Document:

Exhibit 4.1

 

AGREE LIMITED PARTNERSHIP,

as Company,

 

AGREE REALTY CORPORATION,

as Guarantor,

 

INDENTURE

Dated as of August 17, 2020

 

 

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

     

     

    

 

TABLE OF CONTENTS

 

Page 

	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE	1
	Section 1.1.            Definitions	1
	Section 1.2.            Other Definitions	5
	Section 1.3.            Incorporation by Reference of Trust Indenture Act	6
	Section 1.4.            Rules of Construction	6
	ARTICLE II. THE SECURITIES	6
	Section 2.1.            Issuable in Series	6
	Section 2.2.            Establishment of Terms of Series of Securities	7
	Section 2.3.            Execution and Authentication	9
	Section 2.4.            Registrar and Paying Agent	10
	Section 2.5.            Paying Agent to Hold Money in Trust	11
	Section 2.6.            Securityholder Lists	11
	Section 2.7.            Transfer and Exchange	11
	Section 2.8.            Mutilated, Destroyed, Lost and Stolen Securities	12
	Section 2.9.            Outstanding Securities	13
	Section 2.10.          When Securities Disregarded	13
	Section 2.11.          Temporary Securities	13
	Section 2.12.          Cancellation	14
	Section 2.13.          Defaulted Interest	14
	Section 2.14.          Global Securities	14
	Section 2.15.          CUSIP Numbers	16
	ARTICLE III. REDEMPTION	16
	Section 3.1.            Notice to Trustee	16
	Section 3.2.            Selection of Securities to be Redeemed	17
	Section 3.3.            Notice of Redemption	17
	Section 3.4.            Effect of Notice of Redemption	18
	Section 3.5.            Deposit of Redemption Price	18
	Section 3.6.            Securities Redeemed in Part	19
	ARTICLE IV. COVENANTS	19
	Section 4.1.            Payment of Principal and Interest	19
	Section 4.2.            SEC Reports	19
	Section 4.3.            Compliance Certificate	20
	Section 4.4.            Stay, Extension and Usury Laws	20
	Section 4.5.            Existence	20
	ARTICLE V. SUCCESSORS	21
	Section 5.1.            Company and General Partner May Consolidate, Etc., on Certain Terms	21

 

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	Section
    5.2.            Successor Person Substituted	23
	ARTICLE VI. DEFAULTS AND REMEDIES	23
	Section 6.1.            Events of Default	23
	Section 6.2.            Acceleration of Maturity; Rescission and Annulment	25
	Section 6.3.            Collection of Indebtedness and Suits for Enforcement by Trustee	26
	Section 6.4.            Trustee May File Proofs of Claim	26
	Section 6.5.            Trustee May Enforce Claims Without Possession of Securities	27
	Section 6.6.            Application of Money Collected	27
	Section 6.7.            Limitation on Suits	28
	Section 6.8.            Unconditional Right of Holders to Receive Principal and Interest	28
	Section 6.9.            Restoration of Rights and Remedies	29
	Section 6.10.          Rights and Remedies Cumulative	29
	Section 6.11.          Delay or Omission Not Waiver	29
	Section 6.12.          Control by Holders	29
	Section 6.13.          Waiver of Past Defaults	30
	Section 6.14.          Undertaking for Costs	30
	ARTICLE VII. TRUSTEE	30
	Section 7.1.            Duties of Trustee	30
	Section 7.2.            Rights of Trustee	32
	Section 7.3.            Individual Rights of Trustee	33
	Section 7.4.            Trustee’s Disclaimer	33
	Section 7.5.            Notice of Defaults	34
	Section 7.6.            Reports by Trustee to Holders	34
	Section 7.7.            Compensation and Indemnity	34
	Section 7.8.            Replacement of Trustee	35
	Section 7.9.            Successor Trustee by Merger, Etc.	36
	Section 7.10.          Eligibility; Disqualification	36
	Section 7.11.          Preferential Collection of Claims Against Company	36
	ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE	37
	Section 8.1.            Satisfaction and Discharge of Indenture	37
	Section 8.2.            Application of Trust Funds; Indemnification	38
	Section 8.3.            Legal Defeasance of Securities of any Series	38
	Section 8.4.            Covenant Defeasance	40
	Section 8.5.            Repayment to Company	41
	Section 8.6.            Reinstatement	41
	ARTICLE IX. AMENDMENTS AND WAIVERS	41
	Section 9.1.            Without Consent of Holders	41
	Section 9.2.            With Consent of Holders	42
	Section 9.3.            Limitations	43
	Section 9.4.            Compliance with Trust Indenture Act	44
	Section 9.5.            Revocation and Effect of Consents	44

 

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	Section
    9.6.            Notation on or Exchange of Securities	44
	Section 9.7.            Trustee Protected	44
	ARTICLE X. GUARANTEES	45
	Section 10.1.          Guarantee	45
	Section 10.2.          Limitation of Guarantee	46
	Section 10.3.          Execution and Delivery of Guarantee	47
	Section 10.4.          Release of Guarantee	47
	ARTICLE XI. MISCELLANEOUS	48
	Section 11.1.         Trust Indenture Act Controls	48
	Section 11.2.          Notices	48
	Section 11.3.          Communication by Holders with Other Holders	49
	Section 11.4.          Certificate and Opinion as to Conditions Precedent	49
	Section 11.5.          Statements Required in Certificate or Opinion	50
	Section 11.6.          Rules by Trustee and Agents	50
	Section 11.7.          Legal Holidays	50
	Section 11.8.          No Recourse Against Others	50 
	Section 11.9.          Counterparts	51
	Section 11.10.        Governing Law	51
	Section 11.11.        No Adverse Interpretation of Other Agreements	51
	Section 11.12.        Successors	51
	Section 11.13.        Severability	51
	Section 11.14.        Table of Contents, Headings, Etc.	51
	Section 11.15.        Force Majeure	51
	Section 11.16.        USA PATRIOT Act	52
	Section 11.17.        Jury Waiver	52
	ARTICLE XII. SINKING FUNDS	52
	Section 12.1.          Applicability of Article	52
	Section 12.2.          Satisfaction of Sinking Fund Payments with Securities	53
	Section 12.3.          Redemption of Securities for Sinking Fund	53
	ARTICLE XIII. MEETINGS OF SECURITYHOLDERS OF SECURITIES	53
	Section 13.1.          Purposes for Which Meetings May Be Called	53
	Section 13.2.          Calling of a Meeting of Securityholders	54
	Section 13.3.          Persons Entitled to Vote at Meetings	54
	Section 13.4.          Quorum; Action	54
	Section 13.5.          Determination of Voting Rights; Conduct and Adjournment of Meetings	55
	Section 13.6.          Counting Votes and Recording Action of Meetings	56

 

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AGREE LIMITED PARTNERSHIP

Reconciliation and tie between Trust Indenture Act of 1939 and

Indenture, dated as of ___________, 2020

 

	§ 310(a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(a)(5) 	 	7.10
	(b) 	 	7.10
	§ 311(a) 	 	7.11
	(b) 	 	7.11
	(c)	 	Not Applicable
	§ 312(a) 	 	2.6
	(b)	 	11.3
	(c)	 	11.3
	§ 313(a) 	 	7.6
	(b)(1) 	 	7.6
	(b)(2) 	 	7.6
	(c)(1) 	 	7.6
	(d)	 	7.6
	§ 314(a) 	 	4.2, 11.5
	(b)	 	Not Applicable
	(c)(1) 	 	11.4
	(c)(2) 	 	11.4
	(c)(3)	 	Not Applicable
	(d)	 	Not Applicable
	(e)	 	11.5
	(f)	 	Not Applicable
	§ 315(a) 	 	7.1
	(b)	 	7.5
	(c)	 	7.1
	(d)	 	7.1
	(e)	 	6.14
	§ 316(a) 	 	2.10
	(a)(1)(A) 	 	6.12
	(a)(1)(B) 	 	6.13
	(b) 	 	6.8
	§ 317(a)(1) 	 	6.3
	(a)(2) 	 	6.4
	(b) 	 	2.5
	§ 318(a) 	 	11.1

 

 

Note: This reconciliation and tie shall
not, for any purpose, be deemed to be part of the Indenture.

 

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Indenture dated as of
August 17, 2020 among Agree Limited Partnership, a Delaware limited partnership (the “Company”), Agree Realty
Corporation, a Maryland corporation operating as a real estate investment trust (the “General Partner”), as
Guarantor, and U.S. Bank National Association (the “Trustee”).

 

Each party agrees as
follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under
this Indenture.

 

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1.                  
Definitions.

 

“Additional
Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified herein
or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are
owing to such Holders.

 

“Affiliate”
of any specified person means any other person directly or indirectly controlling or controlled by or under common control with
such specified person. For the purposes of this definition, “control” (including, with correlative meanings, the terms
“controlled by” and “under common control with”), as used with respect to any person, shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through
the ownership of voting securities or by agreement or otherwise.

 

“Agent”
means any Registrar, Paying Agent or Notice Agent.

 

“Bankruptcy
Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors.

 

“Board of Directors”
means the board of directors of the General Partner.

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the General Partner to have been adopted by
the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of
the certificate and delivered to the Trustee. Where any provision of this Indenture refers to action to be taken pursuant to a
Board Resolution (including the establishment of any Series of the Securities and the forms and terms thereof), such action may
be taken by any committee, officer or employee of the General Partner, authorized to take such action by the Board of Directors,
as evidenced by a Board Resolution.

 

“Business Day”
means, unless otherwise provided by Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant
to Section 2.2, any day except a Saturday, Sunday or a Legal Holiday in The City of New York (or in connection with any payment,
the place of payment) on which banking institutions are authorized or required by law, regulation or executive order to be closed.

 

    

     

    

 

“Capital Stock”
means, with respect to any person, all of the shares of capital stock of (or other ownership or profit interests in) such person,
all of the warrants, options or other rights for the purchase or acquisition from such person of shares of capital stock of (or
other ownership or profit interests in) such person, all of the securities convertible into or exchangeable for shares of capital
stock of (or other ownership or profit interests in) such person or warrants, rights or options for the purchase or acquisition
from such person of such shares (or such other interests), and all of the other ownership or profit interests in such person (including
partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination.

 

“Company”
means the party named as such above until a successor replaces it pursuant to the applicable provisions of this Indenture and thereafter
means the successor.

 

“Company Order”
means a written order signed in the name of the Company by an Officer.

 

“Corporate Trust
Office” means the office of the Trustee at which at any particular time its corporate trust business related to this
Indenture shall be principally administered.

 

“CUSIP number”
means the alphanumeric designation assigned to a security by Standard & Poor’s, CUSIP Service Bureau.

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Default”
means any event which is, or after notice or passage of time or both would be, an Event of Default.

 

“Depositary”
means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities,
the person designated as Depositary for such Series by the Company and any and all successors thereto appointed as Depositary hereunder
and having become such pursuant to the applicable provision of this Indenture, which Depositary shall be a clearing agency registered
under the Exchange Act; and if at any time there is more than one such person, “Depositary” as used with respect to
the Securities of any Series shall mean the Depositary with respect to the Securities of such Series.

 

“Discount Security”
means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration
of acceleration of the maturity thereof pursuant to Section 6.2.

 

“Dollars”
and “$” means the currency of The United States of America.

 

“EDGAR”
means the SEC’s Electronic Data Gathering, Analysis and Retrieval system.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

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“GAAP”
means accounting principles generally accepted in the United States of America set forth in the opinions and pronouncements
of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements
of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant
segment of the accounting profession, which are in effect as of the date of determination.

 

“General Partner”
means the party named as such above until a successor replaces it pursuant to the applicable provisions of this Indenture and thereafter
means the successor.

 

“Global Security”
or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant
to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered
in the name of such Depositary or nominee.

 

“Guarantee”
means the full and unconditional guarantee, if any, by a Guarantor of the Company’s obligations with respect to a Series
of Securities pursuant to the terms set forth in this Indenture.

 

“Guaranteed
Series of Securities” means a Series of Securities, the obligations of the Company with respect to which are guaranteed
by a Guarantor.

 

“Guarantor”
initially means the General Partner and shall include any Subsidiary of the Company that becomes a Guarantor with respect to a
particular Series of Securities pursuant to a Board Resolution, supplemental indenture hereto or an Officer’s Certificate
delivered pursuant to Section 2.2, and, subject to the provisions of Article 5 hereof, shall include their respective successors
and assigns.

 

“Holder”
or “Securityholder” means a person in whose name a Security is registered.

 

“Indenture”
means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of
Securities established as contemplated by Section 2.2.

 

“interest”
with respect to any Discount Security which by its terms bears interest only after a Maturity Date, means interest payable after
the Maturity Date.

 

“Material Subsidiary”
means one or more Subsidiaries, individually or in the aggregate, having assets equal to or greater than $50,000,000 in value calculated
in accordance with GAAP.

 

“Maturity Date”
when used with respect to any Security, means the date on which the principal of such Security becomes due and payable as therein
or herein provided, whether at the Stated Maturity or by declaration of acceleration, or call for redemption.

 

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“Officer”
means the Chief Executive Officer, President, the Chief Financial Officer, the Chief Operating Officer, the Treasurer or any Assistant
Treasurer, the Secretary or any Assistant Secretary, and any Vice President of the General Partner.

 

“Officer’s
Certificate” means a certificate signed by any Officer.

 

“Opinion of
Counsel” means a written opinion of legal counsel who is reasonably acceptable to the Trustee. If agreeable to the Trustee
in its sole discretion, the counsel may be an employee of or counsel to the Company or the General Partner.

 

“person”
means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision thereof.

 

“principal”
of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in
respect of, the Security.

 

“Responsible
Officer” means any officer of the Trustee in its Corporate Trust Office having responsibility for administration of this
Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter
is referred because of his or her knowledge of and familiarity with a particular subject.

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities”
means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.

 

“Series”
or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created
pursuant to Sections 2.1 and 2.2 hereof.

 

“Stated Maturity”
when used with respect to any Security, means the date specified in such Security as the fixed date on which the principal of such
Security or interest is due and payable.

 

“Subsidiary”
of any specified person means any corporation, partnership, limited liability company or other business entity of which more than
50% of the total voting power of the Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such person
or one or more of the other Subsidiaries of that person or a combination thereof.

 

“Subsidiary
Guarantors” means, as of any date, all Subsidiaries of the General Partner that guarantee the obligations of the Company
under this Indenture and any Series of Securities in accordance with the provisions of this Indenture, and “Subsidiary Guarantor”
means any one of the Subsidiary Guarantors; provided that upon the release or discharge of such Subsidiary Guarantor from its Guarantee
in accordance with the Indenture, the Board Resolution, a supplemental indenture or Officer’s Certificate, such Subsidiary
shall cease to be a Subsidiary Guarantor.

 

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“TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent
required by any such amendment, the Trust Indenture Act as so amended.

 

“Trustee”
means the person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include
each person who is then a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used
with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.

 

“Uniform Fraudulent
Transfer Act” means the Uniform Fraudulent Transfer Act as adopted by any state with jurisdiction over the Company or
any Guarantor and any successor legislation.

 

“Uniform Voidable
Transactions Act” means the Uniform Voidable Transactions Act as adopted by any state with jurisdiction over the Company
or any Guarantor and any successor legislation.

 

“USA PATRIOT
Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 (Title III of Pub. L. 107-56 (signed into Law October 26, 2001)).

 

“U.S. Government
Obligations” means securities which are direct obligations of, or guaranteed by, the United States of America for the
payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof,
and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such U.S. Government
Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for
the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized
to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian
in respect of the U.S. Government Obligation evidenced by such depositary receipt.

 

Section 1.2.                  
Other Definitions.

 

	TERM	DEFINED
    IN

    SECTION
	“DTC”	2.14
	“Event of Default”	6.1
	“Legal Holiday”	11.7
	“mandatory sinking fund payment”	12.1
	“Notice Agent”	2.4
	“optional sinking fund payment”	12.1
	“Paying Agent”	2.4
	“Registrar”	2.4
	“Successor Person”	5.1

 

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Section 1.3.                  
Incorporation by Reference of Trust Indenture Act.

 

Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings:

 

“indenture securities” means the
Securities.

 

“obligor” on the indenture securities
means the Company and each Guarantor, respectively, and any successor obligor upon the Securities.

 

All other terms used
in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA
and not otherwise defined herein are used herein as so defined.

 

Section 1.4.                  
Rules of Construction.

 

Unless the context otherwise
requires:

 

(a)              
a term has the meaning assigned to it;

 

(b)              
an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(c)              
“or” is not exclusive;

 

(d)              
words in the singular include the plural, and in the plural include the singular;

 

(e)              
provisions apply to successive events and transactions; and

 

(f)               
the phrase “in writing” as used herein shall be deemed to include portable document format attachments
and other electronic means of transmission, unless otherwise indicated (including any electronic signature covered by the U.S.
federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law,
e.g., www.docusign.com).

 

ARTICLE II.

THE SECURITIES

 

Section 2.1.                  
Issuable in Series.

 

The aggregate
principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may
be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in
the manner provided in a Board Resolution, a supplemental indenture or an Officer’s Certificate detailing the adoption
of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be
issued from time to time, the Board Resolution, Officer’s Certificate or supplemental indenture detailing the adoption
of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified
terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined.
Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and
ratably entitled to the benefits of the Indenture.

 

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Section 2.2.                  
Establishment of Terms of Series of Securities.

 

At or prior to the issuance
of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1
and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23)
by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture
hereto or Officer’s Certificate:

 

2.2.1.          the title (which shall distinguish the Securities of that particular Series from the Securities of any other Series except
to the extent that additional securities of an existing Series are being issued);

 

2.2.2.          the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will
be issued;

 

2.2.3.          any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);

 

2.2.4.          the date or dates on which the principal of the Securities of the Series is payable;

 

2.2.5.          the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or
rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities
of the Series shall bear interest, if any,

 

2.2.6.          the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if any, shall
be payable and any regular record date for the interest payable on any interest payment date;

 

2.2.7.          if such interest will be payable other than in cash, including by issuance of additional securities of the same Series or
will accrue and increase the aggregate outstanding principal amount of such Securities of the Series;

 

2.2.8.          the place or places where the principal of, and premium, if any, and interest, if any, on the Securities of the Series shall
be payable, where the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and
demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered, and the method
of such payment, if by wire transfer, mail or other means;

 

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2.2.9.          if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which
the Securities of the Series may be redeemed, in whole or in part, at the option of the Company;

 

2.2.10.        the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or
analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which,
and the other terms and conditions upon which, Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant
to such obligation;

 

2.2.11.        the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company
at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 

2.2.12.        if other than denominations of $1,000 and any integral multiple thereof, the minimum denominations in which the Securities
of the Series shall be issuable;

 

2.2.13.        the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities, and in such
case, the Depositary for such Series;

 

2.2.14.        if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall
be payable upon declaration of acceleration of the Stated Maturity thereof pursuant to Section 6.2;

 

2.2.15.        the provisions, if any, relating to any security provided for the Securities of the Series;

 

2.2.16.        any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change
in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable
pursuant to Section 6.2;

 

2.2.17.        any addition to, deletion of or change in the covenants set forth in Articles IV or V which applies to Securities of the
Series;

 

2.2.18.        any interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such
Series;

 

2.2.19.        the provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the
conversion or exchange price, the conversion or exchange period, the securities or other property into which the Securities will
be convertible, provisions as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the
option of the Company, the events requiring an adjustment of the conversion price or exchange price and provisions affecting conversion
or exchange if such Series of Securities are redeemed;

 

2.2.20.        whether the Securities of such Series will be senior debt securities or subordinated debt securities and, if applicable,
the subordination terms thereof;

 

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2.2.21.        any Guarantor of the Securities of such Series pursuant to Article X in addition to the General Partner, and the form and
terms of the Guarantees (including provisions relating to seniority or subordination of such Guarantees and the release of the
Guarantors), if any, of any payment or other obligations on such Securities and any additions or changes to this Indenture to permit
or facilitate guarantees of such Securities;

 

2.2.22.        any addition to or change in the provisions related to satisfaction and discharge or covenant defeasance or legal defeasance
in Article VIII;

 

2.2.23.        whether the Securities of such Series are to be issued as Discount Securities and the amount of discount with which such
Securities may be issued; and

 

2.2.24.         any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies
to such Series), including any terms that may be required under applicable law or regulations or advisable in connection with the
marketing of Securities of that Series.

 

All Securities of any
one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture,
if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to
above.

 

Section 2.3.                  
Execution and Authentication.

 

An Officer shall sign
the Securities for the Company by manual, facsimile, electronic or portable document format signature. Any Guarantee on the Securities
shall be executed on behalf of the applicable Guarantor by an Officer or by the Company as the sole member of such Guarantor by
manual, facsimile, electronic or portable document format signature in the name and on behalf of such Guarantor.

 

If an Officer whose signature
is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.

 

A Security shall not
be valid until authenticated by the manual, facsimile, electronic or portable document format signature of the Trustee or an authenticating
agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.

 

The Trustee shall at
any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, upon receipt by the Trustee of
a Company Order, Officer’s Certificate and Opinion of Counsel. Such Company Order may authorize authentication and delivery
pursuant to electronic instructions from the Company or its duly authorized agent or agents. Each Security shall be dated the date
of its authentication.

 

The aggregate outstanding
principal amount of Securities of any Series at any time may not exceed any limit upon the maximum principal amount for such Series
set forth in Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2,
except as provided in Section 2.8.

 

    9

     

    

 

Prior to the issuance
of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on:
(a) the Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities
of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that
Series, (b) an Officer’s Certificate complying with Section 11.4 (which may be the same Officer’s Certificate as provided
under clause (a) hereof), and (c) an Opinion of Counsel complying with Section 11.4.

 

The Trustee shall have
the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines
that such action may not be taken lawfully; or (b) if the Trustee in good faith determines that such action would expose the Trustee
to personal liability.

 

The Trustee may appoint
an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities
whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as the Trustee to deal with the Company or an Affiliate of the Company.

 

Section 2.4.                  
Registrar and Paying Agent.

 

The Company shall maintain,
with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2,
an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”),
where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”) and
where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered
(“Notice Agent”). The Registrar shall keep a register with respect to each Series of Securities and to their
transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the
name or address, of each Registrar, Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any such required
Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Company hereby appoints the Trustee
as its agent to receive all such presentations, surrenders, notices and demands; provided, however, that any appointment
of the Trustee as the Notice Agent shall exclude the appointment of the Trustee or any office of the Trustee as an agent to receive
the service of legal process on the Company. The Company may change any Registrar or Paying Agent of a Series without notice to
any Holder.

 

The Company may
also from time to time designate one or more co-registrars, additional paying agents or additional notice agents and may from
time to time rescind such designations; provided, however, that no such designation or rescission shall in any
manner relieve the Company of its obligations to maintain a Registrar, Paying Agent and Notice Agent in each place so
specified pursuant to Section 2.2 for Securities of any Series for such purposes. The Company will give prompt written notice
to the Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar,
additional paying agent or additional notice agent. The term “Registrar” includes any co-registrar; the
term “Paying Agent” includes any additional paying agent; and the term “Notice Agent”
includes any additional notice agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent.

 

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The Company hereby appoints
the Trustee to act as the initial Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying Agent
or Notice Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.

 

Section 2.5.                  
Paying Agent to Hold Money in Trust.

 

The Company shall require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders
of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on
the Series of Securities, and will notify the Trustee in writing of any Default by the Company in making any such payment. While
any such Default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any
time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by such Paying
Agent. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have
no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and
hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent.
Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying Agent
for the Securities.

 

Section 2.6.                  
Securityholder Lists.

 

The Registrar shall preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders
of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company
shall furnish to the Trustee and Registrar at least 10 days before each interest payment date and at such other times as the Trustee
may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses
of Securityholders of each Series of Securities.

 

Section 2.7.                  
Transfer and Exchange.

 

Where Securities of a
Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal
principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements
for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at
the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise
expressly permitted herein), but the Company may require payment by the applicable Securityholders of a sum sufficient to cover
any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental
charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).

 

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Neither the Company
nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the
period beginning at the opening of business 15 days immediately preceding the sending of a notice of redemption of Securities
of that Series selected for redemption and ending at the close of business on the day such notice is sent, or (b) to register
the transfer of or exchange of Securities of any Series selected, called or being called for redemption as a whole or the
portion being redeemed of any such Securities selected, called or being called for redemption in part.

 

Section 2.8.                  
Mutilated, Destroyed, Lost and Stolen Securities.

 

If any mutilated Security
is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a
new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If there shall be delivered
to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such
security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence
of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute
and upon receipt of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed,
lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.

 

If, after the delivery
of such replacement Security, a bona fide purchaser of the original Security in lieu of which such replacement Security was issued
presents for payment or registration such original Security, the Trustee shall be entitled to recover such replacement Security
from the person to whom it was delivered or any person taking therefrom, except a bona fide purchaser, and, for the avoidance of
doubt, the Company, the Trustee and the Agent shall be entitled to recover upon the security or indemnity provided therefor.

 

In case any such mutilated,
destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead
of issuing a new Security, pay such Security.

 

Upon the issuance of
any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

 

Every new Security of
any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of that Series duly issued hereunder.

 

The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities.

 

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Section 2.9.                  
Outstanding Securities.

 

The Securities outstanding
at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those
described in this Section as not outstanding. Subject to the foregoing and to Section 2.10, in determining whether the Holders
of the requisite principal amount of outstanding Securities have given or concurred in any request, demand, authorization, direction,
notice, consent or waiver hereunder (including, without limitation, determinations pursuant to Articles VI and IX hereof), only
Securities outstanding at the time of such determination shall be considered in any such determination.

 

If a Security is replaced
pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security
is held by a bona fide purchaser.

 

If the Paying Agent (other
than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Stated Maturity of Securities of a Series
money sufficient to pay all amounts payable in respect of such Securities on that date, then on and after that date such Securities
of the Series cease to be outstanding and interest on them ceases to accrue.

 

The Company or an Affiliate
may purchase or otherwise acquire the Securities, whether by open market purchases, negotiated transactions or otherwise. A Security
does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below).

 

In determining whether
the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such
purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a
declaration of acceleration of the Stated Maturity thereof pursuant to Section 6.2.

 

Section 2.10.                
When Securities Disregarded.

 

In determining whether
the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction,
notice, consent or waiver, Securities of a Series owned by the Company, any other obligor on the Securities or any Affiliate of
the Company shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying
on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible
Officer actually knows are so owned shall be so disregarded.

 

Section 2.11.                
Temporary Securities.

 

Until definitive
Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a
Company Order in accordance with the procedures in Section 2.3. Temporary Securities shall be substantially in the form of
definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without
unreasonable delay, the Company shall prepare and the Trustee upon receipt of a Company Order shall authenticate definitive
Securities of the same Series and Stated Maturity in exchange for temporary Securities. Until so exchanged, temporary
securities shall have the same rights under this Indenture as the definitive Securities.

 

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Section 2.12.                
Cancellation.

 

The Company at any time
may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities
surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for
transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities (subject to the record retention
requirement of the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company upon written request
of the Company. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for
cancellation.

 

Section 2.13.                
Defaulted Interest.

 

If the Company defaults
in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law,
any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record
date. The Company shall fix the record date and payment date. At least 10 days before the special record date, the Company shall
send to the Trustee and to each Securityholder of the Series a notice that states the special record date, the payment date and
the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner.

 

Section 2.14.                
Global Securities.

 

2.14.1.        Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered
pursuant to Section 2.2 shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one
or more Global Securities and the Depositary for such Global Security or Securities.

 

2.14.2.        Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 and in addition thereto,
any Global Security shall be exchangeable pursuant to Section 2.7 for Securities registered in the names of Holders other than
the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable
to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered
under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency
under the Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officer’s
Certificate to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant
to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing
in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms.

 

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Except as provided in
this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security
to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by
the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

Any Holder of a beneficial
interest in a Global Security shall, by acceptance of such beneficial interest agree that transfers of beneficial interests in
such Global Security may be effected only through a book-entry system maintained by (a) the Holder of such Global Security (or
its agent) or (b) any Holder of a beneficial interest in such Global Security, and that ownership of a beneficial interest in such
Global Security shall be required to be reflected in a book-entry.

 

2.14.3.        Legends. Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

“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, WHICH MAY BE TREATED BY THE ISSUER, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY
FOR ALL PURPOSES. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE
DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.”

 

In addition, if and so
long as the Depository Trust Company (“DTC”) is the Depositary, each Global Security registered in the name
of DTC or its nominee shall bear a legend in substantially the following form:

 

“UNLESS THIS GLOBAL
SECURITY 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 GLOBAL SECURITY ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.”

 

2.14.4.        Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or
take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give
or take under the Indenture.

 

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2.14.5.             
 Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by
Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

 

2.14.6.             
Consents, Declaration and Directions. The Company, the Trustee and any Agent shall treat a person as the Holder of
such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written
statement of the Depositary or by the applicable procedures of such Depositary with respect to such Global Security, for purposes
of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture and
neither the Company nor the Trustee shall have any liability or responsibility for any action or inaction of the Depositary or
any clearinghouse.

 

Section 2.15.              
CUSIP Numbers.

 

The Company in issuing
the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption
and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption
shall not be affected by any defect in or omission of such numbers.

 

ARTICLE III.

REDEMPTION

 

Section 3.1.                  
Notice to Trustee.

 

The Company may, with
respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and
pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided
for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated
Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee
in writing of the redemption date and the principal amount of Series of Securities (identified by CUSIP) to be redeemed. The Company
shall give the notice at least 15 days before the redemption date, unless a shorter period is satisfactory to the Trustee.

 

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Section 3.2.                  
Selection of Securities to be Redeemed.

 

Unless otherwise
indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate
delivered pursuant to Section 2.2, if less than all the Securities of a Series are to be redeemed, the Securities of the
Series to be redeemed will be selected as follows: (a) if the Securities are in the form of Global Securities, in accordance
with the procedures of the Depositary, (b) if the Securities are listed on any national securities exchange, in compliance
with the requirements of the principal national securities exchange, if any, on which the Securities are listed, or (c) if
not otherwise provided for under clause (a) or (b) in the manner that the Trustee deems fair and appropriate, including by
lot, pro rata or other method, unless otherwise required by law or applicable stock exchange requirements, subject, in the
case of Global Securities, to the applicable rules and procedures of the Depositary. The Securities to be redeemed shall be
selected from Securities of the Series outstanding not previously called for redemption. Portions of the principal of
Securities of the Series that have denominations larger than $1,000 may be selected for redemption. Securities of the Series
and portions of them selected for redemption shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to
Securities of any Series issuable in other denominations pursuant to Section 2.2.11, the minimum principal denomination for
each Series and the authorized integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series
called for redemption also apply to portions of Securities of that Series called for redemption. Notices of redemption may be
subject to the satisfaction of one or more conditions precedent to the extent so indicated for a particular Series of
Securities by a Board Resolution, supplemental indenture or Officer’s Certificate delivered pursuant to Section 2.2;
otherwise, a notice of redemption may not be conditional. Subject to the satisfaction of any conditions precedent to such
redemption (to the extent so indicated for a particular Series of Securities by a Board Resolution, supplemental indenture
hereto or Officer’s Certificate delivered pursuant to Section 2.2), Securities called for redemption become irrevocably
due on the date fixed for redemption at the applicable redemption price, plus accrued and unpaid interest to, but not
including, the redemption date. On and after the redemption date, unless the Company defaults in paying the applicable
redemption price, interest ceases to accrue or accrete on Securities or portions of them called for redemption. If a
redemption is subject to the satisfaction of one or more conditions precedent (to the extent so indicated for a particular
Series of Securities by a Board Resolution, supplemental indenture hereto or an Officer’s Certificate delivered
pursuant to Section 2.2), the redemption date may be delayed by the Company until such time as any or all such conditions
shall be satisfied (or waived by the Company in its sole discretion), or such redemption may not occur and such notice may be
rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Company in its sole
discretion) by the redemption date, or by the redemption date so delayed. In such case, references herein to
“redemption date” mean the original redemption date or the redemption date so delayed.

 

Section 3.3.                  
Notice of Redemption.

 

Unless otherwise indicated
for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant
to Section 2.2, at least 15 days but not more than 60 days before a redemption date, the Company shall send or cause to be sent
by first-class mail or electronically, in accordance with the procedures of the Depositary, a notice of redemption to each Holder
whose Securities are to be redeemed.

 

The notice shall identify
the Securities of the Series to be redeemed and shall state:

 

(a)              
the redemption date;

 

(b)              
the redemption price, including interest accrued and unpaid to, but not including, the redemption date;

 

(c)              
the name and address of the Paying Agent;

 

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(d)              
 if any Securities are being redeemed in part, the portion of the principal amount of such Securities to be redeemed and
that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to
the unredeemed portion of the original Security shall be issued in the name of the Holder thereof upon cancellation of the original
Security;

 

(e)              
that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(f)               
any conditions precedent to such redemption and, if the Company elects to do so, that the redemption date may be delayed
until such time as any or all such conditions shall be satisfied (or waived by the Company in its sole discretion);

 

(g)              
that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date unless
the Company defaults in the deposit of the redemption price;

 

(h)              
the CUSIP number, if any; and

 

(i)                
any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.

 

At the Company’s
request, the Trustee shall give the notice of redemption in the Company’s name and at its expense.

 

Section 3.4.                  
Effect of Notice of Redemption.

 

Once notice of redemption
is sent as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date
and at the redemption price. Except as otherwise provided in the Board Resolution, supplemental indenture hereto or Officer’s
Certificate delivered pursuant to Section 2.2, a notice of redemption may not be conditional. Upon surrender to the Paying Agent,
such Securities shall be paid at the redemption price plus accrued interest to the redemption date.

 

Section 3.5.                  
Deposit of Redemption Price.

 

On or before 11:00 a.m.,
New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption
price of and accrued interest, if any, on all Securities to be redeemed on that date, other than Securities or portions of Securities
called for redemption that have been delivered by the Company to the Trustee for cancellation. The Trustee or the Paying Agent
shall as promptly as practicable return to the Company any money deposited with the Trustee or the Paying Agent by the Company
in excess of the amounts necessary to pay the redemption price of, and accrued interest on, all Securities to be redeemed. If such
money is then held by the Company in trust and is not required for such purpose it shall be discharged from such trust.

 

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If the Company
complies with the provisions of the preceding paragraph, on and after the redemption date, interest shall cease to accrue on
the Securities or the portions of the Securities called for redemption. If a Security is redeemed on or after a regular
record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the
person in whose name such Security was registered at the close of business on such regular record date and the redemption
price shall not include accrued and unpaid interest, if any, up to, but not including, the redemption date. If any Security
called for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to comply with
the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such principal is
paid, and, to the extent lawful, on any interest not paid on such unpaid principal, in each case at the rate provided in the
Securities.

 

Section 3.6.                  
Securities Redeemed in Part.

 

Upon surrender of a Security
that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity
equal in principal amount to the unredeemed portion of the Security surrendered.

 

ARTICLE IV.

COVENANTS

 

Section 4.1.                  
Payment of Principal and Interest.

 

The Company covenants
and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and
interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before
11:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient
to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities
and this Indenture.

 

Section 4.2.                  
SEC Reports. 

 

To the extent any
Securities of a Series are outstanding, the Company and the General Partner shall deliver to the Trustee for each Series
within 15 days of the date the Company or the General Partner is required to file the same with the SEC copies of the annual
reports, quarterly reports and of the information, documents, and other reports (or copies of such portions of any of the
foregoing as the SEC may by rules and regulations prescribe) which the Company or the General Partner is required to file
with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company and the General Partner also shall comply with
the other provisions of TIA § 314(a). If the Company or the General Partner is not subject to the requirements of such
Section 13 or 15(d), the Company or the General Partner shall nevertheless continue to (1) file such reports and other
documents with the SEC (unless the SEC will not accept such filings) on or prior to the respective dates by which the Company
or the General Partner, would have been required so to file such documents if it were so subject, and (2) file with the
Trustee for each Series copies of such reports and other documents; provided if the SEC will not accept such filings for any
reason, the Company will make the reports referred to in the preceding paragraph available on its website within the required
timeframe that would apply if the Company were required to file those reports with the SEC. Reports, information and
documents filed with the SEC via the EDGAR system will be deemed to be delivered to the Trustee and the Holders as of the
time of such filing via EDGAR for purposes of this Section 4.2. The Trustee shall have no obligation whatsoever to determine
whether or not such information, documents or reports have been filed via EDGAR.

 

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The Company and the General
Partner shall also file with the Trustee for each Series, and transmit to Holders, such information, documents and other reports,
and such summaries thereof, as may be required pursuant to the TIA at the times and in the manner provided pursuant to such act;
provided that any such information, documents or reports required to be filed with the SEC pursuant to Section 13 or 15(d) of the
Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the SEC. Delivery of
reports, information and documents to the Trustee under this Section 4.2 are for informational purposes only and the Trustee’s
receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable
from information contained therein, including the Company’s compliance with any of their covenants hereunder (as to which
the Trustee is entitled to rely exclusively on Officer’s Certificates). The Trustee shall nave no liability or responsibility
for the filing, timeliness or content of any such report.

 

Section 4.3.                  
Compliance Certificate.

 

To the extent any Securities
of a Series are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the
Company, an Officer’s Certificate stating that a review of the Company and the General Partner during the preceding fiscal
year has been made under the supervision of the signing Officers in their duties as Officers of the General Partner and to the
best knowledge of such Officers, such review did not disclose that a Default or Event of Default has occurred and is continuing
(or, if a Default or Event of Default shall have occurred and is continuing, describing all such Defaults or Events of Default
of which the Officer has knowledge and the steps to be taken to cure such Defaults or Events of Default). The Trustee shall have
no liability or responsibility for the delivery of, timeliness or content of any such Officer’s Certificate.

 

Section 4.4.                  
Stay, Extension and Usury Laws.

 

The Company and the General
Partner covenant (to the extent that they may lawfully do so) that they will not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter
in force, which may affect the covenants or the performance of this Indenture or the Securities; and the Company and the General
Partner (to the extent they may lawfully do so) hereby expressly waive all benefit or advantage of any such law and covenant that
they will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but
will suffer and permit the execution of every such power as though no such law has been enacted.

 

Section 4.5.                  
Existence.

 

Subject to Article
V hereof, each of the Company and the Guarantors will do or cause to be done all things necessary to preserve and keep in
full force and effect its existence, rights (charter and statutory) and franchises; provided, that neither the Company nor
any Guarantor shall be required to preserve any such right or franchise if the Company or the Board of Directors, as
applicable, shall determine that the preservation thereof is no longer desirable in the conduct of the business of the
Company or such Guarantor, as applicable.

 

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ARTICLE V.

SUCCESSORS

 

Section 5.1.                  
Company and General Partner May Consolidate, Etc., on Certain Terms.

 

Unless otherwise indicated
for a particular Series of Securities by a Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered
pursuant to Section 2.2, neither the Company nor the General Partner shall consolidate or merge with or into, any other person,
or convey, sell, transfer or lease all or substantially all of its respective properties and assets to any person unless:

 

(a)              
the person formed by such consolidation or merger (if other than the Company or the General Partner, as applicable) or the
person which acquires by conveyance or transfer, or which leases all or substantially all of the properties and assets of the Company
or the General Partner, as applicable, shall be a corporation organized and validly existing under the laws of any U.S. domestic
jurisdiction (the “Successor Person”) and shall expressly assume, by a supplemental indenture in customary and
commercially reasonable form, executed and delivered to the Trustee, (1) in the case of a Successor Person to the Company, the
due and punctual payment of the principal of and interest on all the Securities of any Series and the performance or observance
of every covenant of the Indenture on the part of the Company to be performed or observed by the Company or (2) in the case of
a Successor Person to the General Partner, all of the obligations of the General Partner under the Guarantee of the General Partner
and the performance or observance of every covenant of the Indenture on the part of the General Partner to be performed or observed
by the General Partner; and

 

(b)              
immediately after giving effect on a pro forma basis to such transaction, no Event of Default shall have occurred and be
continuing and no event which, after notice or the lapse of time, or both, would become an Event of Default, shall have occurred
and be continuing; and

 

(c)              
the Company or the General Partner, as applicable, shall have delivered to the Trustee an Officer’s Certificate and
an Opinion of Counsel, each stating that such consolidation, merger, conveyance, sale, transfer or lease and such supplemental
indenture, if any, comply with this Section 5.1 and that all conditions precedent provided for in this Indenture relating to such
transaction and the supplemental indenture in respect thereto have been complied with.

 

Unless otherwise
indicated for a particular Series of Securities by a Board Resolution, supplemental indenture hereto or Officer’s
Certificate delivered pursuant to Section 2.2, neither the Company nor the General Partner will permit any Subsidiary
Guarantor to consolidate or merge with into, any other person, or convey, sell, transfer or lease all or substantially all of
its respective properties and assets to any person unless the following conditions are met:

 

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(d)              
such Subsidiary Guarantor shall be the continuing entity, or the successor entity (if not such Subsidiary Guarantor) formed
by or resulting from any consolidation or merger or which shall have received the transfer of assets shall be domiciled in the
United States, any state thereof or the District of Columbia and shall expressly assume, by a supplemental indenture, all the obligations
of such Subsidiary Guarantor, if any, under the Series of Securities or its guarantee, as applicable; provided, that the foregoing
requirement will not apply in the case of a Subsidiary Guarantor (x) that has been disposed of in its entirety to another
person (other than to the General Partner or an Affiliate of the General Partner), whether through a merger, consolidation or sale
of Capital Stock or has sold, leased or conveyed all or substantially all of its assets or (y) that, as a result of the disposition
of all or a portion of its Capital Stock, ceases to be a Subsidiary;

 

(e)              
immediately after giving effect on a pro forma basis to the transaction, no Event of Default shall have occurred and be
continuing and no event which, after notice or the lapse of time, or both, would become an Event of Default, shall have occurred
and be continuing; and

 

(f)               
an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, sale,
transfer or lease and such supplemental indenture, if any, comply with this Section 5.1 and that all conditions precedent provided
for in this Indenture relating to such transaction and the supplemental indenture in respect thereto have been complied with shall
be delivered to the Trustee.

 

In the event of any
transaction described in and complying with the conditions listed in the immediately preceding paragraph in which such Subsidiary
Guarantor is not the continuing entity, the Successor Person formed or remaining shall succeed, and be substituted for, and may
exercise every right and power of such Subsidiary Guarantor, and such Subsidiary Guarantor shall be discharged from its obligations
under the Indenture.

 

Notwithstanding the
above, any Subsidiary of the Company that is not a Subsidiary Guarantor may consolidate with, merge into or convey, transfer or
lease all or substantially all of its properties to the Company or to any other Guarantor. Neither an Officer’s Certificate
nor an Opinion of Counsel shall be required to be delivered in connection therewith if the Company or another Guarantor is the
surviving entity.

 

This “Merger, Consolidation
or Sale of Assets” covenant will not apply to:

 

		·	a merger, consolidation, sale, assignment, transfer, conveyance or other
disposition of assets between or among the General Partner, the Company or any of the Subsidiary Guarantors; or

 

		·	a merger between the General Partner or any of its Subsidiaries, respectively,
and the General Partner or such Subsidiary incorporated or formed solely for the purpose of reincorporating or reorganizing the General Partner or such Subsidiary in another state of the United
States.

 

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Section 5.2.         
Successor Person Substituted.

 

Upon any consolidation
or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company or a Guarantor,
as applicable, with or merger of the Company or a Guarantor, as applicable, into, any other person or any conveyance, transfer
or lease of all or substantially all of the properties and assets of the Company or such Guarantor, as applicable, to any other
person in accordance with Section 5.1, the Successor Person will succeed to, and be substituted for, and may exercise every right
and power of, the Company or such Guarantor, as applicable, with respect to each Series of Securities then outstanding under this
Indenture with the same effect as if such Successor Person had been named therein as the Company or a Guarantor, as applicable,
and thereafter the Company or such Guarantor, as applicable, will be automatically released from all obligations and covenants
under this Indenture and the Securities, as the case may be, and may liquidated and dissolve.

 

ARTICLE VI.

DEFAULTS AND REMEDIES

 

Section 6.1.                  
Events of Default.

 

“Event of Default,”
wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing
Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, it is provided
that such Series shall not have the benefit of said Event of Default:

 

(a)              
default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of
such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or
with a Paying Agent prior to 11:00 a.m., New York City time, on the 30th day of such period); or

 

(b)              
default in the payment of principal, premium if any, of any Security of that Series at the Maturity Date; or

 

(c)              
default in the performance or breach of any covenant or warranty by the Company, the General Partner, or in the case of
any Guaranteed Series of Securities only, any Guarantor of such Guaranteed Series of Securities, in this Indenture (other than
defaults pursuant to paragraphs (a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture
solely for the benefit of a Series of Securities other than that Series), which default continues uncured for a period of 60 consecutive
days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee
by the Holders of at least 25% in principal amount of the outstanding Securities of that Series a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;
or

 

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(d)              
 the Company, the General Partner or any Material Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

(i)               
commences a voluntary case,

 

(ii)              
consents to the entry of an order for relief against it in an involuntary case,

 

(iii)             
consents to the appointment of a Custodian of it or for all or substantially all of its property,

 

(iv)             
makes a general assignment for the benefit of its creditors, or

 

(v)              
generally is unable to pay its debts as the same become due; or

 

(e)              
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(i)               
is for relief against the Company, the General Partner or any Material Subsidiary in an involuntary case,

 

(ii)               appoints a Custodian of the Company, the General Partner or any Material Subsidiary for all or substantially all of its
property, or

 

(iii)             
orders the liquidation of the Company, the General Partner or any Material Subsidiary

 

and the order or decree
remains unstayed and in effect for 60 days;  or

 

(f)               
the Guarantee of any Guarantor required to guarantee the Securities ceases to be in full force and effect (other than in
accordance with the provisions of the Indenture) or such Guarantor denies or disaffirms in writing its obligations under the Indenture
or its Guarantee; or

 

(g)              
any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution,
a supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.

 

The Company will provide
the Trustee written of notice of any Default or Event of Default within 30 days of becoming aware of the occurrence of such Default
or Event of Default, which notice will describe in reasonable detail the status of such Default or Event of Default and what action
the Company is taking or proposes to take in respect thereof. Except in the case of a Default or Event of Default in payment of
principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as it in good faith
determines that withholding the notice is in the interest of Securityholders of that Series.

 

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Section 6.2.                  
Acceleration of Maturity; Rescission and Annulment.

 

(a)       If
an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event
of Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal
amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are
Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of premium, if any,
and accrued and unpaid interest, if any, to, but not including, the date of acceleration, on all of the Securities of that Series
to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders) specifying the
Event of Default, and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if
any, shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal
amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become
and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

(b)       At
any time after the principal of the Securities of that Series shall have been so declared due and payable, and before any judgment
or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the Holders of a majority
in aggregate principal amount of the Securities of that Series then outstanding hereunder, by written notice to the Company and
the Trustee, may rescind and annul such declaration and its consequences if:

 

(i)                   the
Company or the General Partner has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest
upon all the Securities of that Series and the principal of (and premium, if any) any and all Securities of that Series that shall
have become due otherwise than solely as a result of acceleration (with interest upon such principal and premium, if any, and,
to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum
expressed in the Securities of that Series to the date of such payment or deposit) and the amount payable to the Trustee under
Section 7.7, and

 

(ii)                  any
and all Events of Default under the Indenture with respect to such Series, other than the nonpayment of accelerated principal
(or specified portion thereof), premium, if any, and interest on Securities of that Series that shall not have become due by their
terms, shall have been remedied or waived as provided in Section 6.13. No such rescission and annulment shall extend to or shall
affect any subsequent default or impair any right consequent thereon.

 

 

(c)       In
case the Trustee shall have proceeded to enforce any right with respect to Securities of that Series under this Indenture and
such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or
shall have been determined adversely to the Trustee, then and in every such case, subject to any determination in such
proceedings, the Company, the General Partner, and the Trustee shall be restored respectively to their former positions and
rights hereunder, and all rights, remedies and powers of the Company, the General Partner and the Trustee shall continue as
though no such proceedings had been taken.

 

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(d)       No
such rescission shall affect any subsequent Default or impair any right consequent thereon.

 

Section 6.3.                  
Collection of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants
that if

 

(a)              
default is made in the payment of any interest on any Security when such interest becomes due and payable and such default
continues for a period of 60 days, or

 

(b)              
default is made in the payment of principal of any Security at the Stated Maturity thereof, or

 

(c)              
default is made in the deposit of any sinking fund payment, if any, when and as due by the terms of a Security,

 

then, the Company will, upon demand
of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities
for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue
principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, reasonable expenses,
disbursements and advances of the Trustee, its agents and counsel.

 

If the Company fails
to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute
a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree
and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed
to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever
situated.

 

If an Event of Default
with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and
enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 6.4.                  
Trustee May File Proofs of Claim.

 

In case of the
pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or
of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be
due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made
any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention
in such proceeding or otherwise,

 

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(a)              
to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and
to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any
claim for the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel) and of the
Holders allowed in such judicial proceeding, and

 

(b)              
to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same,

 

and any Custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent
to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the compensation, reasonable
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section
7.7.

 

Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee
to vote in respect of the claim of any Holder in any such proceeding.

 

Section 6.5.                  
Trustee May Enforce Claims Without Possession of Securities.

 

All rights of action
and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of
the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment
of the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Securities in respect of which such judgment has been recovered.

 

Section 6.6.                  
Application of Money Collected.

 

Any money or property
collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money or property on account of principal or interest, upon presentation of the Securities
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

First:To the payment
of all amounts due the Trustee or any Agent under Section 7.7; and

 

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Second: To the payment
of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit of which
such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on
such Securities for principal and interest, respectively; and

 

Third:To the Company
or for any Guaranteed Series of Securities, the Guarantor of such Series or to such party as a court of competent jurisdiction
shall otherwise direct.

 

Section 6.7.                  
Limitation on Suits.

 

No Holder of any Security
of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless:

 

(a)              
such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities
of that Series;

 

(b)              
the Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(c)              
such Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs,
expenses and liabilities which might be incurred by the Trustee in compliance with such request;

 

(d)              
the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such
proceeding; and

 

(e)              
no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders
of a majority in principal amount of the outstanding Securities of that Series;

 

it being understood, intended and expressly
covenanted by the Holder of every Security with every other Holder and the Trustee that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders
or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all
such Holders of the applicable Series.

 

Section 6.8.                  
Unconditional Right of Holders to Receive Principal and Interest.

 

Notwithstanding any
other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of, premium, if any, and interest, if any, on such Security on the Maturity Date of such
Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date)
and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of
such Holder.

 

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Section 6.9.                
Restoration of Rights and Remedies.

 

If the Trustee or any
Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject
to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively
to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding had been instituted.

 

Section 6.10.              
Rights and Remedies Cumulative.

 

Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate
right or remedy.

 

Section 6.11.              
Delay or Omission Not Waiver.

 

No delay or omission
of the Trustee, any Agent or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right
and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as
may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

Section 6.12.              
Control by Holders.

 

The Holders of a majority
in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect
to the Securities of such Series, provided that:

 

(a)              
such direction shall not be in conflict with any rule of law or with this Indenture,

 

(b)              
the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction,

 

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(c)              
 subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the
Trustee in good faith shall determine that the proceeding so directed would involve the Trustee in personal liability, and

 

(d)              
prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity and security
satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or
direction.

 

Section 6.13.              
Waiver of Past Defaults.

 

The Holders of not less
than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities
of such Series, by written notice to the Trustee and the Company, waive any past Default hereunder with respect to such Series
and its consequences, except a Default (a) in the payment of the principal of, premium, if any, or interest on any Security of
such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series
may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration) and
(b) in respect of a covenant or provision contained in this Indenture that cannot be modified or amended without the consent of
the Holder of each outstanding Security affected thereby.. Upon any such waiver, such Default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall
extend to any subsequent or other Default or impair any right consequent thereon.

 

Section 6.14.              
Undertaking for Costs.

 

All parties to this Indenture
agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the
costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted
by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal
amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment
of the principal of or interest on any Security on or after the Maturity Date of such Security, including the Stated Maturity expressed
in such Security (or, in the case of redemption, on the redemption date).

 

ARTICLE VII.

TRUSTEE

 

Section 7.1.                  
Duties of Trustee.

 

(a)              
If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by
this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs.

 

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(b)              
 Except during the continuance of an Event of Default:

 

(i)                
The Trustee need perform only those duties that are specifically set forth in this Indenture and no others and no implied
covenants or obligations shall be read into this Indenture against the Trustee.

 

(ii)               
In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming
to the requirements of this Indenture; however, in the case of any such Officer’s Certificates or Opinions of Counsel
which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s
Certificates and Opinions of Counsel to determine whether or not they conform to the form requirements of this Indenture.

 

(c)              
The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that:

 

(i)                 This paragraph does not limit the effect of paragraph (b) of this Section.

 

(ii)               
The Trustee shall not be liable for any error of judgment made in good faith, unless it is proved that the Trustee was negligent
in ascertaining the pertinent facts.

 

(iii)              
The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to
Securities of any Series in good faith in accordance with a direction received by it pursuant to Section 6.12 hereof.

 

(d)              
Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this
Section.

 

(e)              
The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it
against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power.

 

(f)               
The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)              
No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability
in the performance of any of its duties, or in the exercise of any of its rights or powers, if adequate indemnity against such
risk is not assured to the Trustee in its satisfaction.

 

(h)              
Each Agent and any authenticating agent shall be entitled to the protections and immunities as are set forth in Article
VII with respect to the Trustee.

 

    31

     

    

 

Section 7.2.                  
Rights of Trustee.

 

(a)              
The Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon any document (whether
in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper person. The
Trustee need not investigate any fact or matter stated in the document.

 

(b)              
Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel
or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s
Certificate or Opinion of Counsel.

 

(c)              
The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed
with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission
by any Depositary.

 

(d)              
The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers.

 

(e)              
The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it in reliance thereon.

 

(f)               
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory
to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

 

(g)              
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and
shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.

 

(h)              
The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer has actual
knowledge thereof or unless written notice of any event which is in fact such a default is actually received by the Trustee at
the Corporate Trust Office, and such notice references the Securities generally or the Securities of a particular Series and this
Indenture.

 

(i)                 In
no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or
damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the
likelihood of such loss or damage.

 

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(j)                
The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation
or duty to do so.

 

(k)              
Under no circumstances shall the Trustee be liable in its individual capacity, or otherwise, for the obligations evidenced
by the Securities.

 

(l)                
The Trustee shall have no obligation to undertake any calculation hereunder or have any liability for any calculation performed
in connection herewith or the transactions contemplated hereunder.

 

(m)              
The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

(n)              
The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent,
custodian and other person employed to act hereunder.

 

(o)              
The Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals and/or
titles of Officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate
may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized
in any such certificate previously delivered and not superseded.

 

Section 7.3.                  
Individual Rights of Trustee.

 

The Trustee in its individual
or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of
the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee
is also subject to Sections 7.10 and 7.11.

 

Section 7.4.                  
Trustee’s Disclaimer.

 

The Trustee makes no
representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s
use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.

 

Delivery of
reports, information and documents to the Trustee is for informational purposes only and its receipt of such reports shall
not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of the covenants under the Indenture, any Officer’s Certificate or
supplemental indenture or the Series of Securities (as to which the Trustee is entitled to rely exclusively on an
Officer’s Certificate). The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise,
compliance with any such covenants as aforesaid or with respect to any reports or other documents filed with the SEC or EDGAR
or any website under the Indenture, or participate in any conference calls.

 

    33

     

    

 

The Company will provide
a schedule of any calculations required hereunder or under any supplemental indenture or Officer’s Certificate, including
calculations of any amounts to be paid under the Indenture or the Series of Securities to the Trustee. The Trustee is entitled
to rely conclusively upon the accuracy of the Company’s calculations without independent verification. The Trustee has no
duty or responsibility to monitor or ensure compliance with any of the covenants described herein by the Company or any Guarantor.

 

Section 7.5.                  
Notice of Defaults.

 

If a Default or Event
of Default occurs and is continuing with respect to the Securities of any Series and if it is actually known to a Responsible Officer,
the Trustee shall send to each Securityholder of the Securities of that Series notice of such Default or Event of Default within
90 days after a Responsible Officer has knowledge of such Default or Event of Default. Except in the case of a Default or Event
of Default in payment of principal of, and premium, if any, or interest on, any Security of any Series, the Trustee may withhold
the notice if and so long as it in good faith determines that withholding the notice is in the interest of Securityholders of that
Series.

 

Section 7.6.                  
Reports by Trustee to Holders.

 

Within 60 days after
each anniversary of the date of this Indenture, the Trustee shall deliver to all Securityholders, as their names and addresses
appear on the register kept by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the
extent required under, TIA § 313.

 

A copy of each report
at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each national securities exchange on
which the Securities of that Series are listed. The Company shall promptly notify the Trustee when Securities of any Series are
listed (or delisted as the case may be) on any national securities exchange.

 

Section 7.7.                  
Compensation and Indemnity.

 

The Company shall pay
to the Trustee (acting in any capacity hereunder) from time to time compensation for its services as the Company and the Trustee
shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation
of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out of pocket expenses
incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.

 

The Company and
each Guarantor shall indemnify each of the Trustee and any predecessor Trustee (including for the cost of defending itself)
against any cost, expense or liability, including taxes (other than taxes based upon, measured by or determined by the income
of the Trustee) incurred by it except as set forth in the next paragraph in the performance of its duties under this
Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity,
although the failure to so notify shall not negate any indemnification obligation hereunder. The Company or the applicable
Guarantor shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel in
each applicable jurisdiction and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not
pay for any settlement made without its consent, which consent will not be unreasonably withheld. This indemnification shall
apply to officers, directors, employees, shareholders and agents of the Trustee.

 

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The Company and any Guarantor
need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director,
employee, shareholder or agent of the Trustee through willful misconduct, negligence or bad faith, as determined by a court of
competent jurisdiction in a final non-appealable order.

 

To secure the Company’s
and each Guarantor’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series
on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular
Securities of that Series.

 

When the Trustee incurs
expenses or renders services after an Event of Default specified in Section 6.1(d) or (e) occurs, the expenses and the compensation
for the services are intended to constitute expenses of administration under any Bankruptcy Law.

 

The provisions of this
Section shall survive the termination of this Indenture and the resignation or removal of the Trustee.

 

Section 7.8.                  
Replacement of Trustee.

 

A resignation or removal
of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance
of appointment as provided in this Section.

 

The Trustee may resign
with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed
resignation. The Holders of a majority in principal amount of the outstanding Securities of any Series may remove the Trustee with
respect to that Series by so notifying the Trustee and the Company at least 30 days prior. The Company may, upon 30-day notice,
remove the Trustee with respect to Securities of one or more Series if:

 

(a)              
the Trustee fails to comply with Section 7.10;

 

(b)              the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law;

 

(c)              
a Custodian takes charge of the Trustee or its property; or

 

(d)              
the Trustee becomes incapable of acting.

 

If the Trustee
resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of
the outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

    35

     

    

 

If a successor Trustee
with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns
or is removed, the retiring Trustee (at the expense of the Company in the case of a petition by the Trustee), the Company or the
Holders of at least a majority in principal amount of the outstanding Securities of the applicable Series may petition any court
of competent jurisdiction for the appointment of a successor Trustee.

 

A successor Trustee shall
deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring
Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section
7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture.
A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement
of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit
of the retiring Trustee with respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance
with its rights, powers and duties under this Indenture prior to such replacement. The resigning or removed Trustee shall have
no liability or responsibility for the action or inaction of any successor Trustee.

 

Section 7.9.                  
Successor Trustee by Merger, Etc.

 

If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the
successor corporation without any further act shall be the successor Trustee, subject to Section 7.10.

 

Section 7.10.              
Eligibility; Disqualification.

 

This Indenture shall
always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a combined
capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall
comply with TIA § 310(b).

 

Section 7.11.              
Preferential Collection of Claims Against Company.

 

The Trustee is subject
to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed
shall be subject to TIA § 311(a) to the extent indicated.

 

    36

     

    

 

ARTICLE VIII.

SATISFACTION AND
DISCHARGE; DEFEASANCE

 

Section 8.1.                  
Satisfaction and Discharge of Indenture.

 

This Indenture shall
upon Company Order be discharged with respect to the Securities of any Series and cease to be of further effect as to all Securities
of such Series (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute
instruments acknowledging satisfaction and discharge of this Indenture and of the Company and the Guarantor (for any Guaranteed
Series of Securities) with respect to such Series of Securities, when

 

(a)              
either:

 

(i)                
all Securities of such Series theretofore authenticated and delivered (other than Securities that have been destroyed, lost
or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or

 

(ii)               
all such Securities of such Series not theretofore delivered to the Trustee for cancellation:

 

(1)              
have become due and payable by reason of sending a notice of redemption or otherwise, or

 

(2)              
will become due and payable at their maturity within one year, or

 

(3)              
have been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or

 

(4)              
are deemed paid and discharged pursuant to Section 8.3, as applicable;

 

and the Company, in the case of (1), (2)
or (3) above, shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount of
money or U.S. Government Obligations, which amount shall be sufficient for the purpose of paying and discharging each installment
of principal (including mandatory sinking fund or analogous payments) of and interest on all the Securities of such Series on the
dates such installments of principal or interest are due;

 

(b)              
the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 

(c)              
the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
all conditions precedent provided for relating to the satisfaction and discharge contemplated by this Section have been complied
with.

 

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Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been
deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall
survive.

 

Section 8.2.                  
Application of Trust Funds; Indemnification.

 

(a)              
Subject to the provisions of Section 8.5, all money and U.S. Government Obligations deposited with the Trustee pursuant
to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations deposited with the Trustee
pursuant to Section 8.1, 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities
and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money
has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated
by Sections 8.1, 8.3 or 8.4.

 

(b)              
The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against
U.S. Government Obligations deposited pursuant to Sections 8.1, 8.3 or 8.4 or the interest and principal received in respect of
such obligations other than any payable by or on behalf of Holders.

 

(c)              
The Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or
money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified
public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, are then in excess
of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations
or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations
held under this Indenture.

 

Section 8.3.                  
Legal Defeasance of Securities of any Series.

 

Unless this Section 8.3
is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company shall be deemed to have
paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the
deposit referred to in subparagraph (d) hereof, and the Company and the Guarantor of such Series of Securities shall be deemed
to have been discharged from their respective obligations with respect to all outstanding Securities of such Series and all Guarantees
(if any) of such Series shall be discharged and the provisions of this Indenture, as it relates to such outstanding Securities
of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company
Order, execute instruments acknowledging the same), except as to:

 

(a)               the
rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i)
payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on
the maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund
payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with
the terms of this Indenture and the Securities of such Series;

 

    38

     

    

 

(b)              
the provisions of Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3 and 8.5; and

 

(c)              
the rights, powers, trusts and immunities of the Trustee hereunder and the Company’s obligations in connection therewith;

 

provided that, the following conditions
shall have been satisfied:

 

(d)              
the Company shall have irrevocably deposited or caused to be deposited (except as provided in Section 8.2(c)) with the Trustee
as trust funds specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities in the
case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, not later than one
day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each
installment of principal of, premium, if any, and interest, on and any mandatory sinking fund payments in respect of all the Securities
of such Series on the dates such installments of principal or interest and such sinking fund payments are due;

 

(e)              
such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement
or instrument to which the Company is a party or by which it is bound;

 

(f)               
no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the
date of such deposit;

 

(g)              
the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that
(i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date
of execution of this Indenture, there has been a change in the applicable federal income tax law, in either case to the effect
that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize
income, gain or loss for federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject
to federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit,
defeasance and discharge had not occurred;

 

(h)              
the Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by
the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

    39

     

    

 

(i)                
 the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with.

 

Section 8.4.                  
Covenant Defeasance.

 

Unless this Section 8.4
is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company may omit to comply with
respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, or 4.5, and 5.1
and, unless otherwise specified therein, any additional covenants specified in a Board Resolution, supplemental indenture hereto
or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not
constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified
in a Board Resolutions, supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2.18 and
designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities
of such Series, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby;
provided that the following conditions shall have been satisfied:

 

(a)              
with reference to this Section 8.4, the Company has irrevocably deposited or caused to be irrevocably deposited (except
as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically
pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities cash in Dollars and/or U.S. Government
Obligations, not later than one day before the due date of any payment of money, an amount sufficient, in the opinion of a nationally
recognized firm of independent certified public accountants or investment bank expressed in a written certification thereof delivered
to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of
and interest on all the Securities of such Series on the dates such installments of principal or interest are due;

 

(b)              
such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement
or instrument to which the Company is a party or by which it is bound;

 

(c)              
no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the
date of such deposit;

 

(d)               the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that (i)
the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date
of execution of this Indenture, there has been a change in the applicable federal income tax law, in either case to the
effect that, and based thereon such Opinion of Counsel shall confirm, subject to customary exclusions, that the Holders of
the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such
deposit, covenant defeasance and discharge and will be subject to federal income tax on the same amount and in the same
manner and at the same times as would have been the case if such deposit, covenant defeasance and discharge had not
occurred;

 

    40

     

    

 

(e)              
The Company shall have delivered to the Trustee an Officer’s Certificate stating the deposit was not made by the Company
with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

(f)               
The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied
with.

 

Section 8.5.                  
Repayment to Company.

 

Subject to applicable
abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment
of principal and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to
the Company for payment as general creditors unless an applicable abandoned property law designates another person.

 

Section 8.6.                  
Reinstatement.

 

If the Trustee or Agent
is unable to apply any monies or U.S. Government Obligations in accordance with the provisions of this Article, as the case may
be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company’s and any Guarantor’s obligations under this Indenture and the Securities will be revived
and reinstated as though no deposit had occurred until such time as the Trustee or Agent is permitted to apply all such money in
accordance with the applicable provisions of this Article, as the case may be; provided, however, that, if the Company makes any
payment of principal of, premium, if any, or interest on, any Securities following the reinstatement of its obligations, the Company
will be subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the Trustee or
Paying Agent.

 

ARTICLE IX.

AMENDMENTS AND WAIVERS

 

Section 9.1.                  
Without Consent of Holders.

 

The Company, the General
Partner and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental to the Indenture
or the Securities of one or more Series without the consent of any Securityholder for one or more of the following purposes:

 

9.1.1.     
to cure any ambiguity, defect or inconsistency in the Indenture; provided that this action shall not adversely affect the
interests of the Securityholders in any material respect;

 

9.1.2.     
to evidence a successor to the Company as obligor or any Guarantor as guarantor under the Indenture with respect to the
Securities;

 

    41

     

    

 

9.1.3.     
 to make any change that does not adversely affect the interests of the Holders of any Securities then outstanding;

 

9.1.4.     
to provide for the issuance of additional Securities in accordance with the limitations set forth in the Indenture;

 

9.1.5.     
to provide for the acceptance of appointment by a successor trustee or facilitate the administration of the trusts under
the Indenture by more than one trustee;

 

9.1.6.     
to comply with requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA;

 

9.1.7.     
to reflect the release of any Guarantor, as guarantor, in accordance with the provisions of the Indenture;

 

9.1.8.     
to secure the Securities;

 

9.1.9.     
to add guarantors with respect to the Securities;

 

9.1.10. 
  to provide for uncertificated Securities in addition to or in place of certificated Securities; and

 

9.1.11.   
to conform the text of the Indenture, any guarantee or the Securities to any provision of the “Description of Notes”
in any offering document filed with the SEC to the extent that such provision in this “Description of Notes” was intended
to be a verbatim recitation of a provision of the Indenture, such Guarantee or the Securities (as certified in an Officers’
Certificate).

 

Upon the written request
of the Company, accompanied by a copy of the resolutions of the Board of Directors certified by the Secretary or Assistant Secretary
of the General Partner, authorizing the execution of any supplemental indenture, the Trustee is hereby authorized to join with
the Company and the General Partner in the execution of any such supplemental indenture, to make any further appropriate agreements
and stipulations that may be therein contained and to accept the conveyance, transfer and assignment of any property thereunder,
but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the Trustee’s
own rights, duties or immunities under the Indenture or otherwise.

 

Any supplemental indenture
authorized by the provisions of this Section 9.1 may be executed by the Company, the General Partner and the Trustee without the
consent of the Holders of any of any Securities at the time outstanding, notwithstanding any of the provisions of Section 9.2.

 

Section 9.2.                  
With Consent of Holders.

 

The Company, the
Guarantor (in the case of a Guaranteed Series of Securities) and the Trustee may enter into a supplemental indenture with the
written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series
affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for
the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the
Securityholders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal
amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a
tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of
this Indenture or the Securities with respect to such Series.

 

    42

     

    

 

It shall not be necessary
for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental
indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture
or waiver under this section becomes effective, the Company shall send to the Holders of Securities affected thereby, a notice
briefly describing the supplemental indenture or waiver. Any failure by the Company to send such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.

 

Section 9.3.                  
Limitations.

 

Without the consent of
each Securityholder affected, an amendment or waiver may not:

 

(a)              
reduce the principal amount of the Securities whose Holders must consent to an amendment, supplement or waiver;

 

(b)              
reduce the rate of or extend the time for payment of interest (including default interest) on the Securities;

 

(c)              
reduce the principal of, or premium, if any, on, or change the fixed maturity of, the Securities;

 

(d)              
waive an Event of Default in the payment of the principal of, or premium, if any, or interest on, if any, the Securities
(except a rescission of acceleration of the Securities by the Holders of at least a majority in principal amount of the then outstanding
Securities and a waiver of the payment default that resulted from such acceleration);

 

(e)              
make the principal of, or premium, if any, or interest on, the Securities payable in currency other than that stated in
the Securities;

 

(f)               
make any change to certain provisions of the Indenture relating to, among other things, the right of Holders of the Securities
to receive payment of the principal of, or premium, if any, and interest on, if any, the Securities and to institute suit for the
enforcement of any such payment and to waivers of past default or amendments;

 

(g)              
waive a redemption payment with respect to the Securities; provided that such redemption is not made at the Company’s
option; or

 

(h)              
release any Guarantor as a guarantor of the Securities other than as provided in this Indenture or modify the guarantee
in any manner adverse to the Holders.

 

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Section 9.4.                  
Compliance with Trust Indenture Act.

 

Every amendment to this
Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the
TIA as then in effect.

 

Section 9.5.                  
Revocation and Effect of Consents.

 

Until an amendment is
set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing
consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder
may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the
date of the supplemental indenture or the date the waiver becomes effective.

 

Any amendment or waiver
once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described
in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who
has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder’s Security.

 

The Company may, but
shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take
any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then
notwithstanding the second immediately preceding paragraph, those persons who were Holders at such record date (or their duly designated
proxies), and only those persons, shall be entitled to give such consent or to revoke any consent previously given or take any
such action, whether or not such persons continue to be Holders after such record date. No such consent shall be valid or effective
for more than 120 days after such record date.

 

Section 9.6.                  
Notation on or Exchange of Securities.

 

The Company or the Trustee
may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated. The Company
in exchange for Securities of that Series may issue and the Trustee shall authenticate upon receipt of a Company Order in accordance
with Section 2.3 new Securities of that Series that reflect the amendment or waiver.

 

Section 9.7.                  
Trustee Protected.

 

In executing, or
accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be
fully protected in relying upon, an Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall sign all
supplemental indentures upon delivery of such an Officer’s Certificate or Opinion of Counsel or both, except that the
Trustee need not sign any supplemental indenture that adversely affects its rights, duties, liabilities or immunities under
this Indenture. Each Opinion of Counsel provided in connection with the execution of a supplemental indenture shall also
provide that the supplemental indenture is the legal, valid and binding obligation of the Company (and any Guarantor) in
accordance with its terms.

 

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ARTICLE X.

GUARANTEES

 

This Article X shall
apply only to a Series of Securities that is indicated in a Board Resolution, supplemental indenture hereto or Officer’s
Certificate delivered pursuant to Section 2.2 as having a Guarantee and only for so long as, and to the extent of, such Guarantee.

 

Section 10.1.              
Guarantee.

 

(a)              
Subject to the other provisions of this Article X, the Guarantor hereby acknowledges and agrees that it receives substantial
benefits from the Company and the Guarantor is providing the Guarantee for good and valuable consideration, including, without
limitation, such substantial benefits, and unconditionally guarantees to each Holder of a Guaranteed Series of Securities (which
Security has been authenticated and delivered by the Trustee), and to the Trustee and its successors and assigns, irrespective
of the validity and enforceability of this Indenture, the Guaranteed Series of Securities, or the obligations of the Company hereunder
or thereunder, that:

 

(1)              
the principal of and premium, if any, and interest on the Guaranteed Series of Securities will be promptly paid in full
when due, whether at Stated Maturity, or by declaration of acceleration, call for redemption or otherwise, and interest on the
overdue principal of and interest on the Guaranteed Series of Securities, if any, if lawful, and all other obligations of the Company
to the Holders of Guaranteed Series of Securities, or the Trustee hereunder or thereunder, will be promptly paid in full or performed,
all in accordance with the terms hereof and thereof;

 

(2)              
in case of any extension of time of payment or renewal of any Guaranteed Series of Securities or any of such other obligations,
the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether
at Stated Maturity, or by declaration of acceleration, call for redemption or otherwise; and

 

(3)              
in case there shall be more than one Guarantor under any Guaranteed Series of Securities, the obligations of the Guarantors
shall be joint and several.

 

Failing payment
when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantor will be obligated to pay
the same immediately. The Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

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(b)               To
the extent permitted under applicable law, the obligations of the Guarantor under the Guaranteed Series of Securities are
unconditional, irrespective of the validity, regularity or enforceability of the Guaranteed Series of Securities or this
Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Guaranteed Series of
Securities with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to
enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of the
Guarantor. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event
of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and
all demands whatsoever and covenants that the Guaranteed Series of Securities will not be discharged except by complete
performance of the obligations contained in the Guaranteed Series of Securities and this Indenture.

 

(c)              
If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantor or any Custodian
acting in relation to any of the Company or the Guarantor, any amount paid by either to the Trustee or such Holder, the Guarantee,
to the extent theretofore discharged, will be reinstated in full force and effect.

 

(d)              
The Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any
obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. The Guarantor further agrees that, to
the extent permitted under applicable law, as between the Guarantor, on the one hand, and the Holders of Guaranteed Series of Securities
and the Trustee, on the other hand, (i) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article
VI hereof for the purposes hereof, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect
of the obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such obligations as provided
in Article VI hereof, such obligations (regardless of whether due and payable) will forthwith become due and payable by the Guarantor
for the purpose of the Guarantees.

 

Section
10.2.              
Limitation of Guarantee.

 

The Guarantor, and by
its acceptance of a Guaranteed Series of Securities, each Holder thereof, hereby confirms that it is the intention of all such
parties that the Guarantee of the Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law (including
pursuant to Sections 547 through and including Section 533 of the Bankruptcy Law), the Uniform Voidable Transactions Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing
intention, the Trustee, to the extent permitted under applicable law, the Holders and the Guarantor hereby irrevocably agree that
the obligations of the Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and
all other contingent and fixed liabilities of the Guarantor that are relevant under such laws, and after giving effect to any collections
from, rights to receive contribution from or payments made by or on behalf of the Guarantor in respect of the obligations of the
Guarantor under this Article X, result in the obligations of the Guarantor under its Guarantee not constituting a fraudulent transfer
or conveyance.

 

    46

     

    

 

The Guarantor
hereby covenants and agrees, to the extent permitted under applicable law, that in the event of the insolvency, bankruptcy,
dissolution, liquidation or reorganization of the Company, the Guarantor shall not file (or join in any filing of), or
otherwise seek to participate in the filing of, any motion or request seeking to stay or to prohibit (even temporarily)
execution on the Guarantee and hereby waives and agrees not to take the benefit of any such stay of execution, whether under
Section 362 or 105 of the Bankruptcy Law or otherwise.

 

Section
10.3.              
Execution and Delivery of Guarantee.

 

To evidence its Guarantee
set forth in Section 10.1 hereof, the Guarantor hereby agrees that a Guarantee in such form as shall be established by or pursuant
to a Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, shall be
executed on behalf of the Guarantor by an Officer of the Guarantor on each Guaranteed Series of Securities authenticated and delivered
by the Trustee.

 

The Guarantor hereby
agrees that its Guarantee set forth in Section 10.1 hereof will remain in full force and effect notwithstanding any failure to
execute a Guarantee with respect to any Guaranteed Series of Securities.

 

If an Officer whose signature
is on such Guarantee no longer holds that office at the time the Trustee authenticates such Security as to which such Guarantee
relates, the Guarantee shall be valid nevertheless.

 

The delivery of any Guaranteed
Series of Securities by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Guarantee
of such Guaranteed Series of Securities set forth in this Indenture on behalf of the Guarantor.

 

Section
10.4.              
Release of Guarantee.

 

Any Guarantee other
than the Guarantee of the General Partner shall be automatically and unconditionally released (without the requirement of any
further action by the Trustee): (i) upon the sale or other disposition (including by way of consolidation or merger), in one
transaction or a series of related transactions, of a majority of the total voting power of the Capital Stock or other
interests of such Guarantor (other than to the Company or any Affiliate of the Company); (ii) upon the sale or disposition of
all or substantially all the property of such Guarantor (other than to any Affiliate of the Company); or (iii) if at any time
when no Event of Default has occurred and is continuing with respect to the Series of Securities, such Guarantor no longer
guarantees (or which guarantee is being simultaneously released or will be immediately released after the release of the
Guarantor) any other debt of the Company or any Affiliate of the Company. A Guarantee also shall be released with respect to
a Guaranteed Series of Securities as provided in the Board Resolution, supplemental indenture or Officer’s Certificate
delivered pursuant to Section 2.2. Any Guarantee, with respect to a Guaranteed Series of Securities, also will be released if
the Company exercises its legal defeasance or its covenant defeasance option with respect to such Series as set forth in
Article VIII, or if the Company’s obligations under this Indenture with respect to such Series are discharged as set
forth in Section 8.4. The Company will give written notice as promptly as practicable to the Trustee of the automatic release
of any Guarantee pursuant to this Section 10.4. At the Company’s request, the Trustee will execute and deliver any
documents, instructions or instruments evidencing such release upon receipt of an Officer’s Certificate and an Opinion
of Counsel (which the Trustee will be fully protected in relying upon) stating that such documents, instructions or
instruments are permitted or authorized by this Indenture.

 

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ARTICLE XI.

MISCELLANEOUS

 

Section 11.1.              
Trust Indenture Act Controls.

 

If any provision of this
Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by
the TIA, such required or deemed provision shall control.

 

Section 11.2.              
Notices.

 

Any notice or communication
by the Company, the General Partner or the Trustee to the other, or by a Holder to the Company, the General Partner or the Trustee,
is duly given if in writing (including facsimile and .pdf transmissions) and delivered in person or mailed by first-class mail
(registered or certified, return receipt requested), email or overnight air courier guaranteeing next day delivery, to the others’
address:

 

if to the Company or the General Partner:

 

Agree Limited Partnership

c/o Agree Realty Corporation

70 East Long Lake Road

Bloomfield Hills, MI 48034

Attention: Chief Financial Officer

Telephone: (248) 419-6335

Facsimile: (248) 737-9110

Email: cthelen@agreerealty.com

 

with a copy to (which shall not constitute
notice):

 

Honigman LLP

39400 Woodward Avenue, Suite 101

Bloomfield Hills, MI 48304

Attention: Lowell D. Salesin

Telephone: (248) 566-8540

Facsimile: (248) 566-8541

Email: lsalesin@honigman.com

 

if to the Trustee:

 

U.S. Bank National Association

Attention: Global Corporate Trust

535 Griswold Street, Suite 550

Detroit, MI 48226

Telephone: (313) 234-4716

Facsimile: (313) 963-9428

Email: james.kowalski@usbank.com

 

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with a copy to (which shall not constitute notice):

 

BODMAN PLC

6th Floor at Ford Field

1901 St. Antoine Street

Detroit, Michigan 48226

Attention: Jessica Davis

Telephone: 313-393-7587

Facsimile:

Email: jdavis@bodmanlaw.com

 

The Company, the General
Partner or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication
to a Securityholder shall be sent electronically or by first-class mail to his address shown on the register kept by the Registrar,
in accordance with the procedures of the Depositary. Failure to send a notice or communication to a Securityholder of any Series
or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.

 

If a notice or communication
is sent or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder
receives it.

 

If the Company or the
Guarantor sends a notice or communication to Securityholders, it shall send a copy to the Trustee and each Agent at the same time.

 

Notwithstanding any other
provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including any
notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given
to the Depositary for such Security (or its designee) pursuant to the customary procedures of such Depositary.

 

Section 11.3.              
Communication by Holders with Other Holders.

 

Securityholders of any
Series may communicate pursuant to TIA § 312(b) with other Securityholders of that Series or any other Series with respect
to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and
anyone else shall have the protection of TIA § 312(c).

 

Section 11.4.              
Certificate and Opinion as to Conditions Precedent.

 

Upon any request or application
by the Company or the Guarantor to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee
(and the Trustee will be fully protected in relying upon):

 

    49

     

    

 

(a)              
 an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion
of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with; and

 

(b)              
an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such
counsel, all such conditions precedent have been complied with.

 

Section 11.5.              
Statements Required in Certificate or Opinion.

 

Each certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant
to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include:

 

(a)              
a statement that the person making such certificate or opinion has read such covenant or condition;

 

(b)              
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(c)              
a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(d)              
a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

 

Section 11.6.              
Rules by Trustee and Agents.

 

The Trustee may make
reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules and set
reasonable requirements for its functions.

 

Section 11.7.              
Legal Holidays.

 

Unless otherwise provided
by Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2., a “Legal
Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may
be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening
period.

 

Section 11.8.              
No Recourse Against Others.

 

A director,
officer, employee, partner, member, manager or stockholder (past, present or future, as such, of the Company or any Guarantor
shall not have any liability for any obligations of the Company or any Guarantor or any successor to the Company or such
Guarantor under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or
their creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release
are part of the consideration for the issue of the Securities.

 

    50

     

    

 

Section 11.9.              
Counterparts.

 

This Indenture may be
executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall
be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies
of this Indenture and of signature pages by manual, facsimile, electronic or portable document format signature shall constitute
effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for
all purposes.

 

Section 11.10.          
Governing Law.

 

THIS INDENTURE AND
THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK.

 

Section 11.11.          
No Adverse Interpretation of Other Agreements.

 

This Indenture may not
be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture,
loan or debt agreement may not be used to interpret this Indenture.

 

Section 11.12.          
Successors.

 

All agreements of the
Company and the Guarantor in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this
Indenture shall bind its successor.

 

Section 11.13.          
Severability.

 

In case any provision
in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 11.14.          
Table of Contents, Headings, Etc.

 

The Table of Contents,
reconciliation and the table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

Section 11.15.          
Force Majeure.

 

In no event shall
the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being
understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances.

 

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Section 11.16.          
USA PATRIOT Act.

 

The parties hereto acknowledge
that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight
the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person
or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that
they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the
USA PATRIOT Act.

 

Section 11.17.          
Jury Waiver.

 

EACH OF THE COMPANY,
ANY GUARANTOR, THE SECURITYHOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE
TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

 

ARTICLE XII.

SINKING FUNDS

 

Section 12.1.              
Applicability of Article.

 

The provisions of this
Article shall be applicable to any sinking fund for the retirement of the Securities of a Series if so provided by the terms of
such Securities pursuant to Section 2.2 and except as otherwise permitted or required by any form of Security of such Series issued
pursuant to this Indenture.

 

The minimum amount of
any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory
sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred
to as an “optional sinking fund payment.” If provided for by the terms of Securities of any Series, the cash
amount of any sinking fund payment may be subject to reduction as provided in Section 12.2. Each sinking fund payment shall be
applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such Series.

 

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Section 12.2.              
Satisfaction of Sinking Fund Payments with Securities.

 

The Company may, in
satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant
to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is
applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as
credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the
Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant
to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional
redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited.
Such Securities shall be received by the Trustee, together with an Officer’s Certificate with respect thereto, not
later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and
shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation
of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery
or credit of Securities in lieu of cash payments pursuant to this Section 12.2, the principal amount of Securities of such
Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call
Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash
payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however,
that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the
Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of
Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be
released to the Company.

 

Section 12.3.              
Redemption of Securities for Sinking Fund.

 

Not less than 45 days
(unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant
to Section 2.2) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an
Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to
the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if
any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 12.2, and the optional
amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated
to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, supplemental indenture
hereto or an Officer’s Certificate delivered pursuant to Section 2.2) before each such sinking fund payment date the Securities
to be redeemed upon such sinking fund payment date will be selected in the manner specified in Section 3.2 and the Company shall
send or cause to be sent a notice of the redemption thereof to be given in the name of and at the expense of the Company in the
manner provided in and in accordance with Section 3.3. Such notice having been duly given, the redemption of such Securities shall
be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.

 

ARTICLE XIII.

MEETINGS OF SECURITYHOLDERS OF SECURITIES

 

Section 13.1.              
Purposes for Which Meetings May Be Called.

 

A meeting of
Securityholders of any Series of Securities may be called at any time and from time to time pursuant to this Section 13.1 to
make, give or take any request, demand, authorization, direction, notice, consent, waiver or other act provided by the
Indenture to be made, given or taken by Securityholders of such Series.

 

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Section 13.2.              
Calling of a Meeting of Securityholders.

 

(a)              
The Trustee may at any time call a meeting of Securityholders of any Series for any purpose specified in Section 13.1,
to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of Securityholders of any Series,
setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall
be given, in the manner provided in Section 11.2, not less than 21 nor more than 180 days prior to the date fixed for the
meeting.

 

(b)              
In case at any time the Company, the General Partner or the Securityholders of at least 10% in principal amount of the outstanding
Securities of any Series shall have requested the Trustee to call a meeting of the Securityholders of such Series for any purpose
specified in Section 13.1, by written request setting forth in reasonable detail the action proposed to be taken at the meeting,
and the Trustee shall not have mailed notice of or made the first publication of the notice of such meeting within 21 days after
receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company, the
General Partner, if applicable, or the Securityholders of such Series in the amount above specified, as the case may be, may determine
the time and the place for such meeting and may call such meeting for such purposes by giving notice thereof as provided in clause (a)
of this Section 13.2.

 

Section 13.3.              
Persons Entitled to Vote at Meetings.

 

To be entitled to vote
at any meeting of Securityholders, a person shall be (a) a Securityholder of one or more outstanding Securities of such Series,
or (b) a person appointed by an instrument in writing as proxy for a Securityholder or Securityholders of one or more outstanding
Securities of such Series by such Securityholder or Securityholders; provided, that none of the Company, any other obligor
upon the Series of Securities or any Affiliate of the Company shall be entitled to vote at any meeting of Securityholders or be
counted for purposes of determining a quorum at any such meeting in respect of any Series of Securities owned by such persons.
The only persons who shall be entitled to be present or to speak at any meeting of Securityholders of any Series shall be the persons
entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel, any representatives of
the Guarantors and their counsel and any representatives of the Company and its counsel.

 

Section 13.4.              
Quorum; Action.

 

The persons
entitled to vote a majority in principal amount of the outstanding Securities of a Series shall constitute a quorum for a
meeting of Securityholders of such Series; provided, however, that if any action is to be taken at the meeting with respect
to a consent or waiver which may be given by the Securityholders of not less than a specified percentage in principal amount
of the outstanding Securities of a Series, the persons holding or representing the specified percentage in principal amount
of the outstanding Securities of such Series will constitute a quorum. In the absence of a quorum within 30 minutes after the
time appointed for any such meeting, the meeting shall, if convened at the request of Securityholders, be dissolved. In any
other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting
may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the
adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in
Section 13.2, except that such notice need be given only once not less than five days prior to the date on which the meeting
is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as
provided above, of the principal amount of the outstanding Securities of that Series which shall constitute a quorum.

 

    54

     

    

 

Except as provided in
Section 9.3, any resolution presented at a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid
may be adopted only by the affirmative vote of the Securityholders of a majority in principal amount of the outstanding Securities
of that Series; provided, however, that any resolution with respect to any request, demand, authorization, direction, notice, consent,
waiver or other action which the Indenture expressly provides may be made, given or taken by the Securityholders of a specified
percentage, which is less than a majority, in principal amount of the outstanding Securities of such Series may be adopted at a
meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Securityholders
of such specified percentage in principal amount of the outstanding Securities of a Series. Any such resolution passed or decision
taken at any meeting of Securityholders of a Series duly held in accordance with this Section 13.4 shall be binding on all the
Securityholders of such Series, whether or not such Securityholders were present or represented at the meeting.

 

Section 13.5.              
Determination of Voting Rights; Conduct and Adjournment of Meetings.

 

(a)              
Notwithstanding any other provisions of the Indenture, the Trustee may make such reasonable regulations as it may deem advisable
for any meeting of Securityholders of a Series in regard to proof of the holding of Securities of such Series and of the appointment
of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate.

 

(b)              
The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have
been called by the Company or by Securityholders as provided in Section 13.2(b), in which case the Company, the General Partner
or the Securityholders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent
chairman and a permanent secretary of the meeting shall be elected by vote of the persons entitled to vote a majority in principal
amount of the outstanding Series of Securities of such series represented at the meeting.

 

(c)               At
any meeting, each Securityholder of Securities of such Series or proxy shall be entitled to one vote for each $1,000
principal amount of Securities held or represented by the Securityholder; provided, however, that no vote shall be cast or
counted at any meeting in respect of any Security challenged as not outstanding and ruled by the chairman of the meeting to
be not outstanding. The chairman of the meeting shall have no right to vote, except as a Securityholder of such Series or
proxy.

 

    55

     

    

 

(d)              
Any meeting of Securityholders duly called pursuant to Section 13.2 at which a quorum is present may be adjourned from
time to time by persons entitled to vote a majority in principal amount of the outstanding Securities of such Series represented
at the meeting; and the meeting may be held as so adjourned without further notice.

 

Section 13.6.              
Counting Votes and Recording Action of Meetings.

 

The vote upon any resolution
submitted to any meeting of Securityholders of a Series shall be by written ballots on which shall be subscribed the signatures
of the Securityholders of such Series or of their representatives by proxy and the principal amounts and serial numbers of the
outstanding Series of Securities held or represented by them. The permanent chairman of the meeting shall appoint two inspectors
of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary
of the meeting their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate,
of the proceedings of each meeting of Securityholders of such Series shall be prepared by the secretary of the meeting and there
shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits
by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice
was given as provided in Section 13.2 and, if applicable, Section 13.4. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and the General
Partner, and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the
meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated.

 

    56

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Indenture to be duly executed as of the day and year first above written.

 

	 	AGREE LIMITED PARTNERSHIP,
	 	a Delaware limited partnership
	 	 	 
	 	By:	AGREE REALTY CORPORATION,
	 	 	Its sole general partner
	 	 	 
	 	By:	/s/ Joel N. Agree
	 	 	Name:  	Joel N. Agree
	 	 	Its: 	President and Chief Executive Officer
	 	 	 
	 	AGREE REALTY CORPORATION,
	 	a Maryland corporation
	 	 	 
	 	By:	/s/ Joel N. Agree
	 	 	Name: 	Joel N. Agree
	 	 	Its:	 President and Chief Executive Officer
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	/s/ James Kowalski
	 	 	Name:	 James Kowalski
	 	 	Its: 	Vice PresidentExhibit 4.2

 

AGREE REALTY CORPORATION

OFFICER’S CERTIFICATE

 

The undersigned, Joel
N. Agree, President and Chief Executive Officer of AGREE REALTY CORPORATION (the “General Partner”),
a Maryland corporation operating as a real estate investment trust, hereby certifies, on behalf of the General Partner in its own
capacity and as sole general partner of AGREE LIMITED PARTNERSHIP, a Delaware limited partnership (the “Company”),
pursuant to Sections 2.1, 2.2 and 11.5 of the Indenture, dated as of August 17, 2020 (the “Base Indenture”),
by and among the Company, the General Partner, as a guarantor, U.S. Bank National Association, as trustee and the other parties
thereto, as follows:

 

		1.	The undersigned has read Sections 2.1 and 2.2 of the Base Indenture and such other sections of
the Base Indenture and other documents and has made such other inquiries as he has deemed necessary to express an informed opinion
as to whether or not the covenants and conditions precedent provided for in the Base Indenture relating to the issuance of the
Company’s 2.900% Notes due 2030 (the “Notes”) have been complied with.

 

		2.	In the opinion of the undersigned, the covenants and conditions precedent provided for in the Base
Indenture relating to the issuance of the Notes have been complied with.

 

		3.	The forms of the Notes and the guarantee of the Notes by the General Partner, the Subsidiary Guarantors
and any future guarantor, and the terms of the Notes, as set forth in Exhibit A attached to Annex A hereto have been duly established
pursuant to Sections 2.1 and 2.2 of the Base Indenture and comply with the Base Indenture, and this Officer’s Certificate
is delivered in accordance with Sections 2.3 and 11.4 of the Base Indenture and complies with the requirements of such Sections.

 

[SIGNATURE ON FOLLOWING PAGE]

 

    

     

    

 

IN WITNESS WHEREOF,
the undersigned has caused this certificate to be duly executed as of this 17 day of August, 2020.

 

	 	AGREE LIMITED PARTNERSHIP,
	 	a Delaware limited partnership
	 	 	 	 
	 	By:  	AGREE REALTY CORPORATION,
	 	 	Its sole general partner
	 	 	 	 
	 	By:	/s/ Joel N. Agree
	 	 	Name:  	Joel N. Agree
	 	 	Its:	President and Chief Executive Officer
	 	 	 	 
	 	AGREE REALTY CORPORATION,
	 	a Maryland corporation
	 	 	 	 
	 	By:	/s/ Joel N. Agree
	 	 	Name:	Joel N. Agree
	 	 	Its:	President and Chief Executive Officer

 

[Signature page
to Officer’s Certificate to Indenture]

 

    

     

    

 

ANNEX A

 

Pursuant to Sections
2.1 and 2.2 of the Indenture, dated as of August 17, 2020 (the “Base Indenture”), among AGREE LIMITED
PARTNERSHIP, a Delaware limited partnership (the “Company”), AGREE REALTY CORPORATION, a Maryland corporation
operating as a real estate investment trust, (the “General Partner”) as a guarantor, and U.S. Bank National
Association, as trustee (the “Trustee”), the terms of the Notes to be issued pursuant to the Base Indenture
are as set forth below. The Base Indenture together with, and as amended and supplemented by, the Officer’s Certificate (the
“Series Officer’s Certificate”), dated as of August 17, 2020, establishing the terms of the Notes
and of which this Annex A forms a part, is referred to herein as the “Indenture”. Certain defined terms are set forth
in paragraph 17 hereof. Capitalized terms used but not otherwise defined in this Series Officer’s Certificate shall have
the respective meanings assigned to them in the Base Indenture.

 

1.    Title.
One series of Securities is hereby established under the Base Indenture and shall be known and designated as the “2.900%
Notes due 2030”.

 

2.    Aggregate
Principal Amount. The Notes shall be limited in initial aggregate principal amount to $350,000,000, except for Notes authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.7, 2.8, 2.11,
3.6 or 9.6 of the Base Indenture. The Company may in the future, without the consent of Holders, issue additional Notes (“Additional
Notes”) on the identical terms as the Notes being offered hereby other than with respect to the date of issuance,
issue price and date of first payment of interest thereon. The Notes and any Additional Notes subsequently issued under the Indenture
would be treated as a single series for all purposes under the Indenture, including, without limitation, waivers, amendments, redemptions
and offers to purchase; provided, however, that if such Additional Notes will not be fungible with the applicable previously outstanding
Notes for U.S. federal income tax purposes, such Additional Notes will have a separate CUSIP number.

 

3.      Issue
Price. The Notes will be issued at a price equal to 99.927% of the principal amount thereof.

 

4.      Maturity.
The date on which the principal of the Notes is payable is October 1, 2030 (the “Stated Maturity Date”).

 

5.      Rate
of Interest; Interest Payment Date; Regular Record Dates. The Notes shall bear interest at the rate of 2.900% per
year. Interest on the outstanding principal amount of the Notes shall accrue from August 17, 2020, and will be payable
semi-annually in arrears on April 1 and October 1 of each year (each such date, an “Interest Payment
Date”), commencing on April 1, 2021, to the persons in whose names the Notes are registered in the security
register at the close of business on the immediately preceding March 15 or September 15, as the case may be (a
“Regular Record Date”). Interest on the Notes shall accrue from and including the immediately
preceding Interest Payment Date in respect of which interest has been paid or duly made available for payment (or from and
including the date of issue, if no interest has been paid or duly made available for payment with respect to the Notes) to,
but excluding the applicable Interest Payment Date, the Stated Maturity Date or date of earlier redemption (the Stated
Maturity Date, the date of acceleration, or the date of earlier redemption referred to collectively herein as the
“Maturity Date”), as the case may be. Interest on the Notes shall be computed on the basis of a
360-day year comprised of twelve 30-day months. If any Interest Payment Date or the Maturity Date falls on a day that is not
a Business Day, the required payment will be made on the next Business Day as if made on the date such payment was due, and
no interest will accrue on such payment for the period from and after such Interest Payment Date or the Maturity Date, as the
case may be, to the date of such payment until the next Business Day.

 

    A-1

     

    

 

6.      Place
of Payment. Payments of principal, premium, if any, and interest, on the Notes shall be payable, at the Corporate Trust
Office of the Trustee. Payment of principal of, premium, if any, on a definitive Note may be made only against surrender of the
Note to the Company’s paying agent. The Company may make interest payments (1) by wire transfer of funds to the person at
an account maintained within the United States, or (2) if no wire transfer is provided, the Company may make interest payments
by check mailed to the address of the person entitled to the payment as that address appears in the applicable register for those
Notes. However, while any Notes are represented by a registered Global Security, payment of principal of, premium, if any, or interest
on the Notes may be made by wire transfer to the account of the Depositary or its nominee. Any interest not so punctually paid
or duly made available for payment shall be paid in accordance with the form of Note as set forth on Exhibit A.

 

7.      No
Sinking Fund. The Notes are not mandatorily redeemable and are not entitled to the benefit of a sinking fund or any analogous
provisions.

 

8.      Optional
Redemption. The Company may redeem all or part of the Notes at any time at its option as set forth in the form of Note
as set forth on Exhibit A and in Article III of the Base Indenture. 

 

9.      Registered
Securities. The Notes shall be issued only as registered Securities, in minimum denominations of $2,000 and integral multiples
of $1,000. The Notes shall be issuable as registered Global Securities in book-entry form.

 

10.    Registrar;
Paying Agent; Depositary. The Trustee shall initially serve as the registrar and the paying agent for the Notes. The Depository
Trust Company shall initially serve as the Depositary for the registered Global Security representing the Notes.

 

11.    Amount
Payable Upon Acceleration. 100% of the principal of and accrued interest, if any, on the Notes shall be payable upon declaration
of acceleration pursuant to Section 6.1 of the Indenture.

 

12.    Ranking
Security. The Notes are senior unsecured obligations of the Company and rank equally with other senior unsecured indebtedness
of the Company that is not subordinated to the Notes.

 

13.    Payment
Currency-Election. The principal of, premium, if any, and interest on the Notes shall not be payable in a currency other
than Dollars.

 

14.    Payment
Currency-Index. The principal of, premium, if any, and interest on the Notes shall not be determined with reference to
an index based on a coin or currency.

 

15.    Notes
in Definitive Form. Section 2.14 of the Base Indenture will govern the transferability of the Notes in definitive form.

 

16.    Events
of Default. There shall be no deletions from, modifications or additions to the Events of Default set forth in
Section 6.1 of the Base Indenture, except, with respect to the Notes, clause (g) of Section 6.1 of the Base Indenture shall
be deemed deleted in its entirety and the following shall be added as clause (g) of the Base Indenture: “failure to pay
any Debt (other than Non-Recourse Debt) (a) of the Company, the General Partner, or any Material Subsidiary or any
entity in which we are the general partner or managing member, and (b) in an outstanding principal amount in excess of
$50,000,000 at final maturity or upon acceleration after the expiration of any applicable grace period, which Debt is not
discharged, or such default in payment or acceleration is not cured or rescinded, within 60 days after written notice to the
Company from the Trustee (or to the Company and the Trustee from Holders of at least 25% in principal amount of the
outstanding Notes).”

 

    A-2

     

    

 

17.    Covenants.
There shall be the following additions, replacements, amendments and supplements, as the case may be, to the covenants of the Company
set forth in Article IV of the Base Indenture solely with respect to the Notes:

 

(a)    Limitation
on Incurrence of Total Debt. This paragraph (a) will be an addition to Article IV of the Base Indenture with respect to
the Notes. The General Partner will not, and will not permit any of its Subsidiaries to, incur any Debt if, immediately after giving
effect to the incurrence of such additional Debt and the application of the proceeds therefrom on a pro forma basis, the aggregate
outstanding principal amount of all Debt of the General Partner and its Subsidiaries on a consolidated basis determined in accordance
with GAAP is greater than 60% of the sum of (without duplication) (1) the Total Assets of the General Partner as of the end of
the latest fiscal quarter covered in the General Partner’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as
the case may be, most recently filed with the SEC (or, if such filing is not required under the Exchange Act, furnished to the
Trustee) prior to the incurrence of such additional Debt, and (2) the aggregate purchase price of any real estate assets or mortgages
receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not
used to acquire real estate assets or mortgages receivable or used to reduce Debt), in each case by the General Partner or any
of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional
Debt.

 

(b)    Debt
Service Test. This paragraph (b) will be an addition to Article IV of the Base Indenture with respect to the Notes. The
General Partner will not, and will not permit any of its Subsidiaries to, incur any Debt if the ratio of Consolidated Income Available
for Debt Service to the Annual Service Charge for the four consecutive fiscal quarters most recently ended prior to the date on
which such additional Debt is to be incurred is less than 1.5 to 1.0, on a pro forma basis after giving effect to the incurrence
of such Debt and the application of the proceeds therefrom, and calculated on the assumptions that: (1) such Debt and any other
Debt incurred by the General Partner or its Subsidiaries since the first day of such four-quarter period and the application of
the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter period) had occurred as of the
first day of such period, (2) the repayment or retirement of any other Debt (other than Debt repaid or retired with the proceeds
of any other Debt, which repayment or retirement shall be calculated pursuant to clause (1) and not this clause) by the General
Partner or any of its Subsidiaries since the first day of such four-quarter period had been repaid or retired as of the first day
of such period (except that, in making such computation, the amount of Debt under any revolving credit facility, line of credit
or similar facility shall be computed based upon the average daily balance of such Debt during such period), (3) in the case of
Acquired Debt or Debt incurred by the General Partner or any of its Subsidiaries in connection with any acquisition since the first
day of such four-quarter period, the related acquisition had occurred as of the first day of such four-quarter period with the
appropriate adjustments with respect to such acquisition being included in such pro forma calculation, and (4) in the case of any
acquisition or disposition by the General Partner or any of its Subsidiaries of any asset or group of assets since the first day
of such four-quarter period, including, without limitation, by merger, stock purchase or sale, or asset purchase or sale, such
acquisition or disposition had occurred as of the first day of such period with the appropriate adjustments with respect to such
acquisition or disposition and any related repayment of Debt being included in such pro forma calculation. If the Debt giving rise
to the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant four-quarter period
bears interest at a floating rate (to the extent such Debt has been hedged to bear interest at a fixed rate, only the portion of
such Debt, if any, that has not been so hedged), then, for purposes of calculating the Annual Service Charge, the interest rate
on such Debt shall be computed on a pro forma basis as if the average interest rate that would have been in effect during the entire
such period had been the applicable rate for the entire such period.

 

    A-3

     

    

 

(c)    Maintenance
of Total Unencumbered Assets. This paragraph (c) will be an addition to Article IV of the Base Indenture with respect to
the Notes. The General Partner and its Subsidiaries will maintain at all times Total Unencumbered Assets of not less than 150%
of the aggregate outstanding principal amount of the Unsecured Debt of the General Partner and its Subsidiaries determined on a
consolidated basis in accordance with GAAP.

 

(d)    Limitation
on Incurrence of Secured Debt. This paragraph (d) will be an addition to Article IV of the Base Indenture with respect
to the Notes. The General Partner will not, and will not permit any of its Subsidiaries to, incur any Secured Debt if, immediately
after giving effect to the incurrence of such Secured Debt and the application of the proceeds therefrom on a pro forma basis,
the aggregate outstanding principal amount of the Secured Debt of the General Partner and its Subsidiaries determined on a consolidated
basis in accordance with GAAP is greater than 40% of the sum of (without duplication) (1) the Total Assets of the General Partner
and its Subsidiaries as of the end of the latest fiscal quarter covered in the General Partner’s Annual Report on Form 10-K
or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the SEC (or, if such filing is not permitted under
the Exchange Act, furnished to the Trustee) prior to the incurrence of such additional Debt, and (2) the aggregate purchase price
of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received
(to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the
General Partner or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence
of such additional Debt.

 

For purposes of the
covenant described in clauses (a)-(d) Debt shall be deemed to be “incurred” by the General Partner or any of its Subsidiaries
whenever the General Partner or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof.
Furthermore, nothing in clauses (a)-(d) shall prevent the incurrence of Debt by the General Partner or any of its Subsidiaries
between or among the General Partner or any of its Subsidiaries.

 

(e)    Future
Subsidiary Guarantors. This paragraph (e) will be an addition to Article IV of the Base Indenture with respect to the Notes.
Each Subsidiary of the General Partner that guarantees (now or in the future) other Debt of the Company or of any Guarantor shall
immediately be and become, automatically and without the execution or delivery of any instrument or other action by any person,
jointly and severally with any other Guarantors of the Notes, a Guarantor of the Notes and shall be subject to and bound by all
of the terms and provisions of the Indenture applicable to a Guarantor of the Notes; provided that the General Partner shall cause
any such Guarantor to within thirty calendar days (i) execute and deliver to the Trustee a guarantee in the form of guarantee attached
to the Notes (the “Guarantee”) to acknowledge such guarantee in accordance with Article X of the Indenture, and (ii)
deliver to the Trustee, in addition to any other documents to be delivered to the Trustee pursuant to Section 11.4 of the Indenture,
an Officer’s Certificate or Opinion of Counsel to the effect that (x) the execution of such Guarantee is authorized or permitted
by the Indenture, and (y) such Guarantee has been duly authorized, executed and delivered by, and is a valid binding obligation
of such entity, enforceable against such entity in accordance with its terms, subject to customary exceptions.

 

(f)    Maintenance
of Properties. This paragraph (f) will be an addition to Article IV of the Base Indenture with respect to the Notes. Each
of the General Partner and the Company shall cause its material properties used or useful in the conduct of its business or the
business of any Subsidiary of the Company to be maintained and kept in good condition, repair and working order, normal wear and
tear, casualty and condemnation excepted, and supplied with all necessary equipment and will require it to cause to be made all
necessary repairs, renewals, replacements, betterments and improvements to those properties, as in its judgment may be necessary
so that the business carried on in connection with those properties may be properly and advantageously conducted at all times;
provided, that the Company and its Subsidiaries shall not be prevented from (1) removing permanently any property that has been
condemned or suffered casualty loss, (2) discontinuing any maintenance or operation of any property if, in Company’s reasonable
judgment, such removal is not disadvantageous in any material respect to the Holders of the Notes or (3) selling or otherwise
disposing of these properties for value in the ordinary course of business.

 

    A-4

     

    

 

(g)    Payment
of Taxes and Other Claims. This paragraph (g) will be an addition to Article IV of the Base Indenture with respect to the
Notes. The General Partner and the Company shall pay or discharge (or, if applicable, cause to be transferred to bond or other
security) or cause to be paid or discharged, before the same shall become delinquent, all material taxes, assessments and governmental
charges levied or imposed on each of the General Partner, the Company and its Subsidiaries or upon the income, profits or property
of each of the General Partner, the Company and its Subsidiaries; provided, that General Partner and the Company shall not be required
to pay or discharge (or transfer to bond or other security) or cause to be paid or discharged any material tax, assessment or charge,
(a) the applicability or validity of which it is contesting in good faith through appropriate proceedings and for which it has
established adequate reserves in accordance with GAAP or (b) where the failure to effect such payment is not, in the General Partner
or the Company’s reasonable judgment, adverse in any material respect to the Holders of the Notes.

 

(h)    Insurance.
This paragraph (h) will be in addition to Article IV of the Base Indenture with respect to the Notes. The General Partner and the
Company shall, and shall cause the Subsidiaries to, keep in force upon all of its properties and operations policies of insurance
with financially sound and reputable carriers in such amounts and covering all risks as shall be customary in the industry, in
accordance with prevailing market conditions and availability.

 

(i)    Certain
Definitions. As used herein (and to the extent any such definitions conflict with definitions included in the Base Indenture,
the definitions included here shall control with respect to the Notes):

 

“Acquired
Debt” means Debt of a person (i) existing at the time such person becomes a Subsidiary or (ii) assumed in connection
with the acquisition of assets from such person, in each case, other than Debt incurred in connection with, or in contemplation
of, such person becoming a Subsidiary or such acquisition. Acquired Debt shall be deemed to be incurred on the date of the related
acquisition of assets from any person or the date the acquired person becomes a Subsidiary.

 

“Annual Service
Charge” for any period means, without duplication, amount that is payable for interest expense on, and the amortization
during such period of any original issue discount of, the General Partner’s and its Subsidiaries’ Debt in such period.

 

“Consolidated
Income Available for Debt Service” for any period means Earnings from Operations of the General Partner and its Subsidiaries
plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication):

 

		(1)	interest expense on Debt of the General Partner and its Subsidiaries,

 

		(2)	provision for taxes of the General Partner and its Subsidiaries based on income,

 

		(3)	amortization of debt discount, premium and other deferred financing charges,

 

		(4)	provision for gains and losses and depreciation and amortization,

 

		(5)	the effect of any noncash charge resulting from a change in accounting principles in determining
Earnings from Operations for such period,

 

    A-5

     

    

 

		(6)	gains and losses resulting from the extinguishment of debt, and

 

		(7)	all other non-cash charges.

 

“Debt”
of the General Partner or any of its Subsidiaries means any indebtedness of the General Partner or any of its Subsidiaries, excluding
any accrued expense or trade payable, whether or not contingent, in respect of:

 

		(1)	borrowed money evidenced by bonds, notes, debentures or similar instruments,

 

		(2)	indebtedness secured by any Lien existing on property owned by the General Partner or any of its
Subsidiaries, but only to the extent of the lesser of (x) the amount of indebtedness so secured and (y) the fair market
value of the property subject to such Lien existing on property owned by the General Partner or any of its Subsidiaries,

 

		(3)	the reimbursement obligations, contingent or otherwise, in connection with any letters of credit
actually issued and called or amounts representing the balance deferred and unpaid of the purchase price of any property or services,
or all conditional sale obligations or obligations under any title retention agreement, or

 

		(4)	any lease of property by the General Partner or any of its Subsidiaries as lessee that is reflected
on the General Partner’s consolidated balance sheet and classified as a finance lease in accordance with GAAP,

 

and to the extent, in the case of items
of indebtedness under clauses (1) and (3) immediately above, that any such items (other than letters of credit) would appear as
a liability on the General Partner’s consolidated balance sheet in accordance with GAAP, and also includes, to the extent
not otherwise included, any obligation by the General Partner or any of its Subsidiaries to be liable for, or to pay, as obligor,
guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Debt of another person (other
than the General Partner or any of its Subsidiaries); provided, however, that the term “Debt” shall not include Permitted
Non-Recourse Guarantees of the General Partner or any of its Subsidiaries until such time as they become primary obligations of,
and payments are due and required to be made thereunder by, the General Partner or any of its Subsidiaries.

 

“Earnings from Operations”
for any period means net income excluding gains and losses on sales of investments, net, as reflected in the financial statements
of the General Partner and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP.

 

“Lien”
means any mortgage, lien, charge, encumbrance, trust deed, deed of trust, deed to secure debt, security agreement, pledge, security
interest, security agreement or other encumbrance of any kind.

 

“Non-Recourse
Debt” means Debt of a joint venture or Subsidiary of the General Partner (or an entity in which the Company is a
general partner or managing member) that is directly or indirectly secured by real estate assets or other real estate-related
assets (including Capital Stock) of such joint venture or Subsidiary (or an entity in which the Company is a general partner
or managing member that is the borrower) and is non-recourse to the General Partner or any of its Subsidiaries (other than
pursuant to a Permitted Non-Recourse Guarantee and other than with respect to the joint venture or Subsidiary of the General
Partner (or entity in which the Company is the general partner or managing member that is the borrower); provided further
that, if any such Debt is partially recourse to the General Partner or any of its Subsidiaries (other than pursuant to a
Permitted Non-Recourse Guarantee and other than with respect to the joint venture or Subsidiary of the General Partner (or
entity in which the Company is the general partner or managing member) that is the borrower) and therefore does not meet the
criteria set forth above, only the portion of such Debt that does meet the criteria set forth above shall constitute
“Non-Recourse Debt.”

 

    A-6

     

    

 

“Permitted
Non-Recourse Guarantees” means customary completion or budget guarantees, indemnities or other customary guarantees provided
to lenders (including by means of separate indemnification agreements, carve-out guarantees or pledges of the equity interests
in the borrower ) under such Non-Recourse Debt in the ordinary course of business of the General Partner or any of its Subsidiaries
in financing transactions that are directly or indirectly secured by real estate assets or other real estate-related assets (including
Capital Stock) of a joint venture or Subsidiary of the General Partner (or an entity in which the Company is the general partner
or managing member), in each case that is the borrower in such financing, but is non-recourse to the General Partner or any of
its other Subsidiaries, except for such completion or budget guarantees, indemnities or other guarantees (including by means of
separate indemnification agreements or carve-out guarantees or pledges of the equity interests in the borrower) as are consistent
with customary industry practice (such as environmental indemnities and recourse triggers based on violation of transfer restrictions
and other customary exceptions to non-recourse liability).

 

“Secured Debt”
means Debt secured by a Lien on any property or assets of the General Partner or any of its Subsidiaries.

 

“Subsidiary
Guarantors” means, as of any date, all Subsidiaries of the General Partner, if any, that guarantee the obligations of
the Company under the Indenture and the Notes in accordance with the provisions of this Annex A and the Indenture, and “Subsidiary
Guarantor” means any one of the Subsidiary Guarantors; provided that upon the release or discharge of such Subsidiary Guarantor
from its guarantee in accordance with paragraph 18 of this Annex A and Article X of the Base Indenture, such Subsidiary shall cease
to be a Subsidiary Guarantor.

 

“Total
Assets” means, as of any date, the sum of (i) Undepreciated Real Estate Assets and (ii) all of the General
Partner’s and its Subsidiaries’ other assets, but excluding accounts receivables, right
of use assets relating to operating leases and non-real estate intangibles, determined on a consolidated basis in accordance with
GAAP. 

 

“Total Unencumbered
Assets” means the sum of the General Partner’s and its Subsidiaries’ Undepreciated Real Estate Assets and
the value determined on a consolidated basis in accordance with GAAP of all of the General Partner’s and its Subsidiaries’
other assets, other than accounts receivables, right of use assets relating to operating leases and non-real estate intangibles,
in each case not subject to any Lien of any kind for borrowed money; provided, however, that “Total Unencumbered Assets”
does not include investments in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability
companies and other unconsolidated entities.

 

“Undepreciated
Real Estate Assets” as of any date means the cost (original cost plus capital improvements) of real estate assets and
related intangibles of the General Partner and its Subsidiaries on such date, before depreciation and amortization charges determined
on a consolidated basis in accordance with GAAP.

 

“Unsecured
Debt” means Debt of the types described in clauses (1) and (3) of the definition thereof that is not secured by any Lien
upon any of the properties of the General Partner or any of its Subsidiaries.

 

    A-7

     

    

 

18.    Guarantee.
The Notes are guaranteed by the Guarantors as provided in Article X of the Indenture. The General Partner and the
Subsidiaries listed on Schedule I are hereby designated as “Guarantors” under the Indenture with respect to the
Notes on the original issue date. Each other Subsidiary of the General Partner shall become a Guarantor of the Notes as
provided in the Indenture and paragraph 17(e) of this Annex A. Each Guarantor’s guarantee of the Notes shall be in the
form of the Guarantee, is an unsecured obligation of such Guarantor and ranks equally with other unsecured indebtedness of
such Guarantor that is not subordinated to its Guarantee of the Notes. Other than in accordance with Section 10.4 of the Base
Indenture, the General Partner shall not be released from its Guarantee of the Notes so long as any Notes remain
outstanding.

 

(a)       Any
Subsidiary Guarantor shall be automatically and unconditionally released: (i) upon the sale or other disposition (including by
way of consolidation or merger), in one transaction or a series of related transactions, of a majority of the total voting power
of the Capital Stock or other interests of such Subsidiary Guarantor (other than to the Company or any Affiliate of the Company);
or (ii) upon the sale or disposition of all or substantially all the property of such Subsidiary Guarantor (other than to the Company
or any Affiliate of the Company); or (iii) if at any time when no Event of Default has occurred and is continuing with respect
to the Notes, such Subsidiary Guarantor no longer guarantees (or which guarantee is being simultaneously released or will be immediately
released after the release of the Subsidiary Guarantor) any other Debt of the Company or of any Guarantor.

 

(b)       The
Guarantees also will be automatically released if the Company exercises its legal defeasance or its covenant defeasance option
with respect to the Notes as set forth in Article VIII of the Base Indenture, or if the Company’s obligations under the Base
Indenture with respect to the Notes are discharged as set forth in Section 8.4 thereof.

 

19.    Conversion
and Exchange. The Notes shall not be convertible into or exchangeable into any other security.

 

20.    Satisfaction
and Discharge; Covenant Defeasance. Article VIII of the Base Indenture shall apply to the Notes. In addition to the other
sections of the Indenture subject to the covenant defeasance provisions set forth in Article VIII of the Base Indenture, the covenants
set forth in paragraph 17 of this Annex A shall be subject to the covenant defeasance provisions set forth in Article VIII of the
Base Indenture.

 

21.    Discount
Securities. The Notes are not Discount Securities.

 

22.    Modification,
Amendment and Waiver. The terms and provisions of the Notes may be modified, amended, supplemented or waived as set forth
in the Indenture.

 

23.    Other
Terms. The Notes shall have the other terms, and the Notes shall be substantially in the form set forth in, Exhibit A.
In case of any conflict between this Annex A and the Notes, the form of the Notes shall control. In the case of any conflict between,
on the one hand, this Annex A and/or the Notes, and on the other hand, the Base Indenture, this Annex A and/or the Notes shall
control.

 

    A-8

     

    

 

Exhibit A

 

FORM OF NOTE

 

FORM OF REVERSE OF NOTE

 

FORM OF GUARANTEE

 

    A-9

     

    

   

[FORM OF NOTE]

 

THIS NOTE 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, WHICH MAY
BE TREATED BY THE ISSUER, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. TRANSFERS OF
THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITARY OR TO A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE
WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

UNLESS THIS GLOBAL NOTE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

AGREE LIMITED PARTNERSHIP

______% Notes due _____

CUSIP No. ____________

ISIN No. ______________

No. [ ]     $[
]

 

AGREE LIMITED PARTNERSHIP,
a Delaware limited partnership (hereinafter referred to as “Issuer,” which term includes any successor
thereof under the Indenture (as defined on the reverse hereof)), for value received, hereby promises to pay to CEDE & CO.,
or its registered assigns, the principal sum of [ ] ($[ ]) on _______________ (the “Stated Maturity Date”
with respect to the principal of this Note), unless previously redeemed on any call for redemption in accordance with the provisions
set forth on the reverse hereof (the Stated Maturity Date, the date on which the principal becomes due following acceleration or
any call for redemption is referred herein as the “Maturity Date” with respect to principal repayable
or repurchased on such date) and to pay interest thereon semi-annually in arrears on ________ and ________ of each year (each,
an “Interest Payment Date”), commencing on _______________, at the rate of _____% per annum, until payment
of said principal has been made or duly provided for. Interest on this Note payable on an Interest Payment Date will accrue from
and including the immediately preceding Interest Payment Date in respect of which interest has been paid or duly made available
for payment, or from and including _______________ if no interest has been paid or duly made available for payment, to but excluding
the applicable Interest Payment Date or the Maturity Date, as the case may be. Interest on this Note will be computed on the basis
of a 360-day year consisting of twelve 30-day months.

 

Capitalized terms used
but not otherwise defined herein shall have the respective meanings assigned to them in the Indenture.

 

    	 	A-1	 

     

    

 

The interest so payable
and punctually paid or duly made available for payment on any Interest Payment Date will be paid to the Holder in which name this
Note is registered in the security register at the close of business on the “Regular Record Date” for
such payment, which shall be the ________ and ________, as the case may be, immediately preceding such Interest Payment Date (regardless
of whether such day is a Business Day (as defined below)). Any such interest not so punctually paid or duly made available for
payment shall forthwith cease to be payable to the Holder on such Regular Record Date, and shall be paid to the person in whose
name this Note is registered at the close of business on a subsequent special record date for the payment of such defaulted interest
(which shall be not more than 5 Business Days prior to the date of the payment of such defaulted interest) established by notice
given by mail by or on behalf of the Issuer to the Holders of the Notes not less than 15 calendar days preceding such subsequent
special record date, or may be paid at any time in any other lawful manner, all as more fully provided in the Indenture.

 

The principal of, and
premium, if any, with respect to, this Note payable on the Maturity Date will be paid against presentation and surrender of this
Note at the Corporate Trust Office of the Trustee or other office or agency of the Issuer maintained for that purpose in the Borough
of Manhattan, The City of New York. The Issuer hereby initially designates the Corporate Trust Office of the Trustee (as defined
on the reverse hereof) as the office to be maintained by it where Notes may be presented for payment, registration of transfer
or exchange and where notices or demands to or upon the Issuer in respect of the Notes or the Indenture may be served.

 

If any Interest Payment
Date or the Maturity Date falls on a day that is not a Business Day, the payment required to be made on such date will, instead,
be made on the next Business Day with the same force and effect as if it were made on the date such payment was due, and no interest
shall accrue on the amount so payable for the period from and after such Interest Payment Date or the Maturity Date, as the case
may be. “Business Day” means, unless otherwise provided by Board Resolution, supplemental indenture to
the Indenture or Officer’s Certificate delivered pursuant to Section 2.2 of the Base Indenture, any day except Saturday,
Sunday or a legal holiday in The City of New York (or in connection with any payment, the place of payment) on which banking institutions
are authorized or required by law, regulation or executive order to close.

 

Payments of principal,
premium, if any, and interest in respect of this Note will be made in such coin or currency of the United States of America as
at the time of payment is legal tender for the payment of public and private debts (i) in the case of payments on the Maturity
Date, in immediately available funds, and (ii) in the case of payments of interest on an Interest Payment Date other than the Maturity
Date, (a) by wire transfer of immediately available funds to an account maintained by the payee with a bank located in the United
States of America, or (b) if no wire transfer is provided, by check mailed to the Holder entitled thereto at the applicable address
appearing in the security register; provided, however, that so long as Cede & Co. is the Holder of this Note, payments of interest
on an Interest Payment Date may be made in immediately available funds.

 

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 entitled to the benefits of the Indenture or the Guarantee or be valid or become obligatory for any purpose until the certificate
of authentication hereon shall have been executed by manual signature by the Trustee.

 

    	 	A-2	 

     

    

 

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be duly executed, manually, electronically or by facsimile by an authorized signatory.

 

	Date: _______________	 	 	 
	 	 	 	 
	 	AGREE LIMITED PARTNERSHIP
	 	 	 	 
	 	By:	AGREE REALTY CORPORATION, its sole general partner
	 	 	 	 
	 	By:	                 
	 	 	Name: 	              
	 	 	Title: 	 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	 	A-3	 

     

    

 

[FORM OF REVERSE
OF NOTE]

AGREE LIMITED PARTNERSHIP

 

_____% Notes due _____

 

This Note is one of
a duly authorized issue of Securities of the Issuer (hereinafter called the “Securities”) of the series
hereinafter specified, all issued or to be issued under and pursuant to an Indenture (the “Base Indenture”),
dated as of _______________, duly executed and delivered by the Issuer, AGREE REALTY CORPORATION (the “General Partner”),
to U.S. Bank National Association, as trustee (the “Trustee,” which term includes any successor trustee
under the Indenture with respect to the series of Securities of which this Note is a part), together with the Officer’s Certificate
amending and supplementing the Base Indenture and establishing the terms of the Notes (collectively with the Base Indenture, the
“Indenture”) and reference is hereby made to the Indenture, and all modifications and amendments and
indentures supplemental thereto relating to the Notes, made for a description of the rights, limitations of rights, obligations,
duties, and immunities thereunder of the Trustee, the Issuer, the Guarantor(s) and the Holders of the Notes and the terms upon
which the Notes are authenticated and delivered. This Note is one of a series of Securities designated as the _____% Notes due
_____ (collectively, the “Notes”) of the Issuer, limited (except as permitted under the Indenture) in
aggregate principal amount to $_______________.

 

Payments of principal,
premium, if any, and interest in respect of the Notes will be fully and unconditionally guaranteed by the Guarantor(s).

 

Optional Redemption.
Prior to ___________ (the “Par Call Date”), the Issuer may redeem the Notes at any time at its option
in whole or from time to time in part, at a redemption price equal to the greater of: (a) 100% of the principal amount of the Notes
to be redeemed, and (b) the sum of the present values of the remaining scheduled payments of principal of and interest on the Notes
to be redeemed (exclusive of interest accrued to the applicable redemption date), assuming that the Notes matured and that accrued
and unpaid interest on the Notes was payable on the Par Call Date, discounted to such redemption date on a semi-annual basis, assuming
a 360-day year consisting of twelve 30-day months, at the Treasury Rate plus ___ basis points (determined on the third Business
Day preceding the date the notice of redemption is given) from the respective dates on which such principal and interest would
have been payable if such redemption had not been made (the “make-whole premium”), plus, in the case
of both clauses (a) and (b) above, accrued and unpaid interest on the principal amount of the Notes being redeemed to but excluding
such redemption date.

 

On and after the Par
Call Date, the Issuer may redeem the Notes at any time in whole or from time to time in part at its option at a redemption price
equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on the principal amount of
the Notes being redeemed to the applicable redemption date.

 

As used herein (and
to the extent any such definitions conflict with definitions included in the Base Indenture, the definitions included here shall
control with respect to the Notes):

 

“Comparable
Treasury Issue” means the United
States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of
the Notes to be redeemed (assuming that the Notes matured on the applicable Par Call Date) 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 to be redeemed (assuming, that the Notes matured on the applicable Par Call Date).

 

    	 	A-4	 

     

    

 

“Comparable
Treasury Price” means, with respect to any redemption date for the Notes:

 

(a)       if
five or more Reference Treasury Dealer Quotations are obtained for such redemption date, the average of such Reference Treasury
Dealer Quotations after excluding the highest and lowest such Reference Treasury Dealer Quotations, or

 

(b)       if
fewer than five but more than one such Reference Treasury Dealer Quotations are obtained for such call for redemption, the average
of all such Reference Treasury Dealer Quotations, or 

 

(c)       if
only one such Reference Treasury Dealer Quotation is obtained for such call for redemption, that Reference Treasury Dealer Quotation.

 

“Independent
Investment Banker” means one of the Reference Treasury Dealers that appointed by the Issuer to act as the Independent
Investment Banker from time to time. 

 

“Reference
Treasury Dealer” means, (1) each of Citigroup Global Markets Inc. and Wells Fargo Securities, LLC and their
respective successors and (2) three other firms that are primary U.S. Government securities dealers (each a “Primary
Treasury Dealer”) which the Issuer will specify from time to time; provided, however, that if any of them ceases to be
a Primary Treasury Dealer, the Issuer will substitute another Primary Treasury Dealer.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average
as determined by the Issuer 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 Issuer by such Reference Treasury Dealer at 5:00 p.m., New York City time, on
the third Business Day preceding such redemption date.

 

“Treasury
Rate” means, with respect to any redemption date: (1) the yield, under the heading which represents the average
for the immediately preceding week, appearing or available in the most recently published statistical release designated “H.15”
or any successor publication which is published at least weekly by the Board of Governors of the Federal Reserve System (or in
each case any companion online data resource published at least weekly by the Federal Reserve) and which establishes yields on
actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,”
for the maturity corresponding to the Comparable Treasury Issue; provided that, if no maturity is within three months before or
after the Par Call Date, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall
be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis, rounding
to the nearest month; or (2) if such release (or any successor publication or release) is not published during the week preceding
the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of
the Comparable Treasury Issue, calculated using 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. For purposes of the preceding sentence, the Treasury Rate
shall be calculated on the third Business Day preceding the date the notice of redemption is given. In the case of a satisfaction
and discharge, such rates shall be determined as of the date of the deposit with the Trustee.

 

Notice of
redemption will be mailed or sent by electronic transmission (or in the case of the Global Note, given pursuant to the
applicable procedures of the Depository Trust Company) at least 15 but not more than 60 calendar days before the redemption
date to each Holder of record of the Notes to be redeemed at its last registered address and the Trustee (if the notice is to
be delivered by the Issuer). The notice of redemption for the Notes will state, among other things, the aggregate principal
amount of Notes to be redeemed, the redemption date, the redemption price and the place or places that payment will be made
upon presentation and surrender of Notes to be redeemed. Unless the Issuer defaults in payment of the redemption price,
interest, if any, will cease to accrue on any Notes that have been called for redemption at the redemption date, on and after
the redemption date (unless the Issuer defaults in payment of the redemption price) such Notes shall cease to be entitled to
any benefit or security under the Indenture and the Holders of such Notes shall have no right in respect of such Notes except
the right to receive the redemption price thereof.

 

    	 	A-5	 

     

    

 

If less than all of
the Notes are to be redeemed at the option of the Issuer, the Trustee will select, in a manner it deems fair and appropriate, subject
to the customary procedures of DTC (or relevant depositary), the Notes to be redeemed (in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof).

 

In the event of any
redemption of the Notes, the Issuer will not be required to:

 

		·	issue or register the transfer of any Note during a period beginning at the opening of business
15 days before any selection of the Notes for redemption and ending at the close of business on the earliest date on which the
relevant notice of redemption is deemed to have been given to all Holders of the Notes to be so redeemed, or

		·	register the transfer of any Note so selected for redemption, in whole or in part, except the unredeemed
portion of any Note being redeemed in part.

 

This Note is not mandatorily
redeemable and is not entitled to the benefit of a sinking fund or any analogous provisions.

 

Miscellaneous.
In case an Event of Default with respect to this Note shall have occurred and be continuing, the principal hereof may be (and,
in certain cases, shall be) declared, and upon such declaration shall become, due and payable, in the manner, with the effect,
and subject to the conditions, provided in the Indenture.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and, if applicable, the Guarantors, and the rights of the Holders of the Securities under the Indenture at any time by the Issuer
and, if applicable, the Guarantors, and the Trustee with the consent of the Holders of a majority in the aggregate principal amount
of Securities of each series (voting as separate classes) issued under the Indenture at the time outstanding and affected thereby.
Furthermore, provisions in the Indenture permit the Holders of a majority in the aggregate outstanding principal amount of Securities
of any series, in certain instances, to waive, on behalf of all of the Holders of Securities of such series, certain past defaults
under the Indenture and their consequences. Any such waiver by the Holder of this Note shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and other Notes issued upon the registration of transfer hereof or in exchange
hereof, or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

No reference herein
to the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Issuer, which is absolute
and unconditional, to pay the principal of, and premium, if any, with respect to, and interest on, this Note in the manner, at
the respective times, at the rate and in the coin or currency herein prescribed.

 

The Indenture contains
provisions for defeasance and discharge and for defeasance at any time of certain restrictive covenants and Events of Default with
respect to the Notes upon compliance with certain conditions set forth in the Indenture.

 

    	 	A-6	 

     

    

 

This Note is issuable
only in definitive registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
This Note may be exchanged for a like aggregate principal amount of Notes of other authorized denominations at the office or agency
of the Issuer in The City of New York, in the manner and subject to the limitations provided herein and in the Indenture, but without
the payment of any charge except for any tax or other governmental charge imposed in connection therewith.

 

The Issuer shall not
pay Additional Amounts on this Note held by a person that is not a U.S. person in respect of taxes or similar charges withheld
or deducted.

 

The Issuer, the Guarantor(s)
or the Trustee and any authorized agent of the Issuer, the Guarantor(s) or the Trustee may deem and treat the person in whose name
this Note is registered as the Holder and absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding
any notation of ownership or other writing hereon), for the purpose of receiving payment of, or on account of, the principal of,
or premium, if any, with respect to, or subject to the provisions on the face hereof, interest on, this Note and for all other
purposes, and none of the Issuer, the Guarantor(s) or the Trustee or any authorized agent of the Issuer, the Guarantor(s) or the
Trustee shall be affected by any notice to the contrary.

 

THE INDENTURE AND THIS
NOTE SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF SUCH STATE.

 

    	 	A-7	 

     

    

 

ASSIGNMENT FORM

 

	FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto:
	 
	 
	Please insert social security number or other identifying number of assignee:
	 
	 
	Please print or type 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 of AGREE Limited Partnership (the “Issuer”) on the books of the Issuer, with full power of substitution in the premises.
	 
	 
	Dated: _________
	 
	Signature Guaranteed
	 
	 
	NOTICE: Signature must be guaranteed by an eligible Guarantor Institution (banks, stockbrokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.
	 
	 
	NOTICE: The signature to this Assignment must correspond with the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatever.

 

    	 	A-8	 

     

    

 

FORM OF GUARANTEE

 

The guarantor listed
below (hereinafter referred to as the “Guarantor,” which term includes any successors or assigns under an Indenture
(the “Base Indenture”), dated as of _______________, duly executed and delivered by AGREE LIMITED PARTNERSHIP,
a Delaware limited partnership (the “Issuer”), AGREE REALTY CORPORATION (the “General Partner”),
and U.S. Bank National Association, as trustee (the “Trustee”), together with the Officer’s Certificate
dated as of __________, amending and supplementing the Base Indenture and establishing the terms of the Notes (defined below) (collectively
with the Base Indenture, the “Indenture”) hereby agrees to, irrevocably and unconditionally, jointly
and severally with any other Guarantors of the Notes, guarantee on a senior unsecured basis (i) the due and punctual payment
of the principal of, premium, if any, and interest, if any, on the [_]% Notes due 20[_] (the “Notes”) of the
Issuer, whether at Stated Maturity, by declaration of acceleration, call for redemption or otherwise, and interest on the overdue
principal and premium, if any, and interest on any interest on the Notes, if any, if lawful, and all other obligations of the Issuer,
to the Holders (as defined in the Indenture) of the Notes or the Trustee all in accordance with the terms set forth in Article
X of the Indenture, and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations,
the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether
at Stated Maturity, or by declaration of acceleration, call for redemption or otherwise.

 

The obligations of
the Guarantors to the Holders of the Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth
in Article X of the Indenture and reference is hereby made to such Indenture for the precise terms of this Guarantee. The
Guarantor acknowledges that it has received and reviewed a copy of the Indenture and all other documents it deems necessary to
review in order to enter into this Guarantee, and acknowledges and agrees to perform all obligations and duties required of a Guarantor
pursuant to the Indenture.

  

The Guarantor hereby
waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the
Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever.

 

This is a continuing
Guarantee and shall remain in full force and effect and shall be binding upon the Guarantor and its successors and assigns until
full and final payment of all of the Issuer’s obligations under the Notes and Indenture or until legally discharged in accordance
with the terms regarding release set forth in Article X of the Indenture and shall inure to the benefit of the successors and assigns
of the Trustee and the Holders of the Notes, and, in the event of any transfer or assignment of rights by any Holder of the Notes
or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such
transferee or assignee, all subject to the terms and conditions hereof. This is a Guarantee of payment and performance and not
of collectability.

 

This Guarantee shall
not be valid or obligatory for any purpose until the certificate of authentication on the Note upon which this Guarantee is noted
shall have been signed, in the name and on behalf of the Trustee under the Indenture, manually or by facsimile or other electronic
imaging means by one of the authorized officers of the Trustee under the Indenture or as otherwise permitted under the Indenture.

 

The obligations of
the Guarantor under this Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent
conveyance under applicable law.

 

THE TERMS OF ARTICLE
X OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. Capitalized terms used herein have the same meanings given in the Indenture
unless otherwise indicated.

 

    	 	A-9	 

     

    

 

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be duly executed, manually, electronically or by facsimile by an authorized signatory.

 

	Date: _______________	 	 	 
	 	 	 	 
	 	[NAME OF GUARANTOR]
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 	A-10	 

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN
THE GLOBAL SECURITY

 

The following exchanges of a part of this
Global Security for an interest in another Global Security or for a definitive registered Note, or exchanges of a part of another
Global Security or definitive registered Note for an interest in this Global Security, have been made:

 

	Date of

Exchange	 	Amount of

Decrease in

Principal Amount

of This Global

Security	 	Amount of

Increase in

Principal

Amount of This

Global Security	 	Principal Amount of

This Global Security

Following Such

Decrease (or

Increase)	 	Signature of

Authorized

Signatory of

Trustee or 

Custodian	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    	 	A-11

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