enforceable against each of them in accordance with their respective terms, and (d) that the status of each of the Documents as legally valid and binding obligations of the parties will not be affected by any (i) breaches of, or
    defaults under, agreements or instruments, (ii) violations of statutes, rules, regulations or court or governmental orders, or (iii) failures to obtain required consents, approvals or authorizations from, or to make required registrations, declarations
    or filings with, governmental authorities.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-indent: 36.0pt;margin: 0pt;">This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the
    applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement and to the reference to our firm contained in the Prospectus under the heading &#8220;Legal Matters.&#8221; In giving such consent, we do not
    thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 45%">Very truly yours,</td>
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        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top; text-align: left">
        <td>&#160;</td>
        <td>/s/ Latham &amp; Watkins LLP</td>
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<DOCUMENT>
<TYPE>EX-8.1
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<DESCRIPTION>EXHIBIT 8.1
<TEXT>
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    <div><br>
    </div>
    <div>
      <table id="z6a22a9bef3eb4a5a9eb315d9337df1ae" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 60%;">
              <div>&#160;
                <div style="text-align: left;">
                  <div><br>
                  </div>
                </div>
              </div>
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            <td colspan="2" rowspan="1">
              <div>&#160;</div>
              <div>
                <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 9pt;">10250 Constellation Blvd., Suite 1100</div>
                <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 9pt;">Los Angeles, California&#160; 90067</div>
                <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 9pt;">Tel: +1.424.653.5500&#160; Fax: +1.424.653.5501</div>
                <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 9pt;">www.lw.com</div>
              </div>
            </td>
          </tr>
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              <div>&#160;</div>
            </td>
            <td style="width: 15%;">
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            <td colspan="2" rowspan="1" style="font-size: 9pt;">FIRM / AFFILIATE OFFICES</td>
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              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif;">Austin</font><font style="font-size: 9pt;">&#160;&#160;&#160;&#160; <br>
                </font></div>
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif;">Beijing</font><font style="font-size: 9pt;">&#160;&#160;&#160; <br>
                </font></div>
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif;">Boston</font><font style="font-size: 9pt;">&#160;&#160;&#160; <br>
                </font></div>
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif;">Brussels</font><font style="font-size: 9pt;">&#160; <br>
                </font></div>
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif;">Century City</font><font style="font-size: 9pt;">&#160; <br>
                </font></div>
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif;">Chicago</font><font style="font-size: 9pt;">&#160;&#160;&#160;&#160; <br>
                </font></div>
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif;">Dubai</font><font style="font-size: 9pt;">&#160;&#160; <br>
                </font></div>
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif;">D&#252;sseldorf</font><font style="font-size: 9pt;">&#160; <br>
                </font></div>
              <div style="text-align: left;"><font style="font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Frankfurt</font>&#160;&#160;&#160; <br>
                </font></div>
              <div style="text-align: left;"><font style="font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Hamburg</font>&#160; <br>
                </font></div>
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif;">Hong Kong</font><font style="font-size: 9pt;">&#160; <br>
                </font></div>
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif;">Houston</font><font style="font-size: 9pt;">&#160;&#160; <br>
                </font></div>
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif;">London</font><font style="font-size: 9pt;">&#160;&#160;&#160; <br>
                </font></div>
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif;">Los Angeles</font><font style="font-size: 9pt;"> <br>
                </font></div>
              <div style="text-align: left;"><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif;">Madrid</font><font style="font-size: 9pt;">&#160;&#160;&#160; <br>
                </font></div>
            </td>
            <td rowspan="1" style="width: 25%;">
              <div style="font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Milan</font></div>
              <div style="font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Moscow</font></div>
              <div style="font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Munich</font></div>
              <div style="font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">New York</font></div>
              <div style="font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Orange County</font></div>
              <div style="font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Paris</font></div>
              <div style="font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Riyadh</font></div>
              <div>
                <div style="text-align: left; font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">San Diego</font></div>
                <div style="text-align: left;">
                  <div style="font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">San Francisco</font></div>
                  <div style="font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Seoul</font></div>
                  <div style="font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Shanghai</font></div>
                  <div><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif;">Silicon </font><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif;">Valley</font></div>
                  <div style="font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Singapore</font></div>
                  <div style="font-size: 9pt;"><font style="font-family: 'Times New Roman',Times,serif;">Tokyo</font></div>
                  <div><font style="font-size: 9pt; font-family: 'Times New Roman',Times,serif;">Washington, D.C.</font> </div>
                  <div> </div>
                </div>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>September 24, 2021</div>
    <div><br>
    </div>
    <div>Essex Property Trust, Inc.</div>
    <div>Essex Portfolio, L.P.</div>
    <div>1100 Park Place, Suite 200</div>
    <div>San Mateo, California 94403</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Registration Statement on Form S-3</u></div>
    <div><br>
    </div>
    <div>Ladies and Gentlemen:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We have acted as special tax counsel to Essex Property Trust, Inc., a Maryland corporation (the &#8220;<font style="font-weight: bold; font-style: italic;">Company</font>&#8221; or the &#8220;<font style="font-weight: bold; font-style: italic;">Guarantor</font>&#8221;), and Essex Portfolio, L.P., a California limited partnership (the &#8220;<font style="font-weight: bold; font-style: italic;">Operating Partnership</font>&#8221;), in connection with their filing on the date hereof
      with the Securities and Exchange Commission (the &#8220;<font style="font-weight: bold; font-style: italic;">Commission</font>&#8221;) of a registration statement on Form S-3 (as amended, the &#8220;<font style="font-weight: bold; font-style: italic;">Registration
        Statement</font>&#8221;), including a base prospectus (the &#8220;<font style="font-weight: bold; font-style: italic;">Base Prospectus</font>&#8221;), which provides that it will be supplemented by one or more prospectus supplements (each such prospectus supplement,
      together with the Base Prospectus, a &#8220;<font style="font-weight: bold; font-style: italic;">Prospectus</font>&#8221;), under the Securities Act of 1933, as amended (the &#8220;<font style="font-weight: bold; font-style: italic;">Act</font>&#8221;), relating to the
      registration for issue and sale by the Company and/or the Operating Partnership of<font style="color: #000000;"> (i) one or more series of debt securities of the Operating Partnership (the &#8220;</font><font style="font-weight: bold; font-style: italic; color: #000000;">Operating Partnership Debt Securities</font><font style="color: #000000;">&#8221;), which may be guaranteed (the &#8220;</font><font style="font-weight: bold; font-style: italic; color: #000000;">Guarantees</font><font style="color: #000000;">&#8221;)

        by the Guarantor; (ii) one or more series of debt securities of the Company (together with the Operating Partnership Debt Securities, the &#8220;</font><font style="font-weight: bold; font-style: italic; color: #000000;">Debt Securities</font><font style="color: #000000;">&#8221;); (iii) shares of the Company&#8217;s common stock, $.0001 par value per share (&#8220;</font><font style="font-weight: bold; font-style: italic; color: #000000;">Common Stock</font><font style="color: #000000;">&#8221;); (iv) shares of one
        or more series of the Company&#8217;s preferred stock, $.0001 par value per share (&#8220;</font><font style="font-weight: bold; font-style: italic; color: #000000;">Preferred Stock</font><font style="color: #000000;">&#8221;); (v) depositary shares, each of which
        will represent a fractional share or multiple shares of Preferred Stock; (vi) warrants and other rights to purchase Common Stock and Preferred Stock; (vii) </font>purchase contracts; and (viii) units<font style="color: #000000;">.&#160; Any Debt
        Securities and the Guarantees will be issued under an indenture among the Operating Partnership, the Guarantor and U.S. Bank National Association, as trustee, the form of which is attached as Exhibit 4.1 to the Registration Statement.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">You have requested our opinion concerning certain of the federal income tax considerations relating to the Company, including with respect to its election to be taxed as a real estate investment
      trust (&#8220;<font style="font-weight: bold; font-style: italic;">REIT</font>&#8221;) under the Internal Revenue Code of 1986, as amended (the &#8220;<font style="font-weight: bold; font-style: italic;">Code</font>&#8221;).&#160; <font style="color: #000000;">This opinion is
        based on certain assumptions and factual representations, including the facts set forth in the Registration Statement and the Base Prospectus, concerning the business, assets and governing documents of the Company, the Operating Partnership and
        their subsidiaries.&#160; We have also been furnished with, and with your consent have relied upon, certain representations made by the Company, the Operating Partnership and their subsidiaries with respect to certain factual matters through</font> a
      certificate of an officer of the Company, dated as of the date hereof (the &#8220;<font style="font-weight: bold; font-style: italic;">Officer&#8217;s Certificate</font>&#8221;).</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">In our capacity as special tax counsel to the Company and the Operating Partnership, we have made such legal and factual examinations and inquiries, including an examination of originals or copies
      certified or otherwise identified to our satisfaction of such documents, corporate records and other instruments, as we have deemed necessary or appropriate for purposes of this opinion.&#160; For purposes of our opinion, we have not made an independent
      investigation or audit of the facts set forth in the above referenced documents or in the Officer&#8217;s Certificate. In addition, in rendering this opinion we have assumed the truth and accuracy of all representations and statements made to us that are
      qualified as to knowledge or belief, without regard to such qualification. In our examination, we have assumed the authenticity of all documents submitted to us as originals, the genuineness of all signatures thereon, the legal capacity of natural
      persons executing such documents and the conformity to authentic original documents of all documents submitted to us as copies.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We are opining herein only with respect to the federal income tax laws of the United States, and we express no opinion with respect to the applicability thereto, or the effect thereon, of other
      federal laws, the laws of any state or other jurisdiction or as to any matters of municipal law or the laws of any other local agencies within any state.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Based on such facts and subject to the qualifications, assumptions, representations and limitations referenced herein, it is our opinion that:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Commencing with the Company&#8217;s taxable year ended December 31, 2014, the Company has been organized and has operated in conformity with the requirements for qualification and taxation as a
      REIT under the Code, and its organization and proposed method of operation will enable the Company to continue to meet the require-ments for qualification and taxation as a REIT under the Code.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The statements set forth in the Base Prospectus under the caption &#8220;Material Federal Income Tax Considerations,&#8221; insofar as they purport to describe or summarize certain provisions of the
      statutes or regulations referred to therein, are accurate descriptions or summaries in all material respects.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">No opinion is expressed as to any matter not discussed herein.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">This opinion is rendered to you as of the date of this letter, and we undertake no obligation to update this opinion subsequent to the date hereof.&#160; This opinion is based on various statutory
      provisions, regulations promulgated thereunder and interpretations thereof by the Internal Revenue Service and the courts having jurisdiction over such matters, all of which are subject to change either prospectively or retroactively.&#160; Any such
      change may affect the conclusions stated herein.&#160; Also, any variation or difference in the facts from those set forth in the Registration Statement, the Base Prospectus, or the Officer&#8217;s Certificate may affect the conclusions stated herein.&#160; As
      described in the Registration Statement and the Base Prospectus, the Company&#8217;s qualification and taxation as a REIT depend upon the Company&#8217;s ability to meet the various qualification tests imposed under the Code, including through actual annual
      operating results, asset composition, distribution levels and diversity of stock ownership, the results of which have not been and will not be reviewed by Latham &amp; Watkins LLP.&#160; Accordingly, no assurance can be given that the actual results of
      the Company&#8217;s operation for any taxable year have satisfied or will satisfy such requirements. In addition, the opinion set forth above does not foreclose the possibility that the Company may have to pay a deficiency dividend, or an excise or penalty
      tax, which could be significant in amount, in order to maintain its REIT qualification.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">This opinion is rendered only to you and is solely for your benefit in connection with the Registration Statement upon the understanding that we are not hereby assuming professional responsibility to
      any other person whatsoever.&#160; This opinion may not be relied upon by you for any other purpose, or furnished to, assigned to, quoted to or relied upon by any other person, firm or other entity for any purpose, without our prior written consent, which
      may be granted or withheld in our sole discretion, provided that this opinion may be relied upon by persons entitled to rely on it pursuant to applicable provisions of federal securities law.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">We consent to your filing this opinion as an exhibit to the Registration Statement and to the reference to our firm contained in the Prospectus under the headings &#8220;Material Federal Income Tax
      Considerations&#8221; and &#8220;Legal Matters.&#8221;&#160; In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.</div>
    <div><br>
    </div>
    <div style="margin-left: 216pt;">Very truly yours,</div>
    <div><br>
    </div>
    <div style="margin-left: 216pt;">/s/ Latham &amp; Watkins LLP</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>6
<FILENAME>ny20000795x1_ex23-4.htm
<DESCRIPTION>EXHIBIT 23.4
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using EDGARfilings PROfile 7.5.1.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">
      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Exhibit 23.4<br>
    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">Consent of Independent Registered Public Accounting Firm</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>The Unitholders and General Partner</div>
    <div>Essex Portfolio, L.P.:</div>
    <div><br>
    </div>
    <div>We consent to the use of our report dated February 19, 2021, with respect to the consolidated financial statements of Essex Portfolio, L.P., incorporated
      herein by reference to our firm under the heading &#8220;Experts&#8221; in the prospectus.</div>
    <div><br>
    </div>
    <div>/s/ KPMG LLP</div>
    <div><br>
    </div>
    <div>San Francisco, California</div>
    <div>September 21, 2021</div>
    <div> <br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"> </div>
  </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.5
<SEQUENCE>7
<FILENAME>ny20000795x1_ex23-5.htm
<DESCRIPTION>EXHIBIT 23.5
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using EDGARfilings PROfile 7.5.1.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">
      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Exhibit 23.5<br>
    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">Consent of Independent Registered Public Accounting Firm</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>The Stockholders and Board of Directors</div>
    <div>Essex Property Trust, Inc.:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We consent to the use of our reports dated February 19, 2021, with respect to the consolidated financial statements of Essex Property Trust, Inc., and the
      effectiveness of internal control over financial reporting, incorporated herein by reference to our firm under the heading &#8220;Experts&#8221; in the prospectus.</div>
    <div><br>
    </div>
    <div>/s/ KPMG LLP</div>
    <div><br>
    </div>
    <div>San Francisco, California</div>
    <div>September 21, 2021</div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>8
<FILENAME>ny20000795x1_ex24-1.htm
<DESCRIPTION>EXHIBIT 24.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using EDGARfilings PROfile 7.5.1.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body>
  <div style="width: 100%;font-size: 1pt;border-top: 4pt solid #000000;">&#160;</div>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;margin-top: 0pt;margin-bottom: 0pt;"><b><b>Exhibit 24.1</b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><b><b>POWER OF ATTORNEY</b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">KNOW ALL PERSONS BY THESE PRESENTS, that each of the undersigned, (a) in our capacity as directors of Essex Property Trust, Inc., a Maryland corporation (the
    &#8220;Company&#8221;), and (b) as directors of the Company in its capacity as the general partner of Essex Portfolio, L.P., a California limited partnership (the &#8220;Operating Partnership&#8221;), do hereby constitute and appoint Michael J. Schall and Barbara Pak, and
    each of them, our true and lawful attorneys-in-fact and agents, each with full power of substitution and resubstitution and full power to act without the other, for her or his and in her or his name, place and stead, in any and all capacities, to sign
    on my behalf in my capacity as a director of the Company (i) a registration statement on Form S-3 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), or other appropriate form for the registration of securities by the Company and the
    Operating Partnership to be offered from time to time pursuant to Rule 415 under the Securities Act, and (ii) any amendment or post-effective amendment to such registration statement, in each case, in such form as they or any one of them may approve.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">I hereby grant to each such attorney full power and authority to do and perform each and every act necessary to be done in order to effectuate the actions stated
    above as fully as I might do in person. I hereby revoke any or all prior appoints of attorneys-in-fact to the extent that they confer authority to sign the above-described documents.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">This Power of Attorney may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto
    were upon the same instrument.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;"> </p>
  <table id="z6739e87c30f34a84adb120b95ab9291f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 50%;">
          <div style="text-align: center;">&#160;SIGNATURE</div>
        </td>
        <td style="width: 10%;">
          <div>&#160;</div>
        </td>
        <td style="width: 40%;">
          <div style="text-align: center;">&#160;DATE</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%;">
          <div>&#160;</div>
        </td>
        <td style="width: 10%;">
          <div>&#160;</div>
        </td>
        <td style="width: 40%;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; border-bottom: 1px solid rgb(0, 0, 0);">
          <div>&#160;/s/ George M. Marcus</div>
        </td>
        <td style="width: 10%; padding-bottom: 1px;">
          <div>&#160;</div>
        </td>
        <td style="width: 40%; border-bottom: 1px solid rgb(0, 0, 0);">
          <div style="text-align: center;">&#160;September 21, 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%;">
          <div>&#160;George M. Marcus</div>
        </td>
        <td style="width: 10%;">
          <div>&#160;</div>
        </td>
        <td style="width: 40%;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%;">
          <div>&#160;</div>
        </td>
        <td style="width: 10%;">
          <div>&#160;</div>
        </td>
        <td style="width: 40%;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; border-bottom: 1px solid rgb(0, 0, 0);">
          <div>&#160;/s/ Keith R. Guericke</div>
        </td>
        <td style="width: 10%; padding-bottom: 1px;">
          <div>&#160;</div>
        </td>
        <td style="width: 40%; border-bottom: 1px solid rgb(0, 0, 0);">
          <div style="text-align: center;">&#160; September 21, 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%;">
          <div>&#160;Keith R. Guericke</div>
        </td>
        <td style="width: 10%;">
          <div>&#160;</div>
        </td>
        <td style="width: 40%;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%;">
          <div>&#160;</div>
        </td>
        <td style="width: 10%;">
          <div>&#160;</div>
        </td>
        <td style="width: 40%;">
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; border-bottom: 1px solid rgb(0, 0, 0);">
          <div>&#160;/s/ Maria R. Hawthorne</div>
        </td>
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          <div>&#160;</div>
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      </tr>
      <tr>
        <td style="width: 50%;">
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        <td style="width: 10%;">
          <div>&#160;</div>
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        <td style="width: 40%;">
          <div>&#160;</div>
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      </tr>
      <tr>
        <td style="width: 50%;">
          <div>&#160;</div>
        </td>
        <td style="width: 10%;">
          <div>&#160;</div>
        </td>
        <td style="width: 40%;">
          <div>&#160;</div>
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      <tr>
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          <div>&#160;</div>
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          <div style="text-align: center;">&#160; September 21, 2021</div>
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      </tr>
      <tr>
        <td style="width: 50%;">
          <div>&#160;Amal M. Johnson</div>
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        <td style="width: 10%;">
          <div>&#160;</div>
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        <td style="width: 40%;">
          <div>&#160;</div>
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      </tr>
      <tr>
        <td style="width: 50%;">
          <div>&#160;</div>
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        <td style="width: 10%;">
          <div>&#160;</div>
        </td>
        <td style="width: 40%;">
          <div>&#160;</div>
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      <tr>
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        <td style="width: 10%; padding-bottom: 1px;">
          <div>&#160;</div>
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        <td style="width: 40%; border-bottom: 1px solid rgb(0, 0, 0);">
          <div style="text-align: center;">&#160; September 23, 2021</div>
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      </tr>
      <tr>
        <td style="width: 50%;">
          <div>&#160;Mary Kasaris</div>
        </td>
        <td style="width: 10%;">
          <div>&#160;</div>
        </td>
        <td style="width: 40%;">
          <div>&#160;</div>
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      </tr>
      <tr>
        <td style="width: 50%;">
          <div>&#160;</div>
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        <td style="width: 10%;">
          <div>&#160;</div>
        </td>
        <td style="width: 40%;">
          <div>&#160;</div>
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      </tr>
      <tr>
        <td style="width: 50%; border-bottom: 1px solid rgb(0, 0, 0);">
          <div>&#160;/s/ Irving F. Lyons, III</div>
        </td>
        <td style="width: 10%; padding-bottom: 1px;">
          <div>&#160;</div>
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        <td style="width: 40%; border-bottom: 1px solid rgb(0, 0, 0);">
          <div style="text-align: center;">&#160; September 23, 2021</div>
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      </tr>
      <tr>
        <td rowspan="1" style="width: 50%;">&#160;Irving F. Lyons, III</td>
        <td rowspan="1" style="width: 10%;">&#160;</td>
        <td rowspan="1" style="width: 40%;">&#160;</td>
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      <tr>
        <td rowspan="1" style="width: 50%;">&#160;</td>
        <td rowspan="1" style="width: 10%;">&#160;</td>
        <td rowspan="1" style="width: 40%;">&#160;</td>
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      <tr>
        <td rowspan="1" style="width: 50%; border-bottom: 1px solid rgb(0, 0, 0);">&#160;/s/ Thomas E. Robinson</td>
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        <td rowspan="1" style="width: 40%; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);">&#160; September 21, 2021</td>
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      <tr>
        <td rowspan="1" style="width: 50%;">&#160;Thomas E. Robinson</td>
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        <td rowspan="1" style="width: 40%;">&#160;</td>
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      <tr>
        <td style="width: 50%;">
          <div>&#160;</div>
        </td>
        <td style="width: 10%;">
          <div>&#160;</div>
        </td>
        <td style="width: 40%;">
          <div>&#160;</div>
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      </tr>
      <tr>
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        <td rowspan="1" style="width: 40%; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);">&#160; September 21, 2021</td>
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      <tr>
        <td rowspan="1" style="width: 50%;">&#160;Michael J. Schall</td>
        <td rowspan="1" style="width: 10%;">&#160;</td>
        <td rowspan="1" style="width: 40%;">&#160;</td>
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      <tr>
        <td rowspan="1" style="width: 50%;">&#160;</td>
        <td rowspan="1" style="width: 10%;">&#160;</td>
        <td rowspan="1" style="width: 40%;">&#160;</td>
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      <tr>
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        <td rowspan="1" style="width: 40%; text-align: center; border-bottom: 1px solid rgb(0, 0, 0);">&#160; September 20, 2021</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 50%;">&#160;Byron A. Scordelis</td>
        <td rowspan="1" style="width: 10%;">&#160;</td>
        <td rowspan="1" style="width: 40%;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%;">
          <div>&#160;</div>
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<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>9
<FILENAME>ny20000795x1_ex25-1.htm
<DESCRIPTION>EXHIBIT 25.1
<TEXT>
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  <head>
    <title></title>
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<body>
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    <div style="width: 100%;font-size: 1pt;border-top: 4pt solid #000000;">&#160;</div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;margin-top: 0pt;margin-bottom: 0pt;"><b><b>Exhibit 25.1</b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;"><br>
  </p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><font style="font-size: 16pt;"><b><font style="font-variant: small-caps;"><b>securities and exchange commission</b></font></b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><b><b>Washington, D.C. 20549</b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">__________________________</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><font style="font-size: 16pt;"><b><b>FORM T-1</b></b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><b><font style="text-transform: uppercase;"><b>Statement of Eligibility Under<br>
          The Trust Indenture Act of 1939 of a <br>
          Corporation Designated to Act as Trustee<br>
        </b></font></b>Check if an Application to Determine Eligibility of</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">a Trustee Pursuant to Section 305(b)(2)&#160;&#160;&#9744;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">_______________________________________________________</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><font style="font-size: 14pt;"><b><b>U.S. BANK NATIONAL ASSOCIATION</b></b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">(Exact name of Trustee as specified in its charter)</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><b><b>31-0841368<br>
      </b></b>I.R.S. Employer Identification No.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <table style="border-style: none; width: 99%; width: 99%" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="border: black 1pt solid; width: 50%; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">800 Nicollet Mall<br>
            Minneapolis, Minnesota</p>
        </td>
        <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt none; width: 50%; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">55402</p>
        </td>
      </tr>
      <tr>
        <td style="border-top: black 1pt none; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">(Address of principal executive offices)</p>
        </td>
        <td style="border-top-style: none; border-left-style: none; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">(Zip Code)</p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">David A. Jason<br>
    U.S. Bank National Association<br>
    1 California St, ste 1000<br>
    San Francisco, CA 94111<br>
    (415) 677-3622<br>
    (Name, address and telephone number of agent for service)</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><font style="font-size: 14pt;"><b><b>Essex Portfolio, L.P.</b></b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">(Issuer with respect to the Securities)</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;"></p>
  <table style="border-style: none; width: 99%; width: 99%" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="border: black 1pt solid; width: 50%; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">California</p>
        </td>
        <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left-style: none; width: 50%; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">77-0369575</p>
        </td>
      </tr>
      <tr>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; border-top-style: none; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">(State or other jurisdiction of incorporation or organization)</p>
        </td>
        <td style="border-top-style: none; border-left-style: none; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">(I.R.S. Employer Identification No.)</p>
        </td>
      </tr>

  </table>
  <p style="margin: 0px;text-indent: 0px;">&#160;</p>
  <table style="border-style: none; width: 99%; width: 99%" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="border: black 1pt solid; width: 50%; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">1100 Park Place, Suite 200</p>
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">San Mateo,California</p>
        </td>
        <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt none; width: 50%; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">94403</p>
        </td>
      </tr>
      <tr>
        <td style="border-top: black 1pt none; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">(Address of Principal Executive Offices)</p>
        </td>
        <td style="border-top-style: none; border-left-style: none; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">(Zip Code)</p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><font style="font-size: 14pt;"><b><b>Debt Securities</b></b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 108.0pt;text-align: center;text-indent: -103.5pt;margin-top: 0pt;margin-bottom: 0pt;"><font style="font-size: 10pt"><b>(Title of the Indenture Securities)</b></font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;"></font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><b><u><b>FORM T-1</b></u></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.75in; text-align: left"><b>Item 1.</b></td>
        <td><b>GENERAL INFORMATION<i>.</i></b> Furnish the following information as to the Trustee.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <table style="width: 100%" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 0.75in; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 0.25in; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">a)</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;"><i>Name and address of each examining or supervising authority to which it is subject.</i></p>
        </td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 108.0pt;margin-top: 0pt;margin-bottom: 0pt;">Comptroller of the Currency</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 108.0pt;margin-top: 0pt;margin-bottom: 0pt;">Washington, D.C.</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <table style="width: 100%" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 0.75in; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 0.25in; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">b)</p>
        </td>
        <td style="vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;"><i>Whether it is authorized to exercise corporate trust powers.</i></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 108.0pt;margin-top: 0pt;margin-bottom: 0pt;">Yes</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.75in; text-align: left"><b>Item 2.</b></td>
        <td><b>AFFILIATIONS WITH THE OBLIGOR. </b><i>If the obligor is an affiliate of the Trustee, describe each such affiliation.</i></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 72.0pt;margin-top: 0pt;margin-bottom: 0pt;">None</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 1in; text-align: left"><b>Items 3-15</b></td>
        <td><i>Items 3-15 are not applicable because to the best of the Trustee&#8217;s knowledge, the obligor is not in default under any Indenture for which the Trustee acts as Trustee.</i></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.75in; text-align: left"><b>Item 16. </b></td>
        <td><b>LIST OF EXHIBITS:</b> <i>List below all exhibits filed as a part of this statement of eligibility and qualification.</i></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <table style="width: 100%" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 0.75in; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-right: 0pt;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 0.5in; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-right: 0pt;margin-top: 0pt;margin-bottom: 0pt;">1.</p>
        </td>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-right: 0pt;margin-top: 0pt;margin-bottom: 0pt;">A copy of the Articles of Association of the Trustee.*</p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <table style="width: 100%" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 0.75in; vertical-align: top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 0.5in; vertical-align: top">
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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      <tr>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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      <tr>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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      <tr>
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      <tr>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-left: 18.0pt;margin-top: 0pt;margin-bottom: 0pt;"><font style="font-size: 8pt;">* Incorporated by reference to Exhibit 25.1 to Amendment No. 2 to registration statement on S-4, Registration Number
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><b><u><b>Exhibit 2</b></u></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">Office of the Comptroller of the Currency</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: right;margin-top: 0pt;margin-bottom: 0pt;">Washington, DC 20219</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">I, Michael J. Hsu, Acting Comptroller of the Currency, do hereby certify that:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">1. The Comptroller of the Currency, pursuant to Revised Statutes 324, et seq, as amended, and 12 USC 1, et seq, as amended, has possession, custody, and control of
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">IN TESTIMONY WHEREOF, today, July 23, 2021, I have hereunto subscribed my name and caused my seal of office to be affixed to these presents at the U.S. Department of
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <table style="width: 100%;" border="0" cellpadding="0" cellspacing="0" width="100%">

      <tr>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="border-top: none;border-right: none;border-left: none;width: 35%;border-bottom: 1pt solid black;text-align: center;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt;">&#160;<img src="ny20000795x1_ex25-1img02.jpg"></p>
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        <td style="width: 30%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="border: none;width: 35%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">Acting Comptroller of the Currency</p>
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        <td style="width: 30%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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      <tr>
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        <td rowspan="1" style="border: none;width: 35%;" valign="bottom">&#160;</td>
        <td rowspan="1" style="width: 30%;" valign="top">&#160;</td>
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      <tr>
        <td rowspan="1" style="width: 35%;" valign="top">&#160;</td>
        <td rowspan="1" style="border: medium none; width: 35%; text-align: center;" valign="bottom">&#160;<img src="ny20000795x1_ex25-1img03.jpg"></td>
        <td rowspan="1" style="width: 30%;" valign="top">&#160;</td>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><b><u><b>Exhibit 3</b></u></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;<img src="ny20000795x1_ex25-1img01.jpg"></p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">Office of the Comptroller of the Currency</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 3pt; margin-bottom: 0pt; margin-right: 0">Washington, DC 20219</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><b><b>CERTIFICATE OF FIDUCIARY POWERS</b></b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">I, Michael J. Hsu, Acting Comptroller of the Currency, do hereby certify that:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">Acting Comptroller of the Currency</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td rowspan="1" style="border: medium none; width: 35%; text-align: center;" valign="bottom">
          <div>&#160;</div>
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        <td rowspan="1" style="width: 30%;" valign="top">&#160;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><b><u><b>Exhibit 6</b></u></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><b><b>CONSENT</b></b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;text-indent: 36.0pt;margin-top: 0pt;margin-bottom: 0pt;">In accordance with Section 321(b) of the Trust Indenture Act of 1939, the undersigned, U.S. BANK NATIONAL ASSOCIATION hereby
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  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">Dated: September 24, 2021</p>
  <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
  <table style="width: 100%;margin: 0px;" border="0" cellpadding="0" cellspacing="0">

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        <td style="width: 50%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;"><font style="text-decoration: none;">&#160;</font></p>
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      <tr>
        <td style="width: 50%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 5%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">David A. Jason</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 5%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif;text-align: center;margin-top: 0pt;margin-bottom: 0pt;"><b><u><b>Exhibit 7</b></u></b></p>
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      <tr>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 10%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: right;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 3%;">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 3%;">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 10%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: right;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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      <tr style="background-color: rgb(204, 238, 255);">
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 10%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: right;">158,894,854</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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      <tr>
        <td style="width: 85%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: -20.65pt;margin: 0pt 0pt 0pt 29.3pt;">Federal Funds</p>
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        <td style="width: 3%;">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 10%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: right;">2,376</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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      <tr style="background-color: rgb(204, 238, 255);">
        <td style="width: 85%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: -20.65pt;margin: 0pt 0pt 0pt 29.3pt;">Loans &amp; Lease Financing Receivables</p>
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        <td style="width: 3%;">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 10%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: right;">296,741,901</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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      <tr>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: -20.65pt;margin: 0pt 0pt 0pt 29.3pt;">Fixed Assets</p>
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        <td style="width: 3%;">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 10%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: right;">6,294,698</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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      <tr style="background-color: rgb(204, 238, 255);">
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        <td style="width: 3%;">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 10%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: right;">13,278,545</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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      <tr>
        <td style="width: 85%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: -20.65pt;margin: 0pt 0pt 0pt 29.3pt;">Other Assets</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 1%;border-bottom: 1pt solid black;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 10%;border-bottom: 1pt solid black;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: right;">28,204,350</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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      <tr style="background-color: rgb(204, 238, 255);">
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: -20.65pt;margin: 0pt 0pt 0pt 29.3pt;"><b><b>Total Assets</b></b></p>
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        <td style="width: 3%;">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;"><b>$</b></p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: right;"><b><b>547,852,681</b></b></p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
      </tr>
      <tr>
        <td style="width: 85%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;margin-left: 20.65pt;text-indent: -20.65pt;"><b><b>&#160;</b></b></p>
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        <td style="width: 3%;">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 10%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: right;">&#160;</p>
        </td>
        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
      </tr>
      <tr style="background-color: rgb(204, 238, 255);">
        <td style="width: 85%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;margin-left: 20.65pt;text-indent: -20.65pt;"><b><b>Liabilities</b></b></p>
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        <td style="width: 3%;">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 10%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: right;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
      </tr>
      <tr>
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        <td style="width: 3%;">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">$</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: right;">442,902,823</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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      <tr style="background-color: rgb(204, 238, 255);">
        <td style="width: 85%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: -20.65pt;margin: 0pt 0pt 0pt 29.3pt;">Fed Funds</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 10%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: right;">1,412,092</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
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      <tr>
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          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: -20.65pt;margin: 0pt 0pt 0pt 29.3pt;">Treasury Demand Notes</p>
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          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
        <td style="width: 10%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: right;">0</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
      </tr>
      <tr style="background-color: rgb(204, 238, 255);">
        <td style="width: 85%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: -20.65pt;margin: 0pt 0pt 0pt 29.3pt;">Trading Liabilities</p>
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        <td style="width: 3%;">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 10%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;text-align: right;">1,119,485</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
        </td>
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      <tr>
        <td style="width: 85%;" valign="top">
          <p style="font: 10pt Times New Roman, Times, Serif;text-indent: -20.65pt;margin: 0pt 0pt 0pt 29.3pt;">Other Borrowed Money</p>
        </td>
        <td style="width: 3%;">
          <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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        <td style="width: 1%;" valign="bottom">
          <p style="font: 10pt Times New Roman, Times, Serif;text-align: left;margin-top: 0pt;margin-bottom: 0pt;">&#160;</p>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>ny20000795x1_ex5-2img01.jpg
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<DOCUMENT>
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<FILENAME>ny20000795x1_ex8-1img01.jpg
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>ny20000795x1_ex25-1img01.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
