Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance
Sheet Arrangement of a Registrant.
On
The new credit facility matures onOctober 26, 2027 , subject to extension for additional one or two-year periods at the request of theOperating Partnership , provided that lenders consent and certain customary conditions are met.The Operating Partnership has the ability to increase available borrowings by an additional$750.0 million by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments, or incurring one or more term loans. The interest rate on advances under the Revolving Credit Agreement will generally be Term SOFR or Daily SOFR (including a 10.0 basis point spread adjustment in each case) plus a spread, which is currently 72.5 basis points per annum. In addition, under the Revolving Credit Agreement, there is a facility fee, paid quarterly in arrears, which is currently 12.5 basis points per annum. Both the spread and the facility fee are dependent on the credit rating of theOperating Partnership's long-term debt. The Revolving Credit Agreement also contains a sustainability-linked pricing component which provides for interest rate margin reductions upon achieving certain sustainability ratings. The Revolving Credit Agreement contains customary representations, financial and other affirmative and negative covenants and events of default. The above description of the new credit facility does not purport to be complete and is qualified in its entirety by reference to the Revolving Credit Agreement, a copy of which is attached hereto as Exhibit 10.1 to this Current Report on Form 8-K, and the terms of which are incorporated herein by reference. Capitalized terms used but not defined herein have the meanings ascribed to them in the Revolving Credit Agreement. 2
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From time to time, one or more of the financial institutions party to the credit
facility and certain of their respective affiliates have provided, and may in
the future provide, commercial banking, investment banking and other financial
advisory services to the
Item 9.01 Financial Statements and Exhibits.
Exhibit Number Description 10.1 Revolving Credit Agreement, dated as ofOctober 26, 2022 , amongERP Operating Limited Partnership ,Bank of America, N.A ., as Administrative Agent, and the financial institutions party thereto. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 3
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