Document:

Exhibit 4.3

 

 

CUBESMART, L.P.,

 

Issuer,

 

and

 

CUBESMART,

 

Parent Guarantor,

 

and

 

U.S. BANK NATIONAL ASSOCIATION

 

Trustee

 

 

 

Eighth Supplemental Indenture

 

Dated as of October 6, 2020

 

To

 

Indenture

 

Dated as of September 16, 2011

 

 

 

2.000% SENIOR NOTES DUE 2031

 

 

     

     

    

 

EIGHTH SUPPLEMENTAL INDENTURE,
dated as of October 6, 2020 (this “Eighth Supplemental Indenture”), among CUBESMART, L.P., a limited partnership
formed under the laws of Delaware (the “Issuer”), CUBESMART, a real estate investment trust formed under the
laws of Maryland and the sole general partner and a limited partner of the Issuer (the “Parent Guarantor”),
and U.S. BANK NATIONAL ASSOCIATION, as Trustee (the “Trustee”).

 

RECITALS OF THE ISSUER AND THE PARENT
GUARANTOR

 

WHEREAS, the Issuer,
the Parent Guarantor and the Trustee are parties to an Indenture dated as of September 16, 2011 (the “Indenture”)
relating to the issuance from time to time by the Issuer of its Securities on terms to be specified at the time of issuance;

 

WHEREAS, the Issuer proposes
to create under the Indenture a new series of Securities;

 

WHEREAS, Section 301
of the Indenture provides that the Issuer, the Parent Guarantor and the Trustee may enter into supplemental indentures prior to
the issuance of a new series of Securities to create such series of Securities and set forth the terms of such series of Securities;
and

 

WHEREAS, the consent
of Holders to the execution and delivery of this Eighth Supplemental Indenture is not required and all the conditions and requirements
necessary to make this Eighth Supplemental Indenture, when duly executed and delivered, a valid and binding agreement in accordance
with its terms and for the purposes herein expressed, have been performed and fulfilled.

 

NOW, THEREFORE, in consideration
of the premises and the purchase of Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and
proportionate benefit of all Holders of the Securities or series thereof (as determined by reference to principal amount, plus
accrued but unpaid interest, of the Securities held by such Holders), as follows:

 

ARTICLE I

 

RELATION TO INDENTURE; DEFINITIONS

 

Section 1.1. Relation
to Indenture. This Eighth Supplemental Indenture constitutes an integral part of the Indenture. The changes to the Indenture
effected by this Eighth Supplemental Indenture shall apply only with respect to the Notes and not to any other series of Securities
issued under the Indenture.

 

Section 1.2. Definitions.
For all purposes of this Eighth Supplemental Indenture, except for terms defined herein or unless the context otherwise requires,
capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Indenture. In addition,
the following terms shall have the following meanings to be equally applicable to both the singular and plural forms of the terms
set forth below:

 

“Acquired
Indebtedness” means Indebtedness 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 Indebtedness incurred
in connection with, or in contemplation of, such Person becoming a Subsidiary or such acquisition. Acquired Indebtedness shall
be deemed to be incurred on the date of the related acquisition of assets from any Person or the date on which the acquired Person
becomes a Subsidiary.

 

“Annual
Debt Service Charge” means, for any period, the aggregate interest expense (including without limitation, the
interest component of any finance lease of property by the Issuer or any of its Subsidiaries as lessee which is reflected on the
Issuer’s consolidated balance sheet in accordance with GAAP and letter of credit fees, commitment fees and other similar
financial charges) for such period in respect of, and the amortization during such period of any original issue discount of, Indebtedness
of the Issuer and its Subsidiaries.

 

“Comparable
Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a maturity
comparable to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes mature on the Par Call
Date) (the “remaining life”) 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 such Notes.

 

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“Comparable
Treasury Price” means (i) the average of five Reference Treasury Dealer Quotations for a Redemption Date,
after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker
obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Consolidated
Income Available for Debt Service” means, for any period, Earnings from Operations of the Issuer and its Subsidiaries
plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (i) Annual
Debt Service Charge of the Issuer and its Subsidiaries, (ii) provision for taxes of the Issuer and its Subsidiaries based
on income, (iii) provisions for gains and losses on properties and depreciation and amortization, (iv) increases in deferred
taxes and other non-cash items, (v) depreciation and amortization with respect to interests in joint venture and partially
owned entity investments, (vi) the effect of any charge resulting from a change in accounting principles in determining Earnings
from Operations for such period and (vii) amortization of deferred charges.

 

“Earnings
from Operations” means, for any period, net income or loss of the Issuer and its Subsidiaries, excluding (i) provisions
for gains and losses on sales of investments or joint ventures; (ii) provisions for gains and losses on disposition of discontinued
operations; (iii) extraordinary and non-recurring items; and (iv) impairment charges and property valuation losses, as
reflected in the consolidated financial statements of the Issuer and its Subsidiaries for such period determined in accordance
with GAAP.

 

“Encumbrance”
means any mortgage, lien, pledge or security interest of any kind.

 

“Indebtedness”
means, with respect to the Issuer or any of its Subsidiaries (without duplication) any indebtedness of the Issuer or any of its
respective Subsidiaries, (i) in respect of borrowed money, (ii) evidenced by bonds, notes, debentures or similar instruments,
(iii) secured by any Encumbrance existing on property owned by the Issuer or any of its Subsidiaries, (iv) consisting
of letters of credit or amounts representing the balance deferred and unpaid of the purchase price of any property, except any
such balance that constitutes an accrued expense or trade payable, or (v) in respect of any lease of property by the Issuer
or any of its Subsidiaries as lessee which is reflected on the Issuer’s consolidated balance sheet as a financing lease in
accordance with GAAP, and also includes, to the extent not otherwise included, any obligation by the Issuer 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), indebtedness of another person (other than the Issuer or its Subsidiaries); it being understood that indebtedness shall
be deemed to be incurred by the Issuer or any of its Subsidiaries whenever it or that Subsidiary creates, assumes, guarantees or
otherwise becomes liable in respect thereof. Indebtedness of any Subsidiary existing prior to the time it became a Subsidiary of
the Issuer shall be deemed to be incurred at the time that Subsidiary becomes a Subsidiary of the Issuer; and Indebtedness of a
Person existing prior to a merger or consolidation of that Person with the Issuer or any of its Subsidiaries in which that Person
is the successor to the Issuer or that Subsidiary shall be deemed to be incurred upon the consummation of that merger or consolidation.
Notwithstanding the preceding sentences of this definition, the term Indebtedness shall not include any indebtedness that had been
the subject of an “in substance” defeasance in accordance with GAAP or any operating lease liabilities reflected on
the Issuer’s consolidated balance sheet in accordance with GAAP.

 

“Independent
Investment Banker” means Wells Fargo Securities, LLC, Barclays Capital Inc. and Jefferies LLC or, if these firms
are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing
appointed by the Issuer.

 

“Intercompany
Indebtedness” means Indebtedness to which the only parties are the Issuer, any of the Guarantors and any of their
respective Subsidiaries (but only so long as such Indebtedness is held solely by any of the Issuer, any of the Guarantors and any
of their respective Subsidiaries) that is subordinate in right of payment to the Securities.

 

“Reference
Treasury Dealer” means each of (i) Wells Fargo Securities, LLC, Barclays Capital Inc. and Jefferies LLC
and their successors; provided, however, that, if any of the foregoing ceases to be a primary U.S. government securities dealer
(a “primary treasury dealer”), the Issuer will substitute therefor another primary treasury dealer, and (ii) any
two other primary treasury dealers selected by the Issuer after consultation with the Independent Investment Banker.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Independent Investment Banker, 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 Independent Investment Banker at 5:00 p.m. (New
York City time) on the third Business Day preceding the date of the notice of such redemption.

 

“Total
Assets” means, as of any date, the sum of (i) the Undepreciated Real Estate Assets and (ii) all other
assets of the Issuer and its Subsidiaries determined in accordance with GAAP (but excluding accounts receivable, intangibles and
any right to use assets under operating leases reflected on the Issuer’s consolidated balance sheet in accordance with GAAP).

 

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“Total
Unencumbered Assets” means the sum of (i) those Undepreciated Real Estate Assets not subject to an Encumbrance
for borrowed money or leased pursuant to a finance lease and (ii) all other assets of the Issuer and its Subsidiaries not
subject to an Encumbrance for borrowed money, determined in accordance with GAAP (but excluding accounts receivable and intangibles);
provided, however, that, in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Indebtedness, all investments
by the Issuer and its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited
liability companies and other unconsolidated entities shall be excluded from Total Unencumbered Assets to the extent that such
investments would have otherwise been included.

 

“Treasury
Rate” means, with respect to any Redemption Date:

 

(i) the yield, under the heading
which represents the average for the immediately preceding week (being, if not reported as a weekly average yield, the average
of the five most recent daily reported yields), appearing in the most recently published statistical release designated “H.15”
or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,”
for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining
life (as defined in the definition of Comparable Treasury Issue), yields for the two published maturities most closely corresponding
to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields
on a straight line basis, rounding to the nearest month); or

 

(ii) if such release (or any
successor 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.

 

The Treasury Rate will
be calculated by the Issuer on the third Business Day preceding the date of the notice of redemption and set forth in an Officers’
Certificate delivered to the Trustee.

 

“Undepreciated
Real Estate Assets” means, as of any date, the cost (original cost plus capital improvements) of real estate
assets and right-of-use assets associated with leases of property required to be reflected as finance leases on the balance sheet
of the Operating Partnership and its Subsidiaries on such date, before depreciation and amortization, determined on a consolidated
basis in accordance with GAAP; provided, however, that “Undepreciated Real Estate Assets” shall not include right-of-use
assets associated with leases of property required to be reflected as operating leases in accordance with GAAP.

 

“Unsecured
Indebtedness” means Indebtedness which is not secured by any Encumbrance upon any of the properties of the Issuer
or any of its Subsidiaries.

 

ARTICLE II

 

THE SECURITIES

 

There is established
a series of Securities pursuant to the Indenture with the following terms:

 

Section 2.1. Title
of the Securities. The series of Securities established under this Eighth Supplemental Indenture shall be designated as the
 “2.000% Senior Notes due 2031” (the “Notes”).

 

Section 2.2. Aggregate
Principal Amount. The Notes initially will be issued in an aggregate principal amount of $450,000,000 (not including the Notes
authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Securities pursuant to
Sections 304, 305 or 306 of the Indenture); provided that the Issuer may, without the consent of Holders of the Notes, issue additional
Notes having the same ranking and the same interest rate, maturity and other terms as the Notes, except for the issue date, issue
price, the first payment date (if applicable) and payment of interest accruing prior to the issue date of the additional Notes,
which additional Notes will constitute a single series of Securities under the Indenture.

 

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Section 2.3. Maturity
Date. The date on which the principal on the Notes is payable is February 15, 2031, subject to the provisions of the Indenture
relating to acceleration (the “Maturity Date”).

 

Section 2.4. Ranking.
The Notes will be unsecured senior debt of the Issuer and will be guaranteed as provided in Article Fourteen of the Indenture
by the Parent Guarantor.

 

Section 2.5. Interest.
The Notes will bear interest from, and including, the date of initial issuance, or from, and including, the most recent interest
payment date to which interest has been paid or duly provided for, to, but excluding, the applicable interest payment date or Maturity
Date of the Notes, as applicable, at a rate of 2.000% per annum, payable semi-annually in arrears on February 15 and August 15
of each year, commencing February 15, 2021. The Issuer will pay interest to the Person in whose name a Note is registered
at the close of business on February 1 or August 1 next preceding the interest payment date. The Issuer will compute
interest on the basis of a 360-day year consisting of twelve 30-day months. If any interest payment date or Maturity Date falls
on a day that is not a Business Day, the required payment of principal or interest will be made on the next succeeding Business
Day as if made on the date on which such payment was due, and no interest will accrue on such payment for the period from and after
such interest payment date or Maturity Date, as the case may be, to the date of such payment on the next succeeding Business Day.

 

Section 2.6. Place
of Payment for Principal, Interest and Redemption Price. The principal of, interest on and Redemption Price, if any, for
the Notes will be payable at the office or agency of the Issuer maintained for that purpose, pursuant to the Indenture, in the
City of New York, which initially shall be the corporate trust office of the Trustee; provided, however, that at the option of
the Issuer, such payment of principal of, interest on and Redemption Price, if any, for the Notes may be made by check mailed to
the person entitled thereto as provided in the Indenture.

 

Section 2.7. Defeasance.
The Notes shall be subject to legal defeasance under Section 402 of the Indenture and to covenant defeasance under Section 403
of the Indenture as permitted pursuant to Section 401 of the Indenture.

 

Section 2.8. Sinking
Fund. The Notes shall not have the benefit of any sinking fund.

 

Section 2.9. Form and
Dating.

 

(a) The Notes shall
be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by
law, stock exchange rule or usage. Each Note shall be dated the date of its authentication.

 

(b) The terms and
provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Eighth Supplemental Indenture,
and the Issuer, the Parent Guarantor and the Trustee, by their execution and delivery of this Eighth Supplemental Indenture, expressly
agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Notes conflicts with the
express provisions of this Eighth Supplemental Indenture, the provisions of this Eighth Supplemental Indenture shall govern and
be controlling.

 

(c) The Notes will
be issued in the form of a fully-registered global security (the “Global Security”). The Depository Trust Company
shall serve as the depositary (the “Depositary”) for the Global Security. The Global Security will be deposited
with, or on behalf of, the Depositary and registered, at the request of the Depositary, in the name of Cede & Co. Except
as set forth below, the Global Security may be transferred, in whole and not in part, only by the Depositary to its nominee or
by its nominee to such Depositary or another nominee of the Depositary or by the Depositary or its nominee to a successor of the
Depositary or a nominee of such successor. If (i) the Depositary is at any time unwilling or unable to continue as depositary
and a successor depositary is not appointed by the Issuer within 90 calendar days after receipt of such notice from the Depositary;
(ii) the Depositary ceases to be a clearing agency registered under the Exchange Act and the Issuer does not appoint a successor
depositary within 90 calendar days of becoming aware that the Depositary has ceased to be registered as a clearing agency; (iii) the
Issuer, in its sole discretion, determines that the Notes will be exchangeable for definitive securities in registered form and
notifies the Trustee of its decision; or (iv) an Event of Default with respect to the Notes represented by the Global Security
has occurred and is continuing, then in each case the Issuer may issue Notes in certificated form in exchange for the Global Security.
In each of these instances, an owner of an interest in the Global Security would be entitled to physical delivery of such Notes
in certificated form. Notes so issued in certificated form will be issued in denominations of $2,000 and integral multiples of
$1,000 in excess thereof and will be issued in registered form only.

 

Section 2.10. Optional
Redemption. The Notes may be redeemed at the Issuer’s option in whole or, from time to time, in part prior to the Maturity
Date as follows:

 

(a) If the Notes
are redeemed before November 15, 2030, (the “Par Call Date”) the Notes will be redeemed at a Redemption Price
equal to the greater of:

 

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(i) 100% of the principal
amount of the Notes then outstanding to be redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption
Date; and

 

(ii) the sum, as set forth
in an Officers’ Certificate delivered to the Trustee, of the present values of the remaining scheduled payments of principal
of, and interest on, the Notes to be redeemed (not including any portion of such payments of interest accrued to the Redemption
Date), assuming such Notes matured on the Par Call Date, discounted to the Redemption Date on a semiannual basis (assuming a 360-day
year consisting of twelve 30-day months) at the applicable Treasury Rate plus 25 basis points, plus accrued and unpaid interest
thereon to, but not including, the Redemption Date.

 

(b) If the Notes
are redeemed on or after the Par Call Date, the Notes will be redeemed at a Redemption Price equal to 100% of the principal amount
of the Notes then outstanding being redeemed, plus accrued and unpaid interest on the principal amount of Notes being redeemed
to, but not including, the Redemption Date.

 

(c) If any Redemption
Date falls on a day that is not a Business Day, the required payment of Redemption Price on the Notes to be redeemed will be made
on the next succeeding Business Day as if made on the date on which such payment was due, and no interest will accrue on such payment
for the period from and after such Redemption Date, as the case may be, to the date of such payment on the next succeeding Business
Day; provided, however, that if the next such succeeding Business Day falls on a day in the next succeeding calendar year with
respect to a Redemption Date, the required payment of Redemption Price on the Notes to be redeemed shall be made on the Business
Day immediately preceding such Redemption Date on which payment was due.

 

Section 2.11. Notice
of Redemption. Notice of redemption shall be given in the manner provided in Section 106 of the Indenture not later than
15 days and not earlier than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed.

 

ARTICLE III

 

ADDITIONAL COVENANTS

 

In addition to the covenants
set forth in the Indenture, the Issuer hereby further covenants as follows for the benefit of the Holders of the Notes:

 

Section 3.1. Limitation
on Incurrence of Indebtedness.

 

(a) The Issuer shall not,
and shall not permit any of its Subsidiaries to, incur any Indebtedness, other than Intercompany Indebtedness, if, immediately
after giving effect to the incurrence of such additional Indebtedness and the application of the proceeds thereof, the aggregate
principal amount of all outstanding Indebtedness of the Issuer 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 Issuer and its Subsidiaries as of the end of the calendar quarter covered in the Issuer’s Annual Report
on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such
filing is not permitted under the Exchange Act, with the Trustee) prior to the incurrence of such additional Indebtedness; and

 

(2) the
purchase price of any assets included in the definition of Total Assets acquired, and the amount of any securities offering proceeds
received (to the extent such proceeds were not used to acquire items included in the definition of Total Assets or used to reduce
indebtedness), by the Issuer or any of its Subsidiaries since the end of such calendar quarter, including those proceeds obtained
in connection with the incurrence of such additional Indebtedness.

 

(b) The Issuer shall not,
and shall not permit any of its Subsidiaries to, incur any Indebtedness if the ratio of Consolidated Income Available for Debt
Service to the Annual Debt Service Charge for the four consecutive fiscal quarters most recently ended prior to the date on which
such additional Indebtedness is to be incurred shall have been less than 1.5:1, on a pro forma basis after giving effect thereto
and to the application of the proceeds therefrom, and calculated on the assumption that:

 

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(1) such
Indebtedness and any other Indebtedness incurred by the Issuer and its Subsidiaries since the first day of such four-quarter period
and the application of the proceeds therefrom, including to refinance other Indebtedness, had occurred at the beginning of such
period;

 

(2) the
repayment or retirement of any other Indebtedness by the Issuer and its Subsidiaries since the first day of such four-quarter period
had been repaid or retired at the beginning of such period (except that, in making such computation, the amount of Indebtedness
under any revolving credit facility shall be computed based upon the average daily balance of such Indebtedness during such period);

 

(3) in
the case of Acquired Indebtedness or Indebtedness incurred 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 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 Issuer or any of its Subsidiaries of any asset or group of assets since the first
day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition
or any related repayment of Indebtedness had occurred as of the first day of such period with the appropriate adjustments with
respect to such acquisition or disposition being included in such pro forma calculation.

 

(c) The Issuer shall not,
and shall not permit any of its Subsidiaries to, incur any Indebtedness secured by any Encumbrance upon any of the property of
the Issuer or any of its Subsidiaries, whether owned at the date of the Indenture or thereafter acquired, if, immediately after
giving effect to the incurrence of such additional Indebtedness secured by an Encumbrance and the application of the proceeds thereof,
the aggregate principal amount of all outstanding Indebtedness of the Issuer and its Subsidiaries on a consolidated basis which
is secured by any Encumbrance on property of the Issuer or any of its Subsidiaries is greater than 40% of the sum of (without duplication):

 

(1) the
Total Assets of the Issuer and its Subsidiaries as of the end of the calendar quarter covered in the Issuer’s Annual Report
on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such
filing is not permitted under the Exchange Act, with the Trustee) prior to the incurrence of such additional Indebtedness; and

 

(2) the
purchase price of any assets included in the definition of Total Assets acquired, and the amount of any securities offering proceeds
received (to the extent such proceeds were not used to acquire items included in the definition of Total Assets or used to reduce
Indebtedness), by the Issuer or any of its Subsidiaries since the end of such calendar quarter, including those proceeds obtained
in connection with the incurrence of such additional Indebtedness.

 

(d) The Issuer and its Subsidiaries
may not at any time own Total Unencumbered Assets equal to less than 150% of the aggregate outstanding principal amount of the
Unsecured Indebtedness of the Issuer and its Subsidiaries on a consolidated basis.

 

Section 3.2. Insurance.
Each of the Issuer and the Guarantors shall cause each of their properties and each of the properties of their respective Subsidiaries
to be insured against loss or damage with insurers of recognized responsibility, in commercially reasonable amounts and types and
with insurers having a specified rating from a recognized insurance rating service.

 

Section 3.3. Provision
of Financial Information. Notwithstanding the provisions set forth in Section 704 of the Indenture, (a) the Parent
Guarantor and the Issuer will furnish to the Trustee such information, documents and other reports as may be required pursuant
to the Trust Indenture Act, including filing with the Trustee within 15 days of the due date thereof, information, documents or
reports required to be filed by the Issuer with the Commission, and (b) the Issuer and the Guarantors agree that if the Issuer
is not then subject to Section 13 or 15(d) of the Exchange Act, the Issuer will (i) transmit by mail to all Holders,
as their names and addresses appear in the Security Register, without cost to such Holders, copies of the annual reports and quarterly
reports which the Issuer would have been required to file with the Commission pursuant to Section 13 or 15(d) of the
Exchange Act if the Issuer were subject to such Sections, and (ii) file with the Trustee copies of annual reports, quarterly
reports and other documents which the Issuer would have been required to file with the Commission pursuant to Section 13 or
15(d) of the Exchange Act if the Issuer were subject to such Sections, in each case, within 15 days after the respective dates
by which the Issuer would have been required so to file such reports and other documents if the Issuer were so subject.

 

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Section 3.4. Waiver
of Certain Covenants. The Issuer and the Guarantors may omit in any particular instance to comply with any covenant or condition
set forth in Sections 3.1 and 3.2, inclusive, of this Eighth Supplemental Indenture, if before or after the time for such compliance
the Holders of more than 50% in principal amount of the Outstanding Notes shall, in each case by Act of such Holders, either waive
such compliance in such instance or generally waive compliance with such covenant or condition, but no such waiver shall extend
to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective,
the obligations of the Issuer and the Guarantors and the duties of the Trustee for the Notes with respect to any such covenant
or condition shall remain in full force and effect.

 

ARTICLE IV

 

MISCELLANEOUS PROVISIONS

 

Section 4.1. Ratification
of Indenture. Except as expressly modified or amended hereby, the Indenture continues in full force and effect and is in all
respects confirmed and preserved.

 

Section 4.2. No
Representation by Trustee. The Trustee makes no representation as to the validity or sufficiency of this Eighth Supplemental
Indenture.

 

Section 4.3. Governing
Law. This Eighth Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New
York.

 

Section 4.4. Counterparts.
This Eighth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to
be an original, but all such counterparts shall together constitute but one and the same instrument.

 

[Remainder of Page Intentionally
Left Blank]

 

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IN WITNESS WHEREOF, the parties hereto have
caused this Eighth Supplemental Indenture to be duly executed by their respective officers hereunto duly authorized, all as of
the day and year first written above.

 

	   	CUBESMART, L.P.  
	   	   	   	   
	   	By: 	  CUBESMART  
	   	 	   Its General Partner  
	   	   	   	   
	   	By: 	 /s/ Timothy M. Martin
	   	 	Name: 	Timothy M. Martin  
	   	   	Title:  	Chief Financial Officer and Treasurer  
	   	   	   	   
	   	CUBESMART  
	   	   	   	   
	   	By: 	 /s/ Timothy M. Martin
	   	   	Name: 	Timothy M. Martin  
	   	   	Title:  	Chief Financial Officer and Treasurer  
	   	   	   	   
	   	U.S. BANK NATIONAL ASSOCIATION,  
	   	    as Trustee  
	   	   	   	   
	   	By: 	 /s/ George J. Rayzis
	   	   	Name: 	George J. Rayzis
	 	 	Title:  	Vice President  

 

[Signature Page to the Eighth Supplemental
Indenture]

 

     

     

    

 

  

EXHIBIT A

 

FORM OF NOTE

 

[Face of Note]

 

CUSIP # 22966R AG1

 

2.000% Senior Note due 2031

 

	No.  [●]	$[●]

 

CUBESMART, L.P.

 

promises to pay to CEDE & CO.
or its registered assigns, the principal sum of [●] MILLION Dollars on February 15, 2031.

 

Interest Payment Dates: February 15 and August 15

 

Record Dates: February 1 and August 1

 

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. UNLESS AND
UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS
A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

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

 

     

     

    

 

IN WITNESS WHEREOF, the Issuer has caused this instrument to
be duly executed as of [●].

 

	[SEAL]	CUBESMART, L.P.
	 	 
	 	By: CUBESMART,
	 	as General Partner
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

	  
	Attest:
	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series
designated therein described in the within-mentioned Indenture.

 

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

 

Date of Authentication:                         

 

[Signature
Page to Note]

 

     

     

    

  

[Back of Note]

 

2.000% Senior Notes due 2031

 

Capitalized terms used herein have the
meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

(1) Interest. The Notes will
bear interest from, and including, October 6, 2020, or from, and including, the most recent interest payment date to which
interest has been paid or duly provided for, to, but excluding, the applicable interest payment date or Maturity Date of the Notes,
as applicable, at a rate of 2.000% per annum, payable semi-annually in arrears on February 15 and August 15 of each year,
commencing February 15, 2021. The Issuer will pay interest to the Person in whose name a Note is registered at the close of
business on February 1 or August 1 next preceding the interest payment date. The Issuer will compute interest on the
basis of a 360-day year consisting of twelve 30-day months. If any interest payment date or Maturity Date falls on a day that is
not a Business Day, the required payment of principal or interest will be made on the next succeeding Business Day as if made on
the date on which such payment was due, and no interest will accrue on such payment for the period from and after such interest
payment date or Maturity Date, as the case may be, to the date of such payment on the next succeeding Business Day.

 

(2) Place of Payment for Principal, Interest
and Redemption Price.  The principal of, interest on and Redemption Price, if any, for the Notes will be payable at the office
or agency of the Issuer maintained for that purpose, pursuant to the Indenture, in the City of New York, which initially shall
be the corporate trust office of the Trustee; provided, however, that at the option of the Issuer, such payment of the principal
of, interest on and Redemption Price, if any, for the Notes may be made by check mailed to the person entitled thereto as provided
in the Indenture.

 

(3) Paying Agent and Security Registrar.
Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Security Registrar. The
Issuer may change any Paying Agent or Security Registrar without notice to any Holder. The Issuer or any of its Subsidiaries may
act in any such capacity.

 

(4) Sinking Funds. The Notes
are not subject to repayment at the option of the Holder thereof. In addition, the Notes are not entitled to the benefit of, and
are not subject to, any sinking fund.

 

(5) Indenture. The Issuer issued
the Notes under an indenture, dated as of September 16, 2011 (the “Base Indenture”), as amended by the
Eighth Supplemental Indenture, dated as of October 6, 2020 (the “Eighth Supplemental Indenture” and, together
with the Base Indenture, and as the Base Indenture and the Eighth Supplemental Indenture may be further amended and supplemented
from time to time, the “Indenture”), among the Issuer, the Parent Guarantor named therein and the Trustee. The
terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are
referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the
express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured senior
obligations of the Issuer and are guaranteed as provided in the Base Indenture by the Parent Guarantor.

 

(6) Optional Redemption. The
Notes may be redeemed, at the Issuer’s option in whole or, from time to time, in in part, prior to the Maturity Date as follows:

 

(a)     If
the Notes are redeemed before November 15, 2030 (the “Par Call Date”), the Notes will be redeemed at a Redemption
Price equal to the greater of:

 

(i) 100% of the principal
amount of the Notes then outstanding to be redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption
Date; and

 

(ii) the sum, as set forth
in an Officers’ Certificate delivered to the Trustee, of the present values of the remaining scheduled payments of principal
of, and interest on, the Notes to be redeemed (not including any portion of such payments of interest accrued to the Redemption
Date), assuming such Notes matured on the Par Call Date, discounted to the Redemption Date on a semiannual basis (assuming a 360-day
year consisting of twelve 30-day months) at the applicable Treasury Rate plus 25 basis points plus accrued and unpaid interest
thereon to, but not including, the Redemption Date.

 

plus any accrued and unpaid
interest on the principal amount of the Notes being redeemed to, but not including, the Redemption Date.

 

     

     

    

 

(b)     If
the Notes are redeemed on or after the Par Call Date, the Notes will be redeemed at a Redemption Price equal to 100% of the principal
amount of the Notes then outstanding being redeemed, plus accrued and unpaid interest on the principal amount of the Notes being
redeemed to, but not including, the Redemption Date.

 

(c)     If
any Redemption Date falls on a day that is not a Business Day, the required payment of Redemption Price on the Notes to be redeemed
will be made on the next succeeding Business Day as if made on the date on which such payment was due, and no interest will accrue
on such payment for the period from and after such Redemption Date, as the case may be, to the date of such payment on the next
succeeding Business Day; provided, however, that with respect to a Redemption Date, if the next such succeeding Business Day falls
on a day in the next succeeding calendar year with respect to a Redemption Date, the required payment of Redemption Price on the
Notes to be redeemed shall be made on the Business Day immediately preceding such Redemption Date on which payment was due.

 

(d)     If
notice has been given in the manner provided in Section 1104 of the Indenture and funds for the redemption of the Note or
any part thereof called for redemption will have been made available on the Redemption Date, the Notes to be redeemed, or such
part thereof, will cease to accrue interest from and after the Redemption Date referred to in such notice and the only right of
the Holder will be to receive payment of the Redemption Price.

 

(7) Notice of Redemption. Notice
of redemption shall be given in the manner provided in Section 106 and Section 1104 of the Indenture not later than 15
days and not earlier than 60 days prior to the Redemption Date, to each Holder of Notes to be redeemed.

 

All notices of redemption shall state:

 

(1) the Redemption
Date;

 

(2) the Redemption
Price, if then determinable, and otherwise the method of its determination;

 

(3) if less than all Notes
then outstanding are to be redeemed, the identification (and, in the case of partial redemption, the respective principal amounts)
of the particular Notes to be redeemed, including the Identifying Number of such Notes;

 

(4) in case any Note is
to be redeemed in part only, the notice which relates to such Note shall state that on and after the Redemption Date, upon surrender
of such Note, the Holder shall receive, without charge, a new Note or Notes of authorized denominations for the principal amount
thereof remaining unredeemed;

 

(5) that on the Redemption
Date the Redemption Price shall become due and payable upon each such Note or portion thereof, and that interest or original issue
discount thereon, if any, shall cease to accrue on and after said date; and

 

(6) the place or places
where such Notes are to be surrendered for payment of the Redemption Price.

 

Notice of redemption of Notes to be redeemed
at the election of the Issuer shall be given by the Issuer or, at the Issuer’s request, by the Trustee for such Notes in
the name and at the expense of the Issuer.

 

(8) Denominations, Transfer and
Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Security Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer
may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register
the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed
in part. The Issuer shall not be required (i) to issue, register the transfer of or exchange the Notes during a period beginning
at the opening of business 15 days before the day of the mailing of a notice of redemption of the Notes selected for redemption
under Section 1104 of the Indenture and ending at the close of business on the day of the mailing of the relevant notice of
redemption, or (ii) to register the transfer of or exchange any Notes so selected for redemption as a whole or in part, except
the unredeemed portion of any Notes being redeemed in part.

 

(9) Persons Deemed Owners.
Prior to due presentment of a Note for registration of transfer, the Issuer, the Guarantors, the Trustee for such Note and any
agent of the Issuer, any of the Guarantors or such Trustee may treat the Person in whose name any such Note is registered as the
owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 307
of the Indenture) interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and
none of the Issuer, the Guarantors, such Trustee or any agent of the Issuer, any of the Guarantors or such Trustee shall be affected
by notice to the contrary.

 

     

     

    

 

None of the Issuer, the Guarantors, the
Trustee, any Paying Agent or the Security Registrar shall have any responsibility or liability for any aspect of the records relating
to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing
any records relating to such beneficial ownership interests.

 

(10) Amendment, Supplement and
Waiver. Subject to certain exceptions, the Indenture, the Guarantee or the Notes may be amended or supplemented with the consent
of the Holders of at least a majority in principal amount of the Notes then outstanding affected by such amendment or supplemental
indenture voting as a single class, and any existing Default or Event of Default or compliance with any provision of the Indenture,
the Guarantee or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then Outstanding
Securities affected thereby voting as a single class. Without the consent of any Holder of a Note, the Indenture, the Guarantee
or the Notes may be amended or supplemented to, among other things, cure any ambiguity, defect or inconsistency; to provide for
uncertificated Notes in addition to or in place of certificated Notes; to provide for the assumption to a successor of the Issuer’s
obligations to Holders of Notes; add additional Guarantees with respect to the Notes; secure the Notes; to make any other change
that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect the legal rights
under the Indenture of any such Holder; or to comply with requirements of the Commission in order to effect or maintain the qualification
of the applicable Indenture under the Trust Indenture Act.

 

(11) Defaults and Remedies. If any
Event of Default occurs and is continuing as more fully provided in the Base Indenture, the Trustee or the Holders of at least
25% in principal amount of the Notes then outstanding may declare the entire principal amount of the Notes to be due and payable.
Subject to certain limitations, the Holders of a majority in principal amount of the Notes then outstanding may direct the Trustee
in its exercise of any trust or power. Subject to certain exceptions, the Holders of a majority in aggregate principal amount of
the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default
or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of
principal of, premium, if any, or interest on the Notes.

 

(12) No Recourse Against Others.
No trustee, officer, employee or stockholder of the Parent Guarantor or any of its Subsidiaries, as such, will have any liability
for any obligations of the Parent Guarantor or any of its Subsidiaries under the Notes or the Indenture based on, in respect of,
or by reason of such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The
foregoing waiver and release are an integral part of the consideration for the issuance of the Notes.

 

(13) Authentication. No Note shall
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose unless there appears on such Note the
certificate of authentication manually executed by the Trustee for such Note or on its behalf pursuant to Section 614 of the
Indenture, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Note has been
duly authenticated and delivered hereunder.

 

(14) CUSIP Numbers. The Issuer in
issuing the Notes may use “CUSIP” numbers (if then generally in use) or other identifying numbers (“Identifying
Numbers”) and, if so, the Trustee shall use such Identifying 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 Identifying Numbers either
as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identifying
numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer
shall promptly notify the Trustee of any change in the Identifying Numbers.

 

The Issuer will furnish to any Holder upon
written request and without charge a copy of the Indenture. Requests may be made to:

 

CubeSmart, L.P. 

c/o CubeSmart 

5 Old Lancaster Road 

Malvern, PA 19355 

Attention: Jeffrey Foster, Chief Legal Officer and Secretary

 

     

     

    

 

FORM OF NOTATION OF GUARANTEE

 

For value received,
the undersigned Guarantor (which term includes any successor Person under the Indenture hereinafter referred to) has unconditionally
guaranteed to the extent set forth in, and subject to the provisions of, an indenture dated as of September 16, 2011 (the
 “Base Indenture”), as amended by the Eighth Supplemental Indenture, dated as of October 6, 2020 (the “Eighth
Supplemental Indenture” and, together with the Base Indenture, and as the Base Indenture and the Eighth Supplemental
Indenture may be further amended and supplemented from time to time, the “Indenture”) among CubeSmart, L.P.
(the “Issuer”), the Parent Guarantor named therein and U.S. Bank National Association, as trustee (the “Trustee
 ”), providing for the issuance of 2.000% Senior Notes due 2031, the due and punctual payment of the principal of and interest
on the Notes to which this notation is affixed and all other amounts due and payable under the Indenture and the Notes to which
this notation is affixed by the Issuer.

 

The obligations of
such Guarantor to the Holders of Notes to which this notation is affixed and to the Trustee pursuant to the Guarantee and the Indenture
are expressly set forth in Article Fourteen of the Base Indenture and reference is hereby made to the Indenture for the precise
terms of the Guarantee.

 

	 	CUBESMART
	 	 
	 	By:	            
	 	 	Name:
	 	 	Title:

 

     

     

    

 

Assignment Form

 

To assign this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	 

                                                                                        (Insert assignee’s legal name)

 

 

(Insert assignee’s Soc. Sec. or Tax
I.D. No.)

 

 

	 	 	 
	 	 	 
	 	 	 

(Print or type assignee’s name, address and zip
code)

 

and irrevocably appoint               
                           
                            
               to transfer this Note on the books of the Issuer.
The agent may substitute another to act for him.

 

Date:                              

 

	 	Your Signature:	 
	 	(Sign
exactly as your name appears on the face of this Note)

  

     

     

    

 

 

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 security, or exchanges of a part of another Global
Security or definitive security 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

        officer of Trustee

        or CustodianEX-10.9

 Exhibit 10.9 
  

	To:	 Global Blue Group Holding AG 

30 September 2020 
 Dear Sirs, 

We refer to the Commitment Letter dated 13 July 2020 (the “Commitment Letter”) from SL Globetrotter, L.P. and Global Blue Holding L.P. to
Global Blue Group Holding AG with respect to a $75 million term loan facility. Unless otherwise defined herein, capitalized terms used herein have the meanings given to them in the Agreed Form Loan Agreement (as defined in the Commitment
Letter). Assuming the Loan Agreement (as defined in the Commitment Letter) is entered into pursuant to the Commitment Letter, the Lenders confirm that “actual liquidity needs of the Group” under clause 5(a)(ii) of the Loan Agreement
(included below for your reference) may include (to the extent the Company does not itself otherwise have access to the needed liquidity to satisfy the indemnification obligations) indemnification obligations of the Company in favor of directors of
the Company under the Company’s indemnification policies from time to time in effect in an aggregate amount up to $10 million, and the Lenders will not object to a drawdown of the Loan for such purpose in such amount if the Company has
such a liquidity need. 
 We further confirm that conditions 2.1(a) and 3.1(a) of the Commitment Letter and condition 4(a) of the Loan Agreement shall be
deemed satisfied. 
 For reference, Clause 5 of the Loan Agreement reads as follows: 

 

	 	5.	 PURPOSE 

  

	 	 	 The Borrower may only utilise a Loan if: 

 

	 	(a)	 the purpose of a Loan is to either: 

 

	 	 	 (i) cure or avoid an actual or imminent breach of the financial covenant set out in Clause 26.2 (Financial
condition) of the Facilities Agreement; or (ii) finance in good faith the actual liquidity needs of the Group; 

  

	 	(b)	 the chief executive officer and chief finance officer of the Company has proposed utilising a Loan for such
purposes to the board of directors of the Company (the Board) and certifies to the Board that a Loan is required for such purposes; and 

  

	 	(c)	 a Loan is approved by the majority of the Board (excluding for such purpose any vote of any director of the
Board that is a representative of the Lenders) for such purposes (the Board Approval). 

 This letter shall terminate
immediately at such time as Global Blue Group Holding AG has first obtained a directors’ and officers’ liability insurance policy which covers (a) any public offering of securities issued by any company or outside entity, or
(b) the purchase or sale of any publicly traded securities for which the company is subject to the United States Securities Exchange Act of 1934. By countersigning this letter, Global Blue Group Holding AG will use reasonable endeavours to
obtain directors’ and officers’ liability insurance on commercially reasonable terms as soon as is reasonably practicable following the date of this letter. 

This letter is given for the benefit of each director of Global Blue Group Holding AG during the period a Loan may be drawn down for the purposes of the
Contracts (Rights of Third Parties) Act 1999. This letter is governed by English law. 

			
	GLOBAL BLUE HOLDING L.P.
	By: SL Globetrotter GP, Ltd., its general partner
		
	By:	 	 /s/ Joseph Osnoss

	Name:	 	Joseph Osnoss
	Title:	 	Managing Director
	
	SL GLOBETROTTER, L.P.
	By: SL Globetrotter GP, Ltd., its general partner
		
	By:	 	 /s/ Joseph Osnoss

	Name:	 	Joseph Osnoss
	Title:	 	Managing Director

			
	GLOBAL BLUE GROUP HOLDING AG
	
	 /s/ Jacques Stern

	Name:	 	Jacques Stern
	Title:	 	Chief Executive Officer

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