Document:

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                                                                     Exhibit 4.2

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                              4.625% NOTES DUE 2015

                          SECOND SUPPLEMENTAL INDENTURE

                                     between

                            BAXTER INTERNATIONAL INC.

                                       and

                          BANK ONE TRUST COMPANY, N.A.

                                   as Trustee

                           Dated as of March 10, 2003

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                                TABLE OF CONTENTS

                                                                           Page
                                                                           ----
                                    ARTICLE 1
                                   Definitions

Section 1.01.  Definition of Terms...........................................2

                                    ARTICLE 2
                                    The Notes

Section 2.01.  Designation...................................................4
Section 2.02.  Principal Amount; Series Treatment............................4
Section 2.03.  Maturity......................................................5
Section 2.04.  Interest......................................................5
Section 2.05.  Form of Notes.................................................5
Section 2.06.  Restrictive Legends...........................................7
Section 2.07.  Transfer Restrictions.........................................9
Section 2.08.  Transfers and Exchanges......................................11
Section 2.09.  Additional Interest..........................................12

                                    ARTICLE 3
                             Redemption Of The Notes

Section 3.01.  Optional Redemption by Company...............................12

                                    ARTICLE 4
                             Execution Of The Notes

Section 4.01.  Execution; Certificates......................................12

                                    ARTICLE 5
                                  Miscellaneous

Section 5.01.  Rule 144A Information; No Resales by Affiliates..............13
Section 5.02.  Ratification of Indenture....................................13
Section 5.03.  Trustee Not Responsible for Recitals.........................13
Section 5.04.  Governing Law................................................14
Section 5.05.  Separability.................................................14
Section 5.06.  Counterparts.................................................14

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     SECOND SUPPLEMENTAL INDENTURE dated as of March 10, 2003 (the "Supplemental
Indenture") between Baxter International Inc., a Delaware corporation (the
"Company"), and Bank One Trust Company, N.A., a national banking association, as
trustee (the "Trustee") under the Indenture dated as of April 26, 2002 (the
"Indenture") between the Company and the Trustee.

     WHEREAS, the Company executed and delivered the Indenture to the Trustee to
provide, among other things, for the future issuance of the Company's notes,
bonds, debentures or other evidences of indebtedness to be issued from time to
time in one or more series as might be authorized by the Company under the
Indenture;

     WHEREAS, Section 901(4) of the Indenture provides that the Company and the
Trustee may enter into an indenture supplemental to the Indenture to establish
the form or terms of Securities (as defined in the Indenture) of any series as
provided by Sections 201 and 301 of the Indenture;

     WHEREAS, the Board of Directors of the Company has duly adopted resolutions
authorizing the Company to issue the Securities provided for in this
Supplemental Indenture;

     WHEREAS, pursuant to the terms of the Indenture, the Company desires to
enter into this Supplemental Indenture and to provide for the establishment of a
new series of its Securities to be known as its 4.625% Notes due 2015 (the
"Notes due 2015"), the form, substance, terms, provisions and conditions of
which shall be set forth in the Indenture and this Supplemental Indenture;

     WHEREAS, the Company has requested that the Trustee execute and deliver
this Supplemental Indenture and satisfy all requirements necessary to make (i)
this Supplemental Indenture a valid instrument in accordance with its terms, and
(ii) the Notes provided for hereby, when executed by the Company and
authenticated and delivered by the Trustee, the valid obligations of the
Company:

     NOW THEREFORE, in consideration of the purchase and acceptance of the Notes
by the Holders thereof, and for the purpose of setting forth, as provided in the
Indenture, the form and terms of the Notes, the Company covenants and agrees
with the Trustee as follows:

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                                    ARTICLE 1
                                   Definitions

     Section 1.01. Definition of Terms.

     Unless the context otherwise requires:

     (a) a term defined in the Indenture has the same meaning when used in this
Supplemental Indenture unless the definition of such term is amended and
supplemented pursuant to this Supplemental Indenture;

     (b) a term defined anywhere in this Supplemental Indenture has the same
meaning throughout;

     (c) the singular includes the plural and vice versa;

     (d) a reference to a Section or Article is to a Section or Article of this
Supplemental Indenture;

     (e) headings are for convenience of reference only and do not affect
interpretation;

     (f) the following terms have the meanings given to them in this Section
1.01(f):

     "Additional Interest" means Additional Interest as defined in the
Registration Rights Agreement.

     "Closing Date" means March 10, 2003.

     "Clearstream" means Clearstream Banking SA.

     "Depositary" means the clearing agency registered under the Exchange Act
that is designated to act as the Depositary for the Global Notes. The Depository
Trust Company shall be the initial Depositary, until a successor shall have been
appointed and become such pursuant to the applicable provisions of this
Indenture, and thereafter, "Depositary" shall mean or include such successor.

     "Euroclear" means Euroclear Bank S.A./N.V., and its successors or assigns,
as operator of the Euroclear system.

     "Exchange Offer" means the exchange offer by the Company of Exchange Notes
for Initial Notes pursuant to the Registration Rights Agreement.

     "Exchange Offer Registration Statement" means a registration statement
relating to an Exchange Offer as provided for, and in accordance with,

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the Registration Rights Agreement including the prospectus contained therein,
all exhibits thereto and all material incorporated by reference therein.

     "Exchange Notes" means the debt securities of the Company to be offered to
Holders in exchange for the Initial Notes pursuant to the Exchange Offer or
otherwise pursuant to a Registration of the Exchange Notes containing terms
identical to the Notes for which they are exchanged (except that (i) interest
thereon shall accrue from the last date on which interest was paid on the
corresponding series of Notes or, if no such interest has been paid, from the
first date that the corresponding series of Notes was originally issued under
the Indenture as supplemented by this Supplemental Indenture, (ii) the
provisions relating to Additional Interest (other than any Additional Interest
accrued through that date of issuance of such Exchange Notes) will be eliminated
and (iii) the Exchange Notes will be registered under the Securities Act and
will not be subject to transfer restrictions or bear the Restricted Legend).

     "Global Note" shall have the meaning set forth in Section 2.05(b).

     "Initial Notes" means (i) all Notes issued on the first date that Notes
were originally issued under this Supplemental Indenture, (ii) any additional
Notes issued under Section 2.02 in any offering not registered under the
Securities Act and (iii) any Notes issued in replacement therefor, but not
including any Exchange Notes issued in exchange therefor.

     "Initial Purchasers" means the Initial Purchasers as defined in the
Registration Rights Agreement.

     "Note" or "Notes" means any Security or Securities, as the case may be,
authenticated and delivered under this Supplemental Indenture, including any
Global Note.

     "Notes due 2015" shall have the meaning set forth in the recitals above.

     "Offshore Global Note" shall have the meaning set forth in Section 2.05(b)
hereof.

     "Registration" means a registered exchange offer for the Notes by the
Company or other registration of the Notes under the Securities Act pursuant to
and in accordance with the terms of the Registration Rights Agreement.

     "Registration Rights Agreement" means the Registration Rights Agreement,
dated as of March 10, 2003, among the Company and Deutsche Bank Securities Inc.,
J.P. Morgan Securities Inc. and Salomon Smith Barney, as representatives of the
Initial Purchasers.

     "Registration Statement" means the Registration Statement pursuant to and
as defined in the Registration Rights Agreement.

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     "Regulation S" means Regulation S under the Securities Act.

     "Regulation S Certificate" means a certificate substantially in the form of
Exhibit C hereto.

     "Restricted Legend" means the legend set forth in Section 2.06(a) hereof.

     "Rule 144A" means Rule 144A under the Securities Act.

     "Rule 144A Certificate" means (i) a certificate substantially in the form
of Exhibit B hereto or (ii) a written certification addressed to the Company and
the Trustee to the effect that the Person making such certification (x) is
acquiring such Note (or beneficial interest) for its own account or one or more
accounts with respect to which it exercises sole investment discretion and that
it and each such account is a qualified institutional buyer within the meaning
of Rule 144A, (y) is aware that the transfer to it or exchange, as applicable,
is being made in reliance upon the exemption from the provisions of Section 5 of
the Securities Act provided by Rule 144A and (z) acknowledges that it has
received such information regarding the Company as it has requested pursuant to
Rule 144A(d)(4) or has determined not to request such information.

     "U.S. Global Note" shall have the meaning set forth in Section 2.05(b)
hereof.

                                    ARTICLE 2
                                    The Notes

     Section 2.01. Designation.

     The Company hereby establishes a series of Securities designated the
"4.625% Notes due 2015" for issuance under the Indenture.

     Section 2.02. Principal Amount; Series Treatment.

     (a) The Notes due 2015 shall be initially limited to an aggregate principal
amount of $600,000,000. The Company may, without notice to or the consent of the
Holders of the outstanding Notes due 2015, issue additional Notes due 2015 by
Company Order, so that such additional notes and the outstanding Notes due 2015
shall form a single series of Securities under the Indenture as supplemented by
this Supplemental Indenture.

     (b) Any additional Notes issued under Section 2.02(a) shall have the same
terms in all respects as the corresponding series of outstanding Notes, except
that interest will accrue on the additional Notes from the most recent date to
which interest has been paid on the corresponding series of Notes (other than

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the additional Notes) or if no interest has been paid on the corresponding
series of Notes from the first date that the corresponding series of Notes was
originally issued under the Indenture as supplemented by this Supplemental
Indenture.

     (c) For all purposes of the Indenture and the Supplemental Indenture, all
Notes due 2015, whether Initial Notes, Exchange Notes or additional Notes due
2015 issued under Section 2.02(a), shall constitute one series of Securities and
shall vote together as one series of Securities.

     Section 2.03. Maturity.

     The Notes due 2015 will become due and payable on March 15, 2015.

     Section 2.04. Interest.

     The Notes due 2015 will bear interest at the rate of 4.625% per annum from
March 10, 2003 until the principal thereof becomes due and payable or to the
date of redemption (if any) of the Notes due 2015, such interest to be payable
semi-annually on March 15 and September 15 of each year, commencing on September
15, 2003.

     Section 2.05. Form of Notes.

     (a) The Notes due 2015 shall be substantially in the form of Exhibit A
hereto, provided that Exchange Notes (i) shall contain the alternative seventh
paragraph appearing on the reverse of the Notes in the form and (ii) shall not
contain the Restricted Legend. The terms and provisions contained in the form of
Notes set forth in Exhibit A shall constitute, and are hereby expressly made, a
part of the Indenture as supplemented by this Supplemental Indenture.

     Any of the Notes may have such letters, numbers or other marks of
identification and such notations, legends, endorsements or changes as the
officers executing the same may approve (execution thereof to be conclusive
evidence of such approval) and as are not inconsistent with the provisions of
the Indenture as supplemented by this Indenture Supplement, or as may be
required by the Depositary or as may be required for the Initial Notes to be
tradeable on any other market developed for trading of securities pursuant to
Rule 144A or Regulation S or as may be required to comply with any applicable
law or with any rule or regulation made pursuant thereto or with any rule or
regulation of any securities exchange or automated quotation system on which the
Notes may be listed, or to conform to usage, or to indicate any special
limitations or restrictions to which any particular Notes are subject.

     (b) So long as the Notes of a series of Securities are eligible for
book-entry settlement with the Depositary, or unless otherwise required by law,
or otherwise contemplated herein, all of the Notes of that series of Securities
shall be

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represented by one or more Notes of that series of Securities in global form
registered in the name of the Depositary or the nominee of the Depositary.

     Initial Notes offered and sold in reliance on Rule 144A shall be issued
initially in the form of one or more permanent global Notes in registered form,
substantially in the form set forth in Exhibit A (the "U.S. Global Notes"),
registered in the name of the nominee of the Depositary, deposited with the
Trustee, as custodian for the Depositary, duly executed by the Company and
authenticated by the Trustee as hereinafter provided. The aggregate principal
amount of the U.S. Global Notes may from time to time be increased or decreased
by adjustments made on the records of the Trustee, as custodian for the
Depositary or its nominee, in accordance with the instructions given by the
Holder thereof, as hereinafter provided.

     Initial Notes offered and sold in offshore transactions in reliance on
Regulation S shall be issued initially in the form of one or more permanent
global Notes in registered form substantially in the form set forth in Exhibit A
(the "Offshore Global Notes"), registered in the name of the nominee of the
Depositary, deposited with the Trustee, as custodian for the Depositary, duly
executed by the Company and authenticated by the Trustee as hereinafter
provided. The aggregate principal amount of the Offshore Global Notes may from
time to time be increased or decreased by adjustments made on the records of the
Trustee, as custodian for the Depositary or its nominee, as hereinafter
provided.

     The U.S. Global Notes and the Offshore Global Notes are collectively
referred to herein as the "Global Notes." The transfer and exchange of
beneficial interests in any such Global Notes shall be effected through the
Depositary in accordance with the Indenture and the applicable procedures of the
Depositary. Except as provided in the Indenture, beneficial owners of a Global
Note shall not be entitled to have certificates registered in their names, will
not receive or be entitled to receive physical delivery of certificates in
definitive form and will not be considered holders of such Global Note.

     Any Global Note shall represent such of the outstanding Notes of a series
of Securities as shall be specified therein and shall provide that it shall
represent the aggregate amount of outstanding Notes of that series of Securities
from time to time endorsed thereon and that the aggregate amount of outstanding
Notes represented thereby may from time to time be increased or reduced to
reflect redemptions, transfers or exchanges permitted hereby. Any endorsement of
a Global Note to reflect the amount of any increase or decrease in the amount of
outstanding Notes represented thereby shall be made by the Trustee in such
manner and upon instructions given by the holder of such Notes in accordance
with the Indenture and this Supplemental Indenture. Payment of principal of and
interest and premium, if any, on any Global Note shall be made to the holder of
such Note.

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     Section 2.06. Restrictive Legends. (a) Except as otherwise provided in
paragraph (c) below, each Global Note shall bear the following legend on the
face thereof:

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED (THE "SECURITIES ACT"). THE HOLDER HEREOF, BY PURCHASING THIS
     SECURITY, AGREES FOR THE BENEFIT OF BAXTER INTERNATIONAL INC. THAT (a) THIS
     SECURITY MAY NOT BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED OTHER THAN (1)
     TO THE COMPANY, (2) IN A TRANSACTION ENTITLED TO AN EXEMPTION FROM
     REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE),
     (3) SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A
     UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON WHOM THE SELLER
     REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
     OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
     QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE RESALE,
     PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE l44A (AS
     INDICATED BY THE BOX CHECKED BY THE TRANSFEROR ON THE CERTIFICATE OF
     TRANSFER ON THE REVERSE OF THIS SECURITY), (4) OUTSIDE THE UNITED STATES IN
     A TRANSACTION MEETING THE REQUIREMENTS OF REGULATION S UNDER THE SECURITIES
     ACT, (5) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER
     THE SECURITIES ACT, SUBJECT, IN THE CASE OF CLAUSES (2), (4) OR (5), TO THE
     RECEIPT BY BAXTER INTERNATIONAL INC. OF AN OPINION OF COUNSEL OR SUCH OTHER
     EVIDENCE ACCEPTABLE TO BAXTER INTERNATIONAL INC. THAT SUCH RESALE, PLEDGE
     OR TRANSFER IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
     ACT OR (6) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND THAT (b) THE
     HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY
     PURCHASER OF THIS NOTE OF THE RESALE RESTRICTIONS REFERRED TO HEREIN AND
     DELIVER TO THE TRANSFEREE (OTHER THAN A QUALIFIED INSTITUTIONAL BUYER)
     PRIOR TO THE SALE A COPY OF THE TRANSFER RESTRICTIONS APPLICABLE HERETO
     (COPIES OF WHICH MAY BE OBTAINED FROM THE TRUSTEE).

     THE HOLDER OF THIS SECURITY IS ENTITLED TO THE BENEFITS OF A REGISTRATION
     RIGHTS AGREEMENT (AS SUCH TERM IS DEFINED IN THE INDENTURE REFERRED TO ON
     THE

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     REVERSE HEREOF) AND, BY ITS ACCEPTANCE HEREOF, AGREES TO BE BOUND BY AND TO
     COMPLY WITH THE PROVISIONS OF SUCH REGISTRATION RIGHTS AGREEMENT.

     (b)  (i) In addition, each Offshore Global Note shall bear the following
legend on the face thereof until at least the 41st day after the Closing Date:

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS. THE HOLDER
     HEREOF, BY ACQUIRING THIS SECURITY, AGREES FOR THE BENEFIT OF BAXTER
     INTERNATIONAL INC. THAT NEITHER THIS SECURITY NOR ANY INTEREST OR
     PARTICIPATION HEREIN MAY BE REOFFERED, RESOLD, TRANSFERRED, PLEDGED,
     ENCUMBERED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE
     SECURITIES ACT AND OTHER APPLICABLE LAWS.

     ANY OFFER, SALE, TRANSFER, PLEDGE, ENCUMBRANCE OR OTHER DISPOSITION OF THIS
     SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN WITHIN FORTY DAYS AFTER
     THE LATER OF THE COMMENCEMENT OF THE OFFERING OF THIS SECURITY OR THE DATE
     OF CLOSING OF SUCH OFFERING MAY BE MADE ONLY IN COMPLIANCE WITH RULE 903 OR
     RULE 904 OF REGULATION S UNDER THE SECURITIES ACT OR PURSUANT TO RULE 144A
     UNDER THE SECURITIES ACT.

          (ii) Each Global Note shall also bear the following legend on the face
     thereof:

     THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
     HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
     NOMINEE THEREOF. 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, UNLESS AND UNTIL IT
     IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS
     SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
     NOMINEE OF THE DEPOSITARY OR 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 SUCH SUCCESSOR
     DEPOSITARY.

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     Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC") to the Company or its
agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or such other name as requested
by an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is required by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest
herein.

     (c) (i) If the Company determines (upon the advice of counsel and such
other certifications and evidence as the Company may reasonably require) that
any Note is eligible for resale pursuant to Rule 144(k) under the Securities Act
(or a successor provision) and that the Restricted Legend is no longer necessary
or appropriate in order to ensure that subsequent transfers of such Note (or a
beneficial interest therein) are effected in compliance with the Securities Act,
or

     (ii) after an Initial Note is (x) sold pursuant to an effective
registration statement under the Securities Act, pursuant to the Registration
Rights Agreement or otherwise, or (y) exchanged for an Exchange Note,

the Company may instruct the Trustee to cancel such Note and issue to the Holder
thereof (or to its transferee) a new Note of like tenor and amount, registered
in the name of the Holder thereof (or its transferee), that does not bear the
Restricted Legend, and the Trustee will comply with such instruction. If a Note
to be reissued under this Section 2.06(c) without a Restricted Legend is
represented by a Global Note bearing the Restricted Legend, the principal amount
of the legended Global Note shall be reduced by the principal amount of the Note
to be reissued without the Restricted Legend and the principal amount of a
Global Note without the Restricted Legend of the appropriate series of
Securities shall be increased by an equal principal amount. If a Global Note
without the Restricted Legend of the appropriate series of Securities is not
then outstanding, the Company shall execute and the Trustee shall authenticate
and deliver a Global Note of the appropriate series of Securities without the
Restricted Legend to the Depositary.

     Section 2.07. Transfer Restrictions. (a) By its acceptance of any Note
bearing the Restricted Legend, each Holder of such a Note acknowledges the
restrictions on transfer of such Note set forth in this Supplemental Indenture
and in the Restricted Legend and agrees that it will transfer such Note only as
provided in this Supplemental Indenture and the Restricted Legend. The Company
and the Trustee as Note registrar shall not register a transfer of any Note
unless such transfer complies with the restrictions on transfer of such Note set
forth in this Supplemental Indenture and the Restricted Legend. In connection
with any transfer of Notes, each Holder agrees by its acceptance of the Notes to
furnish the Trustee as Note registrar or the Company such certifications, legal

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opinions or other information as either of them may reasonably require to
confirm that such transfer is being made pursuant to an exemption from, or a
transaction not subject to, the registration requirements of the Securities Act;
provided that the Trustee shall not be required to determine (but may rely on a
determination made by the Company with respect to) the sufficiency of any such
certifications, legal opinions or other information.

     The transfer or exchange of a beneficial interest in an Offshore Global
Note for a beneficial interest in a U.S. Global Note may only be made upon
receipt by the Trustee of a duly completed Rule 144A Certificate.

     The transfer or exchange of a beneficial interest in a U.S. Global Note for
a beneficial interest in an Offshore Global Note may only be made upon receipt
by the Trustee of a duly completed Registration S Certificate.

     During the Restricted Period, beneficial interests in an Offshore Global
Note may be held through the Depositary only through Euroclear and Clearstream,
and their respective direct and indirect participants.

     The Trustee shall retain copies of all letters, notices and other written
communications received pursuant to the Indenture or this Section 2.07(a). The
Company shall have the right to inspect and make copies of all such letters,
notices or other written communications at any reasonable time upon the giving
of reasonable written notice to the Trustee.

     The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this
Supplemental Indenture or under applicable law with respect to any transfer of
any interest in any Note (including any transfers between or among members of,
or participants in, the Depositary or beneficial owners of interests in any
Global Note) other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when
expressly required by the terms of, this Supplemental Indenture, and to examine
the same to determine substantial compliance as to form with the express
requirements hereof.

     (b)  The following provisions shall apply only to Global Notes:

          (i) Each Global Note authenticated under this Supplemental Indenture
     shall be registered in the name of the Depositary or a nominee thereof and
     delivered to such Depositary or a nominee thereof or Trustee if the Trustee
     is acting as custodian for the Depositary or its nominee with respect to
     such Global Note, and each such Global Note shall constitute a single Note
     for all purposes of the Indenture and this Supplemental Indenture.

          (ii) Notwithstanding any other provision in this Supplemental
     Indenture, no Global Note may be exchanged in whole or in part for Notes

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     registered, and no transfer of a Global Note in whole or in part may be
     registered, in the name of any Person other than the Depositary or a
     nominee thereof except as provided in Section 305 of the Indenture. Any
     Note issued in exchange for a Global Note or any portion thereof shall be a
     Global Note; provided that any such Note so issued that is registered in
     the name of a Person other than the Depositary or a nominee thereof shall
     not be a Global Note.

          (iii) Securities issued in exchange for a Global Note or any portion
     thereof pursuant to clause (ii) above shall be issued pursuant to Section
     305 of the Indenture.

          (iv) At such time as all interests in a Global Note have been
     redeemed, repurchased, converted, canceled or exchanged for Notes in
     certificated form, such Global Note shall, upon receipt thereof, be
     canceled by the Trustee in accordance with standing procedures and
     instructions existing between the Depositary and the Trustee. At any time
     prior to such cancellation, if any interest in a Global Note is redeemed,
     repurchased, converted, canceled or exchanged for Notes in certificated
     form, the principal amount of such Global Note shall, in accordance with
     the standing procedures and instructions existing between the Depositary
     and the Trustee, be appropriately reduced, and an endorsement shall be made
     on such Global Note, by the Trustee, at the direction of the Trustee, to
     reflect such reduction.

     Section 2.08. Transfers and Exchanges. (a) A Holder may transfer a Note (or
a beneficial interest therein) to another Person or exchange a Note (or a
beneficial interest therein) for another Note or Notes of any authorized
denomination by presenting to the Trustee a written request therefor stating the
name of the proposed transferee or requesting such an exchange, accompanied by
any certification, opinion or other document required by Section 2.07. The
Trustee will promptly register any such transfer or exchange that meets the
requirements of this Section by noting the same in the register maintained by
the Trustee for the purpose; provided that (x) no transfer or exchange will be
effective until the transfer or exchange is registered in such register and (y)
the Trustee will not be required (i) to issue, register the transfer of or
exchange any Note for a period of 15 days before a selection of Notes to be
redeemed, (ii) to register the transfer of or exchange any Note so selected for
redemption in whole or in part, except, in the case of a partial redemption,
that portion of any such Note not being redeemed, or (iii) if a redemption is to
occur after a Regular Record Date but on or before the corresponding Interest
Payment Date, to register the transfer of or exchange any Note on or after such
Regular Record Date and before the date of redemption. Prior to the registration
of any transfer, the Company, the Trustee and their agents will treat the person
in whose name the Note is registered as the owner and Holder thereof for all
purposes (whether or not the Note is overdue), and will not be affected by
notice to the contrary.

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     From time to time the Company will execute and the Trustee will
authenticate additional Notes as necessary in order to permit the registration
of a transfer or exchange in accordance with this Section.

     No service charge will be imposed in connection with any transfer or
exchange of any Note, 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 other similar governmental charge
payable upon exchange pursuant to Section 305 of the Indenture.

     (b) Procedures to Be Followed by the Trustee. If a beneficial interest in a
Global Note is transferred or exchanged for a beneficial interest in another
Global Note, the Trustee will (x) record a decrease in the principal amount of
the Global Note being transferred or exchanged equal to the principal amount of
such transfer or exchange and (y) record a like increase in the principal amount
of the other Global Note. Any beneficial interest in one Global Note that is
transferred to a Person who takes delivery in the form of an interest in another
Global Note, or exchanged for an interest in another Global Note, will, upon
transfer or exchange, cease to be an interest in such Global Note and become an
interest in the other Global Note and, accordingly, will thereafter be subject
to all transfer and exchange restrictions, if any, and other procedures
applicable to beneficial interests in such other Global Note for as long as it
remains such an interest.

     Section 2.09. Additional Interest.

     If a Registration Default (as defined in the Registration Rights Agreement)
occurs with respect to a series of Notes, the interest rate borne by the Notes
of such series shall be increased as provided in the Registration Rights
Agreement.

                                    ARTICLE 3
                             Redemption Of The Notes

     Section 3.01. Optional Redemption by Company. The Notes may be redeemed at
the option of the Company on the terms and conditions set forth in the form of
Note set forth as Exhibit A.

                                    ARTICLE 4
                             Execution Of The Notes

     Section 4.01. Execution; Certificates. Notwithstanding the requirements of
Section 303 of the Indenture, the Notes due 2015 may be executed on behalf of
the Company by its Treasurer and its Secretary. In addition, any Officers'
Certificate to be delivered under the Indenture in connection with a Company
Order for the authentication and delivery of the Notes due 2015 may be signed by
the Company's Treasurer and its Secretary.

                                       12

<PAGE>

                                    ARTICLE 5
                                  Miscellaneous

     Section 5.01. Rule 144A Information; No Resales by Affiliates. (a) Within
the period prior to the expiration of the holding period applicable to sales
thereof under Rule 144(k) under the Securities Act (or any successor provision),
the Company covenants and agrees that it shall, during any period in which it is
not subject to Section 13 or 15(d) under the Securities Exchange Act of 1934,
make available to any holder or beneficial holder of Initial Notes in connection
with any sale thereof and any prospective purchaser of Initial Notes designated
by such holder or beneficial holder, the information required pursuant to Rule
144A(d)(4) under the Securities Act upon the request of any holder or beneficial
holder of the Initial Notes and it will take such further action as any holder
or beneficial holder of such Initial Notes may reasonably request, all to the
extent required from time to time to enable such holder or beneficial holder to
sell its Initial Notes without registration under the Securities Act within the
limitation of the exemption provided by Rule 144A, as such Rule may be amended
from time to time. Upon the request of any holder or any beneficial holder of
the Initial Notes, the Company will deliver to such holder a written statement
as to whether it has complied with such requirements.

     (b) Any Initial Note that, prior to the expiration of the holding period
applicable to sales thereof under Rule 144(k) under the Securities Act (or any
successor provision), is purchased or owned by the Company or any affiliate
thereof (within the meaning of Rule 144) may not be resold by the Company or
such affiliate unless registered under the Securities Act or resold pursuant to
an exemption from the registration requirements of the Securities Act in a
transaction which results in such Initial Note no longer being "restricted
securities" (as defined under Rule 144).

     Section 5.02. Ratification of Indenture.

     The Indenture, as supplemented by this Supplemental Indenture, is in all
respects ratified and confirmed, and this Supplemental Indenture shall be deemed
part of the Indenture in the manner and to the extent herein and therein
provided.

     Section 5.03. Trustee Not Responsible for Recitals.

     The recitals herein contained are made by the Company and not by the
Trustee, and the Trustee assumes no responsibility for the correctness thereof.
The Trustee makes no representation as to the validity or sufficiency of this
Supplemental Indenture.

                                       13

<PAGE>

     Section 5.04. Governing Law.

     This Supplemental Indenture and each Note shall be governed by, and
construed in accordance with, the laws of the State of New York without regard
to principles of conflicts of laws.

     Section 5.05. Separability.

     In case any one or more of the provisions contained in this Supplemental
Indenture or in the Notes shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provisions of this Supplemental Indenture or of the
Notes, but this Supplemental Indenture and the Notes shall be construed as if
such invalid or illegal or unenforceable provision had never been contained
herein or therein.

     Section 5.06. Counterparts.

     This Supplemental Indenture may be executed in any number of counterparts
each of which shall be an original; but such counterparts shall together
constitute but one and the same instrument.

                                       14

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed, and their respective corporate seals to be
hereunto affixed and attested, on the date or dates indicated in the
acknowledgments and as of the day and year first above written.

                                             BAXTER INTERNATIONAL INC.

                                             By: /s/ Steven J. Meyer
                                                 -------------------------------
                                                 Name: Steven J. Meyer
                                                 Title: Treasurer

[Seal]

Attest:

By: /s/ Jan S. Reed
    ----------------------------
    Jan S. Reed
    Secretary

                                             BANK ONE TRUST COMPANY, N.A.
                                             as Trustee

                                             By: /s/ J. Morand
                                                 -------------------------------
                                                 Name: J. Morand
                                                 Title: Vice President

                                       15

<PAGE>

                                                                       EXHIBIT A

                                 [FACE OF NOTE]

     [Unless and until a Security is exchanged for an Exchange Note or sold in
connection with an effective Registration Statement pursuant to the Registration
Rights Agreement the U.S. Global Notes shall bear the legend set forth below on
the face thereof :]

     [THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED (THE "SECURITIES ACT"). THE HOLDER HEREOF, BY PURCHASING THIS
     SECURITY, AGREES FOR THE BENEFIT OF BAXTER INTERNATIONAL INC. THAT (a) THIS
     SECURITY MAY NOT BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED OTHER THAN (1)
     TO THE COMPANY, (2) IN A TRANSACTION ENTITLED TO AN EXEMPTION FROM
     REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE),
     (3) SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A
     UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON WHOM THE SELLER
     REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
     OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
     QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE RESALE,
     PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE l44A (AS
     INDICATED BY THE BOX CHECKED BY THE TRANSFEROR ON THE CERTIFICATE OF
     TRANSFER ON THE REVERSE OF THIS SECURITY), (4) OUTSIDE THE UNITED STATES IN
     A TRANSACTION MEETING THE REQUIREMENTS OF REGULATION S UNDER THE SECURITIES
     ACT, (5) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER
     THE SECURITIES ACT, SUBJECT, IN THE CASE OF CLAUSES (2), (4) OR (5), TO THE
     RECEIPT BY BAXTER INTERNATIONAL INC. OF AN OPINION OF COUNSEL OR SUCH OTHER
     EVIDENCE ACCEPTABLE TO BAXTER INTERNATIONAL INC. THAT SUCH RESALE, PLEDGE
     OR TRANSFER IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
     ACT OR (6) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND THAT (b) THE
     HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY
     PURCHASER OF THIS NOTE OF THE RESALE RESTRICTIONS REFERRED TO HEREIN AND
     DELIVER TO THE

                                      A-1

<PAGE>

     TRANSFEREE (OTHER THAN A QUALIFIED INSTITUTIONAL BUYER) PRIOR TO THE SALE A
     COPY OF THE TRANSFER RESTRICTIONS APPLICABLE HERETO (COPIES OF WHICH MAY BE
     OBTAINED FROM THE TRUSTEE).

     THE HOLDER OF THIS SECURITY IS ENTITLED TO THE BENEFITS OF A REGISTRATION
     RIGHTS AGREEMENT (AS SUCH TERM IS DEFINED IN THE INDENTURE REFERRED TO ON
     THE REVERSE HEREOF) AND, BY ITS ACCEPTANCE HEREOF, AGREES TO BE BOUND BY
     AND TO COMPLY WITH THE PROVISIONS OF SUCH REGISTRATION RIGHTS AGREEMENT.

[Unless and until a Security is exchanged for an Exchange Note or sold in
connection with an effective Registration Statement pursuant to the Registration
Rights Agreement the Offshore Global Notes shall bear the following legend on
the face thereof until at least the 41st day after the Closing Date:]

     [THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS. THE HOLDER
     HEREOF, BY ACQUIRING THIS SECURITY, AGREES FOR THE BENEFIT OF BAXTER
     INTERNATIONAL INC. THAT NEITHER THIS SECURITY NOR ANY INTEREST OR
     PARTICIPATION HEREIN MAY BE REOFFERED, RESOLD, TRANSFERRED, PLEDGED,
     ENCUMBERED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE
     SECURITIES ACT AND OTHER APPLICABLE LAWS.

     ANY OFFER, SALE, TRANSFER, PLEDGE, ENCUMBRANCE OR OTHER DISPOSITION OF THIS
     SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN WITHIN FORTY DAYS AFTER
     THE LATER OF THE COMMENCEMENT OF THE OFFERING OF THIS SECURITY OR THE DATE
     OF CLOSING OF SUCH OFFERING MAY BE MADE ONLY IN COMPLIANCE WITH RULE 903 OR
     RULE 904 OF REGULATION S UNDER THE SECURITIES ACT OR PURSUANT TO RULE 144A
     UNDER THE SECURITIES ACT.

     [Each Global Note shall bear the following legend:]

     [THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
     HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
     NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN
     THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE

                                      A-2

<PAGE>

     LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT
     IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS
     SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
     NOMINEE OF THE DEPOSITARY OR 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 SUCH SUCCESSOR
     DEPOSITARY.

     Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC") to the Company or its
agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or such other name as requested
by an authorized representative of DTC (and any payment is made to Cede & Co. or
to such other entity as is required by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest
herein.]

                                      A-3

<PAGE>

                                                            CUSIP No.
                                                                      ----------
                                                                 ISIN
                                                                      ----------

                            BAXTER INTERNATIONAL INC.
                              4.625% Note due 2015

No. A-1                                                             $600,000,000

     BAXTER INTERNATIONAL INC., a Delaware corporation (the "Company"), for
value received, hereby promises to pay to Cede & Co. or registered assigns, at
the office or agency of the Company in the City of New York, the principal sum
of SIX HUNDRED MILLION DOLLARS ($600,000,000) on March 15, 2015, in such coin or
currency of the United States of America as at the time of payment shall be
legal tender for the payment of public and private debts, and to pay interest,
semiannually on March 15 and September 15 of each year, commencing September 15,
2003, on said principal sum at said office or agency, in like coin or currency,
at the rate per annum specified in the title of this Note, from the March 15 or
the September 15, as the case may be, next preceding the date of this Note to
which interest has been paid, unless the date hereof is a date to which interest
has been paid, in which case from the date of this Note, or unless no interest
has been paid on these Notes, in which case from March 10, 2003 until payment of
said principal sum has been made or duly provided for; provided, that payment of
interest may be made at the option of the Company by check mailed to the address
of the person entitled thereto as such address shall appear on the Security
register. Notwithstanding the foregoing, if the date hereof is after the 1st day
of March or September, as the case may be, and before the following March 15 or
September 15, this Note shall bear interest from such March 15 or September 15;
provided, that if the Company shall default in the payment of interest due on
such March 15 or September 15, then this Note shall bear interest from the next
preceding March 15 or September 15, to which interest has been paid or, if no
interest has been paid on these Notes, from March 10, 2003. The interest so
payable on any March 15 or September 15, will, subject to certain exceptions
provided in the Indenture referred to on the reverse hereof, be paid to the
person in whose name this Note is registered at the close of business on the
March 1 or September 1, as the case may be, preceding such March 15 or September
15.

     Reference is made to the further provisions of this Note set forth on the
reverse hereof. Such further provisions shall for all purposes have the same
effect as though fully set forth at this place.

     This Note shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been signed by the Trustee under
the Indenture referred to on the reverse hereof.

                                      A-4

<PAGE>

     IN WITNESS WHEREOF, Baxter International Inc. has caused this instrument to
be signed by facsimile by its duly authorized officers and has caused a
facsimile of its corporate seal to be affixed hereunto or imprinted hereon.

Dated: March 10, 2003

                                             BAXTER INTERNATIONAL INC.

                                             By:
                                                 -------------------------------
                                                 Name:
                                                 Title:

[Seal]

                                             By:
                                                 -------------------------------
                                                 Name:
                                                 Title:

Attest:

----------------------------
By:
Title:

                                      A-5

<PAGE>

                    (FORM OF CERTIFICATION OF AUTHENTICATION)

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.

                                             BANK ONE TRUST COMPANY, N.A.,
                                                as Trustee

                                             By:
                                                 -------------------------------
                                                 Authorized Officer

                                      A-6

<PAGE>

                                 REVERSE OF NOTE
                            BAXTER INTERNATIONAL INC.
                              4.625% Note due 2015

     This Note is one of a duly authorized issue of debentures, notes, bonds or
other evidences of indebtedness of the Company (hereinafter called the
"Securities") of the series hereinafter specified, all issued or to be issued
under and pursuant to an indenture dated as of April 26, 2002 and a second
supplemental indenture dated March 10, 2003 (both together herein called the
"Indenture"), between the Company and Bank One Trust Company, N.A., a national
banking association, Trustee (herein called the "Trustee" which term includes
any successor Trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a description of
the rights, limitations of rights, obligations, duties and immunities thereunder
of the Trustee, the Company and the Holders of the Securities. The Securities
may be issued in one or more series, which different series may be issued in
various aggregate principal amounts, may mature at different times, may bear
interest (if any) at different rates, may be subject to different redemption
provisions (if any), may be subject to different sinking, purchase or analogous
funds (if any) and may otherwise vary as in the Indenture provided. This Note is
one of a series designated as the 4.625% Notes due 2015 (the "Notes") of the
Company, limited in aggregate principal amount to $600,000,000.

     The Indenture contains provisions for the defeasance at any time of the
entire indebtedness of this Note upon compliance by the Company of certain
conditions set forth therein, which provisions apply to this Note.

     This Note is redeemable in whole or in part, at the option of the Company,
at any time (an "Optional Redemption"), at a redemption price (the "Optional
Redemption Price") equal to the greater of:

     (i) 100% of the principal amount of the Notes to be redeemed plus accrued
and unpaid interest thereon to the date of redemption, or

     (ii) the sum of the present values of the remaining scheduled payments of
principal and interest thereon discounted to the redemption date on a semiannual
basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate plus 20 basis points, plus accrued interest thereon to the date of
redemption.

     "Treasury Rate" means, with respect to any redemption date, the rate per
annum equal to the semiannual equivalent yield to maturity of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price for
such redemption date.

                                      A-7

<PAGE>

     "Comparable Treasury Issue" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term of the Notes to be redeemed that would be utilized, at the
time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the
remaining term of the Notes.

     "Comparable Treasury Price" means, with respect to any redemption date, (1)
the average of four Reference Treasury Dealer Quotations for such redemption
date, after excluding the highest and lowest such Reference Treasury Dealer
Quotations, or (2) if the Company obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.

     "Independent Investment Banker" means one of the Reference Treasury Dealers
appointed by the Company.

     "Reference Treasury Dealers" means (1) Deutsche Bank Securities Inc., J.P
Morgan Securities Inc. and Salomon Smith Barney Inc., and their respective
successors; provided, however, that if any of the foregoing shall cease to be a
Primary Treasury Dealer, the Company shall substitute another nationally
recognized investment banking firm that is a Primary Treasury Dealer, and (2) at
the option of the Company, additional primary U.S. Government securities dealers
("Primary Treasury Dealers") selected by the Company.

     "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by
the Company, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Company by such Reference Treasury Dealer at 5:00 p.m. New York
time on the third business day preceding such redemption date.

     Any redemption pursuant to the preceding paragraph will be made upon not
less than 30 nor more than 60 days prior notice before the Redemption Date to
the Holders, at the Optional Redemption Price. If the Notes are only partially
redeemed by the Company pursuant to an Optional Redemption, the Notes will be
redeemed by such method as the Trustee shall deem fair and appropriate and in
accordance with the Indenture.

     In the event of redemption of this Note in part only, a new Note or Notes
of this series for the unredeemed portion hereof shall be issued in the name of
the Holder hereof upon the cancellation hereof.

     Unless the Company defaults in payment of the redemption price, on and
after the redemption date interest will cease to accrue on the Notes or portions
thereof called for redemption.

                                      A-8

<PAGE>

     [TO BE INCLUDED IN INITIAL NOTES, NOT EXCHANGE NOTES: In the event that a
Registration Default (as defined in the Registration Rights Agreement) occurs,
then the Company shall pay Additional Interest (in addition to the interest
otherwise due hereon) to the Holder as provided in the Registration Rights
Agreement.

     [TO BE INCLUDED IN EXCHANGE NOTES: There shall also be payable in respect
of this Note all Additional Interest that may have accrued on the Note for which
this Note was exchanged (as defined in such Note) pursuant to the Exchange
Offer, such Additional Interest to be calculated in accordance with the terms of
such Note and payable at the same time and in the same manner as periodic
interest on this Note.]

     In case an Event of Default, as defined in the Indenture, other than an
Event of Default relating to events of bankruptcy, insolvency or reorganization,
with respect to the Notes, shall have occurred and be continuing, either the
Trustee or the Holders of at least 25% in aggregate principal amount of the
Notes then Outstanding may declare the principal hereof, and accrued and unpaid
interest, if any, hereon due and payable immediately, in the manner, with the
effect and subject to the conditions provided in the Indenture.

     The Indenture contains provisions permitting the Company and the Trustee,
with the consent of the Holders of not less than a majority in aggregate
principal amount of the Securities at the time Outstanding (as defined in the
Indenture) of each series to be affected to execute supplemental indentures
adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or of any supplemental indenture or modifying in any
manner the rights of the Holders of the Securities of each such series;
provided, however, that no such supplemental indenture shall (i) reduce the
principal amount of any Security or any premium thereon, or reduce the rate of
interest thereon, or reduce any amount payable on redemption thereof, or change
the currency of payments of principal, premium, if any, or interest, relating to
any Security, or impair or affect the rights of any Holder to institute suit for
the payment thereof, without the consent of the Holder of each Security so
affected, or (ii) reduce the aforesaid percentage of Securities, the Holders of
which are required to consent to any such supplemental indenture, without the
consent of the Holder of each Security affected or (iii) reduce the percentage
of Securities of this series outstanding necessary to consent to waive any past
default under the Indenture to less than a majority, without the consent of the
Holder of each Security so affected, or (iv) modify the provisions of the
sections of the Indenture dealing with supplementary indentures or waivers of
covenants, except to increase any such percentage or to provide that certain
other provisions of the Indenture cannot be modified or waived without the
consent of the Holder of each Security affected thereby. It is also provided in
the Indenture that, with respect to certain defaults or Events of Default
regarding the Securities of any series, the Holders of a majority in

                                      A-9

<PAGE>

aggregate principal amount Outstanding of the Securities of such series may on
behalf of the Holders of all the Securities of such series waive any such past
default or Event of Default and its consequences. The preceding sentence shall
not, however, apply to a default in the payment of the principal of or premium,
if any, or interest on any of the Securities. Any such consent or waiver by the
Holder of this Note (unless revoked as provided in the Indenture) shall be
conclusive and binding upon such Holder and upon all future Holders and owners
of this Note and any Notes which may be issued in exchange or substitution
herefor, irrespective of whether or not any notation thereof is made upon this
Note or such other Notes.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and any premium and interest
on this Note in the manner and at the respective times herein provided.

     The Notes are issuable in registered form without coupons in denominations
of $1,000 and any multiple of $1,000 at the office or agency of the Trustee in
the City of New York, and in the manner and subject to the limitations provided
in the Indenture, but without the payment of any service charge, Notes may be
exchanged for a like aggregate principal amount of Notes of other authorized
denominations.

     There is no sinking fund for the retirement of the Notes.

     Upon due presentment for registration of transfer of this Note at the
office or agency of the Trustee in the City of New York, a new Note or Notes of
authorized denominations for an equal aggregate principal amount will be issued
to the transferee in exchange therefor, subject to the limitations provided in
the Indenture, without charge except for any tax or other governmental charge
imposed in connection therewith.

     Prior to due presentment for registration or transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the registered
Holder hereof as the owner of this Note (whether or not this Note shall be
overdue), for the purpose of receiving payment of the principal hereof and
premium, if any, and subject to the provisions on the face hereof, interest
hereon, and for all other purposes, and neither the Company nor the Trustee nor
any agent of the Company or the Trustee shall be affected by any notice to the
contrary.

     No recourse under or upon any obligation, covenant or agreement contained
in the Indenture or any indenture supplemental thereto or in any Note, or
because of any indebtedness evidenced thereby, shall be had against any past,
present or future stockholder, employee, officer or director, as such, of the
Company or of any predecessor or successor, either directly or through the

                                      A-10

<PAGE>

Company or any predecessor or successor, under any rule of law, statute or
constitutional provision or by the enforcement of any assessment or by any legal
or equitable proceeding or otherwise, all such liability being expressly waived
and released by the acceptance hereof and as part of the consideration for the
issue hereof.

     This Security is a Global Security within the meaning of the Indenture and
is registered in the name of the Depository or a nominee of the Depository. This
Security is exchangeable for Securities registered in the name of a person other
than the Depository or its nominee only in the limited circumstances as
permitted by the Indenture and may not be transferred except as a whole by the
Depository to a nominee of the Depository or by a nominee of the Depository to
the Depository or another nominee of the Depository.

Terms used herein which are defined in the Indenture shall have the respective
meanings assigned thereto in the Indenture.

                                      A-11

<PAGE>

                            [FORM OF TRANSFER NOTICE]

     FOR VALUE RECEIVED the undersigned registered holder hereby sell(s),
assign(s) and transfer(s) unto

Insert Taxpayer Identification No.

--------------------------------------------------------------------------------
Please print or typewrite name and address including zip code of assignee

--------------------------------------------------------------------------------
the within Note and all rights thereunder, hereby irrevocably constituting and
appointing                      attorney to transfer said Note on the books of
           --------------------
the Company with full power of substitution in the premises.

By:
    -------------------------------------
Date:
      -----------------------------------

                                      A-12

<PAGE>

                     [THE FOLLOWING PROVISION TO BE INCLUDED
                     ON ALL NOTES OTHER THAN EXCHANGE NOTES]

     In connection with any transfer of this Note occurring prior to the date
which is the earlier of (i) the date of an effective Registration or (ii) two
years (or such lesser period as may be provided in any amendment to Rule 144(k)
under the Securities Act) after the later of the original issuance of this Note
or the last date on which this Note was held by the Company or an Affiliate of
the Company, the undersigned confirms that without utilizing any general
solicitation or general advertising that this Note is being transferred in
accordance with its terms:

                                   [Check One]

     (1) [ ] to the Company; or

     (2) [ ] pursuant to an effective registration statement under the
             Securities Act of 1933; or

     (3) [ ] to a "qualified institutional buyer" (as defined in Rule 144A under
             the Securities Act of 1933) that purchases for its own account or
             for the account of a qualified institutional buyer to whom notice
             is given that such transfer is being made in reliance on Rule 144A,
             in each case pursuant to and in compliance with Rule 144A under the
             Securities Act of 1933; or

     (4) [ ] pursuant to the exemption from registration provided by Rule 144
             under the Securities Act of 1933.

                                      A-13

<PAGE>

     Unless one of the boxes is checked, the Trustee will refuse to register any
of the Notes evidenced by this certificate in the name of any Person other than
the registered holder thereof, provided, however, that if box (4) is checked,
the Trustee may require, prior to registering any such transfer of the Notes,
such legal opinions, certifications and other information as the Company has
reasonably requested to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933.

                                                                  Signature

Signature Guarantee:

Signature must be guaranteed                                      Signature

     Signatures must be guaranteed by an "eligible guarantor institution"
meeting the requirements of the Registrar, which requirements include membership
or participation in the Security Transfer Agent Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities and Exchange Act of 1934, as amended.

                                      A-14

<PAGE>

              TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED.

     The undersigned represents and warrants that it is purchasing this Note for
its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a "qualified institutional buyer"
within the meaning of Rule 144A under the Securities Act of 1933, and is aware
that the sale to it is being made in reliance on Rule 144A and acknowledges that
it has received such information regarding the Company as the undersigned has
requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon the
undersigned's foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

Dated:
      ----------------                            ------------------------------
                                                    NOTICE: To be executed by an
                                                    executive officer

                                      A-15

<PAGE>

                                                                      Schedule I

                 [Include as Schedule I only for a Global Note]

                            BAXTER INTERNATIONAL INC.
                              4.625% Notes due 2015

No.
    -------

<TABLE>
<CAPTION>
===================================================================================
                            Notation Explaining Principal   Authorized Signature of
 Date    Principal Amount         Amount Recorded             Trustee or Custodian
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<S>      <C>                <C>                             <C>

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</TABLE>

                                      A-16

<PAGE>

                                                                       EXHIBIT B

                     Form of Certificate to Be Delivered in
                 Connection with Transfers Pursuant to Rule 144A

                                                                          , 200
                                                                ----------     -

Bank One Trust Company, N.A.
1 Bank One Plaza
Chicago, Illinois 60670
Attention: Institutional Trust Services

          Re: Baxter International Inc. (the "Company") 4.625% Notes due 2015
              (the "Notes")

Dear Sirs:

     This Certificate relates to:

     [CHECK A OR B AS APPLICABLE.]

     [ ] A. Our proposed purchase of $     principal amount of Notes issued
                                     ----
            under the Indenture.

     [ ] B. Our proposed exchange of $     principal amount of Notes issued
                                     ----
            under the Indenture for an equal principal amount of Notes to be
            held by us.

     We and, if applicable, each account for which we are acting in the
aggregate owned and invested more than $100,000,000 in securities of issuers
that are not affiliated with us (or such accounts, if applicable), as of
          , 200  , which is a date on or since close of our most recent fiscal
----------     -
year. We and, if applicable, each account for which we are acting, are a
qualified institutional buyer within the meaning of Rule 144A ("Rule 144A")
under the Securities Act of 1933, as amended (the "Securities Act"). If we are
acting on behalf of an account, we exercise sole investment discretion with
respect to such account. We are aware that the transfer of Notes to us, or such
exchange, as applicable, is being made in reliance upon the exemption from the
provisions of Section 5 of the Securities Act provided by Rule 144A. Prior to
the date of this Certificate we have received such information regarding the
Company as we have requested pursuant to Rule 144A(d)(4) or have determined not
to request such information.

                                      B-1

<PAGE>

     You and the Company are entitled to rely upon this Certificate and are
irrevocably authorized to produce this Certificate or a copy hereof to any
interested party in any administrative or legal proceeding or official inquiry
with respect to the matters covered hereby.

                                                    Very truly yours,

                                                    [Name of Holder]

                                                    By:
                                                        ------------------------
                                                          Authorized Signature

                                      B-2

<PAGE>

                                                                       EXHIBIT C

                     Form of Certificate to Be Delivered in
               Connection with Transfers Pursuant to Regulation S

                                                                          , 200
                                                                ----------     -

Bank One Trust Company, N.A.
1 Bank One Plaza
Chicago, Illinois 60670
Attn: Institutional Trust Services

Attention:

          Re: Baxter International Inc. (the "Company") 4.625% Notes due 2015
              (the "Notes")

Dear Sirs:

     Terms are used in this Certificate as used in Regulation S ("Regulation S")
under the Securities Act of 1933, as amended (the "Securities Act"), except as
otherwise stated herein.

     [CHECK A OR B AS APPLICABLE.]

     [ ] A. This Certificate relates to our proposed transfer of $     principal
                                                                  ----
amount of Notes issued under the Indenture. We hereby certify as follows:

     1.   The offer and sale of the Notes was not and will not be made to a
          person in the United States (unless such person is excluded from the
          definition of "U.S. person" pursuant to Rule 902(k)(2)(vi) or the
          account held by it for which it is acting is excluded from the
          definition of "U.S. person" pursuant to Rule 902(k)(2)(i) under the
          circumstances described in Rule 902(h)(3)) and such offer and sale was
          not and will not be specifically targeted at an identifiable group of
          U.S. citizens abroad.

     2.   Unless the circumstances described in the parenthetical in paragraph 1
          above are applicable, either (a) at the time the buy order was
          originated, the buyer was outside the United States or we and any
          person acting on our behalf reasonably believed that the buyer was
          outside the United States or (b) the transaction was

                                      C-1

<PAGE>

          executed in, on or through the facilities of a designated offshore
          securities market, and neither we nor any person acting on our behalf
          knows that the transaction was pre-arranged with a buyer in the United
          States.

     3.   Neither we, any of our affiliates, nor any person acting on our or
          their behalf has made any directed selling efforts in the United
          States with respect to the Notes.

     4.   The proposed transfer of Notes is not part of a plan or scheme to
          evade the registration requirements of the Securities Act.

     5.   If we are a dealer or a person receiving a selling concession, fee or
          other remuneration in respect of the Notes, and the proposed transfer
          takes place during the Restricted Period (as defined in the
          Indenture), or we are an officer or director of the Company or an
          Initial Purchaser (as defined in the Indenture), we certify that the
          proposed transfer is being made in accordance with the provisions of
          Rule 904(b) of Regulation S.

     [ ] B.This Certificate relates to our proposed exchange of $     principal
                                                                 ----
amount of Notes issued under the Indenture for an equal principal amount of
Notes to be held by us. We hereby certify as follows:

     1.   At the time the offer and sale of the Notes was made to us, either (i)
          we were not in the United States or (ii) we were excluded from the
          definition of "U.S. person" pursuant to Rule 902(k)(2)(vi) or the
          account held by us for which we were acting was excluded from the
          definition of "U.S. person" pursuant to Rule 902(k)(2)(i) under the
          circumstances described in Rule 902(h)(3); and we were not a member of
          an identifiable group of U.S. citizens abroad.

     2.   Unless the circumstances described in paragraph 1(ii) above are
          applicable, either (a) at the time our buy order was originated, we
          were outside the United States or (b) the transaction was executed in,
          on or through the facilities of a designated offshore securities
          market and we did not pre-arrange the transaction in the United
          States.

     3.   The proposed exchange of Notes is not part of a plan or scheme to
          evade the registration requirements of the Securities Act.

     You and the Company are entitled to rely upon this Certificate and are
irrevocably authorized to produce this Certificate or a copy hereof to any

                                      C-2

<PAGE>

interested party in any administrative or legal proceeding or official inquiry
with respect to the matters covered hereby.

                                                      Very truly yours,

                                                      [Name of Transferee]

                                                      By:
                                                          ----------------------
                                                           Authorized Signature

                                      C-3EXHIBIT 10.1

 Exhibit 10.1 
  
 THE MILLS LIMITED PARTNERSHIP 
  
 LIMITED PARTNERSHIP AGREEMENT 
  
 THIS LIMITED PARTNERSHIP AGREEMENT (the “Agreement”) is made this 21st day of April, 1994, by and among The Mills Corporation, a Delaware corporation (the “REIT”) as the General Partner, Herbert S. Miller as
the Initial Limited Partner, and the Persons listed on Exhibit 1 attached hereto as Limited Partners, together with any Persons who or which become Partners in the Partnership in accordance with the terms hereof. 
  
 R E C I T A L S: 
  
 A. Pursuant to a Certificate of Limited Partnership filed on November 5, 1993
with the Secretary of State of the State of Delaware, The Mills Limited Partnership (the “Partnership”) was formed for a purpose, inter alia, of directly or indirectly acquiring, owning, developing, operating and, if and when
appropriate, selling certain super regional value malls and community shopping centers (or interests therein) and the various lines of business associated therewith, including, but not limited to, development, leasing, management and marketing such
malls and centers (collectively, the “Business”); and 
  
 B. The parties have reached certain understandings with respect to their relative sharing of the benefits and burdens to be derived from the business operations of the Partnership, and desire to enter into this Agreement in order to (i) set
forth herein such understandings and agreements, and (ii) set forth their rights, obligations and understandings with respect to the Partnership and the Business. 
  
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto, intending to be
legally bound hereby, agree as follows: 
  
 ARTICLE I

 FORMATION 
  
 Section 1.1 Formation. The Partners hereby form the Partnership as a limited partnership under the Act. The General Partner is authorized to take
all such action as it deems necessary or appropriate to perfect and maintain the Partnership as a limited partnership under the Act and under the laws of all other jurisdictions in which the Partnership may elect to conduct business, including but
not limited to the filing of the Certificate with the Delaware Secretary of State, and qualification of the Partnership as a foreign limited partnership in the jurisdictions in which such filing shall be required, as determined by the General
Partner. The General Partner is also authorized to register the Partnership under applicable assumed or fictitious name statues or similar laws. 

 Section 1.2 Name. The name of the Partnership is The Mills Limited Partnership. The
Partnership’s business may be conducted under any other name or names deemed advisable by the General Partner, including the name of the General Partner or any Affiliate thereof. The words “Limited Partnership,” “L.P.,”
“Ltd.” or similar words shall be included in the Partnership’s name where necessary for a purposes of complying with the laws of any jurisdiction that so requires. The General Partner in its sole and absolute discretion may change the
name of the Partnership at any time and from time to time and shall notify the Limited Partners of such change in the next regular communication to the Limited Partners. 
  
 Section 1.3 Place of Business; Registered Agent. The principal office of the Partnership is located at 2700 Potomac,
Mills Circle, Dale City, Virginia 22192, which office may be changed to such other place as the General Partner may from time to time designate. The Partnership may establish offices for the Partnership within or without the State of Delaware as may
be determined by the General Partner. The registered agent for the Partnership in Delaware is The Corporation Trust Company, whose address is c/o Corporation Trust Center, 2309 Orange Street, Wilmington, Delaware 19801. 
  
 ARTICLE II 
 INTERPRETIVE PROVISIONS 
  
 Section 2.1 Certain Definitions. The following terms have the definitions hereinafter indicated whenever used in this Agreement with initial capital letters: 
  
 Act: The Delaware Revised Uniform Limited Partnership Act,
§§ 17-101 to 17-1109 of the Delaware Code Annotated, Title 6, as it may be amended from time to time. 
  
 Additional Limited Partner: Shall mean a Person admitted to the Partnership as a Limited Partner in accordance with Section 8.7 hereof and
who is shown as such on the books and records of the Partnership. 
  
 Adjusted Capital Account: With respect to any Partner, such Partner’s Capital Account maintained in accordance with Section 4.4 hereof, as of the end of the relevant Fiscal Year of the Partnership after giving effect to
the following adjustments: 
  
 (a) Credit to such
Capital Account of such Partner’s share of Partnership Minimum Gain determined in accordance with Treasury Regulations Section 1.704-2(g)(1) and such Partner’s share of Partner Minimum Gain determined in accordance with Treasury
Regulations Section 1.704-2(i)(5). 
  
 (b) Debit
to such Capital Account of the items described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
  
 The foregoing definition of “Adjusted Capital Account” is intended to comply with the provisions of Treasury Regulations Sections 1.704-1(b)(2)(ii)(d) and
1.704-2, and shall be interpreted consistently therewith. 
  

 2 

 Adjusted Capital Account Deficit: With respect to any Partner, the deficit balance, if any, in
that Partner’s Adjusted Capital Account as of the end of the relevant Fiscal Year of the Partnership. 
  
 Affiliate: With respect to any referenced Person, (i) such Person or a member of his immediate family; (ii) any Person who directly or indirectly
owns, controls or holds the power to vote ten percent (10%) or more of the outstanding voting securities of the Person in question; (iii) any Person ten percent (10%) or more of whose outstanding securities are directly or indirectly owned,
controlled by, or held with power to vote by the Person in question; (iv) any Person directly or indirectly controlling, controlled by, or under direct common control with the Person in question; (v) if the Person in question is a corporation, any
executive officer or director of such Person or of any corporation directly or indirectly controlling such Person; and (vi) if the Person in question is a partnership, any general partner of the partnership or any limited partner owning or
controlling ten percent (10%) or more of either the capital or profits interest in such partnership. As used herein, “control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise. 
  
 Agreed Value: Shall mean (i) in the case of any Contributed Property described in Exhibit 2, the value listed under the caption “Agreed
Value” in such Exhibit, (ii) in the case of any Contributed Property not described in Exhibit 2, the fair market value of such property at the time of contribution as determined by the General Partner using such method of valuation as it
may adopt in its reasonable discretion, and (iii) in the case of any property distributed to a Partner by the Partnership, the Partnership’s Book Value of such property at the time such property is distributed, reduced by any indebtedness
either assumed by such Partner upon such distribution or to which such property is subject at the time of distribution as determined under Code Section 752 and the Treasury Regulations thereunder. 
  
 Agreement: This Limited Partnership Agreement and all Exhibits
attached hereto, as the same may be amended or restated as in effect from time to time. 
  
 Assignee: Any Person to whom one or more Partnership Units have been Transferred as permitted under this Agreement, but who has not become a Substituted Limited Partner in accordance with the provisions hereof,
and who shall have the rights set forth in Section 8.5(B). 
  
 Bankrupt(cy): Either (i) a referenced Person’s making an assignment for the benefit of creditors; (ii) the filing by a referenced Person of a voluntary petition in bankruptcy; (iii) a referenced Person’s being adjudged
insolvent or having entered against him an order for relief in any bankruptcy or insolvency proceeding; (iv) the filing by a referenced Person of an answer seeking any reorganization, composition, readjustment, liquidation, dissolution, or similar
relief under any law or regulation; (v) the filing by a referenced Person of an answer or other pleading admitting or failing to contest the material allegations of a petition filed against him in any proceeding of reorganization, composition,
readjustment, liquidation, dissolution, or similar relief under any statute, law or regulation; or (vi) a referenced Person’s seeking, 
  

 3 

 
consenting to, or acquiescing in the appointment of a trustee, receiver or liquidator for all or substantially all of his property (or court appointment of
such trustee, receiver or liquidator). 
  
 Book-Tax
Disparity: With respect to any item of Contributed Property, or property the Book Value of which has been adjusted in accordance with Section 4.4(F), as of the date of determination, the difference between the Book Value of such property
and the adjusted basis of such property for federal incomes tax purposes. 
  
 Book Value: Shall mean (a) with respect to any Contributed Property, the Agreed Value of such property reduced (but not below zero) by all Depreciation with respect to such property properly charged to the
Partners’ Capital accounts and (b) with respect to any other asset, the asset’s adjusted basis for federal income tax purposes; provided, however, (i) the Book Value of all Partnership Assets shall be adjusted in the event of a revaluation
of Partnership Assets in accordance with Section 4.4(F) hereof; (ii) the Book Value of any Partnership Asset distributed to any Partner shall be the fair market value of such asset on the date of distribution as determined by the General
Partner; and (iii) such Book Value shall be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits and Losses. 
  
 Capital Account: The account maintained by the Partnership for each Partner described in Section 4.4 hereof.

  
 Capital Contribution: The total amount of cash or cash
equivalents or the Agreed Value of Contributed Property (less the amount of indebtedness, if any, of such Partner which is assumed by the Partnership and/or the amount of indebtedness, if any, to which such property is subject, as of the date of
contribution, without regard to the provisions of Code Section 7701(g)) which such Partner contributes or is deemed to contribute to the Partnership pursuant to the terms of this Agreement, including the Capital Contribution made by a predecessor
holder(s) of the Interest of such Partner, unless the context requires otherwise. 
  
 Cash Payment: The payment to a Redeeming Party of a cash amount determined by multiplying (i) an amount equal to the product of (A) the number of Partnership Units tendered for redemption by such Redeeming
Party pursuant to a validly proffered Redemption Notice times (B) the Conversion Multiple, by (ii) the Unit Value on the date the Redemption Notice is received by the General Partner. 
  
 Certificate: The Partnership’s Certificate of Limited Partnership filed in the office of the Secretary of State
of the State of Delaware, as amended from time to time, in accordance with the terms of this Agreement and the Act. 
  
 Code: The Internal Revenue Code of 1986, as amended from time to time. 
  
 Consent: Either the written consent of a Person or the affirmative vote of such Person at a meeting duly called and
held pursuant to this Agreement, as the case may be, to do the act or thing for which the consent is required or solicited, or the act of granting such consent, as the context may require. Except as expressly provided otherwise in this Agreement,
reference 
  

 4 

 
to a requirement for the “Consent” of a Partner shall require the commercially reasonable judgment of such Partner in light of the facts and
circumstances, rather than the unfettered discretionary decision of such Partner. 
  
 Contributed Property: Each property or asset (excluding cash) contributed or deemed contributed to the Partnership (whether as a result of a Code Section 708 termination or otherwise). 
  
 Contribution Agreement: The Contribution Agreement dated as of
November 9, 1993 pursuant to which, among other things, certain of the Project Partnerships agreed to contribute, directly or directly, the Projects or Phases and other assets owned by such Project Partnerships to the Partnership, whether by merger
or by conveyance, and certain partners of the Project Partnerships agreed to contribute their partnership interests is such Project Partnerships to the Partnership, in consideration for Partnership Units. 
  
 Conversion Multiple: Shall be 1.0, provided, however, in
the event that the REIT (i) declares or pays a dividend on its outstanding REIT Shares in REIT Shares or makes a distribution to all holders of its outstanding REIT Shares in REIT Shares, (ii) subdivides its outstanding REIT Shares, or (iii)
combines its outstanding REIT Shares into a smaller number of REIT Shares, the Conversion Multiple shall be adjusted by multiplying the Conversion Multiple by a fraction, the numerator of which shall be the number of REIT Shares issued and
outstanding on the record date (assuming for such purposes that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which shall be the actual number of REIT Shares (determined without the
above assumption) issued and outstanding on the record date for such dividend, distribution, subdivision or combination. Any adjustment to the Conversion Multiple shall become effective immediately after the effective date of such event and shall be
retroactive to the record date, if any, for such event. 
  
 Depreciation: For each Fiscal Year or other period, an amount equal to the depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Book Value of
an asset differs from its adjusted basis for federal income tax purposes at the beginning of such year or other period (as a result of property contributions or adjustments to such values), Depreciation shall be adjusted as necessary so as to be an
amount which bears the same ratio to such beginning Book Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such year or other period bears to the beginning adjusted basis; provided,
however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period is zero, Depreciation for such year or other period shall be determined with reference to such beginning Book
Value using any reasonable method approved by the General Partner. 
  
 Effective Date: The date of closing of the sale of shares of the REIT pursuant to that certain Purchase Agreement dated as of
                        , 1994. 
  

Fiscal Year: The calendar year or such other twelve (12) month period designated by the General Partner. 
  

 5 

 General Partner: Shall mean the REIT and its successor(s) who or which become a Successor General
Partner in accordance with the terms of this Agreement. 
  
 General Partner Interest: Shall mean a Partnership Interest held by a General Partner in its capacity as a general partner under the Act. A General Partner Interest may be expressed as a number of General Partner Units. 

 
 General Partner Units: Shall mean the Partnership Units held by a
General Partner in its capacity as a general partner under the Act and Section 4.1(B), which General Partnership Units shall represent the General Partner’s General Partner Interest. 
  
 Indemnified Party: Shall have the meaning set forth in Section
5.7(A). 
  
 Independent Accountant: Shall have the
meaning set forth in Section 7.2. 
  
 Initial Limited
Partner: Shall mean Herbert S. Miller, who shall withdraw from the Partnership in his capacity as Initial Limited Partner on the Effective Date. 
  
 Involuntary Withdrawal: As to any (i) individual shall mean such individual’s death, incapacity or adjudication of incompetence, (ii)
corporation shall mean its dissolution or revocation of its charter, (iii) partnership shall mean the dissolution and commencement of winding up of its affairs, (iv) trust shall mean the termination of the trust (but not the substitution of
trustees), (v) estate shall mean the distribution by the fiduciary of the estate’s complete interest in the Partnership, and (vi) Partner, the Bankruptcy of such Partner. 
  
 IRS: Shall mean the Internal Revenue Service, an agency of the United States government. 
  
 Limited Partner: Shall mean the Initial Limited Partner and those
Persons listed as Limited Partners on Exhibit 1 attached hereto and made a part hereof, as such Exhibit may be amended from time to time by the General Partner, and any Person who becomes a Substituted Limited Partner or an Additional Limited
Partner in accordance with the terms of this Agreement. 
  
 Limited Partner Interest: Shall mean any Partnership Interest that is not a General Partner Interest. A Limited Partner Interest may be expressed as a number of Limited Partner Units. 
  
 Limited Partner Units: Shall mean Partnership Units that are not
General Partner Units. 
  
 Net Cash Flow: With respect to
any period shall mean: 
  
 (i) the sum of

  

 6 

 (a) the Partnership’s Profit or Loss, as the case may be for such period, but
without regard to the effect of any special allocations described in Sections 5.2(C)(1) through (5); 
  
 (b) Depreciation and all other noncash charges deducted in determining Profit or Loss for such period; 
  
 (c) the amount of any reduction (for any reason) in
reserves of the Partnership referred to in clause (ii)(f) below; 
  
 (d) the excess of proceeds from the sale, exchange, disposition or refinancing of Partnership Assets for such period over the gain, if any, recognized for federal income tax purposes from such sale, exchange,
disposition, or refinancing during such period; provided, however, that this clause (i)(d) shall not include proceeds from any Terminating Capital Transaction; and 
  
 (e) all other cash received by the Partnership for such period (from any source whatsoever) that was not
included in determining Profit or Loss for such period; 
  
 (ii) less the sum of: 
  
 (a) all principal debt payments made during the period by the Partnership; 
  
 (b) any capital expenditures made by the Partnership during such period; 
  
 (c) any investments made by the Partnership in another entity, whether in the form of a loan or otherwise,
to the extent not described in clauses (ii)(a) or (b) above; 
  
 (d) any other expenditures and payments not deducted in determining Profit and Loss for such period; 
  
 (e) any amount included in determining Profit and Loss for such period to the extent not actually received by the Partnership during such
period; and 
  
 (f) the amount of any increase
in reserves established by the General Partner during such period which the General Partner determines is necessary or appropriate for the operation of the Business. 
  
 The foregoing notwithstanding, in the event of the dissolution and liquidation of the Partnership in accordance with
Section 10.2(A) hereof, amounts which would constitute Net 
  

 7 

 
Cash Flow as terminated under this definition shall be treated in accordance with the dissolution and liquidation provisions hereof and not as Net Cash Flow.

  
 Notice: Shall mean a writing containing the information
required by this Agreement to be communicated to a Person and personally delivered to such Person or sent by registered or certified mail, postage prepaid, return receipt requested, to such Person at the last known address of such Person as shown on
the books of the Partnership, the date of personal delivery or of the certification receipt, as the case may be, being deemed the date of such Notice; provided, however that any written communication containing such information actually received by
a Person shall constitute Notice for all purposes of this Agreement. 
  
 Partner Minimum Gain: Shall mean the gain (regardless of character) which would be realized by the Partnership if property of the Partnership subject to a partner nonrecourse debt (as such term is defined in Treasury Regulation
Section 1.704-2(b)(4)) were disposed of in full satisfaction of such debt a the relevant date. The adjusted basis of property subject to more than one partner nonrecourse debt shall be allocated in a manner consistent with the allocation of basis
for purposes of determining Partnership Minimum Gain hereunder. Partner Minimum Gain shall be computed hereunder using the Book Value, rather than the adjusted tax basis, of any Partnership asset in accordance with the principles of Treasury
Regulation § 1.704-2(d)(3). 
  
 Partner Nonrecourse
Deductions: Shall mean with respect to any partner nonrecourse debt (as such term is defined in Treasury Regulation Section 1.704-2(b)(4)), the increase in Partner Minimum Gain during the tax year plus any increase in Partner Minimum Gain for a
prior tax year which has of previously generated a Partner Nonrecourse Deduction hereunder. The determination of which Partnership items constitute Partner Nonrecourse Deductions shall be made in a manner consistent with the manner in which
Partnership Nonrecourse Deductions are determined hereunder. 
  
 Partners: The General Partner and the Limited Partners as a collective group. The term “Partner” shall mean a General Partner or a Limited Partner. Such terms shall be deemed to include such other Persons who become
Partners pursuant to the terms of this Agreement. 
  
 Partnership: The Delaware limited partnership referred to herein as The Mills Limited Partnership, as such partnership may from time to time be constituted. 
  
 Partnership Assets: At any particular time, any assets or property (tangible or intangible, choate or inchoate, fixed
or contingent) held or owned by the Partnership. 
  
 Partnership Interest or Interest: As to any Partner, such Partner’s ownership interest in the Partnership representing a Capital Contribution by either a Limited Partner or a General Partner and including such Partner’s
right to distributions under this Agreement and any other rights or benefits which such Partner has in the Partnership, together with any and all obligations of such Person to comply with the terms and provisions of this Agreement. A Partnership
Interest may be expressed as a number of Partnership Units. 
  

 8 

 Partnership Minimum Gain: Shall mean the aggregate gain (regardless of character) which would be
realized by the Partnership if all of the Partnership Assets subject to a nonrecourse liability (as defined in Treasury Regulation Section 1.704-2(b)(3)) were disposed of in full satisfaction of such liability on the relevant date. In the case of
any nonrecourse liability of the Partnership which is not secured by a mortgage with respect to any specific Partnership Assets, any and all Partnership Assets to which the holder of said liability has recourse shall be treated as subject to such
nonrecourse liability for purposes of the preceding sentence. Partnership Minimum Gain shall be computed separately for each nonrecourse liability of the Partnership. For this purpose, the adjusted basis of property subject to two or more
liabilities of equal priority shall be allocated among such liabilities in proportion to the outstanding balance of such liabilities and the adjusted basis of property subject to two or more liabilities of unequal priority shall be allocated to the
liability of inferior priority only to the extent of the excess, if any, of the adjusted basis of such property over the outstanding balance of the liabilities of superior priority. Partnership Minimum Gain shall be computed hereunder using the Book
Value, rather than the adjusted tax basis, of the Partnership Asset in accordance with Treasury Regulation Section 1.704-2(d)(3). 
  
 Partnership Nonrecourse Deductions: Shall mean the amount of Partnership deductions equal to the increase, if any, in the amount of the aggregate
Partnership Minimum Gain during the tax year (plus any increase in Partnership Minimum Gain for a prior tax year) which has not previously generated a Partnership Nonrecourse Deduction, reduced (but not below zero) by the aggregate distributions
made during the tax year of the proceeds of a nonrecourse liability of the Partnership which are attributable to an increase in Partnership Minimum Gain within the meaning of Treasury Regulation Section 1.704-2(h). The Partnership Nonrecourse
Deductions for a Partnership tax year shall consist first of depreciation or cost recovery deductions with respect to each property of the Partnership giving rise to such increase in Partnership Minimum Gain on a pro rata basis to the
extent of each such increase, with any excess made up pro rata of all items of deduction. 
  
 Partnership Unit: Shall mean a fractional, undivided share of the Partnership Interests of all Partners issued pursuant to Section 4.1
hereof. As of the Effective Date, the aggregate number of Partnership Units outstanding is             , with each such Unit representing a
             Percentage of Partnership Interest in the Partnership. 
  
 Percentage of Partnership Interest: As to any Partner, the percentage in the Partnership shown opposite the name of such Partner on Exhibit
1 attached hereto, as determined by dividing the Partnership Units then owned by such Partner by the total number of Partnership Units then outstanding, as the same may be adjusted from time to time in accordance with this Agreement. 

 
 Person: Any individual, partnership, corporation, trust, limited
liability company or other entity. 
  
 Phase: A discrete
stage of construction of any Project. 
  

 9 

 Profits and Losses: For each Fiscal Year or other period, an amount equal to the
Partnership’s taxable income or loss for such year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1)
shall be included in taxable income or loss), with the following adjustments: 
  
 a. Any income of the Partnership that is exempt from federal income tax and not otherwise taken into account in computing Profits or
Losses pursuant to this definition shall be added to such taxable income or loss; 
  
 b. Any expenditures of the Partnership described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures
pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses pursuant to this definition, shall be subtracted from such taxable income or loss; 
  
 c. Gain or loss resulting from any disposition of
Partnership Assets with respect to which gain or loss is recognized for federal income tax purposes and with respect to which there is a Book-Tax Disparity shall be computed by reference to the Book Value of the property disposed of and not the
adjusted tax basis of such property; 
  
 d. In
lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Fiscal Year or other period, computed in accordance with
the definition of “Depreciation” herein; and 
  
 Project: Any of the shopping centers constructed, owned and operated by any Project Partnership, whether presently constructed and operating, under construction, or to be constructed in the future, which is fully or partially owned
(directly or indirectly) by the Partnership. 
  
 Project
Partnership: Any of the partnerships which, prior to the formation of the Partnership (and subsequent to such formation if not liquidated), own the Projects. 
  
 Record Date: The date established by the General Partner for distribution of Net Cash Flow pursuant to Section
5.3 hereof, which record date shall be the same as the record date established by the REIT for a distribution to its stockholders of some or all of its portion of such distribution. 
  
 Redeeming Party: Shall mean a Limited Partner or Assignee (other than a General Partner) who tenders Partnership
Units for redemption pursuant to a Redemption Notice. 
  
 Redemption Effective Date: Shall mean the first date on which a Redeeming Party may elect or redeem Partnership Units, which date shall be the later of (i) the first anniversary of the Effective Date of this Agreement or (ii) the
effective date of any registration statement filed by the Partnership with respect to the REIT Shares to be issued upon redemption of Partnership Units by a Redeeming Party. 
  

 10 

 Redemption Date: Shall mean the date for redemption of Partnership Units as set forth in
Section 9.2. 
  
 Redemption Notice: Shall mean a
Notice to the General Partner by a Redeeming Party, substantially in the form attached as Exhibit 3, pursuant to which the Redeeming Party requests the redemption of Partnership Units in accordance with Article IX. 
  
 Redemption Obligation: Shall mean the obligation of the Partnership to
redeem the Partnership Units as set forth in Section 9.1(A). 
  
 Redemption Restriction: Shall mean a restriction on the ability of the Partnership to redeem the Partnership Units as set forth in Section 9.1(A). 
  
 REIT: Shall mean (i) The Mills Corporation, a Delaware corporation, and a general partner of the Partnership, which
entity intends to qualify as a real estate investment trust as defined under Code Section 856, or (ii) its status as a real estate investment trust under such Code Section, as the context requires. 
  
 REIT Charter: The amended and restated Certificate of Incorporation of
the REIT filed with the Delaware Secretary of State on April     , 1994, as the same may be amended or restated and in effect from time to time. 
  
 REIT Share: A share of common stock representing an ownership interest in the REIT. 
  
 REIT Share Rights: Rights to acquire additional REIT Shares issued to
all holders of REIT Shares, whether in the form of rights, options, warrants, or convertible or exchangeable securities, to the extent the same have been issued without additional consideration after the initial acquisition of such REIT Shares.

  
 Share Payment: The payment to a Redeeming Party of a
number of REIT Shares determined by multiplying (i) the number of Partnership Units tendered for redemption by such Redeeming Party pursuant to a validly proffered Redemption Notice by (ii) the Conversion Multiple. In the event the REIT grants any
REIT Share Rights prior to such redemption, any Share Payment shall include for the Redeeming Party his ratable share of such REIT Share Rights. 
  
 Subsidiary: With respect to any Person, any corporation, partnership or other entity of which a majority of (i) the voting power of the voting
equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 
  
 Substituted Limited Partner: That Person or those Persons admitted to the Partnership as an additional or substitute Limited Partner(s) in
accordance with the provisions of this Agreement. A Substituted Limited Partner, upon his admission as such, shall succeed to the rights, privileges and liabilities of his predecessor in interest as a Limited Partner. 
  

 11 

 Successor General Partner: Any Person who is admitted to the Partnership as an additional or
substitute General Partner, in accordance with the provisions of this Agreement. A Successor General Partner, upon his admission as such, shall succeed to the rights, privileges and liabilities of his predecessor in interest as a General Partner in
accordance with the provisions of the Act. 
  
 Tax Matters
Partner: The General Partner or such other Partner who becomes Tax Matters Partner pursuant to the terms of this Agreement. 
  
 Terminating Capital Transaction: The sale or other disposition of all or substantially all of the Partnership Assets or a related series of
transactions that, taken together, result in the sale or other disposition of all or substantially all of the Partnership Assets. 
  
 Transfer: A transaction in which a Partner purports to assign all or any portion of his Partnership Interest to another Person and includes any
sale, assignment, gift, pledge, mortgage, exchange, hypothecation, encumbrance or other disposition by law or otherwise; provided, however, the redemption of any Partnership Interest pursuant to Article IX hereof shall not constitute a
“transfer” for purposes hereof. Any purported Transfer not made in accordance with the terms of this Agreement shall have no legal effect and shall be null and void ab initio. 
  
 Treasury Regulations: The Income Tax Regulations promulgated under the
Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
  
 Unit Value: with respect to any Partnership Unit, the average of the daily market price for a REIT Share for the ten (10) consecutive trading days
immediately preceding the date of receipt of a Redemption Notice by the General Partner. If the REIT Shares are traded on a securities exchange or the NASDAQ-National Market System, the market price for each such trading day shall be the closing
price on such day or, if no sales take place on such day, the average of the closing bid and asked prices on such day. If the REIT Shares are not traded on a securities exchange or the NASDAQ-National Market System, the market price for each such
trading day shall be determined by the General Partner using any reasonable method of valuation. If a Share Payment would include any REIT Share Rights, the value of such REIT Share Rights shall be determined by the General Partner using any
reasonable method of valuation, taking into account the Unit Value determined hereunder, and the value of such REIT Share Rights shall be included in the Unit Value. 
  
 Section 2.2 Rules of Construction. The following rules of construction shall apply to this Agreement: 
  
 (A) All section headings in this Agreement are for the convenience of
reference only and are not intended to qualify the meaning of any section. 
  
 (B) All personal pronouns used in this Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders, the singular shall include the plural, and vice versa, as the
context may require. 
  

 12 

 (C) Each provision of this Agreement shall be considered severable from the rest, and any provision of
this Agreement or its application to any Person or circumstances shall be held invalid and contrary to any existing or future law or unenforceable to any extent, the remainder of this Agreement and the application of any other provision to any
Person or circumstances shall not be affected thereby and shall be interpreted and enforced to the greatest extent permitted by law so as to give effect to the original intent of the parties hereto. 
  
 (D) Unless otherwise specifically and expressly limited in the context, any
reference herein to a decision, determination, act, action, exercise of a right, power or privilege, or other procedure by a General Partner shall mean and refer to the decision, determination, act, action, exercise or other procedure by such
General Partner in its sole and absolute discretion. Notwithstanding the foregoing, such discretion shall reflect the commercially reasonable judgment of such General Partner in light of the facts and circumstances, rather than the unfettered
discretionary decision of such General Partner. 
  
 ARTICLE III

 BUSINESS PURPOSE 
  
 Section 3.1 Business. The business of the Partnership shall be (i) directly or indirectly acquiring, owning, developing, operating and, if and when
appropriate, selling, shopping malls and centers, including but not limited to super regional value malls and community shopping centers, (ii) conducting various lines of business associated with the foregoing, directly or indirectly, including, but
not limited to, development, leasing, management and marketing of such malls and centers, (iii) conducting any business that may be lawfully conducted by a limited partnership pursuant to the Act, (iv) to enter into any partnership, joint venture or
other relationship to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing, and (v) to do anything necessary or incidental to the foregoing; provided, however, that any business undertaken by the
Partnership shall be limited so as to permit the REIT to elect and maintain its status as a REIT (unless the REIT in its absolute and sole discretion elects to no longer qualify as a REIT). 
  
 Section 3.2 Authorized Activities. In carrying out the purposes of the
Partnership, but subject to other provisions of this Agreement, the Partnership is authorized to engage in any kind of lawful activity, and perform and carry out contracts of any kind, necessary or advisable in connection with the accomplishment of
the purposes and business of the Partnership described herein and for the protection and benefit of the Partnership; provided that the Partnership shall not take, or shall refrain from taking, any action which, in the judgment of the REIT, in its
sole and absolute discretion, (i) could adversely affect the ability of the REIT to qualify and continue to qualify as a REIT, (ii) could subject the REIT to additional taxes under Code Section 857 or 4981 or (iii) could violate any law or
regulation of any governmental body or agency having jurisdiction over the REIT or its securities. 
  

 13 

 ARTICLE IV 
 CAPITAL CONTRIBUTIONS 
  
 Section 4.1 Capital Contributions. 
  
 (A)
On or before the Effective Date, each Partner shall make the Capital Contribution set forth on Exhibit 1 hereto opposite such Partner’s name. To the extent the Partnership acquires any property by reason of merger of any other Person
into the Partnership, Persons receiving Partnership Interests in exchange for their interest in the Person merging into the Partnership shall become Partners and shall be deemed to have made a Capital Contribution as provided in the applicable
merger documents and as set forth on Exhibit 1 opposite such Persons’ names. Exhibit 1 sets forth the number of Partnership Units owned by each Partner and the Percentage of Partnership Interest of each Partner, which Percentage
of Partnership Interest shall be adjusted from time to time by the General Partner to reflect the issuance of additional Partnership Units, the redemption of Partnership Units, additional Capital Contributions and similar events having an effect on
a Partner’s Percentage of Partnership Interest. Except as set forth in Section 4.2 (regarding issuance of additional Partnership Units) or Section 7.6 (regarding withholding obligations), no Partner shall be required under any
circumstances to contribute to the capital of the Partnership any amount beyond that sum required pursuant to this Article IV. 
  
 (B) Anything in the foregoing Section 4.1(A) or elsewhere in this Agreement notwithstanding, a number of the General Partners’ Partnership
Units equal to an aggregate one percent (1%) of the total number of outstanding Partnership Units shall, at all times, be deemed to be General Partner Units and shall constitute the General Partner Interest. All other Partnership Units (including
all other Partnership Units held by the General Partner) shall be deemed to be Limited Partner Units. 
  
 Section 4.2 Additional Partnership Interests. 
  
 (A) The General Partner is hereby authorized to cause the Partnership from time to issue to Partners (including the General Partner) or other persons
additional Partnership Units or other Partnership Interests in one or more classes, or one or more series of any such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties,
including rights, powers and duties senior to Limited Partnership Interests, all as shall be determined by the General Partner in its sole and absolute discretion subject to the Act, including, without limitation, (i) the allocations of items of
Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests; (ii) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; provided
that no such additional Partnership Units or other Partnership Interests shall be issued to the General Partner unless either (a)(1) the additional Partnership Interests are issued in connection with an issuance of REIT shares of which shares
have designations, preferences and other rights such that the economic interests attributable to such shares are substantially similar to the designations, preferences and other rights of the additional Partnership Interests issued to the General
Partner in accordance with this Section 4.2(A) and (2) the General Partner shall make a Capital Contribution to the Partnership in an amount equal to the proceeds raised in connection with the issuance of such shares of the General Partner,
or (b) 
  

 14 

 
the additional Partnership Interests are issued to all Partners in proportion to their respective Percentage Interests. 
  
 (B) After the initial public offering of REIT Shares, the General Partner
shall not issue any additional REIT Shares (other than REIT Shares issued pursuant to Article IX or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares
(collectively “Additional REIT Shares”) other than to all holders of REIT Shares unless (i) the General Partner shall cause the Partnership to issue to the General Partner Partnership Interests or rights, options, warrants or convertible
or exchangeable securities of the Partnership having designations, preferences and other rights, all such that the economic interests are substantially similar to those of the Additional REIT Securities. Without limiting the foregoing, the General
Partner is expressly authorized to issue Additional REIT Securities for less than fair market value, and to cause the Partnership to issue to a General Partner corresponding Partnership Interests, so long as (x) the General Partner concludes in good
faith that such issuance is in the best interests of the General Partner and the Partnership (for example, and not by way of limitation, the issuance of REIT Shares and corresponding Units pursuant to employee stock purchase plan providing for
employee purchases of REIT Shares at a discount from fair market value or employee stock options that have an exercise price that is less than the fair market value of the REIT Shares, either at the time of issuance or at the time of exercise), and
(y) the General Partner contributes all proceeds from such issuance and exercise to the Partnership. 
  
 (C) In connection with the initial public offering of REIT Shares by the General Partner, and any other issuance of REIT Shares pursuant to this
Section 4.2, the General Partner shall make a Capital Contribution to the Partnership of the proceeds raised in connection with such issuance; provided that if the proceeds actually received by the General Partner are less than
the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made a Capital Contribution to the Partnership
in the amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have reimbursed the General Partner pursuant to Section 6.5 for the amount of such underwriter’s discount or other expenses.

  
 Section 4.3 No Third Party Beneficiaries. The foregoing
provisions of this Article IV are not intended to be for the benefit of any creditor of the Partnership or other Person to whom any debts, liabilities or obligations are owned by (or who otherwise has any claim against) the Partnership or any
of the Partners, and no such creditor or other Person shall obtain any right under any such foregoing provision against the Partnership or any of the Partners by reason of any debt, liability or obligation (or otherwise). 
  
 Section 4.4 Capital Accounts. 
  
 (A) The Partnership shall establish and maintain a separate Capital Account
for each Partner in accordance with Code Section 704 and Treasury Regulations § 1.704-1(b)(2)(iv). Any reference in any section or subsection of this Agreement to the Capital Account 
  

 15 

 
of a Partner shall be deemed to refer to such Capital Account as the same may be credited or debited from time to time as set forth below. 
  
 (B) The Capital Account of each Partner shall be credited with: 

 
 (1) the amount of all Capital Contributions made to the Partnership by
such Partner in accordance with this Agreement; plus 
  
 (2) all
Profit of the Partnership allocated to such Partner pursuant to Article V. 
  
 (C) The Capital Account of each Partner shall be debited with the sum of: 
  
 (1) all Losses of the Partnership allocated to such Partner pursuant to Article V; 
  
 (2) such Partner’s distributive share of expenditures of the Partnership described in Code Section 705(a)(2)(B); and

  
 (3) all cash and the Agreed Value of any property actually
distributed or deemed distributed by the Partnership to such Partner pursuant to the terms of this Agreement. 
  
 (D) For purposes of computing the amount of any item of income, gain, deduction or to be reflected in the Partners’ Capital Accounts, the
determination, recognition and classification of each such item shall be the same as its determination, recognition and classification for federal income tax purposes, determined in accordance with Code Section 703(a); provided, however, that the
computation of items of income, gain, loss and deduction shall be made without regard to any Code Section 754 election that may be made by the Partnership, except to the extent required in accordance with the provisions of Treasury Regulations
Sections 1.704-1(b)(2)(iv)(I) and (m); 
  
 (E) Any transferee of a
Partnership Interest shall succeed to a pro rata portion of the Transferor’s Capital Account transferred unless such Transfer causes a Code Section 708 termination of the Partnership, in which case the Book Value of all Partnership Assets shall
be adjusted immediately prior to the deemed distribution pursuant thereto as provided in Section 4.4(F). 
  
 (F) Consistent with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(f), the Book Value of all Partnership Assets shall be revalued upward
or downward to reflect the fair market value of each such Partnership Asset, as determined by the General Partner using such reasonable method of valuation as it may adopt, (i) immediately prior to the acquisition of an additional Partnership
Interest by any new or existing Partner in connection with the contribution of money or other property (other than a de minimis amount) to the Partnership, (ii) immediately prior to the distribution by the Partnership to a Partner of property (other
than a de minimis amount) as consideration for a Partnership Interest or (iii) immediately prior to the liquidation of the Partnership as defined in Treasury Regulations Section 1.704-1(b)(2)(ii)(g); provided, however, that such adjustment as to
clauses (i) and (ii) above shall be 
  

 16 

 
made only if the General Partner deems such adjustment necessary to reflect the relative economic interests of the Partners in the Partnership. 

 
 (G) The foregoing provisions of this Section 4.4 are intended to
comply with Treasury Regulation Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such Treasury Regulations. In the event the General Partner shall determine that it is prudent to modify the manner in which the
Partners’ Capital Accounts are computed hereunder in order to comply with such Treasury Regulations, the General Partner may make such modification if such modification is not likely to have a material effect on the amounts distributable to any
Partner under the terms of this Agreement and the General Partner provides Notice to the other Partners of such modification prior to making such modification. 
  

Section 4.5 Return of Capital Accounts; Interest. Except as otherwise specifically provided in this Agreement, (i) no Partner shall have any
right to withdraw or reduce its Capital Contributions or Capital Account, or to demand and receive property other than cash from the Partnership in return for its Capital Contributions or Capital Account; (ii) no Partner shall have any priority over
any other Partners as to the return of its Capital Contributions or Capital Account; (iii) any return of Capital Contributions or Capital Accounts to the Partners shall be solely from the Partnership Assets, and no Partner shall be personally liable
for any such return; and (iv) no interest shall be paid by the Partnership on Capital Contributions or balances in Partners’ Capital Accounts. 
  
 Section 4.6 Preemptive Rights. No Person shall have any preemptive or similar rights with respect to the issuance or sale of additional Partnership
Units. 
  
 Section 4.7 REIT Share Purchases. If the REIT
acquires additional REIT Shares pursuant to Article XII of the REIT Charter, the General Partner shall cause the Partnership to purchase from the REIT that number of Partnership Units determined by applying the Conversion Multiple to the number of
REIT Shares purchased by the REIT at the same price and on the same terms that the REIT purchased such REIT Shares. 
  
 ARTICLE V 
 ALLOCATIONS AND DISTRIBUTIONS 
  
 Section 5.1 Limited Liability. For bookkeeping purposes, the Profits
of the Partnership shall be shared, and the Losses of the Partnership shall be borne, by the Partners as provided in Section 5.2 below; provided, however, that except as expressly provided in this Agreement, no Limited Partner (in its
capacity as a Limited Partner) shall be personally liable for losses, costs, expenses, liabilities or obligations of the Partnership in excess of its Capital Contribution required under Article V hereof. The foregoing shall not affect any
liability a Limited Partner may incur if such Limited Partner undertakes additional obligations to the Partnership, the Partners or to third parties in a capacity other than as a Limited Partner. 
  
 Section 5.2 Profits, Losses and Distributive Shares. 
  

 17 

 (A) Profits. After giving effect to the special allocations, if any, provided in Sections
5.2(C) and (D), Profits in each Fiscal Year shall be allocated in the following order: 
  
 (1) First, to each Partner, in proportion to the cumulative losses allocated to such Partner under Section 5.2(B)(2), until the cumulative Profits
allocated to such Partner under this Section 5.2(A)(1) equals the cumulative Losses allocated to such Partner under Section 5.2(B)(2); and 
  
 (2) Then, the balance, if any, to the Partners in proportion to their respective Percentages of Partnership Interest. 
  
 (B) Losses. After giving effect to the special allocations, if any,
provided in Sections 5.2(C) and (D), Losses in each Fiscal Year shall be allocated in the following order: 
  
 (1) First, to the Partners in proportion to their respective Percentages of Partnership Interest, but not in excess of the positive Adjusted Capital
Account balance of any Partner prior to the allocation provided for in this Section 5.2(B)(1); 
  
 (2) Then, to those Partners guaranteeing debt, making loans to the Partnership or having liability for Partnership debt in proportion to the debt
guaranteed, the loans made or the amount of such liability. 
  
 (C) Special Allocations. Except as otherwise provided in this Agreement, the following special allocations will be made in the following order and priority: 
  
 (1) Partnership Minimum Gain Chargeback. Notwithstanding any other provision of this Article V, if there is a
net decrease in Partnership Minimum Gain during any tax year or other period for which allocations are made, the Partners will be specially allocated items of Partnership income and gain for that period (and if necessary, subsequent periods) in an
amount equal to such Partner’s share of the net decrease in Partnership Minimum Gain during such tax year or other period determined in accordance with Treasury Regulations Section 1.704-2(g)(2). Allocations pursuant to the preceding sentence
shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant thereto. The items to be so allocated shall be determined in accordance with Treasury Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(i). This
Section 5.2(C)(1) is intended to comply with the minimum gain chargeback requirements set forth in Treasury Regulations Section 1.704-2(f)(2) and shall interpreted consistently therewith, including the exceptions to the minimum gain
chargeback requirement set forth in Treasury Regulations Section 1.704-2(f)(2) and (3). If the General Partner concludes, after consultation with tax counsel, that the Partnership meets the requirements for a waiver of the minimum gain chargeback
requirement set forth in Treasury Regulations Section 1.704-2(f)(4), the General Partner in its sole and absolute discretion may elect to take all steps necessary or appropriate in order to obtain such waiver. 
  
 (2) Partner Nonrecourse Debt Minimum Gain Chargeback. Notwithstanding
any other provision of this Section (other than Section 5.2(C)(1) which shall be applied first), if there is a net decrease in Partner Minimum Gain during any tax year or other 
  

 18 

 
period for which allocations are made, each partner with a share of Partner Minimum Gain determined in accordance with Treasury Regulations Section
1.704-2(i)(5) shall be specially allocated items of partnership income and gain for that period (and, if necessary, subsequent periods) in an amount equal to the Partner’s share of the net decrease in the Partner Minimum Gain determined in
accordance with Treasury Regulations Section 1.704-2(i). The items to be so allocated shall be determined in accordance with Treasury Regulations Sections 1.704(i)(4) and 1.704-2(j)(2)(ii). This Section 5.2(C)(2) is intended to comply with
the minimum gain chargeback requirements of Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith, including the exceptions set forth in Treasury Regulations Section 1.704-2(f)(2) and (3) to the extent such
exceptions apply to Treasury Regulations Section 1.704-2(i)(4). If the General Partner concludes after consultation with tax counsel, that the Partnership meets the requirements for a waiver of the partner minimum gain chargeback requirement set
forth in Treasury Regulation 1.704-2(f), but only to the extent such exception applies to Treasury Regulations Section 1.704-2(i)(4), the General Partner in its sole and absolute discretion may elect to take all steps necessary or appropriate to
obtain such waiver. 
  
 (3) Qualified Income Offset. A
Partner who unexpectedly receives any adjustments, allocation or distribution described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) will be specially allocated items of partnership income and gain in an amount and manner
sufficient (after giving effect to the allocations required under Sections 5.2(C)(1) and (C)(2), to eliminate, to the extent required by the Treasury Regulations, the Adjusted Capital Account Deficit of the Partner as quickly as
possible. 
  
 (4) Partner Nonrecourse Deductions.
Notwithstanding anything to the contrary in this Agreement, any Partner Nonrecourse Deductions for any taxable year or other period for which allocations are made will be allocated to the Partner who bears the economic risk of loss with respect to
the liability to which the Partner Nonrecourse Deductions are attributable in accordance with Treasury Regulations Section 1.704-2(i). 
  
 (5) Code Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Partnership Asset under Code Sections 734(b) or
743(b) is required to be taken into account in determining Capital Accounts under Treasury Regulations Section 1.704-1(b)(2)(iv)(m), the amount of the adjustment to the Capital Accounts will be treated as an item of gain (if the adjustment increases
the basis of the asset) or loss (if the adjustment decreases the basis of the asset), and the gain or loss will be specially allocated to the Partners in a manner consistent with the manner in which their Capital Accounts are required to be adjusted
under Treasury Regulations Section 1.704-1(b)(2)(iv)(m). 
  
 (6)
Depreciation Recapture. In the event there is any recapture of depreciation or investment tax credit, the allocation of gain or income attributable to such recapture shall be shared by the Partners in the same proportion as the deduction for
such depreciation or investment tax credit was shared. 
  
 (7)
Interest In Partnership. Notwithstanding any other provision of this Agreement, no allocation of Profit or Loss (or item of Profit and Loss) will be made to a Partner if the allocation would not have “economic effect” under Treasury
Regulations 
  

 19 

 
Section 1.704-1(b)(2)(ii) or otherwise would not be in accordance with the Partner’s interest in the Partnership within the meaning of Treasury
Regulations Sections 1.704-1(b)(3) or 1.704-1(b)(4)(iv). 
  
 (D)
Curative Allocations. The allocations set forth in Section 5.2(C)(1) through (7), (the “Regulatory Allocations”) are intended to comply with certain requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2.
The Regulatory Allocations may not be consistent with the manner in which the Partners intend to divide Partnership distributions. Accordingly, the General Partner is authorized to further allocate Profits, Losses, and other items among the Partners
in a reasonable manner so as to prevent the Regulatory Allocations from distorting the manner in which Partnership distributions would be divided among the Partners under Section 5.3, but for application of the Regulatory Allocations. In
general, the reallocation will be accomplished by specially allocating other Profits, Losses and items of income, gain, loss and deduction, to the extent they exist, among the Partners so that the net amount of the regulatory Allocations and the
special allocations to each Partner is zero. The General Partner may accomplish this result in any reasonable manner that is consistent with Code Section 704 and the related Treasury Regulations. 
  
 (E) Tax Allocations - Code Section 704(c). 
  
 (1) Except as otherwise provided in Section 5.2(E)(2), each item of
income, gain, loss and deduction shall be allocated for federal income tax purposes in the same manner as each correlative item of income, gain, loss or deduction, is allocated for book purposes pursuant to the provisions of Section 5.2(A)
and (B) hereof. 
  
 (2) Notwithstanding anything to the
contrary in this Section V, in an attempt to eliminate any Book-Tax Disparity with respect to a Contributed Property, items of income, gain, loss or deduction with respect to each such property shall be allocated for federal income tax purposes
among the Partners as follows (subject to Section 5.2(E)(4)): 
  
 (a) In the case of each Contributed Property with a Book-Tax Disparity, any item of depreciation, amortization or other cost recovery allowance attributable to such property shall be allocated as follows: (x) first,
to those Partners (the “Non-Contributing Partners”) other than the Partner who contributed such property to the Partnership (the “Contributing Partner”) in an amount up to the book allocation of such items made to the
Non-Contributing Partners pursuant to Section 5.2(A) and (B) hereof, pro rata in proportion to the respective amount of book items so allocated to the Non-Contributing Partners pursuant to Section 5.2(A) and
(B) hereof; and (y) any remaining depreciation, amortization or other cost recovery allowance to the Contributing Partner. In no event shall the total depreciation, amortization or other cost recovery allowance allocated hereunder exceed the
amount of the Partnership’s depreciation, amortization or other cost recovery allowance with respect to such property. 
  
 (b) In the event the Partnership sells or otherwise disposes of a Contributed Property with a Book-Tax Disparity, any gain or loss
recognized by 
  

 20 

 
the Partnership in connection with such sale or other disposition shall be allocated among the Partners as follows: (x) first, any gain or loss shall be
allocated to the Contributing Partner to the extent required to eliminate any Book-Tax Disparity with respect to such property; and (y) any remaining gain or loss shall be allocated among the Partners in the same manner that the correlative items of
book gain or loss are allocated among the Partners pursuant to Section 5.2(A) and (B) hereof. 
  
 (3) In the event the Book Value of a Partnership Asset (including a Contributed Property) is adjusted pursuant to Section 4.4(F) hereof, and such
asset has not been deemed distributed by, and recontributed to the Partnership pursuant to Code Section 708 subsequent thereto, all items of income, gain, loss or deduction in respect of such property shall be allocated for federal income tax
purposes among the Partners in the same manner as provided in Section 5.2(E)(2) hereof to take into account any variation between the fair market value of the property, as determined by the General Partner using such reasonable method of
valuation as it may adopt, and the Book Value of such property, both determined as of the date of such adjustment. 
  
 (4) To the extent that Treasury Regulations promulgated pursuant to Code Section 704(c) permit the Partnership to elect alternative methods to eliminate
the Book-Tax Disparity with respect to a Contributed Property, the General Partner shall have the authority to elect the method to be used by the Partnership and such election shall be binding on all of the Partners. 
  
 (5) The Partners hereby intend that the allocation of tax items pursuant to
this Section 5.2(E) comply with the requirements of Code Section 704(c) and the Treasury Regulations promulgated thereunder. 
  
 (6) The allocation of items of income, gain, loss or deduction pursuant to this Section 5.2(E) are solely for federal, state and local income tax
purposes, and the Capital Account balances of the Partners shall be adjusted solely for allocations of “book” items in respect of Partnership Assets pursuant to Section 5.2(A) and (B) hereof. 
  
 (F) Other Allocation Rules. The following rules will apply to the
calculation and allocation of Profits, Losses and other items: 
  
 (1) Except as otherwise provided in the Agreement, all Profits, Losses and other items allocated to the Partners will be allocated among them in proportion to their Percentages of Partnership Interest. 
  
 (2) For purposes of determining the Profits, Losses or any other item
allocable to any period, Profits, Losses and other items will be determined on a daily, monthly or other basis as determined by the General Partner using any permissible method under Code Section 706 and the related Treasury Regulations. 

 

 21 

 (3) Except as otherwise provided in this Agreement, all items of Partnership income, gain, loss,
deduction, credit and other allocations not provided for in this Agreement will be divided among the Partners in the same proportions as they share Profits and Losses. 
  
 (4) For purposes of Treasury Regulations Section 1.752-3(a), the Partners hereby agree that any nonrecourse liabilities of
the Partnership in excess of the sum of (i) the Partnership Minimum Gain and (ii) the aggregate amount of taxable gain that would be allocated to the Partners under Code Section 704(c) if the Partnership disposed of (in a taxable transaction) all
Partnership Assets subject to one or more nonrecourse liabilities of the Partnership in full satisfaction of such liabilities, shall be allocated among the Partners in accordance with their respective Percentage of Partnership Interests. 

 
 (G) Partner Acknowledgement. The Partners agree to be bound by the
provisions of this Section 5.2 in reporting their shares of Partnership income and loss for income tax purposes. 
  
 (H) Regulatory Compliance. The foregoing provisions of this Section 5.2 relating to the allocation of Profits, Losses and other items for
federal income tax purposes are intended to comply with Treasury Regulations Sections 1.704-1(b) and 1.704-2, and shall be interpreted and applied in a manner consistent with such Treasury Regulations. 
  
 Section 5.3 Distributions of Net Cash Flow. 
  
 (A) The General Partner shall distribute quarterly an amount equal to the
Net Cash Flow generated by the Partnership during such quarter, pro rata among the Partners in accordance with their respective Percentages of Partnership Interest. Distributions of Net Cash Flow shall be made to the Partners of record
on the Record Date established by the General Partner for the distribution, without regard to the length of time the record holder has been such. 
  
 (B) Section 5.3(A) notwithstanding, the General Partner shall use its best efforts to cause the Partnership to make distributions of Net Cash Flow
which are sufficient to enable the REIT to (i) maintain its status as a real estate investment trust under Code Section 856, (ii) avoid the imposition of any tax under Code Section 857 and (iii) avoid the imposition of any excise tax under Code
Section 4981. 
  
 Section 5.4 Distributions Upon
Liquidation. Proceeds of a Terminating Capital Transaction shall be distributed to the Partners in accordance with Section 10.2. 
  
 Section 5.5 Amounts Withheld. All amounts withheld pursuant to the Code or any provisions of state or local tax law and Section 7.6 of this
Agreement with respect to any allocation, payment or distribution to the General Partner, Limited Partners or Assignees shall be treated as amounts distributed to such General Partner, Limited Partner or Assignees pursuant to Section 5.3 of
this Agreement. 
  

 22 

 ARTICLE VI 
 PARTNERSHIP MANAGEMENT 
  
 Section 6.1 Management and Control of Partnership Business. 
  
 (A) Except as otherwise expressly provided or limited by the provisions of this Agreement, the General Partner shall have full, exclusive, and complete discretion to manage and control the business and affairs of the
Partnership, to make all decisions affecting the business and affairs of the Partnership, and to take all such action as it deems necessary or appropriate to accomplish the purposes of the Partnership as set forth herein. Except as expressly set
forth in this Agreement, the Limited Partners shall not have any authority, right, or power to bind the Partnership, or to manage or control, or to participate in the management or control of, the business and affairs of the Partnership in any
manner whatsoever. Such management shall in every respect be the full and complete responsibility of the General Partner alone as herein provided. The General Partner may not be removed by the Limited Partners with or without cause. 
  
 (B) In carrying out the purposes of the Partnership, the General Partner
shall be empowered to take all of the following actions, such list not intended to be exhaustive of the actions which may be taken by the General Partner pursuant to the authority granted to the General Partner pursuant to this Agreement, and each
of the Limited Partners, by execution hereof, agrees that the General Partner is authorized to execute, deliver and perform any of the agreements and transactions set forth in this Section 6.1(B) on behalf of the Partnership: 
  
 (1) Acquire, dispose of, mortgage, pledge, encumber, hypothecate or
exchange any of the Partnership Assets or merge or otherwise combine the Partnership with or into another entity, and to enter into such contracts and take such actions as are required to effectuate any of the foregoing and to operate the business
of the Partnership and, in general, to own, improve, develop, construct, lease, manage, and, if and when appropriate, sell the various Partnership Assets; 
  
 (2) Make any expenditure, lend or borrow money and issue evidences of indebtedness (including the issuance of guaranties) in furtherance of any or all of
the purposes of the Partnership, including, but not limited to, making prepayments on any loans and incurring indebtedness to permit the Partnership to make distributions to its Partners in amounts sufficient to enable the REIT to be able to make
such distributions as are necessary to maintain qualification as a REIT and avoid any income or excise taxes in such capacity (for so long as the REIT maintains REIT status); 
  
 (3) Use Partnership Assets (including, but not limited to, cash) for any Partnership purpose including, without limitation,
financing the operations of the REIT, the Partnership or any Subsidiary of either of them, the lending of funds to other Persons (including Subsidiaries of the Partnership or the REIT), the repayment of obligations of the Partnership or its
Subsidiaries or make payments on behalf of Persons in which the Partnership has an equity investment and the making of capital investments in any Subsidiary of the Partnership or otherwise; 
  

 23 

 (4) Make tax, securities and any other regulatory filings or reports to any governmental or other body
having jurisdiction over or contractual rights with respect to the Partnership or the Partnership Assets; 
  
 (5) Prepay in whole or in part, refinance, recast, increase, modify, or extend mortgages affecting the Partnership Assets, and in connection therewith
execute any extensions, renewals or modifications of any mortgage or deed of trust on any such Partnership Assets; 
  
 (6) Enter into, perform, deliver and carry out contracts, certificates and instruments of any kind necessary or incidental to the accomplishment of the
purposes of the Partnership, including, but not limited to, the obtaining of insurance policies for the Partnership or the Partnership Assets as deemed necessary; 
  
 (7) Employ and dismiss Persons in the operation and management of the Partnership or the Business including, without
limitation, attorneys, accountants, mortgage bankers, management and leasing agents, insurance brokers, real estate brokers, engineers, architects, contractors and consultants, whether in connection with current Partnership business or exploration
of future business opportunities, and make determinations with respect to their compensation and other terms and conditions of their employment; 
  
 (8) Make interim investments in appropriate banking or investment accounts; 
  
 (9) Bring, defend, pay, extend, renew, modify, adjust, submit to arbitration, prosecute or compromise any obligation, suit,
liability, cause of action or claim with respect to the Partnership, and the indemnification of any Person against liabilities and contingencies to the extent permitted by law; 
  
 (10) Distribute Partnership cash or other Partnership Assets in accordance with the terms of this Agreement; 
  
 (11) Establish and maintain for the Partnership working capital reserves in
such amounts and for such purposes as the General Partner deems reasonable and appropriate from time to time; 
  
 (12) Form, acquire an interest in, contribute property to, or otherwise participate in general or limited partnerships or joint ventures, or any other
business relationship the General Partner deems appropriate (including, but not limited to, acquiring interests in Subsidiaries of the Partnership or the REIT or any other Person) and vote the equity interests of the Partnership in any such entity;
and 
  
 (13) Determine the fair market value of any Partnership
Asset distributed in kind using such reasonable method of valuation as the General Partner may elect. 
  
 (C) In connection with the foregoing, the General Partner shall not directly or indirectly enter into or conduct any business other than through the
Partnership and the 
  

 24 

 
ownership of its Partnership Interests therein. The General Partner and its Affiliates may acquire Limited Partner Interests and shall have all the rights of
a Limited Partner upon the acquisition thereof. 
  
 Section 6.2
No Management by Limited Partners; Imitation of Liability. 
  
 (A) The Limited Partners, in their capacity as limited partners, shall not take part in a day-to-day management, operation or control of the business and affairs of the Partnership or have any right, power, or authority to act for or on
behalf of or to bind the Partnership or transact any business in the name of the Partnership. The Limited Partners shall have no rights other than those specifically provided herein or granted by law where consistent with a valid provision hereof,
and any of the approvals rendered or withheld by the Limited Partners pursuant to this Agreement shall be deemed as consultation or advice to the General Partner in connection with the Business and, in accordance with the Act, and shall not be
deemed as participation by the Limited Partners in the business of the Partnership and are not intended to create any inference that the Limited Partners should be classified as general partners under the Act. 
  
 (B) The Limited Partners shall have no liability under this Agreement except
to the extent expressly provided herein (including with respect to withholding under Section 7.6) or under the Act. 
  
 Section 6.3 Limitations on Partners. 
  
 (A) No Partner or Affiliate of a Partner shall have any authority to perform (i) any act in violation of any applicable law or regulation thereunder; (ii)
any act prohibited by Section 6.3(B); or (iii) any act without Consent or ratification which is expressly required to be Consented to or ratified under the terms of this Agreement. 
  
 (B) No action shall be taken by a Partner if it would cause the Partnership to be treated as an association taxable as a
corporation for federal income tax purposes. A determination of whether such action will have the above described effect shall be based upon a declaratory judgment or similar relief obtained from a court of competent jurisdiction, a favorable ruling
from the IRS, or the receipt of an opinion of tax counsel selected or approved by the General Partner. 
  

 25 

 Section 6.4 Business with Affiliates. 
  
 (A) The General Partner, in its sole and absolute discretion, may cause the
Partnership to transact business with the Partners, Affiliates or Subsidiaries for goods or services reasonably required in the conduct of the Business; provided that any such transaction shall be effected only on terms competitive with those
that may be obtained in the marketplace from unaffiliated Persons. In addition, except as expressly permitted under this Agreement, neither the General Partner nor any Affiliate of the General Partner may sell, transfer or otherwise convey any
property to, or purchase any property from, the Partnership, except on terms competitive with those that may be obtained in the marketplace from unaffiliated Persons. 
  
 (B) In furtherance of Section 6.4(A) the Partnership may lend or contribute to its Subsidiaries on terms and
conditions established by the General Partner in its sole and absolute discretion. 
  
 (C) The General Partner, in its sole and absolute discretion and without the approval of the Limited Partners, may propose and adopt on behalf of the Partnership employee benefit plans, stock option plans, and similar
plans funded by the Partnership for the benefit of the employees of the General Partner, the Partnership, Subsidiaries of the Partnership or any Affiliate of any of them in respect of services performed, directly or indirectly, for the benefit of
the Partnership, the General Partner of any of the Partnership’s Subsidiaries. 
  
 Section 6.5 Compensation; Reimbursement of Expenses. Except as set forth in this Section 6.5, a General Partner shall not be paid compensation for serving as general partner. Except as otherwise set
forth in this Agreement, the General Partner shall be fully and entirely reimbursed by the Partnership for any and all direct and indirect costs and expenses incurred in connection with the organization of the Partnership pursuant to this Agreement.
In addition, the General Partner shall be reimbursed for all expenses incurred by the General Partner in connection with (i) the ownership, operation, management and supervision of the Business (including, without limitation, all executive
compensation and all general and administrative expenses incurred by the Company, (ii) the initial public offering of REIT Shares by the REIT and (iii) any other issuance of additional Partnership Interests or REIT Shares. With respect to any such
reimbursement, the General Partner shall present the Partnership with such invoices or allocations as are necessary to substantiate such costs and expenses. 
  
 Section 6.6 Liability for Acts and Omissions. 
  
 (A) The General Partner shall not be liable, responsible or accountable in damages or otherwise to the Partnership or any of the other Partners for any
act or omission performed or omitted in good faith on behalf of the Partnership and in a manner reasonably believed to be (i) within the scope of the authority granted by this Agreement and (ii) in the best interests of the Partnership. In
exercising its authority hereunder, the General Partner may, but shall not be under any obligation to, take into account the tax consequences to any Partner of any action they undertake on behalf of the Partnership. Neither the General Partner nor
the Partnership shall in any event have any liability as a result of any income tax liability incurred by a Partner as a result of any action or inaction of the Partnership or the General Partner hereunder, 
  

 26 

 
whether or not such action is expressly authorized hereunder, and, by their execution of this Agreement, the Limited Partners acknowledge the foregoing.

  
 (B) Unless otherwise prohibited hereunder, the General Partner
shall be entitled to exercise any of the powers granted to it and perform any of the duties required of it under this Agreement directly or through any agent. The General Partner shall not be responsible for any misconduct or negligence on the part
of any agent; provided that the General Partner selected or appointed such agent in good faith. 
  
 Section 6.7 Indemnification. 
  
 (A) The Partnership shall indemnify (i) any Person made a party to a proceeding by reason of his status as (x) a General Partner, (y) a director or
officer of the Partnership or a General Partner or (z) any Person (including any Affiliate) designated as agent by a General Partner in its reasonable discretion (each, an “Indemnified Party”) from and against any and all losses, claims,
damages, liabilities, expenses (including reasonable attorneys’ fees), judgments, fines, settlements and any other amounts arising out of or in connection with any claims, demands, actions, suits or proceedings (civil, criminal or
administrative) relating to or resulting (directly or indirectly) from the operations of the Partnership, in which such Indemnified Party becomes involved, or reasonably believes may become involved, to the fullest extent permitted under the Act
(including any procedures set forth therein regarding advancement of expenses to such Indemnified Party). 
  
 (B) The Partnership shall have the authority to purchase and maintain such insurance policies on behalf of the Indemnified Parties as the General Partner
shall determine, which policies may cover those liabilities the General Partner reasonably believes may be incurred by an Indemnified Party in connection with the operation of the business of the Partnership. The right to procure such insurance on
behalf of the Indemnified Parties shall in no way mitigate or otherwise affect the right of any such Indemnification Party to indemnification pursuant to Section 6.7(A) hereof. 
  
 (C) The provisions of this Section 6.7 are for the benefit of the Indemnified Parties their heirs, successors,
assigns and administrators and shall not be deemed to create any rights in or benefit to other Person. 
  
 Section 6.8 Other Matters Concerning the General Partner. 
  

(A) The General Partner may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, bond, debenture, or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties. 
  
 (B) The General Partner may consult with legal counsel, accountants,
appraisers, management consultants, investment bankers, architects, engineers, environmental consultants and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the opinion of such Persons as to
matters which such General Partner 
  

 27 

 
reasonably believes to be within such Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good
faith and in accordance with such opinion. 
  
 (C) The General
Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through any of its duly authorized officers and a duly appointed attorney or attorneys-in-fact. Each such attorney shall, to the extent provided by the
General Partner in the power of attorney, have full power and authority to do and perform all and every act and duty which is permitted or required to be done by the General Partner hereunder. 
  
 (D) Notwithstanding any other provisions of this Agreement or the Act, any
action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in
order (i) to protect the ability of the General Partner to continue to quality as a REIT or (ii) to avoid the General Partner incurring any taxes under Section 857 or Section 4981 of the Code, is expressly authorized under this Agreement and is
deemed approved by all of the Limited Partners. 
  
 ARTICLE VII

 ADMINISTRATIVE, FINANCIAL AND TAX MATTERS 
  
 Section 7.1 Books and Records. 
  
 (A) The General Partner shall maintain at the office of the Partnership full and accurate books of the Partnership showing
all receipts and expenditures, assets and liabilities, profits and losses, names and current addresses of Partners, and all other records necessary for recording the Partnership’s business and affairs. 
  
 (B) All Partners and their duly authorized representatives shall have in
addition to all of the rights provided in this Agreement or the Act, the right, upon written demand setting forth the purpose of such demand, and at such Limited Partner’s own expense: 
  
 (1) to obtain a copy of the most recent annual and quarterly reports filed
with the Securities and Exchange Commission by the General Partner pursuant to the Securities Exchange Act of 1934; 
  
 (2) to obtain a copy of the Partnership’s federal, state and local income tax returns for each Partnership Year; 
  
 (3) to obtain a current list of the name and last known business, residence
or mailing address of each Partner; and 
  
 (4) to obtain a copy
of this Agreement and the Certificate and all amendments thereto, together with executed copies of all powers of attorney pursuant to which this Agreement, the Certificate and all amendments thereto have been executed; and 
  

 28 

 (C) Notwithstanding any other provision of this Section 7.1, the General Partner may keep
confidential from the Limited Partners, for such period of time as the General Partner determines in its sole and absolute discretion to be reasonable, any information that (i) the General Partner reasonably believes to be in the nature of trade
secrets or other information the disclosure of which the General Partner in good faith believes is not in the best interests of the Partnership or could damage the Partnership or its business or (ii) the Partnership is required by law or by
agreements with an unaffiliated third party to keep confidential. 
  
 Section 7.2 Annual Audit and Accounting. The books and records of the Partnership shall be kept for financial and tax reporting purposes on the accrual basis of accounting in accordance with generally accepted accounting principles
(“GAAP”). The accounts of the Partnership shall be audited annually by a nationally recognized accounting firm of independent public accountants selected by the General Partner (the “Independent Accountants”). 
  
 Section 7.3 Partnership Funds. The General Partner shall have
responsibility for the safekeeping and use of all funds and assets of the Partnership, whether or not in its direct or indirect possession or control. All funds of the Partnership not otherwise invested shall be deposited in one or more accounts
maintained in such banking institutions as the General Partner shall determine, and withdrawals shall be made only in the regular course of Partnership business on such signatures as the General Partner may, from time to time, determine. 

 
 Section 7.4 Reports and Notices. The General Partner shall use its
reasonable efforts to provide all Partners with the following reports no later than the dates indicated or as soon thereafter as circumstances permit: 
  
 (A) By March 31, IRS Form 1065 and Schedule K-1, or similar forms as may be required by the IRS, stating each Partner’s allocable share of income,
gain, loss, deduction or credit for the prior Fiscal Year; 
  
 (B)
Within ninety (90) days after the end of each of the first three (3) fiscal quarters, as of the last day of the calendar quarter, a report containing unaudited financial statements of the Partnership, or of the REIT if such statements are prepared
solely on a consolidated basis with the REIT, and such other information as may be legally required or determined to be appropriate by the General Partner; and 
  

(C) Within ninety (90) days after the end of each Fiscal Year, as of the close of the Fiscal Year, an annual report containing audited financial
statements of the Partnership, or of the REIT if such statements are prepared solely on a consolidated basis with the REIT, presented in accordance with GAAP by the Independent Accountants, and such other information as may be required by applicable
law or regulations, or as the General Partner determines to be appropriate. 
  
 Section 7.5 Tax Matters. 
  
 (A) The General Partner shall be designated the Tax Matters Partner of the Partnership for federal income tax matters pursuant to Code Section 6223(c)(3). The Tax Matters 
  

 29 

 
Partner is authorized and required to represent the Partnership (at the expense of the Partnership) in connection with all examinations of the affairs of the
Partnership by any federal, state, or local tax authorities, including any resulting administrative and judicial proceedings, and to expend funds of the Partnership for professional services and costs associated therewith. The Tax Matters Partner
shall mail to the Limited Partners within ten (10) business days of the receipt thereof, a copy of any notice or other communication with respect to the Partnership received from the IRS (or other governmental tax authority), or any court with
respect to any administrative or judicial proceeding involving the Partnership. The Limited Partners agree to cooperate with the General Partner in connection with the conduct of all proceedings pursuant to Section 7.5(A). The taking of any
action and the incurring of any expenses by the Tax Matters Partner in connection with any such proceeding, except to the extent required by this Agreement and by law, a matter in the sole and absolute discretion of the Tax Matters Partner and the
provisions relating to indemnification of the General Partner set forth in Section 6.7 of this Agreement shall be fully applicable to the Tax Matters Partner in its capacity as such. 
  
 (B) The Tax Matters Partner shall receive no compensation for its services in
such capacity. If the Partnership incurs any costs related to any tax audit, declaration of any tax deficiency or any administrative proceeding or litigation involving any Partnership tax matter, such amount shall be an expense of the Partnership
and the Tax Matters Partner shall be entitled to full reimbursement therefor. 
  
 (C) The General Partner shall cause to be prepared all federal, state and local income tax returns required of the Partnership at the Partnership’s expense. 
  
 (D) Except as set forth herein, the General Partner shall determine whether
to make (and, necessary, revoke) any tax election available to the Partnership under the Code or any state tax law; provided, however, the General Partner shall make the election under Code Section 754 and the Treasury Regulations
promulgated thereunder. The Partnership shall elect to deduct expenses, if any, incurred by it in organizing the Partnership in accordance with the provisions of Code Section 709. 
  
 Section 7.6 Withholding. Each Partner hereby authorizes the Partnership to withhold from or pay to any taxing
authority on behalf of such Partner any tax that the General Partner determines the Partnership is required to withhold or pay with respect to any amount distributable or allocable to such Partner. Any amount paid to any taxing authority which does
not constitute a reduction in the amount otherwise distributable to such Partner shall be treated as a loan from the Partnership to such Partner which loan shall bear interest at the “prime rate” as published from time to time in the
Wall Street Journal plus two (2) percentage points, and shall be repaid within ten (10) business days after request for repayment from the General Partner. The obligation to repay any such loan shall be secured by such Partner’s
Partnership Interest and each Partner hereby grants the Partnership a security interest in his Partnership Interest for the purposes set forth in this Section 7.6, and this Section 7.6 shall serve as a security agreement for purposes
of the Uniform Commercial Code. Each Partner agrees to take such reasonable actions as the General Partner may request to perfect the security interest granted hereby. In the event any Partner fails to repay any deemed loan pursuant to this
Section 7.6, the Partnership shall be entitled to avail itself of any rights and remedies it may have. Furthermore, upon the expiration 
  

 30 

 
of ten (10) business days after demand for payment, the General Partner shall have the right to make the payment to the Partnership on behalf of the
defaulting Partner and thereupon be subrogated to the rights of the Partnership with respect to such defaulting Partner. 
  
 ARTICLE VIII 
 TRANSFER OF PARTNERSHIP
INTERESTS; ADMISSIONS OF PARTNERS 
  
 Section 8.1 Transfer
by General Partner. The General Partner may not voluntarily withdraw or Transfer all or any portion of its General Partner Interest. 
  
 Section 8.2 Obligations of a Prior General Partner. Upon the Involuntary Withdrawal of a General Partner, (i) it shall remain liable for all
obligations and liabilities (other than Partnership liabilities payable solely from Partnership Assets) incurred by it as General Partner before the effective date of such event; and (ii) it shall pay all costs associated with the admission of its
Successor General Partner. However, such General Partner who withdraws shall be free of and held harmless by the Partnership against any obligation or liability incurred on account of the activities of the Partnership from and after the effective
date of such event, except as provided in this Agreement; and (iii) the Partnership Interest of such Partner shall be converted to a Limited Partner Interest as of such Involuntary Withdrawal. 
  
 Section 8.3 Additional or Successor General Partner. A successor to
all of a General Partner’s General Partner Interest who is proposed to be admitted to the Partnership as a Successor General Partner shall be admitted as the General Partner upon the affirmative vote of Partners holding a majority of the
Limited Partnership Units. Any such transferee shall carry on the business of the Partnership without dissolution. In addition, the following conditions must be satisfied: 
  
 (A) The Person shall have accepted and agreed to be bound by all the terms and provisions of this Agreement, by executing a
counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner; and 
  
 (B) An amendment to this Agreement evidencing the admission of such Person as a General Partner shall have been executed by
all other General Partners, or if there are no other General Partners, by the withdrawing General Partner and the Successor General Partner, and an amendment to the Certificate shall have been filed for recordation as required by the Act.

  
 Section 8.4 Restrictions on Transfer and Withdrawal by
Limited Partner. 
  
 (A) Subject to the provisions of
Section 8.4(D), no Limited Partner may Transfer all or any portion of his Partnership Interest without first obtaining the Consent of the General Partner, which Consent may be granted or withheld in the sole and absolute discretion of the
General Partner. 
  

 31 

 (B) No Limited Partner may withdraw from the Partnership other than as a result of permitted Transfer of
all of his Partnership Units pursuant to this Article VIII or pursuant to a redemption of all of his Partnership Units pursuant to Article IX. Upon the Transfer or redemption of all of a Limited Partner’s Partnership Units, such
Limited Partner shall cease to be a Limited Partner. 
  
 (C) Upon
the Involuntary Withdrawal of any Limited Partner (which shall under no circumstance cause the dissolution of the Partnership), the executor, administrator, trustee, guardian, receiver or conservator of such Limited Partner’s estate shall
succeed to those rights of the Limited Partner prior to such Involuntary Withdrawal for the purpose of settling the affairs of such Limited Partner. 
  
 (D) A Limited Partner may Transfer, with the Consent of the General Partner, all or a portion of his Partnership Units to (a) a parent or parents, spouse,
natural or adopted descendant or descendants, spouse of such a descendant, or brother or sister, (b) a corporation controlled by a Person or Persons named in (a) above, or (c) if the limited partner is an entity, its beneficial owners, and the
General Partner shall grant its Consent to any Transfer pursuant to this Section 8.4(D) unless such Transfer, in the reasonable judgment of the General Partner, would cause (or have the potential to cause) the REIT to have more than fifty
percent (50%) in value of its outstanding stock owned, directly or indirectly, by or for not more than five (5) Persons, in which case the General Partner shall have the absolute right to refuse to permit such Transfer, and any purported Transfer in
violation of this Section 8.4(D) shall be null and void ab initio. 
  
 (E) No Transfer of Limited Partner Units shall be made if such Transfer would (i) in the opinion of Partnership counsel, cause the Partnership to be terminated for federal income tax purposes or to be treated as an
association taxable as a corporation (rather than a partnership) for federal income tax purposes; (ii) be effected through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within
the meaning of Code Section 7704; (iii) in the opinion of Partnership counsel, such Transfer would violate the provisions of applicable securities laws; or (iv) violate the terms of (or result in a default or acceleration under) any law, rule,
regulation, agreement or commitment binding on the Partnership. 
  
 Section 8.5 Substituted Limited Partner. 
  
 (A) No transferee shall become a Substituted Limited Partner in place of his assignor unless and until the following conditions have been satisfied: 
  

(1) The assignor and transferee file a Notice or other evidence of Transfer and such other information reasonably required by the General Partner,
including, without limitation, names, addresses and telephone numbers of the assignor and transferee; 
  
 (2) The transferee executes, adopts and acknowledges this Agreement, or a counterpart hereto, and such other documents as may be reasonably requested by
the General Partner, including, without limitation, all documents necessary to comply with applicable tax and/or securities rules and regulations; 
  

 32 

 (3) The assignor or transferee pays all cost and fees incurred or charged by the Partnership to effect
the Transfer and substitution; and 
  
 (4) The assignor or
transferee obtains the written Consent of the General Partner, which may be given or withheld in its sole and absolute discretion. 
  
 (B) If a transferee of a Limited Partner does not become a Substituted Limited Partner pursuant to Section 8.5(A), such transferee shall be an
Assignee and shall not have any rights to require any information on account of the Partnership’s business, to inspect the Partnership’s books, to participate in the management or operation of the Partnership, or to vote or otherwise take
part in the affairs of the Partnership (such Partnership Units being deemed to have been voted in the same proportions as all other Partnership Units held by Limited Partners have been voted). Such Assignee shall be entitled, however, to all the
rights of an assignee of a limited partnership interest under the Act. Any Assignee wishing to Transfer the Partnership Units acquired shall be subject to the restrictions set forth in this Article VIII. 
  
 Section 8.6 Timing and Effect of Transfers. Unless the General Partner
agrees otherwise, Transfers under this Article VIII may only be made as of the first day of a fiscal quarter of the Partnership. Upon any Transfer of a Partnership Interest in accordance with this Article VIII or redemption of a
Partnership Interest in accordance with Article IX, the Partnership shall allocate all items of Profit and Loss between the transferor Partner and the transferee Partner in accordance with Code Section 706(d) (subject to such accounting
conventions, elections and adjustments as the General Partner in its sole and absolute discretion determines to be appropriate). The transferor Partner shall have the right to receive all distributions the Record Date as to which precedes the date
of Transfer and the transferee Partner shall have the right to receive all distributions thereafter. 
  
 Section 8.7 Additional Limited Partners. After the initial execution of this Agreement and the admission to the Partnership of the initial Limited
Partners, any Person making a Capital Contribution to the Partnership in accordance herewith shall be admitted as an Additional Limited Partner of the Partnership only (i) with the Consent of the General Partner, (ii) upon execution, adoption and
acknowledgement of this Agreement, or a counterpart hereto, and such other documents as may be reasonably requested by the General Partner, including without limitation, the power of attorney required under Section 12.3. Upon satisfaction of
the foregoing requirements, such Person shall be admitted as an Additional Limited Partner effective on the date upon which the name of such Person is recorded on the books of the Partnership. 
  
 Section 8.8 Amendment of Agreement and Certificate. Upon any admission
of a Person as a Partner to the Partnership, the General Partner shall take all necessary steps to amend this Agreement to reflect such admission and, if required by the Act, to cause to be filed an amendment to the Certificate. 
  
 ARTICLE IX 
 REDEMPTION 
  
 Section 9.1 Right of Redemption. 
  

 33 

 (A) Subject to any restriction which would prevent the REIT from assuming and satisfying the Redemption
Obligation in accordance with the terms of this Article IX, which restriction may be in the REIT Charter, the laws governing the REIT or otherwise (a “Redemption Restriction”), beginning on the Redemption Effective Date, during the
four 30-day periods immediately following the filing with the Securities and Exchange Commission by the REIT of its annual report on Form 10-K or quarterly reports on Form 10-Q or during such periods as the Partnership may otherwise determine, each
Redeeming Party shall have the right to require the Partnership to redeem all or a portion of the Partnership Units held by such Redeeming Party by providing General Partner with a Redemption Notice. A Limited Partner may not invoke its rights under
this Article IX with respect to fewer than 100 Partnership Units or an integral multiple thereof or, if such Limited Partner holds fewer than 100 Partnership Units, all of the Partnership Units held by such Limited Partner. Upon receipt of a
Redemption Notice from a Redeeming Party, the Partnership shall be obligated (subject to the existence of any Redemption Restriction) to redeem the Partnership Units from such Redeeming Party (the “Redemption Obligation”) in accordance
with the terms hereof. 
  
 (B) Upon receipt of a Redemption Notice
from a Redeeming Party, the General Partner shall either (i) cause the Partnership to redeem the Partnership Units tendered in the Redemption Notice, (ii) notify the REIT of its receipt of such Redemption Notice, or (iii) provide written Notice to
the Redeeming Party of any Redemption Restriction. 
  
 Section
9.2 Timing of Redemption. The Redemption Obligation (or the obligation to provide Notice of a Redemption Restriction if one exists) shall mature on the date which is seven (7) business days after the receipt by the General Partner of a
Redemption Notice from the Redeeming Party (the “Redemption Date”). 
  
 Section 9.3 Redemption Price. On or before the Redemption Date, the Partnership (unless the REIT elects pursuant to Section 9.4 to assume and perform the Redemption Obligations) shall deliver to the
Redeeming Party, in the sole and absolute discretion of the General Partner either (i) a Share Payment or (ii) a Cash Payment. In order to enable the Partnership to effect a redemption by making a Share Payment pursuant to this Section 9.3,
the REIT in its sole and absolute discretion may issue additional REIT Shares to the Partnership in exchange for the issuance to the REIT of Partnership Units determined by applying the Conversion Multiple to the number of REIT Shares issued.

  
 Section 9.4 Assumption of Redemption Obligation. Upon
notification by the General Partner, pursuant to Section 9.1(B)(ii) hereof, the REIT, in its sole and absolute discretion, shall have the right to assume the Redemption Obligation on behalf of the Partnership. In such case, the REIT shall be
substituted for the Partnership for all purposes of this Article IX and, upon acquisition of the Partnership Units tendered by the Redeeming Party pursuant to the Redemption Notice shall be treated for purposes of this Agreement as the owner
of such Partnership Units. In such case, the transaction shall be treated for federal income tax for all purposes by the Partnership, the REIT and the Redeeming Party as a sale by the Redeeming Party as seller to the REIT as purchaser. 

 

 34 

 Section 9.5 Further Assurances. Each party to this Agreement agrees to execute any documents
deemed reasonably necessary by the General Partner to evidence the issuance of any Share Payment to a Redeeming Party. 
  
 Section 9.6 Effect of Redemption. Upon the satisfaction of the Redemption Obligation by the Partnership or the REIT, as the case may be, the
Redeeming Party shall have no further right to receive any Partnership distributions in respect of the Partnership Units so redeemed (except for distributions paid after the Redemption Date but for which the Record Date precedes the Redemption
Date). 
  
 ARTICLE X 
 DISSOLUTION AND LIQUIDATION 
  
 Section 10.1 Term and Dissolution. The Partnership shall continue until December 31, 2093, or until dissolution occurs prior to that date for any
one of the following reasons: 
  
 (A) An election to dissolve the
Partnership is made in writing by the General Partner; 
  
 (B) An
event of withdrawal, within the meaning of the Act, of the last remaining General Partner unless, within ninety (90) days after such event of withdrawal the remaining Partners holding a majority of the Partnership Units agree in writing to the
continuation of the Partnership and to the appointment of a Successor General Partner; 
  
 (C) Entry of a decree of judicial dissolution of the Partnership under the Act; or 
  
 (D) The sale, exchange or other disposition of all or substantially all of the Partnership Assets. 
  
 Section 10.2 Liquidation of Partnership Assets. 
  
 (A) In the event of dissolution pursuant to Section 10.1, the
Partnership shall continue solely for purposes of winding up the affairs of, achieving a final termination of and satisfaction of the creditors of the Partnership. The General Partner or, if the General Partner has suffered an Involuntary
Withdrawal, a liquidator or liquidating committee selected by Partners holding a majority of the Partnership Units (the General Partner or such liquidator or liquidating committee being sometimes hereinafter referred to as “Liquidator”)
shall be responsible for oversight of the winding up and dissolution of the Partnership. The Liquidator shall obtain a full accounting of the assets and liabilities of the Partnership and such Partnership Assets shall be liquidated as promptly as
the liquidator is able to do so with out any undue loss in value, with the proceeds therefrom applied and distributed in the following order: 
  
 (1) First, to the discharge of Partnership debts and liabilities to creditors other than Partners; 
  

 35 

 (2) Second, to the discharge of Partnership debts and liabilities to the Partners; and 
  
 (3) The balance, if any, to the Partners in accordance with their positive
Capital Accounts after giving effect to all contributions, distributions and allocations for all periods and otherwise in accordance with Section 10.3(A). 
  
 (B) In accordance with Section 10.2(A), the liquidator shall proceed without any unnecessary delay to sell and
otherwise liquidate the Partnership Assets; provided, however, that if the Liquidator shall determine that an immediate sale of part or all of the Partnership Assets would cause undue loss to the Partners, the Liquidator may defer the liquidation
except (i) to the extent provided by the Act or (ii) as may be necessary to satisfy the debts and liabilities of the Partnership to Persons other than the Partners. 
  
 (C) If, in the sole and absolute discretion of the Liquidator, there are Partnership Assets that the Liquidator will not be
able to liquidate, or if the liquidation of such assets would result in due loss to the Partners, the Liquidator may distribute such Partnership Assets to the Partners in-kind, in lieu of cash, as tenants-in-common in accordance with the provisions
of Section 10.2(A). The foregoing notwithstanding, such in-kind distributions shall only be made if in the Liquidator’s good faith judgment that is in the best interest of the Partners. 
  
 (D) Upon the complete liquidation and distribution of the Partnership Assets,
the Partners shall cease to be Partners of the Partnership, and the Liquidator shall execute, acknowledge and cause to be filed all certificates and notices required by law to terminate the Partnership. Upon the dissolution of the Partnership
pursuant to Section 10.1, the Liquidator shall cause to be prepared, and shall furnish to each Partner, a statement setting forth the assets and liabilities of the Partnership. Promptly following the complete liquidation and distribution of
the Partnership Assets, the Liquidator shall furnish to each Partner a statement showing the manner in which the Partnership Assets were liquidated and distributed. 
  
 Section 10.3 Effect of Treasury Regulations. 
  
 (A) In the event the Partnership is “liquidated” within the meaning of Treasury Regulations Section
1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X to the General Partner and the Limited Partners who have positive Capital Accounts in compliance with Treasury Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any
Partner has a deficit balance in his Capital Account (after giving effect to all contributions, distributions and allocations), such Partner shall have no obligation to make any contribution to the capital of the Partnership. 
  
 (B) In the event the Partnership is “liquidated” within the meaning
of Treasury Regulations Section 1.704-1(b)(2)(ii)(g) but there has been no dissolution of the Partnership under Section 10.1 hereof, then the Partnership Assets shall not be liquidated, the Partnership’s liabilities shall not be paid or
discharged and the Partnership’s affairs shall not be wound up. In the event of such a liquidation there shall be deemed to have been a distribution of Partnership Assets in kind to the Partners in accordance with their respective Capital
Accounts followed by a 
  

 36 

 
recontribution of the Partnership Assets by the Partners also in accordance with their respective Capital Accounts. 
  
 Section 10.4 Time for Winding-Up. Anything in this Article X
notwithstanding, a reasonable time shall be allowed for the orderly winding-up of the business and affairs of the Partnership and the liquidation of the Partnership Assets in order to minimize any potential for losses as a result of such process.
During the period of winding up, this Agreement shall remain in full force and effect and shall govern the rights and relationships of the Partners inter se. 
  
 ARTICLE XI 
 AMENDMENTS AND MEETINGS 
  
 Section 11.1
Amendment Procedure. 
  
 (A) Amendments to this
Agreement may be prepared and adopted by the General Partner without the Consent of any other Partner; provided, however, no such amendment shall be adopted if it would (i) convert a Limited Partner’s Interest in the Partnership
into a General Partner Interest, (ii) increase the liability of a Limited Partner under this Agreement, (iii) except as otherwise permitted in this Agreement, alter a Limited Partner’s rights to distributions or allocations set forth in
Article V, (iv) alter or modify any aspect of the Partner’s rights with respect to redemption of Partnership Units, (v) cause the early termination of the Partnership (other than pursuant to the terms hereof) or (vi) amend this
Section 11.1(A). Any proposed amendment of this Agreement which requires the Consent of one or more Limited Partners shall be adopted and effective only if it received the Consent of the General Partner and the Consent of Limited Partners
holding a majority of Limited Partner Units (including Limited Partner Units held by the General Partner). In the case of any proposed amendment of this Agreement which requires the Consent of the Limited Partners, the General Partner shall either
call a meeting to solicit the vote of said Partners or seek the written vote of said Partners to such amendment. In the case of a request for a written vote, the General Partner shall be authorized to impose such reasonable time limitations for
response, but in no event less than ten (10) days, with the failure to respond being deemed a vote consistent with the vote of the General Partner. 
  
 (B) Amendments to this Agreement may be proposed only by the General Partner. Within ten (10) days of making any proposal to amend this Agreement
requiring the Consent of the Limited Partners, the General Partner shall give all Partners Notice of such Proposal (along with the text of the proposed amendment and a statement of its purpose). 
  
 (C) The General Partner shall provide Notice to the Limited Partners whenever
it exercises its authority to amend unilaterally this Agreement pursuant to the terms of this Section 11.1. 
  
 Section 11.2 Meetings and Voting. 
  
 (A) Meetings of Partners may be called only by the General Partner. The General Partner shall give all Partners Notice of the purpose of such proposed
meeting not less than seven (7) days nor more than thirty (30) days prior to the date of the meeting. Meetings 
  

 37 

 
shall be held at a reasonable time and place selected by the General Partner. Whenever the vote or Consent of Partners is permitted or required hereunder,
such vote or Consent shall be requested by the General Partner and may be given by the Partners in the same manner as set forth for a vote with respect to an amendment to this Agreement in Section 11.1(A). 
  
 (B) Any action required or permitted to be taken at a meeting of the Partners
may be taken without a meeting if a written consent setting forth the action to be taken is signed by the partners owning Percentage Interests required to vote in favor of such action, which consent may be evidenced in one or more instruments.

  
 (C) Each Limited Partner may authorize any Person or Persons
to act for him by proxy on all matters on which a Limited Partner may participate. Every proxy (i) must be signed by the Limited Partner or his attorney-in-fact, (ii) shall expire eleven (11) months from the date thereof unless the proxy provides
otherwise and (iii) shall be revocable at the discretion of the Limited Partner granting such proxy. 
  
 ARTICLE XII 
 MISCELLANEOUS PROVISIONS 
  
 Section 12.1 Title to Property. All property owned by the Partnership,
whether real or personal, tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually, shall have any ownership of such property. The Partnership may hold any of its assets in its own name or, in
the name of its nominee, which nominee may be one or more individuals, corporations, partnerships, trusts or other entities. 
  
 Section 12.2 Other Activities of Limited Partners. Except as expressly provided otherwise in this Agreement or in any other agreement entered into
by a Limited Partner or any Affiliate of a Limited Partner and the Partnership, the General Partner or any Subsidiary of the Partnership or the General Partner, any Limited Partner or any Affiliate of any Limited Partner may engage in, or possess an
interest in, other business ventures of every nature and description, independently or with others, including, without limitation, real estate business ventures, whether or not such other enterprises shall be in competition with any activities of
the Partnership, the General Partner or a Subsidiary, and neither the Partnership, the General Partners, the Subsidiary nor the other Partners shall have any right by virtue of this Agreement in and to such independent ventures or to the income or
profits derived therefrom. 
  
 Section 12.3 Power of
Attorney. 
  
 (A) Each Partner hereby irrevocably
appoints and empowers the General Partner (which term shall include the Liquidator, in the event of a liquidation, for purposes of this Section 12.3) and each of their authorized officers and attorneys-in-fact with full power of substitution
as his true and lawful agent and attorney-in-fact, with full power and authority in his name, place and stead to: 
  
 (1) make, execute, acknowledge, publish and file in the appropriate public offices (a) any duly approved amendments to the Certificate pursuant to the
Act and to the 
  

 38 

 
laws of any state in which such documents are required to be filed; (b) any certificates, instruments or documents as may be required by, or may be
appropriate under, the laws of any state or other jurisdiction in which the Partnership is doing or intends to do business; (c) any other instrument which may be required to be filed by the Partnership under the laws of any state or by any
governmental agency, or which the General Partner deems advisable to file; (d) any documents which may be required to effect the continuation of the Partnership, the admission, withdrawal or substitution of any Partner pursuant to Article
VIII, the dissolution and termination of the Partnership pursuant to Article X, or the surrender of any rights or the assumption of any additional responsibilities by the General Partner; (e) any document which may be required to effect
an amendment to this Agreement to correct any mistake, omission or inconsistency, or to cure any ambiguity herein, to the extent such amendment is permitted by Section 11.1(B); and (f) all instruments (including this Agreement and amendments
and restatements hereof) relating to the determination of the rights, preferences and privileges of any class or series of Partnership Units issued pursuant to Section 4.2(B) of this Agreement; and 
  
 (2) sign, execute, swear to and acknowledge all voting ballots, consents,
approvals, waivers, certificates and other instruments appropriate or necessary, in the sole discretion of the General Partner, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action which is made or given
by the Partners hereunder or is consistent with the terms of this Agreement and/or appropriate or necessary, in the sole discretion of the General Partner, to effectuate the terms or intent of this Agreement. 
  
 (B) Nothing herein contained shall be construed as authorizing the General
Partner to amend this Agreement except in accordance with Article XI or as may be otherwise expressly provided for in this Agreement. 
  
 (C) The foregoing grant of authority (i) is a special power of attorney, coupled with an interest, and it shall survive the Involuntary Withdrawal of any
Partner and shall extend to such Partner’s heirs, successors, assigns and personal representatives; (ii) may be exercised by the General Partner for each and every Partner acting as attorney-in-fact for each and every Partner; and (iii) shall
survive the Transfer by a Limited Partner of all or any portion of its Interest and shall be fully binding upon such transferee; except that the power of attorney shall survive such assignment with respect to the assignor Limited Partner for the
sole purpose of enabling the General Partner to execute, acknowledge and file any instrument necessary to effect the admission of the transferee as a Substitute Limited Partner. Each Partner hereby agrees to be bound by any representations made by
the General Partner, acting in good faith pursuant to such power of attorney. Each Partner shall execute and deliver to the General Partner, within fifteen (15) days after receipt of the General Partner’s request therefor, such further
designations, powers of attorney and other instruments as the General Partner deems necessary to effectuate this Agreement and the purposes of the Partnership. 
  

Section 12.4 Further Assurances. The parties agree to execute and deliver all such documents, provide all such information and take or refrain
from taking any actions as may be necessary or desirable to achieve the purposes of this Agreement and the Partnership. 
  

 39 

 Section 12.5 Titles and Captions. All article or section titles or captions in this Agreement are
solely for convenience and shall not be deemed to be part of this Agreement or otherwise define, limit or extend the scope or intent of any provision hereof. 
  
 Section 12.6 Applicable Law. This Agreement, and the application or interpretation thereof, shall governed exclusively by its terms and by the law
of the State of Delaware. 
  
 Section 12.7 Binding
Agreement. This Agreement shall be binding upon the parties hereto, their heirs, executors, personal representatives, successors and assigns. 
  
 Section 12.8 Waiver of Partition. Each of the parties hereto irrevocably waives during the terms of the Partnership any right that it may have to
maintain any action for partition with respect to any property of the Partnership. 
  
 Section 12.9 Counterparts and Effectiveness. This Agreement may be executed in several counterparts, which shall be treated as originals for all purposes, and all so executed shall constitute one agreement,
binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original or the same counterpart. Any such counterpart shall be admissible into evidence as an original hereof against the Person who executed it.
The execution of this Agreement and delivery thereof by facsimile shall be sufficient for all purposes, and shall be binding upon any party who so executes. 
  
 Section 12.10 Survival of Representations. All representations and warranties herein shall survive the dissolution and final liquidation of the
Partnership. 
  
 Section 12.11 Entire Agreement. This
Agreement (and all Exhibits hereto) contains the entire understanding among the parties hereto and supersedes all prior written or oral agreements among them respecting the within subject matter, unless otherwise provided herein. There are no
representations, agreements, arrangements or understandings, oral or written, among the Partners hereto relating to the subject matter of this Agreement which are not fully expressed herein and in said Exhibits. 
  
 IN WITNESS WHEREOF, this Agreement has been executed as of the day and
year first above written. 
  

	 	 	 	 	 GENERAL PARTNER:

			
	 ATTEST:
	 	 	 	 THE MILLS CORPORATION

			
	 /s/ Laurence Siegel

	 	 	 	 By: /s/ Herbert S. Miller

	 Laurence Siegel, Secretary
	 	 	 	 Herbert S. Miller, President

	 4/20/94
	 	 	 	 
			
	 	 	 	 	 INITIAL LIMITED PARTNER:

			
	 	 	 	 	 /s/ Herbert S. Miller

	 	 	 	 	 Herbert S. Miller

  

 40 

	 LIMITED PARTNERS:

	
	 /s/ Herbert S. Miller

	 The Mills Corporation

	 as Attorney-in-Fact for the Limited Partners

  

 41

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