Document:

Form of Indenture for Senior Debt Securities

 Exhibit 4.1 

 
  
 AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP 

Issuer                  
           
 AMERICAN CAMPUS COMMUNITIES, INC., 

Guarantor                 
            
 – and – 

U.S. BANK NATIONAL ASSOCIATION, 
 Trustee                             

 
  

INDENTURE 
  

 
 Dated as of [—], 2012 
 Debt Securities 

Guarantees of Debt Securities 
  

 

 Certain Sections of this Indenture 

relating to the Trust Indenture Act of 1939 
  

			
	 Trust Indenture
   Act Section
	  	Indenture Section
	 §310(a)(1)
	  	607
	         (a)(2)
	  	607
	         (b)
	  	608
	 §312(a)
	  	701, 702(1)
	         (b)
	  	702
	         (c)
	  	702
	 §313(a)
	  	703
	         (b)(2)
	  	703
	         (c)
	  	703
	         (d)
	  	703
	 §314(a)
	  	704
	         (c)(1)
	  	102
	         (c)(2)
	  	102
	         (e)
	  	102
	 §315(a)
	  	601
	         (b)
	  	601, 602
	         (c)
	  	601
	         (d)
	  	601
	         (e)
	  	515
	 §316(a) (last sentence)
	  	101
	         (a)(1)(A)
	  	502, 512
	         (a)(1)(B)
	  	513
	         (b)
	  	508
	 §317(a)(1)
	  	503
	         (a)(2)
	  	504
	         (b)
	  	1003
	 §318(a)
	  	108

  

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

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	  
			
	 Section 101.
	 	Definitions	  	 	1	  
	 Section 102.
	 	Compliance Certificates and Opinions	  	 	11	  
	 Section 103.
	 	Form of Documents Delivered to Trustee	  	 	11	  
	 Section 104.
	 	Acts of Holders; Record Dates	  	 	12	  
	 Section 105.
	 	Notices, etc. to Trustee, Operating Partnership and Guarantor	  	 	14	  
	 Section 106.
	 	Notice to Holders of Securities; Waiver	  	 	14	  
	 Section 107.
	 	Language of Notices	  	 	15	  
	 Section 108.
	 	Conflict with Trust Indenture Act	  	 	15	  
	 Section 109.
	 	Effect of Headings and Table of Contents	  	 	15	  
	 Section 110.
	 	Successors and Assigns	  	 	16	  
	 Section 111.
	 	Separability Clause	  	 	16	  
	 Section 112.
	 	Benefits of Indenture	  	 	16	  
	 Section 113.
	 	Governing Law; Waiver of Jury Trial	  	 	16	  
	 Section 114.
	 	Legal Holidays	  	 	16	  
	 Section 115.
	 	Counterparts	  	 	16	  
	 Section 116.
	 	Judgment Currency	  	 	17	  
	 Section 117.
	 	Extension of Payment Dates	  	 	17	  
	 Section 118.
	 	Immunity of Partners, Stockholders, Directors, Officers and Agents of the Operating Partnership and the Guarantor	  	 	17	  
	 Section 119.
	 	USA Patriot Act	  	 	18	  
	 Section 120.
	 	Force Majeure	  	 	18	  
		
	 ARTICLE TWO SECURITIES FORMS
	  	 	18	  
			
	 Section 201.
	 	Forms Generally	  	 	18	  
	 Section 202.
	 	Form of Trustee’s Certificate of Authentication	  	 	19	  
	 Section 203.
	 	Securities in Global Form	  	 	19	  
		
	 ARTICLE THREE THE SECURITIES
	  	 	20	  
			
	 Section 301.
	 	Amount Unlimited; Issuable in Series	  	 	20	  
	 Section 302.
	 	Currency; Denominations	  	 	24	  
	 Section 303.
	 	Execution, Authentication, Delivery and Dating	  	 	25	  
	 Section 304.
	 	Temporary Securities	  	 	27	  
	 Section 305.
	 	Registration, Transfer and Exchange	  	 	27	  
	 Section 306.
	 	Mutilated, Destroyed, Lost and Stolen Securities	  	 	31	  
	 Section 307.
	 	Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved	  	 	32	  
	 Section 308.
	 	Persons Deemed Owners	  	 	34	  
	 Section 309.
	 	Cancellation	  	 	35	  

  
 i 

					
	 Section 310.
	 	Computation of Interest	  	35
	 Section 311.
	 	CUSIP Numbers	  	35
		
	ARTICLE FOUR SATISFACTION AND DISCHARGE OF INDENTURE	  	36
			
	 Section 401.
	 	Satisfaction and Discharge	  	36
	 Section 402.
	 	Defeasance and Covenant Defeasance	  	38
	 Section 403.
	 	Application of Trust Money	  	42
	 Section 404.
	 	Reinstatement	  	43
		
	ARTICLE FIVE REMEDIES	  	43
			
	 Section 501.
	 	Events of Default	  	43
	 Section 502.
	 	Acceleration of Maturity; Rescission and Annulment	  	45
	 Section 503.
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	46
	 Section 504.
	 	Trustee May File Proofs of Claim	  	47
	 Section 505.
	 	Trustee May Enforce Claims without Possession of Securities or Coupons	  	48
	 Section 506.
	 	Application of Money Collected	  	48
	 Section 507.
	 	Limitations on Suits	  	49
	 Section 508.
	 	Unconditional Right of Holders to Receive Principal and any Premium, Interest and Additional Amounts	  	49
	 Section 509.
	 	Restoration of Rights and Remedies	  	50
	 Section 510.
	 	Rights and Remedies Cumulative	  	50
	 Section 511.
	 	Delay or Omission Not Waiver	  	50
	 Section 512.
	 	Control by Holders of Securities	  	50
	 Section 513.
	 	Waiver of Past Defaults	  	51
	 Section 514.
	 	Waiver of Usury, Stay or Extension Laws	  	51
	 Section 515.
	 	Undertaking for Costs	  	51
		
	ARTICLE SIX THE TRUSTEE	  	52
			
	 Section 601.
	 	Certain Rights of Trustee	  	52
	 Section 602.
	 	Notice of Defaults	  	54
	 Section 603.
	 	Not Responsible for Recitals or Issuance of Securities	  	54
	 Section 604.
	 	May Hold Securities; Transactions with the Operating Partnership or the Guarantor	  	55
	 Section 605.
	 	Money Held in Trust	  	55
	 Section 606.
	 	Compensation and Reimbursement	  	55
	 Section 607.
	 	Corporate Trustee Required; Eligibility	  	56
	 Section 608.
	 	Resignation and Removal; Appointment of Successor	  	56
	 Section 609.
	 	Acceptance of Appointment by Successor	  	58
	 Section 610.
	 	Merger, Conversion, Consolidation or Succession to Business	  	59
	 Section 611.
	 	Appointment of Authenticating Agent	  	59

  
 ii 

							
	 ARTICLE SEVEN HOLDERS LISTS AND REPORTS BY TRUSTEE, OPERATING PARTNERSHIP AND GUARANTOR
	  	 	61	  
			
	 Section 701.
	 	Operating Partnership to Furnish Trustee Names and Addresses of Holders	  	 	61	  
	 Section 702.
	 	Preservation of Information; Communications to Holders	  	 	62	  
	 Section 703.
	 	Reports by Trustee	  	 	62	  
	 Section 704.
	 	Reports by the Operating Partnership and the Guarantor	  	 	62	  
		
	 ARTICLE EIGHT CONSOLIDATION, MERGER, SALES AND SUBSTITUTION
	  	 	63	  
			
	 Section 801.
	 	Operating Partnership May Consolidate, Etc., Only on Certain Terms	  	 	63	  
	 Section 802.
	 	Substitution of Operating Partnership	  	 	64	  
	 Section 803.
	 	Guarantor May Consolidate, Etc., Only on Certain Terms	  	 	64	  
	 Section 804.
	 	Successor Person Substituted for Operating Partnership or Guarantor	  	 	65	  
		
	 ARTICLE NINE SUPPLEMENTAL INDENTURES
	  	 	66	  
			
	 Section 901.
	 	Supplemental Indentures without Consent of Holders	  	 	66	  
	 Section 902.
	 	Supplemental Indentures with Consent of Holders	  	 	67	  
	 Section 903.
	 	Execution of Supplemental Indentures	  	 	69	  
	 Section 904.
	 	Effect of Supplemental Indentures	  	 	69	  
	 Section 905.
	 	Reference in Securities to Supplemental Indentures	  	 	69	  
	 Section 906.
	 	Conformity with Trust Indenture Act	  	 	70	  
		
	 ARTICLE TEN COVENANTS
	  	 	70	  
			
	 Section 1001.
	 	Payment of Principal, Premium, Interest and Additional Amounts	  	 	70	  
	 Section 1002.
	 	Maintenance of Office or Agency	  	 	70	  
	 Section 1003.
	 	Money for Securities Payments to Be Held in Trust	  	 	72	  
	 Section 1004.
	 	Additional Amounts	  	 	73	  
	 Section 1005.
	 	Corporate Existence	  	 	74	  
	 Section 1006.
	 	[Reserved]	  	 	74	  
	 Section 1007.
	 	Waiver of Certain Covenants	  	 	74	  
	 Section 1008.
	 	Operating Partnership and Guarantor Statement as to Compliance	  	 	74	  
	 Section 1009.
	 	Calculation of Original Issue Discount	  	 	75	  
		
	 ARTICLE ELEVEN REDEMPTION OF SECURITIES
	  	 	75	  
			
	 Section 1101.
	 	Applicability of Article	  	 	75	  
	 Section 1102.
	 	Election to Redeem; Notice to Trustee	  	 	75	  
	 Section 1103.
	 	Selection by Trustee of Securities to be Redeemed	  	 	76	  
	 Section 1104.
	 	Notice of Redemption	  	 	76	  
	 Section 1105.
	 	Deposit of Redemption Price	  	 	78	  
	 Section 1106.
	 	Securities Payable on Redemption Date	  	 	78	  
	 Section 1107.
	 	Securities Redeemed in Part	  	 	79	  

  
 iii

					
	 ARTICLE TWELVE SINKING FUNDS
	  	80
			
	 Section 1201.
	 	Applicability of Article	  	80
	 Section 1202.
	 	Satisfaction of Sinking Fund Payments with Securities	  	80
	 Section 1203.
	 	Redemption of Securities for Sinking Fund	  	81
		
	 ARTICLE THIRTEEN REPAYMENT AT THE OPTION OF HOLDERS
	  	81
			
	 Section 1301.
	 	Applicability of Article	  	81
		
	 ARTICLE FOURTEEN SECURITIES IN FOREIGN CURRENCIES
	  	82
			
	 Section 1401.
	 	Applicability of Article	  	82
	 Section 1402.
	 	Monies of Different Currencies to be Segregated	  	82
		
	 ARTICLE FIFTEEN MEETINGS OF HOLDERS OF SECURITIES
	  	82
			
	 Section 1501.
	 	Purposes for Which Meetings May Be Called	  	82
	 Section 1502.
	 	Call, Notice and Place of Meetings	  	83
	 Section 1503.
	 	Persons Entitled to Vote at Meetings	  	83
	 Section 1504.
	 	Quorum; Action	  	83
	 Section 1505.
	 	Determination of Voting Rights; Conduct and Adjournment of Meetings	  	84
	 Section 1506.
	 	Counting Votes and Recording Action of Meetings	  	85
		
	 ARTICLE SIXTEEN GUARANTEE
	  	86
			
	 Section 1601.
	 	Guarantee Agreement; Form of Guarantee	  	86

  
 iv 

 INDENTURE, dated as of [—], 2012 (the
“Indenture”), among: AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP, a Maryland limited partnership (the “Operating Partnership”), having its principal executive office located at 12700 Hill Country Blvd.,
Suite T-200, Austin, Texas 78738; AMERICAN CAMPUS COMMUNITIES, INC., a Maryland corporation (the “Guarantor”) having its principal executive office located at 12700 Hill Country Blvd., Suite T-200, Austin, Texas 78738; and U.S. BANK
NATIONAL ASSOCIATION, as trustee, registrar, paying agent and transfer agent (the “Trustee,” “Registrar,” “Paying Agent,” and “Transfer Agent,” respectively). 

RECITALS 

The Operating Partnership has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time
of its senior unsecured debentures, notes or other evidences of indebtedness (hereinafter called the “Securities”), unlimited as to principal amount and which will be guaranteed by the Guarantor, to bear such fixed or floating rates
of interest, to mature at such time or times, to be issued in one or more series and to have such other provisions as shall be fixed as hereinafter provided. 
 The Guarantor has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its guarantee in respect of series of the Securities issued hereunder.

 All things necessary to make this Indenture a valid agreement of the Operating Partnership and the Guarantor, in accordance
with its terms, have been done. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Securities by the Holders (as herein defined) thereof, it is mutually
covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of any series thereof and any Coupons (as herein defined) as follows: 
 ARTICLE ONE 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 Section 101. Definitions. 
 Except as otherwise expressly provided in or pursuant to this Indenture or unless the context otherwise requires, for all purposes of this Indenture: 

(1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well
as the singular; 
 (2) all other terms used herein which are defined in the Trust Indenture Act, either directly
or by reference therein, have the meanings assigned to them therein; 

 (3) all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with GAAP; 
 (4) the words “herein,” “hereof,”
“hereto” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 

(5) the word “or” is always used inclusively (for example, the phrase “A or B” means “A or B or
both,” not “either A or B but not both”); 
 (6) provisions apply to successive events and
transactions; 
 (7) the term “merger” includes a statutory share exchange and the terms
“merge” and “merged” have correlative meanings; 
 (8) the masculine gender includes the
feminine and the neuter; and 
 (9) references to agreements and other instruments include subsequent amendments
and supplements thereto. 
 Certain terms used principally in certain Articles hereof are defined in those Articles. 

“ACC Group” means the Operating Partnership and each Group Subsidiary. 

“Act,” when used with respect to any Holders, has the meaning specified in Section 104. 

“Additional Amounts” means any additional amounts which are required by this Indenture, by the terms of any Security
established pursuant to Section 301 or by the terms of the Guarantee, under circumstances specified herein or therein, to be paid by the Operating Partnership or the Guarantor, as applicable, in respect of certain taxes, duties, levies,
imposts, assessments or other governmental charges imposed on Holders specified herein or therein. 

“Affiliate” means, with respect to any specified Person, any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agency,” with respect to any Securities, means an agent of the Operating Partnership or the office of an agent of the
Operating Partnership, as the context requires, in each case maintained or designated in a Place of Payment for such Securities pursuant to Section 1002 or any other agent of the Operating Partnership or office of an agent of the Operating
Partnership, as the context requires, in each case maintained or designated for such Securities pursuant to Section 1002 or, to the extent designated or required by Section 1002 in lieu of such agent or agent’s office, the Corporate
Trust Office of the Trustee (other than for Bearer Securities). 

  
 2 

 “Authenticating Agent” means any Person authorized by the Trustee pursuant
to Section 611 to act on behalf of the Trustee to authenticate Securities of one or more series. 
 “Authorized
Newspaper” means a newspaper, in an official language of the place of publication or in the English language, customarily published on each day that is a Business Day in the place of publication, whether or not published on days that are
not Business Days in the place of publication, and of general circulation in each place in connection with which the term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized
Newspapers, the successive publications may be made in the same or in different newspapers in the same place meeting the foregoing requirements and in each case on any day that is a Business Day in the place of publication. 

“Bearer Security” means any Security in the form established pursuant to Section 201 which is payable to bearer.

 “Board of Directors” means the board of directors of the Guarantor, on behalf of the Guarantor or as the
sole member of the sole general partner of the Operating Partnership, as the case may be, or any committee of such board duly authorized to act generally or in any particular respect for the Guarantor or as the sole member of the sole general
partner of the Operating Partnership, as applicable, hereunder. The term “board of directors” means the board of directors of the Guarantor, as the case may be, and does not include committees of such board of directors. 

“Board Resolution” means a copy of one or more resolutions, certified by the Secretary or an Assistant Secretary of the
Guarantor, on behalf of the Guarantor or as the sole member of the sole general partner of the Operating Partnership, as applicable, to have been duly adopted by the Board of Directors of the Guarantor, on behalf of the Guarantor or as the sole
member of the sole general partner of the Operating Partnership, as applicable, and to be in full force and effect on the date of such certification, delivered to the Trustee. 
 “Business Day” means, unless otherwise specified with respect to the Securities of any series pursuant to Section 301, any day other than a Saturday, Sunday or other day on which
banking institutions in The City of New York are authorized or obligated by law, regulation or executive order to close; provided that such term shall mean, when used with respect to any payment of principal of, or premium or interest, if
any, on, or Additional Amounts with respect to, the Securities of any series to be made at any Place of Payment for such Securities, unless otherwise specified pursuant to Section 301 with respect to such Securities, any day other than a
Saturday, Sunday or other day on which banking institutions in such Place of Payment are authorized or obligated by law, regulation or executive order to close. 
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, or, if at any time after the execution of this Indenture such Commission is not existing and
performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

“Common Equity” includes any equity security of any class of the Operating Partnership or the Guarantor, as the context
requires, which has no preference in respect of dividends or of 

  
 3 

 
amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Operating Partnership or the Guarantor, as applicable, and which is not subject to
redemption by the Operating Partnership or the Guarantor, as applicable. 
 “Conversion Event” means the
cessation of use of (i) a Foreign Currency both by the government of the country or the confederation which issued such Foreign Currency and for the settlement of transactions by a central bank or other public institutions of or within the
international banking community or (ii) any currency unit or composite currency for the purposes for which it was established. 
 “Corporate Trust Office” means either the principal corporate trust office of the Trustee at which at any particular time its corporate trust business shall be administered, which office
at the date of this Indenture is located at Two James Center, 1021 E. Cary Street, 18th floor, Mail Station: EX-VA-URIT, Richmond, Virginia 23219-4000. 

“Corporation” includes corporations, partnerships, associations, limited liability companies and other companies, and
business trusts. The term “corporation” means a corporation and does not include partnerships, associations, limited liability companies or other companies or business trusts. 

“Coupon” means any interest coupon appertaining to a Bearer Security. 

“Currency,” with respect to any payment, deposit or other transfer in respect of the principal of or any premium or
interest on or any Additional Amounts with respect to any Security, means Dollars or the Foreign Currency, as the case may be, in which such payment, deposit or other transfer is required to be made by or pursuant to the terms hereof or such
Security and, with respect to any other payment, deposit or transfer pursuant to or contemplated by the terms hereof or such Security, means Dollars. 
 “CUSIP number” means the alphanumeric designation assigned to a Security by Standard & Poor’s, CUSIP Service Bureau. 

“Defaulted Interest” has the meaning specified in Section 307. 

“Depository” means, with respect to any Security issuable or issued in the form of one or more global Securities, the
Person designated as depository by the Operating Partnership in or pursuant to this Indenture, and, unless otherwise provided with respect to any Security, any successor to such Person. If at any time there is more than one such Person,
“Depository” shall mean, with respect to any Securities, the depository which has been appointed with respect to such Securities. 
 “Dollars” or “$” means a dollar or other equivalent unit of legal tender for payment of public or private debts in the United States of America. 

“Equivalent Terms” has the meaning specified in Section 1102. 

“Event of Default” has the meaning specified in Section 501. 

  
 4 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or
any successor thereto, in each case as amended from time to time. 
 “Foreign Currency” means any currency,
currency unit or composite currency issued by the government of one or more countries other than the United States of America or by any recognized confederation or association of such government. 

“GAAP” and “generally accepted accounting principles” means generally accepted accounting principles in
the United States of America as in effect on the date of any calculation or determination required hereunder. Except as otherwise set forth in this Indenture, all ratios and calculations based on GAAP contained in this Indenture shall be computed in
accordance with GAAP. At any time the Operating Partnership or the Guarantor, as applicable, may elect to apply International Financial Reporting Standards (“IFRS”) accounting principles to any such ratio or calculation in lieu of GAAP
and, upon any such election, references herein to GAAP and in relation to the Operating Partnership or the Guarantor, as applicable, shall thereafter be construed to mean IFRS (except as otherwise provided in this Indenture). The Operating
Partnership or the Guarantor, as applicable, shall give notice of any such election made in accordance with this definition to the Trustee and the Holders. 
 “Government Obligations” means securities which are (i) direct obligations of the United States of America or the other government or governments in the confederation which issued
the Foreign Currency in which the principal of or any premium or interest on the relevant Security or any Additional Amounts in respect thereof shall be payable, in each case where the payment or payments thereunder are supported by the full faith
and credit of such government or governments or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such other government or governments, in each case where the
timely payment or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government or governments, and which, in the case of (i) or (ii), are not callable or
redeemable at the option of the issuer or issuers thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest on or principal of
or other amount with respect to any such 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 depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of or other amount with respect to the Government
Obligation evidenced by such depository receipt. 
 “Group Subsidiary” means a company the financial statements
of which are consolidated with the financial statements of the Guarantor. 
 “Guarantee” means the guarantee of
the Guarantor with respect to the Securities of any series issued hereunder, in the form set forth in Section 1601. 

“Guarantor” means the Person named as the “Guarantor” in the first paragraph of this Indenture until a
successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Guarantor” shall mean such successor Person. 

  
 5 

 “Holder,” in the case of any Registered Security, means the Person in whose
name such Security is registered in the Security Register and, in the case of any Bearer Security, means the bearer thereof and, in the case of any Coupon, means the bearer thereof. 

“Indebtedness,” when used with respect to any Person, and without duplication, unless otherwise specified with respect
to the Securities of any series pursuant to Section 301, means any indebtedness (whether being principal, premium or interest) for or in respect of (i) any notes, bonds, debenture stock, loan stock or other securities or (ii) any
borrowed money. 
 “Indenture” means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and, with respect to any Security, by the terms and provisions of such Security and any Coupon appertaining thereto
established pursuant to Section 301 (as such terms and provisions may be amended pursuant to the applicable provisions hereof), provided, however, that, if at any time more than one Person is acting as Trustee under this instrument,
“Indenture” shall mean, with respect to any one or more series of Securities for which such Person is Trustee, this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of those particular series of Securities for which such Person is Trustee established pursuant to Section 301, exclusive, however, of any
provisions or terms which relate solely to other series of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted. 
 “Indexed Security” means a Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the principal face amount thereof at
original issuance. 
 “interest,” with respect to any Original Issue Discount Security which by its terms bears
interest only after Maturity, means interest payable after Maturity. 
 “Interest Payment Date,” with respect
to any Security, means the Stated Maturity of an installment of interest on such Security. 
 “Judgment
Currency” has the meaning specified in Section 115. 
 “Maturity,” with respect to any Security,
means the date on which the principal of such Security or an installment of principal becomes due and payable as provided in or pursuant to this Indenture or such Security, whether at the Stated Maturity, upon acceleration, upon redemption at the
option of the Operating Partnership, upon repurchase or repayment at the option of the Holder or otherwise, and includes a Redemption Date for such Security and a date fixed for the repurchase or repayment of such Security at the option of the
Holder. 
 “New York Banking Day” has the meaning specified in Section 115. 

“Office,” with respect to any Securities, means an office of the Operating Partnership maintained or designated in a
Place of Payment for such Securities pursuant to Section 1002 or any other office of the Operating Partnership maintained or designated for such Securities pursuant to Section 1002 or, to the extent designated or required by
Section 1002 in lieu of such office, the Corporate Trust Office of the Trustee (other than for Bearer Securities). 

  
 6 

 “Officers’ Certificate” means a certificate signed by the Chairman,
the Chief Executive Officer, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Operating Partnership or the Guarantor, as applicable, that complies with the requirements
of Section 314(e) of the Trust Indenture Act and is delivered to the Trustee. 
 “Operating Partnership”
means the Person named as the “Operating Partnership” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Operating
Partnership” shall mean such successor Person. 
 “Operating Partnership Request” and “Operating
Partnership Order” mean, respectively, a written request or order, as the case may be, signed in the name of the Guarantor, as the sole member of the sole general partner of the Operating Partnership by the Chairman, the Chief Executive
Officer, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Guarantor, as the sole member of the sole general partner of the Operating Partnership, and delivered to the
Trustee. 
 “Opinion of Counsel” means a written opinion of counsel, who may be an employee of or counsel for
the Operating Partnership or the Guarantor, as the case may be, or other counsel who shall be reasonably acceptable to the Trustee, that, if required by the Trust Indenture Act, complies with the requirements of Section 314(e) of the Trust
Indenture Act. 
 “Original Issue Discount Security” means a Security, other than an Indexed Security, issued
pursuant to this Indenture which provides for an amount less than the principal amount thereof to be due and payable upon acceleration pursuant to Section 502. 
 “Outstanding,” when used with respect to any Securities, means, as of the date of determination, all such Securities theretofore authenticated and delivered under this Indenture, except:

  

	 	(a)	any such Security theretofore cancelled by the Trustee or the Security Registrar or delivered to the Trustee or the Security Registrar for cancellation;

  

	 	(b)	 any such Security for whose payment at the Maturity thereof money in the necessary amount (or, to the extent that such Security is payable at such
Maturity in shares of Common Equity or other securities or property, Common Equity or such other securities or property in the necessary amount, together with, if applicable, cash in lieu of fractional shares or securities) has been theretofore
deposited pursuant hereto (other than pursuant to Section 402) with the Trustee or any Paying Agent (other than the Operating Partnership, the Guarantor or any Affiliate of the Operating Partnership or the Guarantor) in trust or set aside and
segregated in trust by the Operating Partnership, the Guarantor or any Affiliate of the 

  
 7 

	 	
Operating Partnership or the Guarantor (if it shall act as Paying Agent) for the Holders of such Securities and any Coupons appertaining thereto, provided that, if such Securities are to
be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

  

	 	(c)	any such Security with respect to which the Operating Partnership has effected defeasance or covenant defeasance pursuant to Section 402, except to the extent
provided in Section 402; 

  

	 	(d)	any such Security which has been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and delivered
pursuant to this Indenture, unless there shall have been presented to the Trustee proof satisfactory to it that such Security is held by a bona fide purchaser in whose hands such Security is a valid obligation of the Operating Partnership; and

  

	 	(e)	any such Security converted or exchanged as contemplated by this Indenture into Common Equity or other securities or property, if the terms of such Security provide for
such conversion or exchange pursuant to Section 301; 

 provided, however, that in determining whether the Holders of
the requisite aggregate principal amount of Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders of Securities for quorum purposes, (i) the
principal amount of an Original Issue Discount Security that may be counted in making such determination and that shall be deemed to be Outstanding for such purposes shall be equal to the amount of the principal thereof that pursuant to the terms of
such Original Issue Discount Security would be due and payable upon acceleration thereof pursuant to Section 502 at the time of such determination, and (ii) the principal amount of any Indexed Security that may be counted in making such
determination and that shall be deemed Outstanding for such purpose shall be equal to the principal amount of such Indexed Security at original issuance, unless otherwise provided in or pursuant to this Indenture, and (iii) the principal amount
of a Security denominated in a Foreign Currency that may be counted in making such determination and that shall be deemed Outstanding for such purposes shall be the Dollar equivalent, determined on the date of original issuance of such Security, of
the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent on the date of original issuance of such Security of the amount determined as provided in (i) above) of such Security, and (iv) Securities
owned by the Operating Partnership, the Guarantor or any other obligor upon the Securities or any Affiliate of the Operating Partnership, the Guarantor or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in making any such determination or relying upon any such request, demand, authorization, direction, notice, consent or waiver, the Trustee shall be entitled to conclusively rely on any such
request, demand, authorization, direction, notice, consent or waiver, but only to the extent the Responsible Officer of the Trustee making such determination does not have actual knowledge that such Securities are not so owned. Securities so owned
which shall have been pledged in good faith may be regarded as Outstanding if the 

  
 8 

 
pledgee establishes in writing to the satisfaction of the Trustee (A) the pledgee’s right so to act with respect to such Securities and (B) that the pledgee is not the Operating
Partnership, the Guarantor or any other obligor upon the Securities or any Coupons appertaining thereto or an Affiliate of the Operating Partnership, the Guarantor or such other obligor. 

“Paying Agent” means any Person authorized by the Operating Partnership to pay the principal of, or any premium or
interest on, or any Additional Amounts with respect to, any Security or any Coupon on behalf of the Operating Partnership. 

“Person” and “person” mean any individual, Corporation, joint venture, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision thereof. 
 “Place of
Payment,” with respect to any Security, means the place or places where the principal of, or any premium or interest on, or any Additional Amounts with respect to such Security are payable as provided in or pursuant to this Indenture or
such Security. 
 “Predecessor Security” of any particular Security means every previous Security evidencing
all or a portion of the same indebtedness as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a lost, destroyed,
mutilated or stolen Security or any Security to which a mutilated, destroyed, lost or stolen Coupon appertains shall be deemed to evidence the same indebtedness as the lost, destroyed, mutilated or stolen Security or the Security to which a
mutilated, destroyed, lost or stolen Coupon appertains. 
 “Redemption Date,” with respect to any Security or
portion thereof to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture or such Security. 

“Redemption Price,” with respect to any Security or portion thereof to be redeemed, means the price at which it is to be
redeemed as determined by or pursuant to this Indenture or such Security. 
 “Registered Security” means any
Security established pursuant to Section 201 which is registered in the Security Register. 
 “Regular Record
Date” for the interest payable on any Registered Security on any Interest Payment Date therefor means the date, if any, specified in or pursuant to this Indenture or such Security as the regular record date for the payment of such interest.

 “Required Currency” has the meaning specified in Section 115. 

“Responsible Officer” means any officer of the Trustee in its corporate trust department and also means, with respect to
a particular corporate trust matter, any other officer or employee of the Trustee to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject. 

“Securities Act” means the Securities Act of 1933, as amended, or any successor thereto, in each case as amended from
time to time. 

  
 9 

 “Security” or “Securities” means any note or notes, bond
or bonds, debenture or debentures, or any other evidences of indebtedness, as the case may be, authenticated and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee under
this Indenture, “Securities,” with respect to any such Person, shall mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee. 

“Security Interest” means any mortgage, pledge, lien, hypothecation, security interest or other charge. 

“Security Register” and “Security Registrar” have the respective meanings specified in
Section 305. 
 “Special Record Date” for the payment of any Defaulted Interest on any Registered Security
means a date fixed therefor by the Trustee pursuant to Section 307. 
 “Stated Maturity,” with respect to
any Security or any installment of principal thereof or interest thereon or any Additional Amounts with respect thereto, means the date established by or pursuant to this Indenture or such Security as the fixed date on which the principal of such
Security or such installment of principal or interest is, or such Additional Amounts are, due and payable. 

“Subsidiary” means (1) any corporation at least a majority of the total voting power of whose outstanding Voting
Stock is owned, directly or indirectly, at the date of determination by the Operating Partnership or the Guarantor, as the case may be, and/or one or more other Subsidiaries, and (2) any other Person in which the Operating Partnership or the
Guarantor, as the case may be, and/or one or more other Subsidiaries, directly or indirectly, at the date of determination, (x) own at least a majority of the outstanding ownership interests or (y) have the power to elect or direct the
election of, or to appoint or approve the appointment of, at least a majority of the directors, trustees or managing members of, or other persons holding similar positions with, such Person. 

“Substituted Debtor” has the meaning specified in Section 801. 

“Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this Indenture was
executed; provided, however, that in the event that the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means the Trust Indenture Act of 1939 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 with respect to one or more series of Securities pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each Person who is then a Trustee hereunder; provided,
however, that if at any time there is more than one such Person, “Trustee” shall mean each such Person and as used with respect to the Securities of any series shall mean the Trustee with respect to the Securities of such
series. 

  
 10 

 “United States,” means the United States of America (including the
states thereof and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction; and the term “United States of America” means the United States of America. 

“Vice President,” when used with respect to the Operating Partnership, the Guarantor or the Trustee, means any vice
president, whether or not designated by a number or a word or words added before or after the title “Vice President.” 

“Voting Stock” means, with respect to any Person, any class or series of capital stock of, or other equity
interests in, such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of, or to appoint or to approve the appointment of, the directors, trustees or managing members of, or other persons
holding similar positions with, such Person. 
 Section 102. Compliance Certificates and Opinions. 

Except as otherwise expressly provided in or pursuant to this Indenture, upon any application or request by the Operating Partnership or
the Guarantor to the Trustee to take any action under any provision of this Indenture, the Operating Partnership or the Guarantor, as the case may be, shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with, except that in the
case of any such application or request as to which the furnishing of such documents or any of them is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion
need be furnished. 
 Section 103. Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an officer of the Operating Partnership or the Guarantor may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, unless such officer knows, or in
the exercise of reasonable care should know, that the Opinion of Counsel with respect to the matters upon which his certificate or opinion is based is erroneous. Any such Opinion of Counsel may be based, insofar as it relates to factual matters,
upon a certificate or opinion of, or representations by, an officer or officers of the Operating Partnership or the Guarantor, a governmental official or officers or any other Person or Persons, stating that the information with respect to such
factual matters is in the possession of the Operating Partnership or the Guarantor unless counsel rendering the Opinion of Counsel knows, or in the exercise of reasonable care should know, that the certificate, opinion or representations with
respect to such matters are erroneous. 

  
 11 

 Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture or any Security, they may, but need not, be consolidated and form one instrument. 
 Section 104. Acts of Holders; Record Dates. 
 (1) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by or pursuant to this Indenture to be made, given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Holders in person or by an agent duly appointed in writing. If, but only if, Securities of a series are issuable as Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver or other action provided in or
pursuant to this Indenture to be made, given or taken by Holders of Securities of such series may, alternatively, be embodied in and evidenced by the record of Holders of Securities of such series voting in favor thereof, either in person or by
proxies duly appointed in writing, at any meeting of Holders of Securities of such series duly called and held in accordance with the provisions of Article Fifteen, or a combination of such instruments and any such record. Except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Operating Partnership and the Guarantor. Such instrument or
instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of
execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive
in favor of the Trustee, the Operating Partnership, the Guarantor and any agent of the Trustee, the Operating Partnership or the Guarantor, if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be
proved in the manner provided in Section 1506. 
 Without limiting the generality of this Section 104, unless
otherwise provided in or pursuant to this Indenture, a Holder, including a Depository that is a Holder of a global Security, may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand, authorization, direction,
notice, consent, waiver or other Act provided in or pursuant to this Indenture or the Securities to be made, given or taken by Holders, and a Depository that is a Holder of a global Security may provide its proxy or proxies to the beneficial owners
of interests in any such global Security through such Depository’s standing instructions and customary practices. 
 (2)
The fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner which the Trustee deems sufficient and in accordance with such reasonable rules as the Trustee may determine; and the Trustee
may in any instance require further proof with respect to any of the matters referred to in this Section. 
 (3) The ownership,
principal amount and serial numbers of Registered Securities held by any Person, and the date of the commencement and the date of the termination of holding the same, shall be proved by the Security Register. 

  
 12 

 (4) The ownership, principal amount and serial numbers of Bearer Securities held by any
Person, and the date of the commencement and the date of the termination of holding the same, may be proved by the production of such Bearer Securities or by a certificate executed, as depositary, by any trust company, bank, banker or other
depositary reasonably acceptable to the Operating Partnership, wherever situated, if such certificate shall be deemed by the Operating Partnership and the Trustee to be satisfactory, showing that at the date therein mentioned such Person had on
deposit with such depositary, or exhibited to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if such certificate or affidavit is deemed by the
Operating Partnership and the Trustee to be satisfactory. The Trustee and the Operating Partnership may assume that such ownership of any Bearer Security continues until (1) another certificate or affidavit bearing a later date issued in
respect of the same Bearer Security is produced, or (2) such Bearer Security is produced to the Trustee by some other Person, or (3) such Bearer Security is surrendered in exchange for a Registered Security, or (4) such Bearer
Security is no longer Outstanding. The ownership, principal amount and serial numbers of Bearer Securities held by the Person so executing such instrument or writing and the date of the commencement and the date of the termination of holding the
same may also be proved in any other manner which the Operating Partnership and the Trustee deem sufficient. 
 (5) If the
Operating Partnership or the Guarantor shall solicit from the Holders of any Registered Securities any request, demand, authorization, direction, notice, consent, waiver or other Act, the Operating Partnership may at its option (but is not obligated
to), by Board Resolution, fix in advance a record date for the determination of Holders of Registered Securities entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act. If such a record date is fixed,
such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of Registered Securities of record at the close of business on such record date shall be deemed
to be Holders for the purpose of determining whether Holders of the requisite proportion of Outstanding Securities have authorized, agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for
that purpose the Outstanding Securities shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders of Registered Securities shall be deemed effective unless it shall become effective
pursuant to the provisions of this Indenture not later than six months after the record date. 
 (6) Any request, demand,
authorization, direction, notice, consent, waiver or other Act by the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done or suffered to be done by the Trustee, any Security Registrar, any Paying Agent, the Operating Partnership or the Guarantor in reliance thereon, whether or not notation of such Act is made upon
such Security. 

  
 13 

 Section 105. Notices, etc. to Trustee, Operating Partnership and Guarantor.

 Any request, demand, authorization, direction, notice, consent, waiver or other Act of Holders or other document provided or
permitted by this Indenture to be made upon, given or furnished to, or filed with, 
 (1) the Trustee by any
Holder or the Operating Partnership shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, or 

(2) the Operating Partnership by the Trustee or any Holder shall be sufficient for every purpose hereunder (unless
otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Operating Partnership addressed to the attention of its Secretary at the address of its principal office specified in the first paragraph of this
instrument with the notation: “c/o American Campus Communities Operating Partnership LP” or at any other address furnished in writing to the Trustee by the Operating Partnership for such purpose, with a copy to the Guarantor addressed to
the attention of its Legal Department at the address of its principal office specified in the first paragraph of this instrument or at any other address furnished in writing to the Trustee by the Guarantor for such purpose, or 

(3) the Guarantor by the Trustee or any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to the Guarantor addressed to the attention of its Legal Department at the address of its principal office specified in the first paragraph of this instrument or at any other
address furnished in writing to the Trustee by the Guarantor for such purpose. 
 Section 106. Notice to Holders of
Securities; Waiver. 
 Except as otherwise expressly provided in or pursuant to this Indenture, where this Indenture provides
for notice to Holders of Securities of any event, 
 (1) such notice shall be sufficiently given to Holders of
Registered Securities if in writing and mailed, first-class postage prepaid, or if delivered electronically pursuant to the applicable procedures of the Depository, to each Holder of a Registered Security affected by such event, at his address as it
appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice; and 
 (2) such notice shall be sufficiently given to Holders of Bearer Securities, if any, if published, at the expense of the Operating Partnership, in an Authorized Newspaper in The City of New York and, if
such Securities are then listed on any stock exchange outside the United States, in an Authorized Newspaper in such city as the Operating Partnership shall advise the Trustee in writing that such stock exchange so requires, on a Business Day at
least twice, the first such publication to be not earlier than the earliest date and the second such publication not later than the latest date prescribed for the giving of such notice. 

  
 14 

 In any case where notice to Holders of Registered Securities is given by mail, neither the
failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder of a Registered Security shall affect the sufficiency of such notice with respect to other Holders of Registered Securities or the sufficiency of any
notice to Holders of Bearer Securities given as provided herein. Any notice which is mailed in the manner herein provided shall be conclusively presumed to have been duly given or provided. In the case by reason of the suspension of regular mail
service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee in its sole discretion shall constitute a sufficient notification for every
purpose hereunder. 
 In case by reason of the suspension of publication of any Authorized Newspaper or Authorized Newspapers or
by reason of any other cause it shall be impracticable to publish any notice to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with the approval of the Trustee in its sole
discretion shall constitute sufficient notice to such Holders for every purpose hereunder. Neither failure to give notice by publication to Holders of Bearer Securities as provided above, nor any defect in any notice so published, shall affect the
sufficiency of any notice mailed to Holders of Registered Securities as provided above. 
 Where this Indenture provides for
notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders of Securities shall be
filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 Section 107. Language of Notices. 
 Any request, demand, authorization,
direction, notice, consent, waiver or other action required or permitted under this Indenture shall be in the English language, except that, if the Operating Partnership or the Guarantor so elects, any published notice may be in an official language
of the country of publication. 
 Section 108. Conflict with Trust Indenture Act. 

If any provision of this Indenture limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such
Act to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be
deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 
 Section 109. Effect of Headings
and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof. 

  
 15 

 Section 110. Successors and Assigns. 

All covenants and agreements in this Indenture by the Operating Partnership and the Guarantor shall bind its successors and assigns,
whether so expressed or not. 
 Section 111. Separability Clause. 

In case any provision in this Indenture, any Security or any Coupon shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not, to the fullest extent permitted by law, in any way be affected or impaired thereby. 
 Section 112. Benefits of Indenture. 
 Nothing in this Indenture, any
Security or any Coupon, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent and their successors hereunder and the Holders of Securities or Coupons, any benefit or any legal or
equitable right, remedy or claim under this Indenture. 
 Section 113. Governing Law; Waiver of Jury Trial. 

This Indenture, the Guarantee, the Securities and any Coupons shall be governed by, and construed in accordance with, the laws of the
State of New York without regard to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401. EACH OF THE OPERATING PARTNERSHIP, THE GUARANTOR 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 ACTION, SUIT OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS INDENTURE, THE SECURITIES, ANY COUPONS, THE GUARANTEE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 Section 114. Legal Holidays. 
 Unless otherwise specified in or pursuant to this Indenture or any Securities, in any case where any Interest Payment Date, Stated Maturity or Maturity of, or any other day on which a payment is due with
respect to, any Security shall be a day which is not a Business Day, then payment need not be made on such day, but such payment may be made on the next succeeding day that is a relevant Business Day with the same force and effect as if made on the
Interest Payment Date, at the Stated Maturity or Maturity or on any such other payment date, as the case may be, and no interest shall accrue or be payable on such succeeding Business Day for the period from and after such Interest Payment Date,
Stated Maturity, Maturity or other payment date, as the case may be, to such succeeding Business Day. 
 Section 115.
Counterparts. 
 This Indenture may be executed in several counterparts, each of which shall be an original and all of
which shall constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties
hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

  
 16 

 Section 116. Judgment Currency. 

Each of the Operating Partnership and the Guarantor agrees, to the fullest extent that it may effectively do so under applicable law, that
(a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of, or premium or interest, if any, or Additional Amounts on the Securities of any series (the “Required
Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The
City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the date on which a final unappealable judgment is given and (b) its obligations under this Indenture to make payments in the Required
Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with clause (a)), in any currency other than the Required Currency, except to the extent that
such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action
for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being
obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking institutions in
The City of New York are authorized or obligated by law, regulation or executive order to be closed. The provisions of this Section 116 shall not be applicable with respect to any payment due on a Security which is payable in Dollars.

 Section 117. Extension of Payment Dates. 
 In the event that (i) the terms of any Security or Coupon appertaining thereto established in or pursuant to this Indenture permit the Operating Partnership or any Holder thereof to extend the date
on which any payment of principal of, or premium, if any, or interest, if any, on, or Additional Amounts, if any, with respect to such Security or Coupon is due and payable and (ii) the due date for any such payment shall have been so extended,
then all references herein to the Stated Maturity of such payment (and all references of like import) shall be deemed to refer to the date as so extended. 
 Section 118. Immunity of Partners, Stockholders, Directors, Officers and Agents of the Operating Partnership and the Guarantor. 

No recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Security, or because of any
indebtedness evidenced thereby, shall be had against any past, present or future partner, stockholder, employee, officer or director, as such, of the Operating Partnership or the Guarantor or of any of the Operating Partnership’s or the
Guarantor’s predecessors or successors, either directly or through the Operating Partnership or the Guarantor, as applicable, or any predecessor or successor, under any rule of law, statute or

  
 17 

 
constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of
the Securities by the Holders and as part of the consideration for the issue of the Securities. 
 Section 119. USA Patriot
Act. 
 The parties hereto acknowledge that, in accordance with Section 326 of the U.S.A. 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. Each of the Operating Partnership and the Guarantor agrees that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 Section 120. 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. 
 ARTICLE TWO 

SECURITIES FORMS 
 Section 201. Forms Generally. 
 Each Registered Security, Bearer Security,
Coupon and temporary or permanent global Security issued pursuant to this Indenture shall be in the form established by or pursuant to a Board Resolution of the Operating Partnership and set forth in an Officers’ Certificate of the Operating
Partnership, or established in one or more indentures supplemental hereto, shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by or pursuant to this Indenture or any indenture
supplemental hereto and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officer of the Operating Partnership executing such Security
or Coupon as evidenced by the execution of such Security or Coupon. 
 Unless otherwise provided in or pursuant to this
Indenture or any Securities, the Securities shall be issuable in registered form without Coupons. 
 Definitive Securities and
definitive Coupons shall be printed, lithographed or engraved or produced by any combination of these methods or in any other manner, all as determined by the officer of the Operating Partnership executing such Securities or Coupons, as evidenced by
the execution of such Securities or Coupons. 

  
 18 

 Section 202. Form of Trustee’s Certificate of Authentication. 

Subject to Section 611, the Trustee’s certificate of authentication shall be in substantially the following form: 

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

 

			
	U.S BANK NATIONAL ASSOCIATION
		
	By:	 	  

		 	Authorized Signatory

 Section 203. Securities in Global Form. 

Unless otherwise provided in or pursuant to this Indenture or any Securities, the Securities shall not be issuable in global form. If
Securities of a series shall be issuable in temporary or permanent global form, any such Security may provide that it or any principal amount of such Securities shall represent the aggregate amount of all Outstanding Securities of such series (or
such lesser principal amount as is permitted by the terms thereof) from time to time endorsed thereon or reflected on the books and records of the Trustee and may also provide that the aggregate principal amount of Outstanding Securities represented
thereby may from time to time be increased or reduced to reflect exchanges. Any endorsement of any Security in global form to reflect the principal amount, or any increase or decrease in the principal amount, or changes in the rights of Holders, of
Outstanding Securities represented thereby shall be made in such manner and by such Person or Persons as shall be specified therein or pursuant to Section 301 with respect to such Security or in the Operating Partnership Order to be delivered
pursuant to Section 303 or 304 with respect thereto. Subject to the provisions of Section 303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any Security in global form in the manner and upon written
instructions given by the Person or Persons specified therein or pursuant to Section 301 with respect to such Security or in the applicable Operating Partnership Order. If an Operating Partnership Order pursuant to Section 303 (with
respect to Outstanding Securities) or 304 has been, or simultaneously is, delivered, any instructions by the Operating Partnership with respect to a Security in global form shall be in writing but need not be accompanied by or contained in an
Officers’ Certificate of the Operating Partnership and need not be accompanied by an Opinion of Counsel. Notwithstanding the foregoing provisions of this paragraph, in the event a global Security is exchangeable for definitive Securities as
provided in Section 305, then, unless otherwise provided in or pursuant to this Indenture with respect to the Securities of such series, the Trustee shall deliver and redeliver such global Security to the extent necessary to effect such
exchanges, shall endorse such global Security to reflect any decrease in the principal amount thereto resulting from such exchanges and shall take such other actions, all as contemplated by Section 305. 

  
 19 

 Notwithstanding the provisions of Section 307, payment of principal of, any premium and
interest on, and any Additional Amounts in respect of any Security in temporary or permanent global form shall be made to the Person in whose name such Security is registered. 
 Notwithstanding anything to the contrary, the Operating Partnership, the Guarantor, the Trustee and any agent of the Operating Partnership, the Guarantor or the Trustee shall treat as the Holder of the
principal amount of Outstanding Securities represented by a global Security (i) in the case of a global Security in registered form, the Holder of such global Security in registered form, or (ii) in the case of a global Security in bearer
form, the Person or Persons specified pursuant to Section 301. 
 ARTICLE THREE 

THE SECURITIES 
 Section 301. Amount Unlimited; Issuable in Series. 
 The aggregate principal
amount of Securities which may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series. 
 With respect to any Securities to be authenticated and delivered hereunder, there shall be established in or pursuant to one or more Board Resolutions of the Operating Partnership and set forth in an
Officers’ Certificate of the Operating Partnership, or established in one or more indentures supplemental hereto, prior to the issuance of any Securities of a series, 

(1) the title of the Securities of such series; 

(2) any limit upon the aggregate principal amount of the Securities of such 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 such series pursuant to Section 304, 305, 306, 905 or 1107, upon
repayment in part of any Security of such series pursuant to Article Thirteen or upon surrender in part of any Security for conversion or exchange into Common Equity or other securities or property pursuant to its terms); 

(3) if such Securities are to be issuable as Registered Securities, as Bearer Securities or alternatively as Bearer
Securities and Registered Securities, and whether the Bearer Securities are to be issuable with Coupons, without Coupons or both, and any restrictions applicable to the offer, sale or delivery of the Bearer Securities and the terms, if any, upon
which Bearer Securities may be exchanged for Registered Securities and vice versa; 
 (4) if any of such
Securities are to be issuable in global form, when any of such Securities are to be issuable in global form and (i) whether such Securities are to be issued in temporary or permanent global form or both, (ii) whether beneficial owners of
interests in any such global Security may exchange such interests for Securities of the same series and of like tenor and of any authorized form and denomination, and the 

  
 20 

 
circumstances under which any such exchanges may occur, if other than in the manner specified in Section 305, (iii) the name of the Depository with respect to any such global Security
and (iv) if applicable and in addition to the Persons specified in Section 305, the Person or Persons who shall be entitled to make any endorsements on any such global Security and to give the instructions and take the other actions with
respect to such global Security contemplated by the first paragraph of Section 203; 
 (5) if any of such
Securities are to be issuable as Bearer Securities, the date as of which any such Bearer Security shall be dated (if other than the date of original issuance of the first of such Securities to be issued); 

(6) if any of such Securities are to be issuable as Bearer Securities, whether interest in respect of any portion of a
temporary Bearer Security in global form payable in respect of an Interest Payment Date therefor prior to the exchange, if any, of such temporary Bearer Security for definitive Securities shall be paid to any clearing organization with respect to
the portion of such temporary Bearer Security held for its account and, in such event, the terms and conditions (including any certification requirements) upon which any such interest payment received by a clearing organization will be credited to
the Persons entitled to interest payable on such Interest Payment Date; 
 (7) the date or dates, or the method
or methods, if any, by which such date or dates shall be determined, on which the principal and premium, if any, of such Securities is payable; 
 (8) the rate or rates at which such Securities shall bear interest, if any, or the method or methods, if any, by which such rate or rates are to be determined, the date or dates, if any, from which such
interest shall accrue or the method or methods, if any, by which such date or dates are to be determined, the Interest Payment Dates, if any, on which such interest shall be payable and the Regular Record Date, if any, for the interest payable on
Registered Securities on any Interest Payment Date, the notice, if any, to Holders regarding the determination of interest on a floating rate Security and the manner of giving such notice, and the basis upon which interest shall be calculated if
other than that of a 360-day year of twelve 30-day months; 
 (9) if in addition to or other than the Corporate
Trust Office, the place or places where the principal of, any premium and interest on or any Additional Amounts with respect to such Securities shall be payable, any of such Securities that are Registered Securities may be surrendered for
registration of transfer or exchange, any of such Securities may be surrendered for conversion or exchange and notices or demands to or upon the Operating Partnership or the Guarantor in respect of such Securities, the Guarantee and this Indenture
may be served; 
 (10) whether any of such Securities are to be redeemable at the option of the Operating
Partnership and, if so, the date or dates on which, the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities may be redeemed, in whole or in part, at the option of the Operating
Partnership; 

  
 21 

 (11) if the Operating Partnership is obligated to redeem or purchase any of
such Securities pursuant to any sinking fund or analogous provision or at the option of any Holder thereof and, if so, the date or dates on which, the period or periods within which, the price or prices at which and the other terms and conditions
upon which such Securities shall be redeemed or purchased, in whole or in part, pursuant to such obligation, and any provisions for the remarketing of such Securities so redeemed or purchased; 

(12) the denominations in which any of such Securities that are Registered Securities shall be issuable if other than
minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof, and the minimum denominations in which any of such Securities that are Bearer Securities shall be issuable if other than the minimum denomination of $5,000;

 (13) whether such Securities will be convertible into and/or exchangeable for Common Equity or other
securities or property, and if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, and any deletions from or modifications or additions to this Indenture to permit or to facilitate the issuance of such
convertible or exchangeable Securities or the administration thereof; 
 (14) if other than the principal amount
thereof, the portion of the principal amount of any of such Securities that shall be payable upon acceleration of the Maturity thereof pursuant to Section 502 or the method by which such portion is to be determined; 

(15) if other than Dollars, the Foreign Currency in which purchases of such Securities must be made and the Foreign
Currency in which payment of the principal of, any premium or interest on or any Additional Amounts with respect to any of such Securities shall be payable; 
 (16) if the principal of, any premium or interest on or any Additional Amounts with respect to any of such Securities are to be payable, at the election of the Operating Partnership or a Holder thereof or
otherwise, in a Currency other than that in which such Securities are stated to be payable, the date or dates on which, the period or periods within which, and the other terms and conditions upon which, such election may be made, and the time and
manner of determining the exchange rate between the Currency in which such Securities are stated to be payable and the Currency in which such Securities or any of them are to be paid pursuant to such election, and any deletions from or modifications
of or additions to the terms of this Indenture to provide for or to facilitate the issuance of Securities denominated or payable, at the election of the Operating Partnership or a Holder thereof or otherwise, in a Foreign Currency; 

(17) if the amount of payments of principal of, any premium or interest on or any Additional Amounts with respect to such
Securities may be determined with 

  
 22 

 
reference to an index, formula or other method or methods (which index, formula or method or methods may be based, without limitation, on one or more Currencies, commodities, equity indices or
other indices), and, if so, the terms and conditions upon which and the manner in which such amounts shall be determined and paid or payable; 
 (18) any deletions from, modifications of or additions to the Events of Default or covenants of the Operating Partnership or the Guarantor with respect to any of such Securities or the Guarantee (whether
or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein); 
 (19) if any one or more of Section 401 relating to satisfaction and discharge, Section 402(2) relating to defeasance or Section 402(3) relating to covenant defeasance shall not be
applicable to such Securities, and any covenants in addition to or other than those specified in Section 402(3) relating to such Securities which shall be subject to covenant defeasance, and, if such Securities are subject to repurchase or
repayment at the option of the Holders thereof pursuant to Article Thirteen, if the Operating Partnership’s obligation to repurchase or repay such Securities will be subject to satisfaction and discharge pursuant to Section 401 or to
defeasance or covenant defeasance pursuant to Section 402, and, if the Holders of such Securities have the right to convert or exchange such Securities into Common Equity or other securities or property, if the right to effect such conversion
or exchange will be subject to satisfaction and discharge pursuant to Section 401 or to defeasance or covenant defeasance pursuant to Section 402, and any deletions from, or modifications or additions to, the provisions of Article Four
(including any modification which would permit satisfaction and discharge, defeasance or covenant defeasance to be effected with respect to less than all of the outstanding Securities of such series) in respect of such Securities; 

(20) if any of such Securities are to be issuable upon the exercise of warrants, and the time, manner and place for such
Securities to be authenticated and delivered; 
 (21) if any of such Securities are issuable in global form and
are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the form and terms of such
certificates, documents or conditions; 
 (22) the circumstances under which the Operating Partnership will pay
Additional Amounts on such Securities in respect of any tax, assessment or other government charge and whether the Operating Partnership will have the option to redeem such Securities rather than pay such Additional Amounts; 

(23) if there is more than one Trustee, the identity of the Trustee that has any obligations, duties and remedies with
respect to such Securities and, if not the Trustee, the identity of each Security Registrar, Paying Agent or Authenticating Agent with respect to such Securities; 

(24) the Person to whom any interest on any Registered Security of such series shall be payable, if other than the Person
in whose name such Registered Security (or 

  
 23 

 
one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, the manner in which, or the Person to whom, any interest on any Bearer
Security of such series shall be payable, if other than upon presentation and surrender of the Coupons appertaining thereto as they severally mature, and the extent to which, or the manner in which, any interest payable on a temporary global
Security will be paid if other than in the manner provided in this Indenture; and 
 (25) any other terms of such
Securities and any deletions from or modifications or additions to this Indenture in respect of such Securities. 
 All
Securities of any one series and all Coupons, if any, appertaining to Bearer Securities of such series shall be substantially identical except as to Currency of payments due thereunder, denomination and the rate of interest, or method of determining
the rate of interest, if any, Maturity, and the date from which interest, if any, shall accrue and except as may otherwise be provided by the Operating Partnership in or pursuant to the Board Resolution of the Operating Partnership and set forth in
the Officers’ Certificate of the Operating Partnership or in any indenture or indentures supplemental hereto pertaining to such series of Securities. The terms of the Securities of any series may provide, without limitation, that the Securities
shall be authenticated and delivered by the Trustee on original issue from time to time upon written order of persons designated in the Board Resolutions of the Operating Partnership or the Guarantor (with respect to the Guarantee), Officers’
Certificate of the Operating Partnership or supplemental indenture, as the case may be, pertaining to such series of Securities and that such persons are authorized to determine, consistent with such Board Resolutions, Officers’ Certificate or
supplemental indenture, such terms and conditions of the Securities of such series as are specified in such Board Resolutions, Officers’ Certificate or supplemental indenture. 

All Securities of any one series need not be issued at the same time and, unless otherwise provided by the Operating Partnership as
contemplated by this Section 301, a series may be reopened from time to time without notice to or the consent of any Holders for issuances of additional Securities of such series or to establish additional terms of such series of Securities.

 If any of the terms of the Securities of any series shall be established by action taken by or pursuant to Board Resolutions
of the Operating Partnership or the Guarantor (with respect to the Guarantee), such Board Resolution(s) shall be delivered to the Trustee at or prior to the delivery of the Officers’ Certificate of the Operating Partnership setting forth the
terms of such series. 
 Section 302. Currency; Denominations. 

Unless otherwise provided in or pursuant to this Indenture, the principal of, any premium and interest on and any Additional Amounts with
respect to the Securities shall be payable in Dollars. Unless otherwise provided in or pursuant to this Indenture, Registered Securities denominated in Dollars shall be issuable in registered form without Coupons in minimum denominations of $2,000
and any integral multiple of $1,000 in excess thereof, and the Bearer Securities denominated in Dollars shall be issuable in minimum denominations of $5,000. Securities not denominated in Dollars shall be issuable in such denominations as are
established with respect to such Securities in or pursuant to this Indenture. 

  
 24 

 Section 303. Execution, Authentication, Delivery and Dating. 

Securities shall be executed on behalf of the Operating Partnership by the Chairman, President or one of the Vice Presidents and by the
Treasurer, one of the Assistant Treasurers, the Controller, the Secretary or one of the Assistant Secretaries of the Guarantor, as the sole member of the sole general partner of the Operating Partnership, and may (but need not) have its corporate
seal or a facsimile thereof reproduced thereon. Coupons shall be executed on behalf of the Operating Partnership by the Chairman, the President or any Vice President of the Guarantor, as the sole member of the sole general partner of the Operating
Partnership. The signature of any of these officers on the Securities or any Coupons appertaining thereto may be manual or facsimile. 
 The Guarantee shall be executed on behalf of the Guarantor by any two of its authorized signatories. The signature of any of these signatories on the Guarantee may be manual or facsimile. 

Securities and any Coupons appertaining thereto and the Guarantee bearing the manual or facsimile signatures of individuals who were at
any time the proper officers of the Operating Partnership or the Guarantor, as applicable, shall, to the fullest extent permitted by law, bind the Operating Partnership and the Guarantor, notwithstanding that such individuals or any of them have
ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities or Coupons or the Guarantee. 

At any time and from time to time after the execution and delivery of this Indenture, the Operating Partnership may deliver Securities,
together with any Coupons appertaining thereto, executed by the Operating Partnership, to the Trustee for authentication and, provided that the Board Resolutions and Officers’ Certificate of the Operating Partnership or supplemental
indenture or indentures with respect to such Securities referred to in Section 301 and an Operating Partnership Order for the authentication and delivery of such Securities have been delivered to the Trustee, the Trustee in accordance with the
Operating Partnership Order and subject to the provisions hereof and of such Securities shall authenticate and deliver such Securities. The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall constitute due
delivery of the Guarantee on behalf of the Guarantor. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities and any Coupons appertaining thereto, the Trustee shall
receive, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected in conclusively relying upon, an Opinion of Counsel to the following effect, which Opinion of Counsel may contain such assumptions,
qualifications and limitations as such counsel and Trustee shall deem appropriate: 
 (a) the form or forms and
terms of such Securities and Coupons, if any, have been established in conformity with Sections 201 and 301 of this Indenture; 
 (b) all conditions precedent set forth in this Indenture to the authentication and delivery of such Securities and Coupons, if any, appertaining thereto have been complied with and that such Securities,
and Coupons, when completed by appropriate insertions (if applicable), executed by duly authorized officers of the Operating 

  
 25 

 
Partnership, delivered by duly authorized officers of the Operating Partnership to the Trustee for authentication pursuant to this Indenture, and authenticated and delivered by the Trustee and
issued by the Operating Partnership in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Operating Partnership, enforceable against the Operating Partnership in
accordance with their terms, and that the Guarantee, when executed by duly authorized signatories of the Guarantor and issued by the Guarantor in the manner and subject to any conditions specified in such Opinion of Counsel and when such Securities
have been completed, executed and delivered by duly authorized officers of the Operating Partnership and authenticated and delivered by the Trustee, will constitute valid and binding obligations of the Guarantor, except , in each case, as
enforcement thereof may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law) and subject to such other exceptions as shall be acceptable to the Trustee; provided, that such Opinion of Counsel need express no opinion as to whether a court in the United States
would render a money judgment in a currency other than that of the United States; and 
 (c) that all laws and
requirements in respect of the execution and delivery by the Operating Partnership of such Securities and by the Guarantor of the Guarantee have been complied with. 
 If all the Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Opinion of Counsel at the time of issuance of each Security, but such opinion, with such
modifications as counsel shall deem appropriate, shall be delivered at or before the time of issuance of the first Security of such series. After any such first delivery, any separate request by the Operating Partnership that the Trustee
authenticate Securities of such series for original issue will be accompanied by (i) a certification by the Operating Partnership that all conditions precedent provided for in this Indenture relating to authentication and delivery of such
Securities continue to have been complied with and (ii) an Operating Partnership Order for the authentication and delivery of such Securities. 
 The Trustee shall not be required to authenticate or to cause an Authenticating Agent to authenticate any Securities if the issue of such Securities pursuant to this Indenture will affect the
Trustee’s own rights, duties or immunities under the Securities and this Indenture or will otherwise be in a manner which is not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines that such action may
not lawfully be taken. 
 Each Registered Security shall be dated the date of its authentication. Each Bearer Security and any
Bearer Security in global form shall be dated as of the date specified in or pursuant to this Indenture. 
 No Security or
Coupon appertaining thereto shall be entitled to any benefit under this Indenture or the Guarantee or be valid or obligatory for any purpose, unless there appears on such Security a certificate of authentication substantially in the form provided
for in Section 202 or 611 executed by or on behalf of the Trustee or by the Authenticating Agent by the manual 

  
 26 

 
signature of one of its authorized signatories. Such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and
delivered hereunder. Except as permitted by Section 306 or 307 or as may otherwise be provided in or pursuant to this Indenture, the Trustee shall not authenticate and deliver any Bearer Security unless all Coupons appertaining thereto then
matured have been detached and cancelled. 
 Section 304. Temporary Securities. 

Pending the preparation of definitive Securities, the Operating Partnership may execute and deliver to the Trustee and, upon Operating
Partnership Order, the Trustee or Authenticating Agent shall authenticate and deliver, in the manner provided in Section 303, temporary Securities in lieu thereof which are printed, lithographed, typewritten, mimeographed or otherwise produced,
in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form or, if authorized in or pursuant to this Indenture, in bearer form with one or more Coupons or without
Coupons and with such appropriate insertions, omissions, substitutions and other variations as the officers of the Operating Partnership executing such Securities may determine, as conclusively evidenced by their execution of such Securities. Such
temporary Securities may be in global form. 
 Except in the case of temporary Securities in global form, which shall be
exchanged in accordance with the provisions set forth in this Indenture or the provisions established pursuant to Section 301, if temporary Securities are issued, the Operating Partnership shall cause definitive Securities to be prepared
without unreasonable delay. Except as otherwise provided in or pursuant to this Indenture, after the preparation of definitive Securities of the same series and containing terms and provisions that are identical to those of any temporary Securities,
such temporary Securities shall be exchangeable for such definitive Securities upon surrender of such temporary Securities at an Office or Agency for such Securities, without charge to any Holder thereof. Except as otherwise provided in or pursuant
to this Indenture, upon surrender for cancellation of any one or more temporary Securities (accompanied by any unmatured Coupons appertaining thereto), the Operating Partnership shall execute and, upon Operating Partnership Order, the Trustee shall
authenticate and deliver in exchange therefor a like principal amount of definitive Securities of authorized denominations of the same series and containing identical terms and provisions; provided, however, that no definitive Bearer
Security, except as provided in or pursuant to this Indenture, shall be delivered in exchange for a temporary Registered Security; and provided, further, that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer
Security only in compliance with the conditions set forth in or pursuant to this Indenture. Unless otherwise provided in or pursuant to this Indenture with respect to a temporary global Security, until so exchanged the temporary Securities of any
series shall in all respects be entitled to the same benefits under this Indenture and the Guarantee as definitive Securities of such series. 
 Section 305. Registration, Transfer and Exchange. 
 (1) With respect to the
Registered Securities of each series, if any, the Operating Partnership shall cause to be kept a register (each such register being herein sometimes referred to as the “Security Register”) at an Office or Agency for such series in
which, subject to such 

  
 27 

 
reasonable regulations as it may prescribe, the Operating Partnership shall provide for the registration of the Registered Securities of such series and of transfers of the Registered Securities
of such series. Such Office or Agency shall be the “Security Registrar” for that series of Securities. Unless otherwise specified in or pursuant to this Indenture or the Securities, the initial Security Registrar for each series of
Securities shall be as specified in the last paragraph of Section 1002. The Operating Partnership shall have the right to remove and replace from time to time the Security Registrar for any series of Securities; provided that no such
removal or replacement shall be effective until a successor Security Registrar with respect to such series of Securities shall have been appointed by the Operating Partnership and shall have accepted such appointment. In the event that the Trustee
shall not be or shall cease to be Security Registrar with respect to a series of Securities, it shall have the right to examine the Security Register for such series at all reasonable times. There shall be only one Security Register for each series
of Securities. 
 Except as otherwise provided in or pursuant to this Indenture, upon surrender for registration of transfer of
any Registered Security of any series at any Office or Agency for such series, the Operating Partnership shall execute, and, upon Operating Partnership Order, the Trustee shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Registered Securities of the same series denominated as authorized in or pursuant to this Indenture, of a like aggregate principal amount bearing a number not contemporaneously outstanding and containing identical terms
and provisions. 
 Except as otherwise provided in or pursuant to this Indenture, at the option of the Holder, Registered
Securities of any series may be exchanged for other Registered Securities of the same series containing identical terms and provisions, in any authorized denominations, and of a like aggregate principal amount, upon surrender of the Securities to be
exchanged at any Office or Agency for such series. Whenever any Registered Securities are so surrendered for exchange, the Operating Partnership shall execute, and, upon Operating Partnership Order, the Trustee shall authenticate and deliver, the
Registered Securities which the Holder making the exchange is entitled to receive. 
 If provided in or pursuant to this
Indenture, with respect to Securities of any series, at the option of the Holder, Bearer Securities of such series may be exchanged for Registered Securities of such series containing identical terms, denominated as authorized in or pursuant to this
Indenture and in the same aggregate principal amount, upon surrender of the Bearer Securities to be exchanged at any Office or Agency for such series, with all unmatured Coupons and all matured Coupons in default thereto appertaining. If the Holder
of a Bearer Security is unable to produce any such unmatured Coupon or Coupons or matured Coupon or Coupons in default, such exchange may be effected if the Bearer Securities are accompanied by payment in funds acceptable to the Operating
Partnership and the Trustee in an amount equal to the face amount of such missing Coupon or Coupons, or the surrender of such missing Coupon or Coupons may be waived by the Operating Partnership and the Trustee if there is furnished to them such
security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Bearer Security shall surrender to any Paying Agent any such missing Coupon in respect of which such a payment shall have
been made, such Holder shall be entitled to receive the amount of such payment; provided, however, that, except as otherwise provided in Section 1002, interest represented by Coupons shall be payable only upon

  
 28 

 
presentation and surrender of those Coupons at an Office or Agency for such series located outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is
surrendered at any such Office or Agency for such series in exchange for a Registered Security of such series and like tenor after the close of business at such Office or Agency on (i) any Regular Record Date and before the opening of business
at such Office or Agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such Office or Agency on the related date for payment of Defaulted Interest, such Bearer Security shall be
surrendered without the Coupon relating to such Interest Payment Date or proposed date of payment, as the case may be (or, if such Coupon is so surrendered with such Bearer Security, such Coupon shall be returned to the Person so surrendering the
Bearer Security), and interest or Defaulted Interest, as the case may be, shall not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer
Security, but shall be payable only to the Holder of such Coupon when due in accordance with the provisions of this Indenture. 

If provided in or pursuant to this Indenture with respect to Securities of any series, at the option of the Holder, Registered Securities
of such series may be exchanged for Bearer Securities upon such terms and conditions as may be provided in or pursuant to this Indenture with respect to such series. 
 Whenever any Securities are surrendered for exchange as contemplated by the immediately preceding two paragraphs, the Operating Partnership shall execute, and, upon Operating Partnership Order, the
Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 

Notwithstanding the foregoing, except as otherwise provided in or pursuant to this Indenture, the global Securities of any series shall
be exchangeable for definitive certificated Securities of such series only if (i) the Depository for such global Securities notifies the Operating Partnership that it is unwilling or unable or no longer qualified to continue as a Depository for
such global Securities or at any time the Depository for such global Securities ceases to be a clearing agency registered as such under the Exchange Act, if so required by applicable law or regulation, and no successor Depository for such Securities
shall have been appointed by the Operating Partnership within 90 days of such notification or of the Operating Partnership becoming aware of the Depository’s ceasing to be so registered, as the case may be, (ii) the Operating
Partnership, in its sole discretion, determines that the Securities of such series shall no longer be represented by one or more global Securities and executes and delivers to the Trustee an Operating Partnership Order to the effect that such global
Securities shall be so exchangeable or (iii) an Event of Default has occurred and is continuing with respect to such Securities and the Depository or the Operating Partnership specifically requests such exchange. 

If the beneficial owners of interests in a global Security are entitled to exchange such interests for definitive Securities as the
result of an event described in clause (i), (ii) or (iii) of the preceding paragraph, then without unnecessary delay but in any event not later than the earliest date on which such interests may be so exchanged, the Operating
Partnership shall deliver to the Trustee definitive Securities in such form and denominations as are required by or pursuant to this Indenture, and of the same series, containing identical terms and in aggregate principal amount equal to the
principal amount of such global Security, executed by the Operating 

  
 29 

 
Partnership. On or after the earliest date on which such interests may be so exchanged, such global Security shall be surrendered from time to time by the Depository (or its custodian) as shall
be specified in the Operating Partnership Order with respect thereto (which the Operating Partnership agrees to deliver), and in accordance with instructions given to the Trustee and the Depository as shall be specified in the Operating Partnership
Order with respect thereto to the Trustee, as the Operating Partnership’s agent for such purpose, to be exchanged, in whole or in part, for definitive Securities as described above without charge. The Trustee shall authenticate and make
available for delivery, in exchange for each portion of such surrendered global Security, a like aggregate principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such global
Security to be exchanged, which (unless such Securities are not issuable both as Bearer Securities and as Registered Securities, in which case the definitive Securities exchanged for the global Security shall be issuable only in the form in which
the Securities are issuable, as provided in or pursuant to this Indenture) shall be in the form of Bearer Securities or Registered Securities, or any combination thereof, and which shall be in such denominations and, in the case of Registered
Securities, registered in such names, as shall be specified by the Depository, but subject to the satisfaction of any certification or other requirements to the issuance of Bearer Securities; provided, however, that no such exchanges may
occur during a period beginning at the opening of business 15 days before any selection of Securities of the same series to be redeemed and ending on the relevant Redemption Date; and provided, further, that (unless otherwise provided in or
pursuant to this Indenture) no Bearer Security delivered in exchange for a portion of a global Security shall be mailed or otherwise delivered to any location in the United States. Promptly following any such exchange in part, such global Security
shall be returned by the Trustee to such Depository (or its custodian) or such other Depository (or its custodian) referred to above in accordance with the instructions of the Operating Partnership referred to above, and the Trustee shall endorse
such global Security to reflect the decrease in the principal amount thereof resulting from such exchange. If a Registered Security is issued in exchange for any portion of a global Security after the close of business at the Office or Agency for
such Security where such exchange occurs on or after (i) any Regular Record Date for such Security and before the opening of business at such Office or Agency on the next Interest Payment Date, or (ii) any Special Record Date for such
Security and before the opening of business at such Office or Agency on the related proposed date for payment of interest or Defaulted Interest, as the case may be, interest shall not be payable on such Interest Payment Date or proposed date for
payment, as the case may be, in respect of such Registered Security, but shall be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion of such global
Security shall be payable in accordance with the provisions of this Indenture. 
 All Securities issued upon any registration of
transfer or exchange of Securities shall be the valid obligations of the Operating Partnership evidencing the same debt and entitling the Holders thereof to the same benefits under this Indenture and the Guarantee as the Securities surrendered upon
such registration of transfer or exchange. 
 Every Registered Security presented or surrendered for registration of transfer or
for exchange shall (if so required by the Operating Partnership or the Security Registrar for such Security) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Operating Partnership and the Security
Registrar for such Security duly executed by the Holder thereof or his attorney duly authorized in writing. 

  
 30 

 No service charge shall be made for any registration of transfer or exchange of Securities,
or any redemption or repayment of Securities, or any conversion or exchange of Securities for other types of securities or property, but the Operating Partnership may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 905 or 1107, upon repayment or repurchase in part of any Registered Security pursuant to Article
Thirteen, or upon surrender in part of any Registered Security for conversion or exchange into Common Equity or other securities or property pursuant to its terms, in each case not involving any transfer. 

Except as otherwise provided in or pursuant to this Indenture, the Operating Partnership shall not be required (i) to issue,
register the transfer of or exchange any Securities during a period beginning at the opening of business 15 days before the day of the selection for redemption of Securities of like tenor and terms and of the same series under Section 1103
and ending at the close of business on the day of such selection, or (ii) to register the transfer of or exchange any Registered Security, or portion thereof, so selected for redemption, except in the case of any Registered Security to be
redeemed in part, the portion thereof not to be redeemed, or (iii) to exchange any Bearer Security so selected for redemption except, to the extent provided with respect to such Bearer Security, that such Bearer Security may be exchanged for a
Registered Security of like tenor and terms and of the same series, provided that such Registered Security shall be simultaneously surrendered for redemption with written instruction for payment consistent with the provisions of this Indenture or
(iv) to issue, register the transfer of or exchange any Security which, in accordance with its terms, has been surrendered for repayment at the option of the Holder pursuant to Article Thirteen and not withdrawn, except the portion, if any, of
such Security not to be so repaid. 
 Section 306. Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security or a Security with a mutilated Coupon appertaining to it is surrendered to the Trustee, subject to the
provisions of this Section 306, the Operating Partnership shall execute and, upon Operating Partnership Order, the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series containing identical terms and of
like principal amount and bearing a number not contemporaneously outstanding, with Coupons appertaining thereto corresponding to the Coupons, if any, appertaining to the surrendered Security. 

If there be delivered to the Operating Partnership and to the Trustee (i) evidence to their satisfaction of the destruction, loss or
theft of any Security or Coupon, and (ii) such security or indemnity as may be reasonably required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Operating Partnership or the Trustee
that such Security or Coupon has been acquired by a bona fide purchaser, the Operating Partnership shall execute and, upon the Operating Partnership’s written request the Trustee shall authenticate and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen Coupon appertains with all 

  
 31 

 
appurtenant Coupons not destroyed, lost or stolen, a new Security of the same series containing identical terms and of like principal amount and bearing a number not contemporaneously
outstanding, with Coupons corresponding to the Coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen Coupon appertains. 

Notwithstanding the foregoing provisions of this Section 306, in case any mutilated, destroyed, lost or stolen Security or Coupon
has become or is about to become due and payable, the Operating Partnership in its discretion may, instead of issuing a new Security, pay such Security or Coupon; provided, however, that payment of principal of, any premium or interest on or
any Additional Amounts with respect to any Bearer Securities shall, except as otherwise provided in Section 1002, be payable only at an Office or Agency for such Securities located outside the United States and, unless otherwise provided in or
pursuant to this Indenture, any interest on Bearer Securities and any Additional Amounts with respect to such interest shall be payable only upon presentation and surrender of the Coupons appertaining thereto. 

Upon the issuance of any new Security under this Section, the Operating Partnership 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 and its legal counsel) connected therewith. 

Every new Security and any Coupons appertaining thereto issued pursuant to this Section in lieu of any destroyed, lost or stolen
Security, or in exchange for a Security to which a destroyed, lost or stolen Coupon appertains’ shall constitute a separate obligation of the Operating Partnership, whether or not the destroyed, lost or stolen Security and Coupons appertaining
thereto or the destroyed, lost or stolen Coupon shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture and the Guarantee equally and proportionately with any and all other Securities of such series
and any Coupons, if any, duly issued hereunder. 
 The provisions of this Section, as amended or supplemented pursuant to this
Indenture with respect to particular Securities or generally, shall (to the extent lawful) be 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 or Coupons. 
 Section 307. Payment of Interest and Certain Additional Amounts; Rights to Interest
and Certain Additional Amounts Preserved. 
 Unless otherwise provided in or pursuant to this Indenture, any interest on
and any Additional Amounts with respect to any Registered Security which shall be payable, and are punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Security (or one or more Predecessor
Securities) is registered as of the close of business on the Regular Record Date for such interest. Unless otherwise provided in or pursuant to this Indenture, in case a Bearer Security is surrendered in exchange for a Registered Security after the
close of business at an Office or Agency for such Security on any Regular Record Date therefor and before the opening of business at such Office or Agency on the next succeeding Interest Payment Date therefor, such Bearer Security shall be
surrendered without the Coupon 

  
 32 

 
relating to such Interest Payment Date and interest shall not be payable on such Interest Payment Date in respect of the Registered Security issued in exchange for such Bearer Security, but shall
be payable only to the Holder of such Coupon when due in accordance with the provisions of this Indenture. 
 Unless otherwise
provided in or pursuant to this Indenture, any interest on and any Additional Amounts with respect to any Registered Security which shall be payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date for such
Registered Security (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder thereof on the relevant Regular Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by
the Operating Partnership, at its election in each case, as provided in clause (1) or (2) below: 
 (1)
The Operating Partnership may elect to make payment of any Defaulted Interest to the Person in whose name such Registered Security (or a Predecessor Security thereof) shall be registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest, which shall be fixed in the following manner. The Operating Partnership shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on such Registered Security and the date of the
proposed payment, and at the same time the Operating Partnership shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the
Trustee for such deposit on or prior to the date of the proposed payment, such money when so deposited to be held in trust for the benefit of the Person entitled to such Defaulted Interest as in this clause provided. Thereupon, the Trustee shall fix
a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of
the notice of the proposed payment. The Trustee shall promptly notify the Operating Partnership of such Special Record Date and, in the name and at the expense of the Operating Partnership shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to the Holder of such Registered Security (or a Predecessor Security thereof) at his address as it appears in the Security Register not less than 10 days
prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Person in whose name such Registered
Security (or a Predecessor Security thereof) shall be registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). In case a Bearer Security is surrendered at the Office or
Agency for such Security in exchange for a Registered Security after the close of business at such Office or Agency on any Special Record Date and before the opening of business at such Office or Agency on the related proposed date for payment of
Defaulted Interest, such Bearer Security shall be surrendered without the Coupon relating to such Defaulted Interest and Defaulted Interest shall not be payable on such proposed date of payment in respect of the Registered Security issued in
exchange for such Bearer Security, but shall be payable only to the Holder of such Coupon when due in accordance with the provisions of this Indenture; or 

  
 33 

 (2) The Operating Partnership may make payment of any Defaulted Interest in
any other lawful manner not inconsistent with the requirements of any securities exchange on which such Security may be listed, and upon such notice as may be required by such exchange, if, after written notice given by the Operating Partnership to
the Trustee of the proposed payment pursuant to this clause, such payment shall be deemed practicable by the Trustee. 
 Unless
otherwise provided in or pursuant to this Indenture or the Securities of any particular series, at the option of the Operating Partnership, interest on Registered Securities on any Interest Payment Date may be paid by mailing a check to the address
of the Person entitled thereto as such address shall appear in the Security Register or by transfer to an account maintained by the payee with a bank located in the United States of America. 

Subject to the foregoing provisions of this Section and Section 305, each Security delivered under this Indenture upon registration
of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

Section 308. Persons Deemed Owners. 
 Prior to due presentment of a Registered Security for registration of transfer, the Operating Partnership, the Guarantor, the Trustee and any agent of the Operating Partnership, the Guarantor or the
Trustee may treat the Person in whose name such Registered Security is registered in the Security Register as the owner of such Registered Security for the purpose of receiving payment of principal of, any premium and (subject to Sections 305
and 307) interest on and any Additional Amounts with respect to such Registered Security and for all other purposes whatsoever, whether or not any payment with respect to such Registered Security shall be overdue, and none of the Operating
Partnership, the Guarantor, the Trustee or any agent of the Operating Partnership, the Guarantor or the Trustee shall be affected by notice to the contrary. 
 The Operating Partnership, the Guarantor, the Trustee and any agent of the Operating Partnership, the Guarantor or the Trustee may treat the bearer of any Bearer Security or the bearer of any Coupon as
the absolute owner of such Security or Coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not any payment with respect to such Security or Coupon shall be overdue, and none of
the Operating Partnership, the Guarantor, the Trustee or any agent of the Operating Partnership, the Guarantor or the Trustee shall be affected by notice to the contrary. 
 No owner of any beneficial interest in any global Security held on its behalf by a Depository shall have any rights under this Indenture with respect to such global Security, and such Depository may be
treated by the Operating Partnership, the Guarantor, the Trustee and any agent of the Operating Partnership, the Guarantor or the Trustee as the owner of such global Security for all purposes whatsoever. None of the Operating Partnership, the
Guarantor, the Trustee or any agent of the Operating Partnership, the Guarantor or the Trustee will 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. 

  
 34 

 Notwithstanding the foregoing, nothing herein shall prevent the Operating Partnership, the
Guarantor, the Trustee or any agent of the Operating Partnership, the Guarantor or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the applicable Depository, as a Holder, with respect to a
global Security or impair, as between such Depository and the owners of beneficial interests in such global Security, the operation of customary practices governing the exercise of the rights of such Depository (or its nominee) as the Holder of such
global Security. 
 Section 309. Cancellation. 
 All Securities and Coupons surrendered for payment, redemption, registration of transfer, exchange or conversion or for credit against any sinking fund payment shall, if surrendered to any Person other
than the Trustee, be promptly delivered to the Trustee, and any such Securities and Coupons, as well as Securities and Coupons surrendered directly to the Trustee for any such purpose, shall be cancelled promptly by the Trustee. The Operating
Partnership may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Operating Partnership may have acquired in any manner whatsoever, and all Securities so delivered shall be
cancelled promptly by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by or pursuant to this Indenture. All cancelled Securities and
Coupons held by the Trustee shall be disposed of by the Trustee in accordance with its customary procedures, unless by an Operating Partnership Order the Operating Partnership directs their return to it. 

Section 310. Computation of Interest. 
 Except as otherwise provided in or pursuant to this Indenture or in the Securities of any series, interest on the Securities shall be computed on the basis of a 360-day year of twelve 30-day months.

 Section 311. CUSIP Numbers. 
 The Operating Partnership 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 identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Operating Partnership will promptly notify the Trustee in writing of any
change in the “CUSIP” numbers. 

  
 35 

 ARTICLE FOUR 
 SATISFACTION AND DISCHARGE OF INDENTURE 
 Section 401. Satisfaction and
Discharge. 
 Unless, pursuant to Section 301, the provisions of this Section 401 shall not be applicable with
respect to the Securities of any series, upon the direction of the Operating Partnership by an Operating Partnership Order, this Indenture shall cease to be of further effect with respect to any series of Securities specified in such Operating
Partnership Order, any Coupons appertaining thereto and the Guarantee, and the Trustee, on receipt of an Operating Partnership Order, at the expense of the Operating Partnership, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture as to such series, when 
  

	 	(1)	either 

 (a) all
Securities of such series theretofore authenticated and delivered and all Coupons appertaining thereto (other than (i) Coupons appertaining to Bearer Securities of such series surrendered in exchange for Registered Securities of such series and
maturing after such exchange whose surrender is not required or has been waived as provided in Section 305, (ii) Securities and Coupons of such series which have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section 306, (iii) Coupons appertaining to Securities of such series called for redemption and maturing after the relevant Redemption Date whose surrender has been waived as provided in Section 1106, and
(iv) Securities and Coupons of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Operating Partnership, the Guarantor or any Affiliate of the Operating Partnership or the
Guarantor and thereafter repaid to the Operating Partnership or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 

(b) all Securities of such series and, in the case of (i) or (ii) below, if applicable, any Coupons appertaining
thereto not theretofore delivered to the Trustee for cancellation 
 (i) have become due and payable, or

 (ii) will become due and payable at their Stated Maturity within one year, or 

(iii) if redeemable at the option of the Operating Partnership, are to be called for redemption within one year under
arrangements reasonably satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Operating Partnership, 

  
 36 

 and the Operating Partnership, in the case of (i), (ii) or (iii) above, has
deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, money in the Currency in which such Securities are payable in an amount sufficient to pay and discharge the entire indebtedness on such Securities and any
Coupons appertaining thereto not theretofore delivered to the Trustee for cancellation, including the principal of, any premium and interest on, and, to the extent that the Securities of such series provide for the payment of Additional Amounts
thereon and the amount of any such Additional Amounts which are or will be payable with respect to the Securities of such series is at the time of deposit determinable by the Operating Partnership (in the exercise by the Operating Partnership of its
reasonable discretion), any Additional Amounts with respect to, such Securities and any Coupons appertaining thereto, to the date of such deposit (in the case of Securities which have become due and payable) or to the Maturity thereof, as the case
may be; 
 (2) the Operating Partnership has paid or caused to be paid all other sums payable hereunder by the
Operating Partnership with respect to the Outstanding Securities of such series and any Coupons appertaining thereto (including amounts payable to the Trustee pursuant to Section 606); and 

(3) the Operating Partnership has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to the Securities of such series have been complied with. 

In the event there are Securities of two or more series Outstanding hereunder, the Trustee shall be required to execute an instrument
acknowledging satisfaction and discharge of this Indenture only if requested to do so with respect to Securities of such series as to which it is Trustee, if in form and content reasonably acceptable to the Trustee and if the other conditions
thereto are met. 
 Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of Securities,
the obligations of the Operating Partnership and the Guarantor to the Trustee under Section 606 and, if money shall have been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section, the obligations of the
Operating Partnership and the Trustee with respect to the Securities of such series under Sections 305, 306, 403, 404, 1002, 1003 and, if applicable to the Securities of such series, 1004 (including, without limitation, with respect to the
payment of Additional Amounts, if any, with respect to such Securities as contemplated by Section 1004, but only to the extent that the Additional Amounts payable with respect to such Securities exceed the amount deposited in respect of such
Additional Amounts pursuant to Section 401(1)(b)), the obligations of the Guarantor under the Guarantee in respect of Additional Amounts, any rights of Holders of the Securities of such series (unless otherwise provided pursuant to
Section 301 with respect to the Securities of such series) to require the Operating Partnership to repurchase or repay, and the obligations of the Operating Partnership to repurchase or repay, such Securities at the option of the Holders
pursuant to Article Thirteen hereof, and any rights of Holders of the Securities of such series (unless otherwise provided pursuant to Section 301 with respect to the Securities of such series) to convert or exchange, and the obligations of the
Operating Partnership to convert or exchange, such Securities into Common Equity or other securities or property, shall survive. 

  
 37 

 Section 402. Defeasance and Covenant Defeasance. 

(1) Unless, pursuant to Section 301, either or both of (i) defeasance of the Securities of or within a series under
clause (2) of this Section 402 or (ii) covenant defeasance of the Securities of or within a series under clause (3) of this Section 402 shall not be applicable with respect to the Securities of such series, then such
provisions, together with the other provisions of this Section 402 (with such modifications thereto as may be specified pursuant to Section 301 with respect to any Securities), shall be applicable to such Securities and any Coupons
appertaining thereto, and the Operating Partnership may at its option by Board Resolution, at any time, with respect to the Securities of or within such series and any Coupons appertaining thereto, elect to have Section 402(2) or
Section 402(3) be applied to such Outstanding Securities and any Coupons appertaining thereto upon compliance with the conditions set forth below in this Section 402. Unless otherwise specified pursuant to Section 301 with respect to
the Securities of any series, defeasance under clause (2) of this Section 402 and covenant defeasance under clause (3) of this Section 402 may be effected only with respect to all, and not less than all, of the Outstanding
Securities of any series. To the extent that the terms of any Security or Coupon appertaining thereto established in or pursuant to this Indenture permit the Operating Partnership or any Holder thereof to extend the date on which any payment of
principal of, or premium, if any, or interest, if any, on, or Additional Amounts, if any, with respect to such Security or Coupon is due and payable, then unless otherwise provided pursuant to Section 301, the right to extend such date shall
terminate upon defeasance or covenant defeasance, as the case may be. 
 (2) Upon the Operating Partnership’s exercise of
the above option applicable to this Section 402(2) with respect to any Securities of or within a series, the Operating Partnership shall be deemed to have been discharged from its obligations with respect to such Outstanding Securities and any
Coupons appertaining thereto on the date the conditions set forth in clause (4) of this Section 402 are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Operating Partnership shall be
deemed to have paid and discharged the entire indebtedness represented by such Outstanding Securities and any Coupons appertaining thereto, which shall thereafter be deemed to be “Outstanding” only for the purposes of
clause (5) of this Section 402 and the other Sections of this Indenture referred to in subclauses (i) through (iv) of this clause (2), and to have satisfied all of its other obligations under such Securities and any Coupons
appertaining thereto and this Indenture insofar as such Securities and any Coupons appertaining thereto are concerned (and the Trustee, at the expense of the Operating Partnership, shall execute proper instruments acknowledging the same), except for
the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of such Outstanding Securities and any Coupons appertaining thereto to receive, solely (except as provided in subclause (ii)
below) from the trust fund described in clause (4)(a) of this Section 402 and as more fully set forth in this Section 402 and 403, payments in respect of the principal of (and premium, if any) and interest, if any, on, and Additional
Amounts, if any, with respect to, such Securities and any Coupons appertaining thereto when such payments are due, (ii) the obligations of the Operating Partnership and the Trustee with respect to such Securities under Sections 305, 306,
1002, 1003 and, if applicable to the Securities of such series, 1004 

  
 38 

 
(including, without limitation, with respect to the payment of Additional Amounts, if any, with respect to such Securities as contemplated by Section 1004, but only to the extent that the
Additional Amounts payable with respect to such Securities exceed the amount deposited in respect of such Additional Amounts pursuant to clause (4)(a) of this Section 402)), the obligations of the Guarantor under the Guarantee in respect
of Additional Amounts, any rights of Holders of such Securities (unless otherwise provided pursuant to Section 301 with respect to the Securities of such series) to require the Operating Partnership to repurchase or repay, and the obligations
of the Operating Partnership to repurchase or repay, such Securities at the option of the Holders pursuant to Article Thirteen hereof, and any rights of Holders of such Securities (unless otherwise provided pursuant to Section 301 with respect
to the Securities of such series) to convert or exchange, and the obligations of the Operating Partnership to convert or exchange, such Securities into Common Equity or other securities or property, (iii) the rights, powers, trusts, duties and
immunities of the Trustee hereunder and (iv) this Section 402 and Sections 403 and 404. The Operating Partnership may exercise its option under this Section 402(2) notwithstanding the prior exercise of its option under
Section 402(3) with respect to such Securities and any Coupons appertaining thereto. 
 (3) Upon the Operating
Partnership’s exercise of the above option applicable to this Section 402(3) with respect to any Securities of or within a series, each of the Operating Partnership and the Guarantor shall be released from its obligations under
clause (ii) of Section 1005 and, to the extent specified pursuant to Section 301, any other covenant applicable to such Securities with respect to such Securities and any Coupons appertaining thereto shall cease to be applicable
to such Securities on and after the date the conditions set forth in clause (4) of this Section 402 are satisfied (hereinafter, “covenant defeasance”), and such Securities and any Coupons appertaining thereto shall
thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with any such covenant, but shall continue to be deemed
“Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance means, with respect to such Outstanding Securities and any Coupons appertaining thereto, each of the Operating Partnership and the Guarantor
may omit to comply with, and shall have no liability in respect of, any term, condition or limitation set forth in any such Section or any such other covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision herein or in any other document and such omission to comply shall not constitute a default or an Event of Default under
Section 501(5) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities and Coupons appertaining thereto shall be unaffected thereby. 

(4) The following shall be the conditions to application of clause (2) or (3) of this Section 402 to any Outstanding
Securities of or within a series and any Coupons appertaining thereto: 
 (a) The Operating Partnership shall
irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 607 who shall agree to comply with the provisions of this Section 402 applicable to it) 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 

  
 39 

 
Securities and any Coupons appertaining thereto, (1) an amount in Dollars or in such Foreign Currency in which such Securities and any Coupons appertaining thereto are then specified as
payable at Stated Maturity or, if such defeasance or covenant defeasance is to be effected in compliance with subsection (f) below, on the relevant Redemption Date, as the case may be, or (2) Government Obligations applicable to such
Securities and Coupons appertaining thereto (determined on the basis of the Currency in which such Securities and Coupons appertaining thereto are then specified as payable at Stated Maturity or, if such defeasance or covenant defeasance is to be
effected in compliance with subsection (f) below, on the relevant Redemption Date, as the case may be) which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than
one day before the due date of any payment of principal of (and premium, if any) and interest, if any, on such Securities and any Coupons appertaining thereto, money in an amount, or (3) a combination thereof, in any case, in an amount,
sufficient, without consideration of any reinvestment of such principal and interest, in the written opinion of a nationally recognized firm of independent public accountants delivered to the Trustee, to pay and discharge, and which shall be applied
by the Trustee (or other qualifying trustee) to pay and discharge, (y) the principal of (and premium, if any) and interest, if any, on, and, to the extent that such Securities provide for the payment of Additional Amounts thereon and the amount
of any such Additional Amounts which are or will be payable with respect to the Securities of such series is at the time of deposit reasonably determinable by the Operating Partnership (in the exercise by the Operating Partnership of its reasonable
discretion), any Additional Amounts with respect to, such Outstanding Securities and any Coupons appertaining thereto on the Maturity or Stated Maturity of such principal or interest, and (z) any mandatory sinking fund payments or analogous
payments applicable to such Outstanding Securities and any Coupons appertaining thereto on the day on which such payments are due and payable in accordance with the terms of this Indenture and of such Securities and any Coupons appertaining thereto.

 (b) Such defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a
default under, this Indenture or any other material agreement or instrument to which the Operating Partnership or the Guarantor is a party or by which it is bound. 

(c) No Event of Default or event which, with notice or lapse of time or both, would become an Event of
Default with respect to such Securities and any Coupons appertaining thereto shall have occurred and be continuing on the date of such deposit, and, solely in the case of defeasance under Section 402(2), no Event of Default with respect to such
Securities and any Coupons appertaining thereto under clause (6) or (7) of Section 501 or event which with notice or lapse of time or both would become an Event of Default with respect to such Securities and any Coupons appertaining
thereto under clause (6) or (7) of Section 501 shall have occurred and be continuing at any time during the period ending on and including the 91st day after the date of such deposit (it being understood that this condition to defeasance under Section 402(2)
shall not be deemed satisfied until the expiration of such period). 

  
 40 

 (d) In the case of defeasance pursuant to Section 402(2), the Operating
Partnership shall have delivered to the Trustee an opinion of independent counsel acceptable to the Trustee stating that (x) the Operating Partnership has received from, or there has been published by, the Internal Revenue Service a ruling, or
(y) since the date of this Indenture there has been a change in applicable federal income tax law, in either case to the effect that, and based thereon such opinion of independent counsel shall confirm that, the Holders and beneficial owners of
such Outstanding Securities and any Coupons appertaining thereto will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such defeasance and will be subject to U.S. federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred; or, in the case of covenant defeasance pursuant to Section 402(3), the Operating Partnership shall have delivered to the Trustee
an opinion of independent counsel reasonably acceptable to the Trustee to the effect that the Holders and beneficial owners of such Outstanding Securities and any Coupons appertaining thereto will not recognize income, gain or loss for
U.S. federal income tax purposes as a result of such covenant defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance
had not occurred. 
 (e) The Operating Partnership shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance or covenant defeasance, as the case may be, under this Indenture have been complied with. 

(f) If the monies or Government Obligations or combination thereof, as the case may be, deposited under subclause (a)
above are sufficient to pay the principal of, and premium, if any, and interest, if any, on and, to the extent provided in such subclause (a), Additional Amounts with respect to, such Securities on a particular Redemption Date, the Operating
Partnership shall have given the Trustee irrevocable instructions to redeem such Securities on such date and to provide notice of such redemption to Holders as provided in or pursuant to this Indenture. 

(g) Notwithstanding any other provisions of this Section 402(4), such defeasance or covenant defeasance shall be
effected in compliance with any additional or substitute terms, conditions or limitations which may be imposed on the Operating Partnership in connection therewith pursuant to Section 301. 

(5) Subject to the provisions of the last paragraph of Section 1003, all money and Government Obligations (or other property as may
be provided pursuant to Section 301) (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee (collectively for purposes of this Section 402(5) and Section 403, the “Trustee”)) pursuant to
clause (4)(a) of Section 402 in respect of any Outstanding Securities of any series and any Coupons appertaining thereto shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and any
Coupons appertaining thereto and this Indenture, to the payment, either directly or through any Paying Agent (other than the Operating Partnership or any Subsidiary or Affiliate of the Operating Partnership acting as Paying Agent) as the Trustee may
determine, to the Holders of such Securities and any Coupons appertaining thereto of all sums due and to become due thereon in respect of principal (and premium, if any) and interest and Additional Amounts, if any, but such money need not be
segregated from other funds except to the extent required by law. 

  
 41 

 Unless otherwise specified in or pursuant to this Indenture or any Securities, if, after a
deposit referred to in Section 402(4)(a) has been made, (a) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 301 or the terms of such Security to receive payment in
a Currency other than that in which the deposit pursuant to Section 402(4)(a) has been made in respect of such Security, or (b) a Conversion Event occurs in respect of the Foreign Currency in which the deposit pursuant to
Section 402(4)(a) has been made, the indebtedness represented by such Security and any Coupons appertaining thereto shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and premium,
if any), and interest, if any, on, and Additional Amounts, if any, with respect to, such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or
other property deposited in respect of such Security into the Currency in which such Security becomes payable as a result of such election or Conversion Event based on (x) in the case of payments made pursuant to subclause (a) above, the
applicable market exchange rate for such Currency in effect on the second Business Day prior to each payment date, or (y) with respect to a Conversion Event, the applicable market exchange rate for such Foreign Currency in effect (as nearly as
feasible) at the time of the Conversion Event. 
 The Operating Partnership shall pay and indemnify the Trustee against any tax,
fee or other charge, imposed on or assessed against the Government Obligations deposited pursuant to this Section 402 or the principal or interest received in respect thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of such Outstanding Securities and any Coupons appertaining thereto. 
 Anything in this Section 402
to the contrary notwithstanding, the Trustee shall deliver or pay to the Operating Partnership from time to time upon Operating Partnership Request any money or Government Obligations (or other property and any proceeds therefrom) held by it as
provided in clause (4)(a) of this Section 402 which, in the written opinion of a nationally recognized firm of independent public accountants delivered to the Trustee, are in excess of the amount thereof which would then be required to be
deposited to effect a defeasance or covenant defeasance, as applicable, in accordance with this Section 402. 
 Section
403. Application of Trust Money. 
 Subject to the provisions of the last paragraph of Section 1003, all money and
Government Obligations deposited with the Trustee pursuant to Section 401 or 402 shall be held in trust and applied by it, in accordance with the provisions of the Securities, the Coupons and this Indenture, to the payment, either directly or
through any Paying Agent (including the Operating Partnership acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal, premium, interest and Additional Amounts for whose payment such money has
or Government Obligations have been deposited with or received by the Trustee; but such money and Government Obligations need not be segregated from other funds except to the extent required by law. 

  
 42 

 Section 404. Reinstatement. 

If the Trustee (or other qualifying trustee appointed pursuant to Section 402(4)(a)) or any Paying Agent is unable to apply any
moneys or Government Obligations deposited pursuant to Section 401(1) or 402(4)(a) to pay any principal of or premium, if any, or interest, if any, on or Additional Amounts, if any, with respect to the Securities of any series by reason of any
legal proceeding or any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Operating Partnership’s obligations under this Indenture and the Securities of such
series and the Guarantee shall be revived and reinstated as though no such deposit had occurred, until such time as the Trustee (or other qualifying trustee) or Paying Agent is permitted to apply all such moneys and Government Obligations to pay the
principal of and premium, if any, and interest, if any, on and Additional Amounts, if any, in respect of the Securities of such series as contemplated by Section 401 or 402 as the case may be, and Section 403; provided,
however, that if the Operating Partnership makes any payment of the principal of or premium, if any, or interest, if any, on or Additional Amounts, if any, in respect of the Securities of such series following the reinstatement of its
obligations as aforesaid, the Operating Partnership shall be subrogated to the rights of the Holders of such Securities to receive such payment from the funds held by the Trustee (or other qualifying trustee) or Paying Agent. 

ARTICLE FIVE 
 REMEDIES 
 Section 501. Events of Default. 

“Event of Default,” wherever used herein with respect to Securities of any series, means any one of the following events
unless such event is specifically deleted or modified in or pursuant to the supplemental indenture, Board Resolution or Officers’ Certificate of the Operating Partnership establishing the terms of such series pursuant to this Indenture:

 (1) default in the payment of any interest on, or any Additional Amounts payable in respect of any interest
on, any of the Securities of such series or any Coupon appertaining thereto when such interest or such Additional Amounts, as the case may be, become due and payable, and continuance of such default for a period of 30 days; or 

(2) default for three Business Days in the payment of any principal of or premium, if any, on, or any Additional Amounts
payable in respect of any principal of or premium, if any, on, any of the Securities of such series when due (whether at Maturity, upon redemption or exercise of a repurchase right or otherwise and whether payable in cash or in shares of Common
Equity or other securities or property); or 
 (3) default for three Business Days in the deposit of any sinking
fund payment, if applicable, or payment under any analogous provision when due with respect to any of the Securities of such series; or 

  
 43 

 (4) the Guarantee is not (or is claimed by the Guarantor not to be) in full
force and effect with respect to the Securities of such series;
 (5) default in the performance, or breach, of
any covenant or warranty of the Operating Partnership or the Guarantor, as the case may be, in this Indenture or any of the Securities of such series or the Guarantee (other than a covenant or warranty for which the consequences of breach or
nonperformance are addressed elsewhere in this Section 501 or a covenant or warranty which has expressly been included in this Indenture, whether or not by means of a supplemental indenture, solely for the benefit of Securities of a series
other than such series), and continuance of such default or breach (without such default or breach having been waived in accordance of the provisions of this Indenture) for a period of 90 days after there has been given, by registered or
certified mail, to the Operating Partnership or the Guarantor, as applicable, by the Trustee or to the Operating Partnership or the Guarantor, as applicable, and the Trustee by the Holders of at least 25% in aggregate principal amount of the
Outstanding Securities of such 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 

(6) the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the
Operating Partnership or the Guarantor in an involuntary case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order for relief adjudging the Operating Partnership or the
Guarantor as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Operating Partnership or the Guarantor under any applicable law, or appointing a
custodian, receiver, conservator, liquidator, assignee, trustee, sequestrator or other similar official of the Operating Partnership or the Guarantor or of any substantial part of the property of the Operating Partnership or the Guarantor, or
ordering the winding up or liquidation of the affairs of the Operating Partnership or the Guarantor, and, in each case, the continuance of any such decree or order for relief unstayed and in effect for a period of 90 consecutive days; or 

(7) the commencement by the Operating Partnership or the Guarantor of a voluntary case or proceeding under any applicable
bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated as bankrupt or insolvent, or the consent by the Operating Partnership or the Guarantor to the entry of a decree or order for relief in
respect of the Operating Partnership or the Guarantor in an involuntary case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding
against the Operating Partnership or the Guarantor, the adoption by the Guarantor of an effective resolution for its winding-up, or the filing by the Operating Partnership or the Guarantor of a petition or answer or consent seeking reorganization or
relief under any applicable law, or the consent by the Operating Partnership or the Guarantor to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, conservator, liquidator, assignee, trustee,
sequestrator or similar official of the Operating Partnership or the Guarantor or of any substantial part of the property of the Operating Partnership or the 

  
 44 

 
Guarantor, or the making by the Operating Partnership or the Guarantor of an assignment for the benefit of creditors, or the taking of corporate action by the Operating Partnership or the
Guarantor in furtherance of any such action; or 
 (8) any other Event of Default provided in or pursuant to this
Indenture with respect to Securities of such series. 
 Section 502. Acceleration of Maturity; Rescission and Annulment.

 If an Event of Default (other than an Event of Default specified in clause (6) or (7) of Section 501) with
respect to Securities of any series occurs and is continuing, then either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such series may declare the principal of all the Securities of
such series, or such lesser amount as may be provided for in the Securities of such series, and accrued and unpaid interest, if any, thereon to be due and payable immediately, by a notice in writing to the Operating Partnership and the Guarantor
(and to the Trustee if given by the Holders), and upon any such declaration such principal or such lesser amount, as the case may be, and such accrued and unpaid interest shall become immediately due and payable. If an Event of Default specified in
clause (6) or (7) of Section 501 with respect to the Securities of any series occurs, then the principal of all of the Securities of such series, or such lesser amount as may be provided for in the Securities of such series, and
accrued and unpaid interest, if any, thereon 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 of the Securities of such series. 

At any time after Securities of any series have been accelerated by declaration of the Trustee or the Holders and before a judgment or
decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series, by written notice to the Operating
Partnership, the Guarantor and the Trustee, may rescind and annul such declaration and its consequences if 
 (1)
the Operating Partnership or the Guarantor has paid or deposited, or cause to be paid or deposited, with the Trustee a sum of money sufficient to pay (or, to the extent that the terms of the Securities of such series established pursuant to
Section 301 expressly provide for payment to be made in shares of Common Equity or other securities or property, shares of Common Equity or other securities or property, together with cash in lieu of fractional shares or securities, sufficient
to pay) 
 (a) all overdue installments of any interest on any Securities of such series and any Coupons
appertaining thereto which have become due otherwise than by such declaration of acceleration and any Additional Amounts with respect thereto, 
 (b) the principal of and any premium on any Securities of such series which have become due otherwise than by such declaration of acceleration and any Additional Amounts with respect thereto and, to the
extent permitted by applicable law, interest thereon at the rate or respective rates, as the case may be, 

  
 45 

 
provided for in or with respect to such Securities, or, if no such rate or rates are so provided, at the rate or respective rates, as the case may be, of interest borne by such Securities,

 (c) to the extent permitted by applicable law, interest upon installments of any interest, if any, which have
become due otherwise than by such declaration of acceleration and any Additional Amounts with respect thereto at the rate or respective rates, as the case may be, provided for in or with respect to such Securities, or, if no such rate or rates are
so provided, at the rate or respective rates, as the case may be, of interest borne by such Securities, and 

(d) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel and all other amounts due the Trustee under Section 606; and 
 (2) all Events of Default with respect to Securities of such series other than the non-payment of the principal of, any premium and interest on, and any Additional Amounts with respect to Securities of
such series which shall have become due solely by such declaration of acceleration, shall have been waived as provided in Section 513 or cured. 
 No such rescission shall affect any subsequent default or impair any right consequent thereon. 
 Section 503. Collection of Indebtedness and Suits for Enforcement by Trustee. 
 The Operating Partnership covenants that if: 
 (1) default is made
in the payment of any interest on, or any Additional Amounts payable in respect of any interest on, any Security or any Coupon appertaining thereto when such interest or Additional Amounts, as the case may be, shall have become due and payable and
such default continues for a period of 30 days, or 
 (2) default is made in the payment of any principal of
or premium, if any, on, or any Additional Amounts payable in respect of any principal of or premium, if any, on, any Security at its Maturity, and such default continues for three Business Days, or 

(3) default is made in the deposit of any sinking fund payment, if applicable, when due, and such default continues for
three Business Days, 
 the Operating Partnership or the Guarantor shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the
Holders of such Securities and any Coupons appertaining thereto, the whole amount of money then due and payable with respect to such Securities and any Coupons appertaining thereto, with interest upon the overdue principal, any premium and, to the
extent permitted by applicable law, upon any overdue installments of interest and Additional Amounts at the rate or respective rates, as the case may be, provided for or with respect to such Securities or, if no such rate or rates are so provided,
at the rate or respective rates, as the case may be, of interest borne by such Securities, and, in addition thereto, such further amount of money as shall be sufficient to cover the reasonable costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due to the Trustee under Section 606. 

  
 46 

 If each of the Operating Partnership and the Guarantor fails to pay the money it is required
to pay the Trustee pursuant to the preceding paragraph forthwith upon the demand of the Trustee, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the money so due and unpaid,
and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Operating Partnership, the Guarantor or any other obligor upon such Securities and any Coupons appertaining thereto and collect the monies adjudged
or decreed to be payable in the manner provided by law out of the property of the Operating Partnership, the Guarantor or any other obligor upon such Securities and any Coupons appertaining thereto, wherever situated. 

If an Event of Default with respect to 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 and any Coupons appertaining thereto 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 such Securities or in aid of the exercise of any power granted herein or therein, or to enforce any other proper remedy. 

Section 504. 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 Operating Partnership,
the Guarantor or any other obligor upon the Securities or the property of the Operating Partnership, the Guarantor or 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 Operating Partnership or the Guarantor for the payment of any overdue principal, premium, interest or Additional
Amounts) shall be entitled and empowered, by intervention in such proceeding or otherwise, 
 (1) to file and
prove a claim for the whole amount, or such lesser amount as may be provided for in the Securities of such series, of the principal and any premium, interest and Additional Amounts owing and unpaid in respect of the Securities and any Coupons
appertaining thereto and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents or counsel) and of the Holders of Securities or any Coupons allowed in such judicial proceeding, and 

(2) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the
same; 

  
 47 

 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder of Securities or any Coupons to make such payments to the Trustee and, in the event that the Trustee shall consent in writing in its sole discretion to the making of such payments directly
to the Holders of Securities or any Coupons, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee (acting in any capacity hereunder), its agents and counsel and any other
amounts due the Trustee hereunder. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent
to or accept or adopt on behalf of any Holder of a Security or any Coupon any plan of reorganization, arrangement, adjustment or composition affecting the Securities or Coupons or the rights of any Holder thereof, or to authorize the Trustee to vote
in respect of the claim of any Holder of a Security or any Coupon in any such proceeding. 
 Section 505. Trustee May Enforce
Claims without Possession of Securities or Coupons. 
 All rights of action and claims under this Indenture or any of the
Securities or Coupons may be prosecuted and enforced by the Trustee without the possession of any of the Securities or Coupons 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 or judgment, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, shall be for the
ratable benefit of each and every Holder of a Security or Coupon in respect of which such judgment has been recovered. 

Section 506. Application of Money Collected. 
 Any money collected by the Trustee pursuant to this Article Five with respect to the Securities of any series 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 on account of principal, or any premium, interest or Additional Amounts, upon presentation of such Securities or the Coupons, if any, appertaining thereto, or both, as the case may be, 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 (acting in any capacity hereunder) and any predecessor Trustee under the Indenture; 

SECOND: To the payment of the amounts then due and unpaid upon the Securities and any Coupons for principal and any
premium, interest and Additional Amounts 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 aggregate amounts due and payable on such Securities and
Coupons for principal and any premium, interest and Additional Amounts; 
 THIRD: The balance, if any, to the
Person or Persons entitled thereto. 

  
 48 

 Section 507. Limitations on Suits. 

No Holder of any Security of any series or any Coupons appertaining thereto 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 
 (1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of such series; 

(2) the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such 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; 
 (3) such Holder or Holders have offered to the Trustee indemnity or security reasonably satisfactory to it against the losses, damages, costs, expenses and liabilities, including reasonable
attorneys’ fees, costs and expenses and court costs, to be incurred in compliance with such request; 
 (4)
the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (5) 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 aggregate principal amount of the Outstanding Securities of
such series; 
 it being understood and intended 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 or any Security to affect, disturb or prejudice the rights of any other such Holders or Holders of Securities of any other series, or to obtain or to seek to obtain priority or preference over any
other 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. 
 Section 508. Unconditional Right of Holders to Receive Principal and any Premium, Interest and Additional Amounts. 
 Notwithstanding any other provision in this Indenture, the Holder of any Security or Coupon shall have the right, which is absolute and unconditional, to receive payment of the principal of, and premium,
if any, and (subject to Sections 305 and 307) interest, if any, on and any Additional Amounts with respect to such Security or such Coupon, as the case may be, on the respective Stated Maturity or Maturities therefor specified in such Security
or Coupon (or, in the case of redemption, on the Redemption Date or, in the case of repayment pursuant to Article Thirteen hereof at the option of such Holder if provided in or pursuant to this Indenture, on the date such repayment is due) and, in
the case of any Security which is convertible into or exchangeable for other securities or property, to convert or exchange, as the case may be, such Security in accordance with its terms, and to institute suit for the enforcement of any such
payment and any such right to convert or exchange, and such right shall not be impaired without the consent of such Holder. 

  
 49 

 Section 509. Restoration of Rights and Remedies. 

If the Trustee or any Holder of a Security or a Coupon 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 the Operating Partnership, the Guarantor (if applicable), the Trustee and each such
Holder shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and each such Holder shall continue as though no such
proceeding had been instituted. 
 Section 510. Rights and Remedies Cumulative. 

To the extent permitted by applicable law and except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities or Coupons in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to each and every Holder of a Security or a Coupon is intended to be exclusive of any
other right or remedy, and every right and remedy, to the extent permitted by law, shall 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 511. Delay or Omission Not Waiver. 
 No delay or omission of the Trustee or of any Holder of any Security or Coupon to exercise any right or remedy accruing upon any Event of Default shall, to the extent permitted by applicable law, 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 any Holder of a Security or a Coupon may, to the extent permitted by
applicable law, be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by such Holder, as the case may be. 
 Section 512. Control by Holders of Securities. 
 The Holders of a majority
in aggregate 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 and any Coupons appertaining thereto, provided that 
 (1) such direction shall not be in conflict with any rule of law or with this Indenture or with the Securities of any series, 

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

 (3) such direction is not unduly prejudicial to the rights of the other Holders of Securities of such series
(or any other series) not joining in such action. 

  
 50 

 Section 513. Waiver of Past Defaults. 

The Holders of a majority in aggregate principal amount of the Outstanding Securities of any series on behalf of the Holders of all the
Securities of such series and any Coupons appertaining thereto may waive any past default hereunder with respect to such series and its consequences, except 
 (1) a continuing default in the payment of the principal of, any premium or interest on, or any Additional Amounts with respect to, any Security of such series or any Coupons appertaining thereto, or

 (2) in the case of any Securities which are convertible into or exchangeable for Common Equity or other
securities or property, a continuing default in any such conversion or exchange, or 
 (3) a continuing default
in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected. 

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 514. Waiver of Usury, Stay or Extension Laws. 
 Each of the
Operating Partnership and the Guarantor covenants that (to the extent that it may lawfully do so) it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any
usury law or any other law wherever enacted, now or at any time hereafter in force, which would prohibit or forgive the Operating Partnership or the Guarantor from paying all or any portion of the principal of or premium, if any, or interest, if any
on or Additional Amounts, if any, as contemplated in this Indenture, the Guarantee and the Securities or which may affect the covenants or the performance of this Indenture or the Securities; and each of the Operating Partnership and the Guarantor
(to the extent that it may lawfully do so) expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee or the Holders, but will suffer and
permit the execution of every such power as though no such law had been enacted. 
 Section 515. 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 or omitted by it as Trustee, the filing by any party litigant in such
suit of any undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and disbursements, 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 515 shall not apply to any suit instituted 

  
 51 

 
by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in aggregate principal amount of Outstanding Securities of any series, or to any
suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest, if any, on or Additional Amounts, if any, with respect to any Security on or after the respective Stated Maturities expressed in
such Security (or, in the case of redemption, on or after the Redemption Date, and, in the case of repayment at the option of the Holder pursuant to Article Thirteen hereof, on or after the date for repayment) or for the enforcement of the right, if
any, to convert or exchange any Security into Common Equity or other securities or property in accordance with its terms. 

ARTICLE SIX 
 THE TRUSTEE 
 Section 601. Certain Rights of Trustee. 

In connection with this Indenture and any Securities issued hereunder, subject to Sections 315(a) through 315(d) of the Trust
Indenture Act: 
 (1) the Trustee may conclusively rely and shall be fully protected in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document believed by it to be genuine and to have been signed or presented
by the proper party or parties; 
 (2) any request or direction of the Operating Partnership or the Guarantor
mentioned herein shall be sufficiently evidenced by an Operating Partnership Request or an Operating Partnership Order (in each case, other than delivery of any Security, together with any Coupons appertaining thereto, to the Trustee for
authentication and delivery pursuant to Section 303 which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence shall be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate;

 (4) the Trustee may consult with counsel of its selection 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 hereunder in good faith and in reliance thereon; 

(5) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by or pursuant to this
Indenture at the request or direction of any of the Holders of Securities of any series or any Coupons appertaining thereto pursuant to 

  
 52 

 
this Indenture, unless such Holders shall have offered to the Trustee indemnity or security satisfactory to the Trustee against the losses, damages, costs, expenses and liabilities, including
reasonable attorneys’ fees, costs and expenses and court costs, which might be incurred by it in compliance with such request or direction; 
 (6) 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, coupon or other paper or document, but the Trustee, in its sole 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 Operating Partnership, personally or by agent or attorney and shall incur no liability or additional liability of any kind by reason of such inquiry or
investigation; 
 (7) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(8) the Trustee need perform only those duties that are specifically set forth in this Indenture, and no implied covenants
or obligations shall be read into this Indenture against the Trustee. The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights or powers. The Trustee is not
required to give any bond or surety with respect to the performance of its duties or the exercise of its powers under this Indenture. 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; 
 (9) the Trustee agrees to accept and act upon instructions or directions pursuant
to this Indenture sent by unsecured e-mail (PDF only), facsimile transmission or other similar unsecured electronic methods, provided, however, that the Operating Partnership and the Guarantor, respectively, shall provide to the Trustee an
incumbency certificate listing designated persons with the authority to provide such instructions, which incumbency certificate shall be amended whenever a person is to be added or deleted from the listing. If the Operating Partnership or the
Guarantor elects to give the Trustee e-mail or facsimile transmission instructions (or instructions by a similar electronic method) and the Trustee in its sole and absolute discretion elects to act upon such instructions, the Trustee’s
understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, damages, costs, fees or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such
instructions notwithstanding such instructions conflict or inconsistency with a subsequent written instruction. The Operating Partnership and the Guarantor, as applicable, agree to assume all risks arising out of the use of such electronic methods
to submit instructions and directions to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized instructions, and the risk of interception by third parties; 

  
 53 

 (10) 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; 

(11) in no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or
damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and 

(12) in no event shall the Trustee be required to give any bond or surety in respect of the performance of its powers and
duties hereunder. 
 Section 602. Notice of Defaults. 

Within 90 days after the Trustee has actual knowledge of the occurrence of any default hereunder with respect to the Securities of
any series, the Trustee shall transmit by mail to all Holders of Securities of such series, notice of such default hereunder actually known to the Trustee, unless such default shall have been cured or waived; provided, however, that in the
case of any default of the character specified in Section 501(5) with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the
term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series; provided that any default that results solely from the taking of
an action that would have been permitted but for the continuation of a previous default will be deemed to be cured if such previous default is cured prior to becoming an Event of Default. The Trustee shall not be charged with knowledge of any
default or Event of Default under this Indenture or related documents unless (i) a Responsible Officer of the Trustee shall have actual knowledge of such Default or Event of Default or (ii) the Trustee shall have received notice in writing
of such default or Event of Default by the Operating Partnership or by the Holders of at least 25% in aggregate principal amount of the Securities then Outstanding of the affected series, and such notice is received by the Trustee at the Corporate
Trust Office of the Trustee, and such notice references the Securities and this Indenture. 
 Section 603. Not Responsible
for Recitals or Issuance of Securities. 
 The recitals contained herein and in the Securities, except the Trustee’s
certificate of authentication, and in any Coupons shall be taken as the statements of the Operating Partnership or the Guarantor, as the case may be, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their
correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities, the Guarantee or the Coupons, except that the Trustee represents that it is duly authorized to execute and deliver this
Indenture, authenticate the Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Operating Partnership are true and accurate, subject to the qualifications set
forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Operating Partnership of the Securities or the proceeds thereof. 

  
 54 

 Section 604. May Hold Securities; Transactions with the Operating Partnership or the
Guarantor. 
 The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other Person that may be
an agent of the Trustee or the Operating Partnership, in its individual or any other capacity, may become the owner or pledgee of Securities or Coupons and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal with the
Operating Partnership and the Guarantor with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other Person; provided, however, that if the Trustee acquires any conflicting
interest relating to any of its duties with respect to the Securities, it must either eliminate such conflict or resign as Trustee. 
 Section 605. Money Held in Trust. 
 Except as provided in Section 403
and Section 1003, money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law and shall be held uninvested. The Trustee shall be under no liability for interest on any money received
by it hereunder except as otherwise agreed in writing with the Operating Partnership. 
 Section 606. Compensation and
Reimbursement. 
 The Operating Partnership and, in the event that the Operating Partnership fails to perform the following
obligations and indemnities, the Guarantor, agrees: 
 (1) to pay to the Trustee from time to time such
compensation as agreed in writing for all services rendered by the Trustee (in any capacity) hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(2) except as otherwise expressly provided herein, to reimburse the Trustee (acting in any capacity hereunder) upon its
request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel,
such as attorneys’ fees, costs and expenses), except any such expense, disbursement or advance as may be attributable to the Trustee’s gross negligence or willful misconduct; and 

(3) to indemnify the Trustee (acting in any capacity hereunder), its directors, officers, employees and its agents for,
and to hold them harmless against, any loss, claim, cause of action, damage, liability or reasonable cost or expense (including, without limitation, the reasonable fees and disbursements of the Trustee’s agents, legal counsel, accountants and
experts), arising out of or in connection with this Indenture or the acceptance or administration of the trust or trusts hereunder, including the reasonable costs and expenses of defending themselves against any claim (whether asserted by the
Operating Partnership, the Guarantor, a Holder or any other Person) or liability in connection with the exercise or performance of any of their powers or duties hereunder, except to the extent that any such loss, claim, cause of action, damage,
liability or expense was due to the Trustee’s gross negligence or willful misconduct. 

  
 55 

 The foregoing payment obligations and indemnities shall survive the termination of this
Indenture and the resignation or removal of the Trustee. 
 As security for the performance of the obligations of the Operating
Partnership and the Guarantor under this Section, the Trustee shall have a lien prior to the Securities of any series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of,
or premium or interest on or any Additional Amounts with respect to Securities or any Coupons appertaining thereto. 
 Any
compensation or expense incurred by the Trustee after a default specified by Section 501(7) or (8) is intended to constitute an expense of administration under any then applicable bankruptcy or insolvency law. “Trustee”
for purposes of this Section 606 shall include any predecessor Trustee but the gross negligence or willful misconduct of any Trustee shall not affect the rights of any other Trustee under this Section 606. The provisions of this
Section 606 shall, to the extent permitted by law, survive any termination or expiration of this Indenture (including, without limitation, termination pursuant to any bankruptcy or insolvency laws) and the resignation or removal of the Trustee.

 Section 607. Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee hereunder that is a Corporation, organized and doing business under the laws of the United States of
America, any state thereof or the District of Columbia, eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act and that has a combined capital and surplus
(computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000 subject to supervision or examination by federal or state authority. If at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 Section 608. Resignation and Removal; Appointment of Successor. 
 (1) No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee pursuant to Section 609. 

(2) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the
Operating Partnership. If the instrument of acceptance by a successor Trustee required by Section 609 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may
petition, at the expense of the Operating Partnership, any court of competent jurisdiction for the appointment of a successor Trustee with respect to such series. 
 (3) The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series,
delivered to the Trustee and the Operating Partnership. If the instrument of acceptance by a successor Trustee required by Section 609 shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal,
the Trustee being removed may petition, at the expense of the Operating Partnership, any court of competent jurisdiction for the appointment of a successor Trustee with respect to such series. 

  
 56 

 (4) If at any time: 

(a) the Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture
Act with respect to Securities of any series after written request therefor by the Operating Partnership or any Holder of a Security of such series who has been a bona fide Holder of a Security of such series for at least six months, or

 (b) the Trustee shall cease to be eligible under Section 607 and shall fail to resign after written
request therefor by the Operating Partnership or any such Holder, or 
 (c) the Trustee shall become incapable of
acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, 
 then, in any such case, (i) the Operating Partnership, by or pursuant to a Board Resolution, may remove the
Trustee with respect to all Securities or the Securities of such series, or (ii) subject to Section 315(e) of the Trust Indenture Act, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least
six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities of such series and the appointment of a successor Trustee or Trustees.

 (5) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of
Trustee for any cause, with respect to the Securities of one or more series, the Operating Partnership, by or pursuant to a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those
series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular
series) and shall comply with the applicable requirements of Section 609. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series
shall be appointed by Act of the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series delivered to the Operating Partnership and the retiring Trustee, the successor Trustee so appointed shall, forthwith
upon its acceptance of such appointment in accordance with the applicable requirements of Section 609, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by
the Operating Partnership. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Operating Partnership or the Holders of Securities and accepted appointment in the manner required by
Section 609, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such series. 

  
 57 

 (6) The Operating Partnership shall give notice of each resignation and each removal of the
Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Registered
Securities, if any, of such series as their names and addresses appear in the Security Register and, if Securities of such series are issued as Bearer Securities, by publishing notice of such event once in an Authorized Newspaper in each Place of
Payment located outside the United States. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 

Section 609. Acceptance of Appointment by Successor. 
 (1) Upon the appointment hereunder of any successor Trustee with respect to all Securities, such successor Trustee so appointed shall execute, acknowledge and deliver to the Operating Partnership and the
retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all
the rights, powers, trusts and duties hereunder of the retiring Trustee; but, on the request of the Operating Partnership or such successor Trustee, such retiring Trustee, upon payment of its charges, shall execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and, subject to Section 1003, shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 606. 
 (2) Upon the appointment
hereunder of any successor Trustee with respect to the Securities of one or more (but not all) series, the Operating Partnership, the Guarantor, the retiring Trustee and such successor Trustee shall execute and deliver an indenture supplemental
hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, such successor Trustee all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall
continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it
being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees, that each such Trustee shall be separate and apart from any other such Trustee and that no Trustee shall be responsible for any notice
given to, or received by, or any act or failure to act on the part of any other Trustee hereunder, and, upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to the
extent provided therein, such retiring Trustee shall have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the 

  
 58 

 
Trustee under this Indenture with respect to the Securities of that or those series to which the appointment of such successor Trustee relates other than as hereinafter expressly set forth, and
such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
successor Trustee relates; but, on written request of the Operating Partnership or such successor Trustee, such retiring Trustee, upon payment of its charges with respect to the Securities of that or those series to which the appointment of such
successor relates and subject to Section 1003 shall duly assign, transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with
respect to the Securities of that or those series to which the appointment of such successor Trustee relates, subject to its claim, if any, provided for in Section 606. 
 (3) Upon request of any Person appointed hereunder as a successor Trustee, the Operating Partnership and the Guarantor shall execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (1) or (2) of this Section, as the case may be. 
 (4) No Person shall accept its appointment hereunder as a successor Trustee unless at the time of such acceptance such successor Person shall be qualified and eligible under this Article. 

Section 610. Merger, Conversion, Consolidation or Succession to Business. 

Any Corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any Corporation resulting from
any merger, conversion or consolidation to which the Trustee shall be a party, or any Corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder (provided
that such Corporation shall otherwise be qualified and eligible under this Article), without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated but
not delivered by the Trustee then in office, any such successor to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such
Securities. In case any Securities shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Securities in either its own name or that of its predecessor Trustee. 

Section 611. Appointment of Authenticating Agent. 
 The Trustee may appoint one or more Authenticating Agents acceptable to the Operating Partnership with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee
to authenticate Securities of that or those series issued upon original issue, exchange, registration of transfer, partial redemption, partial repayment, partial conversion or exchange for Common Equity or other securities or property, or pursuant
to Section 306, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to
the authentication and delivery of Securities by the Trustee or the 

  
 59 

 
Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent. 
 Each Authenticating Agent shall be acceptable to
the Operating Partnership and, except as provided in or pursuant to this Indenture, shall at all times be a Corporation that would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act,
is authorized under applicable law and by its charter to act as an Authenticating Agent and has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect specified in this Section. 

Any Corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Corporation succeeding to all or substantially all of the corporate agency or corporate trust business of an Authenticating Agent,
shall be the successor of such Authenticating Agent hereunder, provided such Corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and the
Operating Partnership. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Operating Partnership. Upon receiving such a notice of resignation or upon such
a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Operating
Partnership and shall (i) mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Registered Securities, if any, of the series with respect to which such Authenticating Agent shall serve, as their names
and addresses appear in the Security Register, and (ii) if Securities of the series are issued as Bearer Securities, publish notice of such appointment at least once in an Authorized Newspaper in the place where such successor Authenticating
Agent has its principal office if such office is located outside the United States. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

The Operating Partnership agrees to pay each Authenticating Agent from time to time reasonable compensation for its services under this
Section. If the Trustee makes such payments, it shall be entitled to be reimbursed for such payments, subject to the provisions of Section 606. 
 The provisions of Sections 308, 603 and 604 shall be applicable to each Authenticating Agent. 

  
 60 

 If an Authenticating Agent is appointed with respect to one or more series of Securities
pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in substantially the following form:

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

 

			
	[NAME OF AUTHENTICATING AGENT],
	as Authenticating Agent
		
	By:	 	  

		 	  Authorized Signatory
		
	Dated:	 	

 If all of the Securities of any series may not be originally issued at one time, and if the Trustee
does not have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Operating Partnership wishes to have Securities of such series authenticated upon original issuance, the Trustee, if so
requested in writing (which writing need not be accompanied by or contained in an Officers’ Certificate of the Operating Partnership), shall appoint in accordance with this Section an Authenticating Agent having an office in a Place of Payment
designated by the Operating Partnership with respect to such series of Securities. 
 ARTICLE SEVEN 

HOLDERS LISTS AND REPORTS BY TRUSTEE, OPERATING PARTNERSHIP AND GUARANTOR 

Section 701. Operating Partnership to Furnish Trustee Names and Addresses of Holders. 

In accordance with Section 312(a) of the Trust Indenture Act, the Operating Partnership shall furnish or cause to be furnished to the
Trustee 
 (1) semi-annually with respect to Securities of each series not later than June 1 and
December 1 of each year or upon such other dates as are set forth in or pursuant to the Board Resolution or indenture supplemental hereto authorizing such series, a list, in each case in such form as the Trustee may reasonably require, of the
names and addresses of Holders as of the applicable date, and 
 (2) at such other times as the Trustee may
request in writing, within 30 days after the receipt by the Operating Partnership of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, 

  
 61 

 provided, however, that so long as the Trustee is the Security Registrar no such list shall be
required to be furnished. 
 Section 702. Preservation of Information; Communications to Holders. 

(1) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the
most recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee shall comply with the obligations imposed upon it pursuant to
Section 312 of the Trust Indenture Act. 
 (2) Every Holder of Securities or Coupons, by receiving and holding the same,
agrees with the Operating Partnership, the Guarantor and the Trustee that none of the Operating Partnership, the Guarantor or the Trustee or any agent of any of them shall be held accountable by reason of the disclosure of any such information as to
the names and addresses of the Holders of Securities in accordance with the Trust Indenture Act, regardless of the source from which such information was derived. 
 Section 703. Reports by Trustee. 
 (1) Within 60 days after May 15 of
each year commencing with the first May 15 following the first issuance of Securities pursuant to Section 301, if required by Section 313(a) of the Trust Indenture Act, the Trustee shall transmit, pursuant to Section 313(c) of
the Trust Indenture Act, a brief report dated as of such May 15 with respect to any of the events specified in said Sections 313(a) and 313(b)(2) which may have occurred since the later of the immediately preceding May 15 and the date of
this Indenture. 
 (2) The Trustee shall transmit the reports required by the Trust Indenture Act, including Sections 313(a),
(c) and (d), at the times, in the manner and to the Persons specified therein. 
 (3) A copy of each such report shall, at
the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission and the Operating Partnership. 

Section 704. Reports by the Operating Partnership and the Guarantor. 

Each of the Operating Partnership and the Guarantor shall file with the Trustee and the Commission, and transmit to Holders, such
information, documents and other reports, and such summaries thereof, as may be required pursuant to the Section 314(a) of the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided, that any such
information, documents or reports filed with the Commission 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 Commission. 

The Trustee agrees that any quarterly or annual report or other information, document or other report that the Operating Partnership or
the Guarantor files with the Commission pursuant to Section 13 or 15(d) of the Exchange Act on the Commission’s EDGAR system shall be deemed to constitute delivery of such filing to the Trustee. The Trustee shall have no obligation
whatsoever to determine whether or not such information, documents, or reports have been so filed. 

  
 62 

 ARTICLE EIGHT 
 CONSOLIDATION, MERGER, SALES AND SUBSTITUTION 
 Section 801. Operating
Partnership May Consolidate, Etc., Only on Certain Terms. 
 The Operating Partnership shall not, in any transaction or
series of related transactions, consolidate or amalgamate with or merge into any Person or sell, assign, transfer, lease or otherwise convey all or substantially all its assets to any Person unless: 

(1) either (A) the Operating Partnership shall be the continuing Person (in the case of a merger), or (B) the
successor Person (if other than the Operating Partnership) formed by or resulting from such consolidation, amalgamation or merger, or to which such sale, assignment, transfer, lease or other conveyance of all or substantially all of the assets of
the Operating Partnership is made, (i) shall be a corporation, limited liability company, partnership or other entity organized and existing under the laws of the United States of America, any state thereof or the District of Columbia or any
territory thereof; and (ii) shall, by an indenture (or indentures, if at such time there is more than one Trustee) supplemental hereto, executed by such successor Person and delivered to the Trustee, in form satisfactory to the Trustee,
expressly assume the due and punctual performance and observance of every obligation in this Indenture and the Outstanding Securities on the part of the Operating Partnership to be performed or observed. Any such supplemental indenture shall provide
for conversion or exchange rights in accordance with the provisions of the Securities of any series that are convertible or exchangeable into Common Equity or other securities or property; 

(2) immediately after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of
time, or both, would become an Event of Default, shall have occurred and be continuing; and 
 (3) the Operating
Partnership shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger, sale, assignment, transfer, lease or other conveyance and, if a supplemental
indenture is required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

For purposes of the foregoing, any sale, assignment, transfer, lease or other conveyance of all or any of the assets of
one or more Subsidiaries of the Operating Partnership (other than to the Operating Partnership or another Subsidiary), which, if such assets were owned by the Operating Partnership would constitute all or substantially all of the Operating
Partnership’s assets, shall be deemed to be the conveyance of all or substantially all of the assets of the Operating Partnership to any Person. 

  
 63 

 Section 802. Substitution of Operating Partnership 

The Operating Partnership may be replaced and any member of the ACC Group may be substituted for the Operating Partnership, as principal
debtor in respect of the Outstanding Securities of one or more specified series (such member of the ACC Group substituted for the Operating Partnership, the “Substituted Debtor”), without the consent of Holders of Securities of any series,
upon not less than 30 nor more than 60 days’ prior written notice, (1) if the Substituted Debtor has expressly assumed the due and punctual payment of the principal of, and premium, if any, and interest, if any, on, all of the
Outstanding Securities of the applicable series and the due and punctual performance of all of the Operating Partnership’s other obligations under this Indenture and all of the Outstanding Securities of the applicable series, (2) if the
Substituted Debtor is other than the Guarantor, the Guarantee in respect of the Outstanding Securities of the applicable series is fully effective in relation to the obligations of the Substituted Debtor in respect of the Outstanding Securities of
such series or an equivalent guarantee is entered into by the Guarantor that has been duly authorized and is valid, binding and enforceable against it with respect to the Outstanding Securities of the applicable series, (3) immediately after
giving effect to such substitution, no Event of Default under this Indenture, and no event which, after notice or the lapse of time or both, would become an Event of Default under this Indenture, shall have occurred and be continuing and
(4) the Trustee shall have received an Officers’ Certificate and Opinion of Counsel from the Operating Partnership to the effect that all conditions precedent to such substitution have been satisfied. 

For purposes of the foregoing, any sale, assignment, transfer, lease or other conveyance of all or any of the assets of one or more
Subsidiaries of the Operating Partnership (other than to the Operating Partnership or another Subsidiary), which, if such assets were owned by the Operating Partnership would constitute all or substantially all of the Operating Partnership’s
assets, shall be deemed to be the conveyance of all or substantially all of the assets of the Operating Partnership to a member of the ACC Group. 
 Section 803. Guarantor May Consolidate, Etc., Only on Certain Terms. 
 The
Guarantor shall not, in any transaction or series of related transactions, consolidate or amalgamate with or merge into any Person or sell, assign, transfer, lease or otherwise convey all or substantially all its assets to any Person, in each case,
unless: 
 (1) either (A) the Guarantor shall be the continuing Person (in the case of a merger), or
(B) the successor Person (if other than the Guarantor) formed by or resulting from such consolidation, amalgamation or merger, or to which such sale, assignment, transfer, lease or other conveyance of all or substantially all of the assets of
the Guarantor is made, (i) shall be a corporation, limited liability company, partnership or other entity organized and existing under the laws of the United States of America, any state thereof or the District of Columbia or any territory
thereof; and (ii) shall, by an indenture (or indentures, if at such time there is more than one Trustee) supplemental hereto, executed by such successor Person and delivered to the Trustee, in form satisfactory to the Trustee, expressly assume
the due and punctual performance and observance of every obligation in this Indenture and the Guarantee on the part of the Guarantor to be performed or observed; 

  
 64 

 (2) immediately after giving effect to such transaction, no Event of
Default, and no event which, after notice or lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; and 
 (3) the Guarantor shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger, sale, assignment, transfer, lease
or other conveyance and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been
complied with. 
 For purposes of the foregoing, any sale, assignment, transfer, lease or other conveyance of all or any of the
assets of one or more Subsidiaries of the Guarantor (other than to the Guarantor or another Subsidiary), which, if such assets were owned by the Guarantor would constitute all or substantially all of the Guarantor’s assets, shall be deemed to
be the conveyance of all or substantially all of the assets of the Guarantor to any Person. 
 Section 804. Successor Person
Substituted for Operating Partnership or Guarantor. 
 If the Operating Partnership or the Guarantor shall, in any
transaction or series of related transactions, consolidate or amalgamate with or merge into any Person or sell, assign, transfer, lease or otherwise convey all or substantially all its assets to any Person, or the Operating Partnership shall be
replaced by any Substituted Debtor, in each case in accordance with Section 801, 802 or 803, as applicable, the successor Person formed by or resulting from such consolidation, amalgamation or merger or to which such sale, assignment, transfer,
lease or other conveyance of all or substantially all of the properties and assets of the Operating Partnership or the Guarantor, as applicable, is made, or the Substituted Debtor, as applicable, shall succeed to, and be substituted for, and may
exercise every right and power of, the Operating Partnership or the Guarantor, as applicable, under this Indenture, with respect to the Outstanding Securities of the applicable series, with the same effect as if such successor Person or the
Substituted Debtor, as applicable, had been named as the Operating Partnership or the Guarantor, as applicable, herein; and thereafter, except in the case of a lease, the predecessor Person shall be released from all obligations and covenants under
this Indenture (in the case of a replacement by a Substituted Debtor, such release being only with respect to the predecessor Person’s obligations and covenants under this Indenture in regards to the Outstanding Securities of the applicable
series), the applicable Securities, the Guarantee and the Coupons, as applicable. 

  
 65 

 ARTICLE NINE 
 SUPPLEMENTAL INDENTURES 
 Section 901. Supplemental Indentures without
Consent of Holders. 
 Without the consent of any Holders of Securities or Coupons, the Operating Partnership (when
authorized by or pursuant to a Board Resolution), the Guarantor (when authorized by or pursuant to a Board Resolution) and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto for any of the
following purposes: 
 (1) to evidence the succession of another Person to the Operating Partnership or the
Guarantor, as the case may be, and the assumption by any such successor of the covenants of the Operating Partnership or the Guarantor, as the case may be, contained herein and in the Securities, Coupons or the Guarantee, as applicable; or

 (2) to add to the covenants of the Operating Partnership or the Guarantor for the benefit of the Holders of
all or any series of Securities (as shall be specified in such supplemental indenture or indentures) or to surrender any right or power herein conferred upon the Operating Partnership or the Guarantor with respect to all or any series of Securities
issued under this Indenture (as shall be specified in such supplemental indenture or indentures); or 
 (3) to
add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal, to change or eliminate any restrictions on the payment of principal of or any premium or interest on or any Additional
Amounts with respect to any Securities or the Guarantee, to permit Bearer Securities to be issued in exchange for Registered Securities, to permit Bearer Securities to be exchanged for Bearer Securities of other authorized denominations or to permit
or facilitate the issuance of Securities in uncertificated or global form, provided any such action shall not adversely affect the interests of the Holders of Securities of any series or any Coupons appertaining thereto; or 

(4) to establish the form or terms of Securities of any series and any Coupons appertaining thereto as permitted by
Sections 201 and 301, including, without limitation, any conversion or exchange provisions applicable to Securities which are convertible into or exchangeable for other securities or property, and any deletions from or additions or changes to
this Indenture in connection therewith (provided that any such deletions, additions and changes shall not be applicable to any other series of Securities then Outstanding); or 

(5) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the
Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of
Section 609; or 

  
 66 

 (6) to cure any mistake, ambiguity or to correct or supplement any provision
herein which may be defective or which may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, or to make any change necessary to comply with any
requirement of the Commission in connection with the Indenture under the Trust Indenture Act, in each case which shall not adversely affect the interests of the Holders of Securities of any series then Outstanding or any Coupons appertaining
thereto; or 
 (7) to add any additional Events of Default with respect to all or any series of Securities (as
shall be specified in such supplemental indenture); or 
 (8) to supplement any of the provisions of this
Indenture to such extent as shall be necessary to permit or facilitate the defeasance, covenant defeasance and/or satisfaction and discharge of any series of Securities pursuant to Article Four, provided that any such action shall not
adversely affect the interests of any Holder of a Security of such series and any Coupons appertaining thereto or any other Security or Coupon; or 
 (9) to secure the Securities or to add guarantees for the benefit of the Securities; or 
 (10) to amend or supplement any provision contained herein or in any supplemental indenture or in any Securities (which amendment or supplement may apply to one or more series of Securities or to one or
more Securities within any series as specified in such supplemental indenture or indentures), provided that such amendment or supplement does not apply to any Outstanding Security issued prior to the date of such supplemental indenture and
entitled to the benefits of such provision; or 
 (11) in the case of any series of Securities which are
convertible into or exchangeable for Common Equity or other securities or property, to safeguard or provide for the conversion or exchange rights, as the case may be, of such Securities in the event of any reclassification or change of outstanding
shares of Common Equity or any merger, consolidation, statutory share exchange or combination of the Operating Partnership with or into another Person or any sale, lease, assignment, transfer, disposition or other conveyance of all or substantially
all of the assets of the Operating Partnership to any other Person or other similar transactions, if expressly required by the terms of such series of Securities established pursuant to Section 301; or 

(12) to conform the terms of the Indenture, the Securities of a series or the Guarantee, as applicable, to the description
thereof contained in any prospectus, prospectus supplement or other offering document relating to the offer and sale of such Securities, as evidenced by an Officers’ Certificate. 

Section 902. Supplemental Indentures with Consent of Holders. 

With the consent of the Holders of a majority in aggregate principal amount of the Outstanding Securities of each series affected by such
supplemental indenture (voting as separate classes) by Act of said Holders delivered to the Operating Partnership and the Trustee, the Operating Partnership (when authorized by or pursuant to a Board Resolution), the Guarantor

  
 67 

 
and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Indenture or of the Securities of such series or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, that no such supplemental indenture, without the consent of the Holder of each
Outstanding Security affected thereby, shall 
 (1) change the Stated Maturity of the principal of, or premium,
if any, or any installment of interest, if any, on, or any Additional Amounts, if any, with respect to, any Security, or reduce the principal amount thereof or the premium, if any, thereon or the rate (or modify the calculation of such rate) of
interest thereon, or reduce the amount payable upon redemption thereof at the option of the Operating Partnership or repayment or repurchase thereof at the option of the Holder, or reduce any Additional Amounts payable with respect to any Security
or the Guarantee, or change the obligation of the Operating Partnership to pay Additional Amounts pursuant to Section 1004 (except as contemplated by Section 801(1) and permitted by Section 901(1)) or the obligation of the Guarantor
to pay Additional Amounts under the Guarantee, or reduce the amount of the principal of any Original Issue Discount Security that would be due and payable upon acceleration of the Maturity thereof pursuant to Section 502 or the amount thereof
provable in bankruptcy pursuant to Section 504, or adversely affect the right of repayment or repurchase at the option of any Holder as contemplated by Article Thirteen, or change the Place of Payment where or the Currency in which the
principal of, any premium or interest on, or any Additional Amounts with respect to any Security is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of
redemption, on or after the Redemption Date or, in the case of repayment or repurchase pursuant to Article Thirteen at the option of the Holder, on or after the date for repayment or repurchase) in each case as such Stated Maturity, Redemption Date
or date for repayment or repurchase may, if applicable, be extended in accordance with the terms of such Security or any Coupon appertaining thereto, or in the case of any Security which is convertible into or exchangeable for shares of Common
Equity or other securities or property, impair the right to institute suit to enforce the right to convert or exchange such Security in accordance with its terms, or release the Guarantor from any of the obligations under the Guarantee, or

 (2) reduce the percentage in aggregate principal amount of the Outstanding Securities of any series, the
consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences)
provided for in Section 513 or 1007 of this Indenture, or reduce the requirements of Section 1504 for quorum or voting, or 
 (3) modify any of the provisions of this Section, Section 513 or Section 1007 except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be
modified or waived without the consent of the Holder of each Outstanding Security affected thereby, or 

  
 68 

 (4) make any change that adversely affects the right, if any, to convert or
exchange any Security for shares of Common Equity or other securities or property in accordance with its terms. 
 Other than as
set forth above, a supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which shall have been included solely for the benefit of one or more particular series of Securities, or which modifies the
rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 

Anything in this Indenture to the contrary notwithstanding, if more than one series of Securities is Outstanding, the Operating
Partnership and the Guarantor shall be entitled to enter into a supplemental indenture under this Section 902 with respect to any one or more series of Outstanding Securities without entering into a supplemental indenture with respect to any
other series of Outstanding Securities. 
 It shall not be necessary for any Act of Holders of Securities under this Section to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 Section 903. Execution of Supplemental Indentures. 
 As a condition to
executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trust created by this Indenture, the Trustee shall receive, and (subject to Sections 315(a) through
315(d) of the Trust Indenture Act) shall be fully protected in conclusively relying upon, an Officers’ Certificate and an Opinion of Counsel of each of the Operating Partnership and the Guarantor to the effect that the execution of such
supplemental indenture is authorized or permitted by this Indenture and that such supplemental indenture has been duly authorized, executed and delivered by, and is a valid, binding and enforceable obligation of, each of the Operating Partnership
and the Guarantor, respectively, subject to customary exceptions. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise. 
 Section 904. Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of a Security theretofore or thereafter authenticated and delivered hereunder and of any Coupon appertaining thereto shall be bound thereby. 

Section 905. Reference in Securities to Supplemental Indentures. 

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and
shall if required by the Trustee, bear a notation as to any matter provided for in such supplemental indenture. If the Operating Partnership shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee
and the Operating Partnership, to any such supplemental indenture may be 

  
 69 

 
prepared and executed by the Operating Partnership and authenticated and delivered by the Trustee, upon Operating Partnership Order, in exchange for Outstanding Securities of such series. In
addition, if the supplemental indenture relates to the Guarantee, the Guarantor may prepare and execute a new Guarantee reflecting the original terms and the modification resulting from such supplemental indenture in exchange for the then existing
Guarantee. 
 Section 906. Conformity with Trust Indenture Act. 

Unless the Operating Partnership shall determine, based on an Opinion of Counsel delivered to the Trustee, that the same shall not be
required, every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect. 
 ARTICLE TEN 
 COVENANTS 

Section 1001. Payment of Principal, Premium, Interest and Additional Amounts. 

The Operating Partnership covenants and agrees for the benefit of the Holders of the Securities of each series that it will duly and
punctually pay the principal of, and any premium and interest on and any Additional Amounts with respect to, the Securities of such series, whether payable in cash, shares of Common Equity or other securities or property, in accordance with the
terms thereof, any Coupons appertaining thereto and this Indenture. Any interest due on any Bearer Security on or before the Maturity thereof, and any Additional Amounts payable with respect to such interest, shall be payable only upon presentation
and surrender of the Coupons appertaining thereto for such interest as they severally mature. 
 Section 1002. Maintenance of
Office or Agency. 
 The Operating Partnership shall maintain in each Place of Payment for any series of Securities an Office
or Agency where Securities of such series (but not Bearer Securities, except as otherwise provided below, unless such Place of Payment is located outside the United States) may be presented or surrendered for payment, where Securities of such series
may be surrendered for registration of transfer or exchange, where Securities of such series that are convertible or exchangeable may be surrendered for conversion or exchange, and where notices and demands to or upon the Operating Partnership and
the Guarantor in respect of the Securities of such series relating thereto and this Indenture may be served. If Securities of a series are issuable as Bearer Securities, the Operating Partnership shall maintain, subject to any laws or regulations
applicable thereto, an Office or Agency in a Place of Payment for such series which is located outside the United States where Securities of such series and any Coupons appertaining thereto may be presented and surrendered for payment; provided,
however, that if the Securities of such series are listed on the London Stock Exchange or the Luxembourg Stock Exchange or any other stock exchange located outside the United States and such stock exchange shall so require, the Operating
Partnership shall maintain a Paying Agent in London, Luxembourg or any other required city located outside the United States, as the case may be, so 

  
 70 

 
long as the Securities of such series are listed on such exchange. The Operating Partnership will give prompt written notice to the Trustee of the location, and any change in the location, of
such Office or Agency. If at any time the Operating Partnership shall fail to maintain any such required Office or Agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee, except that Bearer Securities of such series and any Coupons appertaining thereto may be presented and surrendered for payment at the place specified for the purpose with respect to such
Securities as provided in or pursuant to this Indenture, and each of the Operating Partnership and the Guarantor hereby appoints the Trustee as Registrar, Paying Agent, Transfer Agent and as its agent to receive all such presentations, surrenders,
notices and demands (other than with respect to Bearer Securities). 
 Except as otherwise provided in or pursuant to this
Indenture, no payment of principal, premium, interest or Additional Amounts with respect to Bearer Securities shall be made at any Office or Agency in the United States or by check mailed to any address in the United States or by transfer to an
account maintained with a bank located in the United States; provided, however, if amounts owing with respect to any Bearer Securities shall be payable in Dollars, payment of principal of, any premium or interest on and any Additional Amounts
with respect to any such Security may be made at the Corporate Trust Office of the Trustee or any Office or Agency designated by the Operating Partnership in The City of New York, if (but only if) payment of the full amount of such principal,
premium, interest or Additional Amounts at all offices outside the United States maintained for such purpose by the Operating Partnership in accordance with this Indenture is illegal or effectively precluded by exchange controls or other similar
restrictions. 
 The Operating Partnership may also from time to time designate one or more other Offices or Agencies where the
Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the
Operating Partnership of its obligation to maintain an Office or Agency in each Place of Payment for Securities of any series for such purposes. The Operating Partnership shall give prompt written notice to the Trustee of any such designation or
rescission and of any change in the location of any such other Office or Agency. 
 Unless otherwise provided in or pursuant to
this Indenture, the Operating Partnership hereby designates The City of New York as a Place of Payment for each series of Securities, initially appoints the Corporate Trust Office of the Trustee in The City of New York as the Operating
Partnership’s Office or Agency in The City of New York for such purpose and initially appoints the Trustee as the Security Registrar for each series of Securities and, if the Securities of any series are convertible into or exchangeable for
Common Equity or other securities or property, initially appoints the Trustee as conversion or exchange agent, as the case may be, for the Securities of such series. The Operating Partnership may subsequently appoint a different Office or Agency in
The City of New York and, as provided in Section 305, may remove and replace from time to time the Security Registrar. 

  
 71 

 Section 1003. Money for Securities Payments to Be Held in Trust. 

If the Operating Partnership, the Guarantor or any Affiliate of the Operating Partnership or the Guarantor shall at any time act as Paying
Agent with respect to any series of Securities, it shall, on or before each due date of the principal of, or any premium or interest on, or any Additional Amounts with respect to, any of the Securities of such series, segregate and hold in trust for
the benefit of the Persons entitled thereto a sum in the Currency or Currencies in which the Securities of such series are payable sufficient to pay the principal, any premium, interest and Additional Amounts, as the case may be, so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and shall promptly notify the Trustee of its action or failure so to act. 
 Whenever there shall be one or more Paying Agents for any series of Securities, it shall, on or prior to each due date of the principal of, or any premium or interest on, or any Additional Amounts with
respect to, any Securities of such series, deposit with any Paying Agent a sum (in the Currency or Currencies described in the preceding paragraph) sufficient to pay the principal, premium, interest and Additional Amounts, as the case may be, so
becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless such Paying Agent is the Trustee) the Operating Partnership will promptly notify the Trustee of its action or failure so to act. 

The Operating Partnership shall cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent shall: 
 (1) hold all sums held by it for the payment of the principal of, or any premium or interest on, or any Additional Amounts with respect to, Securities of such series in trust for the benefit of the
Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided in or pursuant to this Indenture; 
 (2) give the Trustee written notice of any default by the Operating Partnership (or any other obligor upon the Securities of such series) in the making of any payment of principal of, or any premium or
interest on, or any Additional Amounts with respect to, the Securities of such series; and 
 (3) at any time
during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 To the extent that the terms of any Securities established pursuant to Section 301 provide that any principal of, or premium or interest, if any, on, or any Additional Amounts with respect to, any
such Securities is or may be payable in shares of Common Equity or other securities or property, then the provisions of this Section 1003 shall apply, mutatis mutandis, to such shares of Common Equity or other securities or
property. 

  
 72 

 The Operating Partnership may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or by Operating Partnership Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Operating Partnership or such Paying Agent, such sums to be held by the Trustee
upon the same terms as those upon which such sums were held by the Operating Partnership or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to
such sums. 
 Except as otherwise provided herein or pursuant hereto, any money deposited with the Trustee or any Paying Agent,
or then held by the Operating Partnership, in trust for the payment of the principal of, or any premium or interest on, or any Additional Amounts with respect to, any Security of any series or any Coupon appertaining thereto and remaining unclaimed
for two years after such principal, premium, interest or Additional Amounts shall have become due and payable shall be paid to the Operating Partnership on Operating Partnership Request, or (if then held by the Operating Partnership) shall be
discharged from such trust; and the Holder of such Security or any Coupon appertaining thereto shall thereafter, as an unsecured general creditor, look only to the Operating Partnership for payment thereof, and all liability of the Trustee or such
Paying Agent with respect to such trust money, and all liability of the Operating Partnership as trustee thereof, shall thereupon cease. 
 Section 1004. Additional Amounts. 
 If any Securities of a series provide
for the payment of Additional Amounts by the Operating Partnership, the Operating Partnership agrees to pay to the Holder of any such Securities or any Coupon appertaining thereto Additional Amounts as provided in or pursuant to this Indenture or
such Securities. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series or any Coupon, such mention shall be deemed to include
mention of the payment of Additional Amounts provided by the terms of such series established hereby or pursuant hereto and, unless the context otherwise specifies or requires, by the Guarantee, in each case to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional Amounts (if applicable) in any provision hereof shall not be construed as excluding Additional Amounts in
those provisions hereof where such express mention is not made. 
 Except as otherwise provided in or pursuant to this Indenture
or the Securities of any series, if the Securities of a series provide for the payment of Additional Amounts by the Operating Partnership, at least 10 days prior to the first Interest Payment Date with respect to such series of Securities (or
if the Securities of such series shall not bear interest prior to Maturity, the first day on which a payment of principal is made), and at least 10 days prior to each date of payment of principal or interest if there has been any change with
respect to the matters set forth in the below-mentioned Officers’ Certificate, the Operating Partnership shall furnish to the Trustee and the Paying Agent or Paying Agents, if other than the Trustee, an Officers’ Certificate instructing
the Trustee and such Paying Agent or Paying Agents whether such payment of principal of and premium, if any, or interest, if any, on the Securities of such series shall be made to Holders of Securities of such series or the Coupons appertaining
thereto without withholding or deduction for or on account of any tax, assessment or other governmental charge described in the Securities of such series or pursuant to Section 301 with respect to the Securities of such series. If any such
withholding or deduction shall be required, then such 

  
 73 

 
Officers’ Certificate shall specify by country the amount, if any, required to be withheld on or deducted from such payments to such Holders of Securities or Coupons, and the Operating
Partnership agrees to pay to the Trustee or such Paying Agent the Additional Amounts required by the terms of such Securities. The Operating Partnership covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against,
any loss, damage, liability, cost or expense, including attorneys’ fees, costs and expenses, reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in
reliance on any Officers’ Certificate furnished pursuant to this Section. Nothing in this Section 1004 or elsewhere in this Indenture shall limit the obligation of the Operating Partnership to pay Additional Amounts with respect to the
Securities of any series pursuant to the terms, if any, established pursuant to Section 301 with respect to the Securities of such series. The Trustee shall not at any time be under any duty or responsibility to any Holder to determine the
Additional Amounts owed, or with respect to the nature, extent, or calculation of the Additional Amounts owed, or with respect to the method employed in such calculation of the Additional Amounts. 

Section 1005. Corporate Existence. 
 Subject to Article Eight, each of the Operating Partnership and the Guarantor shall do or cause to be done all things necessary to preserve and keep in full force and effect (i) its corporate
existence and (ii) its rights (charter and statutory), licenses and franchises; provided, however, that neither the Operating Partnership nor the Guarantor shall be required to preserve any such right, license or franchise if the Board
of Directors of the Operating Partnership or the Guarantor, as the case may be, determines that the preservation thereof is no longer desirable in the conduct of its business. 
 Section 1006. [Reserved] 
 Section 1007. Waiver of Certain
Covenants. 
 The Operating Partnership and the Guarantor may omit in any particular instance to comply with any term,
provision or condition set forth in Sections 1005(ii) with respect to the Securities of any series and, if expressly provided pursuant to Section 301(19), any additional covenants applicable to the Securities of such series if, before the
time for such compliance, the Holders of a majority in aggregate principal amount of the Outstanding Securities of such series, by Act of such Holders, either shall waive such compliance in such instance or generally shall have waived compliance
with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Operating
Partnership and the Guarantor, as applicable and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 
 Section 1008. Operating Partnership and Guarantor Statement as to Compliance. 
 Each of the Operating Partnership and the Guarantor shall deliver to the Trustee, within 150 days after the end of each fiscal year, a written statement (which need not be contained in or accompanied
by an Officers’ Certificate) signed by the principal executive officer, the principal 

  
 74 

 
financial officer or the principal accounting officer of the Operating Partnership or the Guarantor, as applicable, stating whether or not, to the best of his or her knowledge, (i) there is
a default by the Operating Partnership or the Guarantor, as applicable, in the performance and observance of any of the terms, provisions and conditions of this Indenture, the Securities, any Coupons and the Guarantee (without regard to notice
requirements or periods of grace) or (ii) there is a default which, with notice or the lapse of time or both, would become an Event of Default or an Event of Default has occurred or is continuing, and specifying all such defaults and
Events of Default and the nature and status thereof of which he or she may have knowledge; provided that any default that results solely from the taking of an action that would have been permitted but for the continuation of a previous
default will be deemed to be cured if such previous default is cured prior to becoming an Event of Default. 
 Section 1009.
Calculation of Original Issue Discount. 
 So long as there is any Outstanding Original Issue Discount Security, the
Operating Partnership shall file with the Trustee promptly at the end of each calendar year (i) a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on Outstanding Securities as
of the end of such year and (ii) such other specific information relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time. 

ARTICLE ELEVEN 
 REDEMPTION OF SECURITIES 
 Section 1101. Applicability of Article.

 Redemption of Securities of any series at the option of the Operating Partnership as permitted or required by the terms of
such Securities shall be made in accordance with the terms of such Securities and (except as otherwise provided herein or pursuant hereto) this Article. 
 Section 1102. Election to Redeem; Notice to Trustee. 
 The election of the
Operating Partnership to redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of the Operating Partnership of all of the Outstanding Securities of any series, the Operating
Partnership shall, not less than 30 and not more than 60 days prior to the Redemption Date fixed by the Operating Partnership, notify the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed and, in
the event that the Operating Partnership shall determine that the Securities of any series to be redeemed shall be selected from Securities of such series having the same issue date, interest rate or interest rate formula, Stated Maturity and other
terms (the “Equivalent Terms”), the Operating Partnership shall notify the Trustee of such Equivalent Terms. 

If less than all of the Securities of any series are to be redeemed or if less than all of the Securities of any series with Equivalent
Terms are to be redeemed, the Operating Partnership shall, at least five days prior to giving notice of redemption to the Holders (unless a shorter 

  
 75 

 
notice shall be satisfactory to the Trustee and agreed upon in writing by the Trustee), notify the Trustee of such Redemption Date, the principal amount of Securities of such series to be
redeemed and, if applicable, the Equivalent Terms. 
 In the case of any redemption of Securities (A) prior to the
expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture or (B) pursuant to an election of the Operating Partnership which is subject to a condition specified in the terms of such
Securities or elsewhere in this Indenture, the Operating Partnership shall furnish to the Trustee an Officers’ Certificate and Opinion of Counsel evidencing compliance with such restriction or condition. 

Section 1103. Selection by Trustee of Securities to be Redeemed. 

If less than all of the Securities of any series are to be redeemed or if less than all of the Securities of any series with Equivalent
Terms are to be redeemed, the particular Securities to be redeemed shall be selected not less than 30 days and not more than 60 days prior to the Redemption Date by the Trustee from the Outstanding Securities of such series or from the
Outstanding Securities of such series with Equivalent Terms, as the case may be, not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and in accordance with the Depository’s procedures, and which
may provide for the selection for redemption of portions of the principal amount of Registered Securities of such series; provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Security of
such series not redeemed to less than the minimum denomination for a Security of such series established herein or pursuant hereto. 
 The Trustee shall promptly notify the Operating Partnership and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in the case of any Securities
selected for partial redemption, the principal amount thereof to be redeemed. 
 For all purposes of this Indenture, unless the
context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal of such Securities which has been or is to be
redeemed. 
 Unless otherwise specified in or pursuant to this Indenture or the Securities of any series, if any Security
selected for partial redemption is converted or exchanged for Common Equity or other securities or property in part before termination of the conversion or exchange right with respect to the portion of the Security so selected, the converted or
exchanged portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities which have been converted or exchanged during a selection of Securities to be redeemed shall be treated by the Trustee as
Outstanding for the purpose of such selection. 
 Section 1104. Notice of Redemption. 

Notice of redemption shall be given in the manner provided in Section 106, not less than 30 nor more than 60 days prior to the
Redemption Date, unless a shorter period is specified in the Securities to be redeemed, to the Holders of Securities to be redeemed. Failure to give notice by mailing in the manner herein provided to the Holder of any Registered Securities
designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other Securities or portions thereof. 

  
 76 

 Any notice that is mailed to the Holder of any Registered Securities in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not such Holder receives the notice. 
 All notices
of redemption shall state: 
 (1) the Redemption Date, 

(2) the Redemption Price, 
 (3) if less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal amount) of the particular Security or Securities to
be redeemed, 
 (4) that, in case any Security is to be redeemed in part only, on and after the Redemption Date,
upon surrender of such Security, the Holder of such Security will receive, without charge, a new Security or Securities 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 Security or portion
thereof to be redeemed, together (if applicable) with accrued and unpaid interest, if any, thereon (subject, if applicable, to the provisos to the first paragraph of Section 1106), and, if applicable, that interest thereon shall cease to accrue
on and after said date, 
 (6) the place or places where such Securities, together (in the case of Bearer
Securities) with all Coupons appertaining thereto, if any, maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price and any accrued interest and Additional Amounts pertaining thereto, 

(7) that the redemption is for a sinking fund, if such is the case, 

(8) that, unless otherwise specified in such notice, Bearer Securities of any series, if any, surrendered for redemption
must be accompanied by all Coupons maturing subsequent to the date fixed for redemption or the amount of any such missing Coupon or Coupons will be deducted from the Redemption Price, unless security or indemnity satisfactory to the Operating
Partnership, the Trustee and any Paying Agent is furnished, 
 (9) if Bearer Securities of any series are to be
redeemed and any Registered Securities of such series are not to be redeemed, and if such Bearer Securities may be exchanged for Registered Securities not subject to redemption on the Redemption Date pursuant to Section 305 or otherwise, the
last date, as determined by the Operating Partnership, on which such exchanges may be made, 

  
 77 

 (10) in the case of Securities of any series that are convertible or
exchangeable into shares of Common Equity or other securities or property, the then current conversion or exchange price or rate, the date or dates on which the right to convert or exchange the principal of the Securities of such series to be
redeemed will commence or terminate, as applicable, and the place or places where and the Persons to whom such Securities may be surrendered for conversion or exchange, 

(11) the CUSIP number, Common Code or ISIN number of such Securities, if any (or any other numbers used by a Depository to
identify such Securities), and 
 (12) if the Redemption Price or any portion thereof shall be payable, at the
option of the Operating Partnership or any Holders, in shares of Common Equity, cash or in other securities or property (or a combination thereof), a statement as to whether the Operating Partnership has elected to pay the Redemption Price in shares
of Common Equity, cash or in other securities or property (or a combination thereof) and, if applicable, the portion of the Redemption Price that is to be paid in shares of Common Equity, cash or in other securities or property. 

A notice of redemption published as contemplated by Section 106 need not identify particular Registered Securities to be redeemed.

 Notice of redemption of Securities to be redeemed at the election of the Operating Partnership shall be given by the
Operating Partnership or, at the Operating Partnership’s request with 15 days prior written notice, by the Trustee in the name and at the expense of the Operating Partnership. 

Section 1105. Deposit of Redemption Price. 
 At or prior to 10:00 am (local time in New York City) on any Redemption Date, the Operating Partnership shall deposit, with respect to the Securities of any series called for redemption pursuant to
Section 1104, with the Trustee or with a Paying Agent (or, if the Operating Partnership, the Guarantor or any Affiliate of the Operating Partnership or the Guarantor is acting as Paying Agent, segregate and hold in trust as provided in
Section 1003) an amount of money in the applicable Currency sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date, unless otherwise specified pursuant to Section 301 for or in the
Securities of such series) any accrued interest on and Additional Amounts with respect to, all such Securities or portions thereof which are to be redeemed on that date. 
 Section 1106. Securities Payable on Redemption Date. 
 Notice of redemption
having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, together with (unless otherwise provided with respect to the Securities of such series
pursuant to Section 301) accrued and unpaid interest, if any, thereon and from and after such date (unless the Operating Partnership shall default in the payment of the Redemption Price and accrued interest, if any) such Securities shall cease
to bear interest and the Coupons for such interest appertaining to any Bearer Securities so to be redeemed, except to the extent provided 

  
 78 

 
below, shall be void. Upon surrender of any such Security for redemption in accordance with said notice, together with all Coupons, if any, appertaining thereto maturing after the Redemption
Date, such Security shall be paid by the Operating Partnership at the Redemption Price, together with, unless otherwise provided in or pursuant to this Indenture, any accrued and unpaid interest thereon and Additional Amounts with respect thereto to
but excluding the Redemption Date; provided, however, that, except as otherwise provided in or pursuant to this Indenture or the Bearer Securities of such series, installments of interest on Bearer Securities whose Stated Maturity is on or
prior to the Redemption Date shall be payable only upon presentation and surrender of Coupons for such interest (at an Office or Agency located outside the United States except as otherwise provided in Section 1002), and provided,
further, that, except as otherwise specified in or pursuant to this Indenture or the Registered Securities of such series, installments of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the Regular Record Dates therefor according to their terms and the provisions of Section 307. 

If any Bearer Security surrendered for redemption shall not be accompanied by all appurtenant Coupons maturing after the Redemption Date,
such Security may be paid after deducting from the Redemption Price or, at the option of the Operating Partnership, after payment to the Trustee for the benefit of the Operating Partnership of, an amount equal to the face amount of all such missing
Coupons, or the surrender of such missing Coupon or Coupons may be waived by the Operating Partnership and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless.
If thereafter the Holder of such Security shall surrender to the Trustee or any Paying Agent any such missing Coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder shall be entitled to receive the amount
so deducted; provided, however, that any interest or Additional Amounts represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an Office or Agency for such Security located outside of the United
States except as otherwise provided in Section 1002. 
 If any Security called for redemption shall not be so paid, or
funds set aside for payment, on the Redemption Date, the principal and any premium, until paid, shall bear interest from the Redemption Date at the rate prescribed therefor in the Security or, if no rate is prescribed therefor in the Security, at
the rate of interest, if any, borne by such Security. 
 Section 1107. Securities Redeemed in Part. 

Any Registered Security which is to be redeemed only in part shall be surrendered at any Office or Agency for such Security (with, if the
Operating Partnership or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Operating Partnership and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in
writing) and the Operating Partnership shall execute and the Trustee shall authenticate and deliver, upon Operating Partnership Order, to the Holder of such Security without service charge, a new Registered Security or Securities of the same series,
containing identical terms and provisions, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. If a Security in
global form is so surrendered, the Operating Partnership shall 

  
 79 

 
execute, and the Trustee shall authenticate and deliver, upon Operating Partnership Order, to the Depository for such Security in global form as shall be specified in the Operating Partnership
Order with respect thereto to the Trustee, without service charge, a new Security in global form in a denomination equal to and in exchange for the unredeemed portion of the principal of the Security in global form so surrendered. 

ARTICLE TWELVE 
 SINKING FUNDS 
 Section 1201. Applicability of Article. 

The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise
permitted or required in or pursuant to this Indenture or any Security of such series issued pursuant to this Indenture. 
 The
minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum 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 1202. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series and this Indenture. 

Section 1202. Satisfaction of Sinking Fund Payments with Securities. 

The Operating Partnership 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 (other than any of such Securities previously called for redemption or any of such Securities in respect of which cash shall have been
released to the Operating Partnership), together in the case of any Bearer Securities of such series with all unmatured Coupons appertaining thereto, and (2) apply as a credit Securities of such series which have been redeemed either at the
election of the Operating Partnership pursuant to the terms of such series of Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, provided that such Securities have not
been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption 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 of any series in lieu of cash payments pursuant to this Section 1202, 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 Operating Partnership Request, 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 at the written request of the Operating Partnership from time to time pay over

  
 80 

 
and deliver to the Operating Partnership any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Operating Partnership to the Trustee of Securities of that series
purchased by the Operating Partnership having an unpaid principal amount equal to the cash payment requested to be released to the Operating Partnership. 
 Section 1203. Redemption of Securities for Sinking Fund. 
 Not less than
75 days prior to each sinking fund payment date for any series of Securities, the Operating Partnership shall deliver to the Trustee an Officers’ 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 1202, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so credited and not theretofore delivered. If such Officers’
Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the Operating Partnership shall thereupon be obligated to pay the amount therein specified. Not less than 60 days before each
such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the
expense of the Operating Partnership in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107. 

ARTICLE THIRTEEN 
 REPAYMENT AT THE OPTION OF HOLDERS 
 Section 1301. Applicability of
Article. 
 Securities of any series which are repayable at the option of the Holders thereof before their Stated Maturity
shall be repaid in accordance with the terms of the Securities of such series. The repayment of any principal amount of Securities pursuant to such option of the Holder to require repayment of Securities before their Stated Maturity, for purposes of
Section 309, shall not operate as a payment, redemption or satisfaction of the indebtedness represented by such Securities unless and until the Operating Partnership, at its option, shall deliver or surrender the same to the Trustee with a
directive that such Securities be cancelled. If specified with respect to the Securities of a series as contemplated by Section 301, in connection with any repayment of Securities, the Operating Partnership may arrange for the purchase of any
Securities by an agreement with one or more investment bankers or other purchasers to purchase such Securities by paying to the Holders of such Securities on or before the applicable repayment date an amount not less than the repayment price payable
by the Operating Partnership on repayment of such Securities, and the obligation of the Operating Partnership to pay the repayment price of such Securities shall be satisfied and discharged to the extent such payment is so paid by such purchasers.

  
 81 

 Unless otherwise expressly stated in this Indenture or pursuant to Section 301 with
respect to the Securities of any series or unless the context otherwise requires, all references in this Indenture to the repayment of Securities at the option of the Holders thereof (and all references of like import) shall be deemed to include a
reference to the repurchase of Securities at the option of the Holders thereof. 
 ARTICLE FOURTEEN 

SECURITIES IN FOREIGN CURRENCIES 
 Section 1401. Applicability of Article. 
 Whenever this Indenture provides
for (i) any action by, or the determination of any of the rights of, Holders of Securities of any series in which not all of such Securities are denominated in the same Currency or (ii) any distribution to Holders of Securities of any
series in which not all of such Securities are denominated in the same Currency, in the absence of any provision to the contrary in or pursuant to this Indenture or the Securities of such series and in accordance with the Depository’s
procedures, any amount in respect of any Security denominated in a Currency other than Dollars shall be treated for any such action, determination or distribution as that amount of Dollars that could be obtained for such amount on such reasonable
basis of exchange and as of the record date with respect to Registered Securities of such series (if any) for such action, determination or distribution (or, if there shall be no applicable record date, such other date reasonably proximate to the
date of such distribution) as the Operating Partnership may specify in a written notice to the Trustee or, in the absence of such written notice, as the Trustee may determine. 
 Section 1402. Monies of Different Currencies to be Segregated. 
 The Trustee
shall segregate monies, funds and accounts held by the Trustee hereunder in one currency from any monies, funds or accounts in any other currencies, notwithstanding any provision herein which would otherwise permit the Trustee to commingle such
accounts. 
 ARTICLE FIFTEEN 
 MEETINGS OF HOLDERS OF SECURITIES 
 Section 1501. Purposes for Which
Meetings May Be Called. 
 A meeting of Holders of Securities of any series may be called at any time and from time to time
pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other Act provided by this Indenture to be made, given or taken by Holders of Securities of such series. 

  
 82 

 Section 1502. Call, Notice and Place of Meetings. 

(1) The Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 1501, to
be held at such time and at such place in The City of New York, or, if Securities of such series have been issued in whole or in part as Bearer Securities, in London or in such place outside the United States as the Trustee shall determine. Notice
of every meeting of Holders of Securities 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 106, not less
than 21 nor more than 180 days prior to the date fixed for the meeting. 
 (2) In case at any time the Operating
Partnership or the Guarantor (by or pursuant to a Board Resolution) or the Holders of at least 10% in aggregate principal amount of the Outstanding Securities of any series shall have requested the Trustee to call a meeting of the Holders of
Securities of such series for any purpose specified in Section 1501, 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 (whichever shall be required pursuant to Section 106) or shall not thereafter proceed to cause the meeting to be held as provided herein, then the
Operating Partnership, the Guarantor or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the time and the place in The City of New York, or, if Securities of such series are to be issued as
Bearer Securities, in London for such meeting and may call such meeting for such purposes by giving notice thereof as provided in clause (1) of this Section. 
 Section 1503. Persons Entitled to Vote at Meetings. 
 To be entitled to vote
at any meeting of Holders of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or
more Outstanding Securities of such series by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and
their counsel, any representatives of the Trustee and its counsel and any representatives of the Operating Partnership, the Guarantor and their respective counsel. 
 Section 1504. Quorum; Action. 
 The Persons entitled to vote a majority in
aggregate principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting or duly reconvened meeting of Holders of Securities of such series; provided, however, that if any action is to be taken at such
meeting with respect to a consent or waiver which this Indenture expressly provides may be given by the Holders of a supermajority in aggregate principal amount of the Outstanding Securities of a series, the Persons entitled to vote the specified
supermajority in aggregate principal amount of the Outstanding Securities of such series shall 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 Holders of Securities of such series, be dissolved. In 

  
 83 

 
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 1502(1), 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 aggregate principal amount of the Outstanding Securities of such series which shall constitute a quorum. 

Except as limited by the proviso to Section 902, any resolution presented to 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 Holders of a majority in aggregate principal amount of the Outstanding Securities of that series; provided, however, that, except as limited by the proviso to
Section 902, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other Act which this Indenture expressly provides may be made, given or taken by the Holders of a supermajority in aggregate
principal amount of the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly convened and at which a quorum is present as aforesaid only by the affirmative vote of the Holders of the specified supermajority in
aggregate principal amount of the Outstanding Securities of that series; and provided, further, that, except as limited by the proviso to Section 902, any resolution with respect to any request, demand, authorization, direction, notice,
consent, waiver or other Act which this Indenture expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in aggregate principal amount of the Outstanding Securities of a 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 Holders of such lesser specified percentage in aggregate principal amount of the Outstanding Securities of such
series. 
 Any resolution passed or decision taken at any meeting of Holders of Securities of any series duly held in accordance
with this Section shall be binding on all the Holders of Securities of such series and the Coupons appertaining thereto, whether or not such Holders were present or represented at the meeting. 

Section 1505. Determination of Voting Rights; Conduct and Adjournment of Meetings. 

(1) Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for
any meeting of Holders of Securities of such 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. Except as otherwise permitted or required by any such regulations, the holding of Securities
shall be proved in the manner specified in Section 104 and the appointment of any proxy shall be proved in the manner specified in Section 104 or by having the signature of the person executing the proxy witnessed or guaranteed by any
trust company, bank or banker authorized by Section 104 to certify to the holding of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without
the proof specified in Section 104 or other proof. 

  
 84 

 (2) The Trustee shall, by an instrument in writing, appoint a temporary chairman of the
meeting, unless the meeting shall have been called by the Operating Partnership, the Guarantor or the Holders of Securities as provided in Section 1502(2), in which case the Operating Partnership, the Guarantor or the Holders of Securities of
the series 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 aggregate
principal amount of the Outstanding Securities of such series represented at the meeting. 
 (3) At any meeting, each Holder of
a Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount of Securities of such series held or represented by him; 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. If the Securities of such series are issuable in minimum denominations of less than $1,000, then a Holder of such a Security in a principal
amount of less than $1,000 shall be entitled to a fraction of one vote which is equal to the fraction that the principal amount of such Security bears to $1,000. The chairman of the meeting shall have no right to vote, except as a Holder of a
Security of such series or proxy. 
 (4) Any meeting of Holders of Securities of any series duly called pursuant to
Section 1502 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in aggregate 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 1506. Counting Votes and Recording Action of Meetings.

 The vote upon any resolution submitted to any meeting of Holders of Securities of any series shall be by written ballots on
which shall be subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series 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 Holders of Securities of any 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 1502 and, if applicable, Section 1504. 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 each of the Operating Partnership and
the Guarantor, 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. 

  
 85 

 ARTICLE SIXTEEN 

GUARANTEE 

Section 1601. Guarantee Agreement; Form of Guarantee 
 The Guarantor by its execution of this Indenture hereby agrees with each Holder of a Security authenticated and delivered by the Trustee, and with each Holder of any Coupon appertaining to any such
Security, and with the Trustee on behalf of such Holder, that the Guarantee in the form set forth below shall apply to such Security: 
 FORM OF GUARANTEE 
 This guarantee (this “Guarantee”) dated
                    is entered into by American Campus Communities, Inc. 12700 Hill Country Blvd., Suite T-200, Austin, Texas 78738 (the
“Guarantor”) 12700 Hill Country Blvd., Suite T-200, Austin, Texas 78738. 
 Whereas 

 

	(A)	American Campus Communities Operating Partnership LP, a Maryland limited partnership (the “Issuer”), is the issuer under an indenture, dated as of (as
may be amended or supplemented from time to time, the “Indenture”), among the Issuer, the Guarantor and U.S. Bank National Association, as trustee, which provides for the issuance from time to time of the Issuer’s senior
unsecured debentures, notes or other evidences of indebtedness (hereinafter called the “Securities”), unlimited as to principal amount and which will be guaranteed by the Guarantor. 

 

	(B)	The Guarantor has agreed, under Section 1601 of the Indenture, to issue this Guarantee in respect of all of the Securities issued pursuant to the Indenture to each
Holder (as defined in the Indenture) of the Securities. 

  

	(C)	This Guarantee may be modified in accordance with the terms of the Indenture. 

 Now, therefore the Guarantor undertakes as follows: 
  

	1.	Definitions 

 Terms
defined in or for the purposes of the Indenture and/or the Securities shall have the same meaning in this Guarantee (including the Recitals), except where the context requires otherwise or where a different meaning is attributed to the relevant
terms. Any references herein to any amounts payable, howsoever described, in respect of Securities issued by the Issuer shall include any amounts payable by the Issuer under or in connection with the Indenture. 

  
 86 

	2.	Guarantee 

 The Guarantor,
in accordance with the terms hereof, as primary obligor and not merely as a surety, irrespective of the validity and the legal effects of the Securities, irrespective of restrictions of any kind on the Issuer’s performance of its obligations
under the Securities, and waiving all rights of objection and defense arising from the Securities, hereby irrevocably and unconditionally guarantees to the Holders, the due and punctual payment of principal, premium (if any), and interest (including
any additional amounts required to be paid in accordance with the terms and conditions of the Securities) from time to time payable by the Issuer in respect of the Securities as and when the same shall become due, whether at stated maturity, upon
redemption or repurchase, by acceleration or otherwise, and accordingly undertakes to pay such Holder, in the manner and the currency set forth in the terms and conditions of the Securities, any amount or amounts which the Issuer is at any time
liable to pay in respect of such Securities and which the Issuer has failed to pay, including amounts that become due in advance of their stated maturity as a result of acceleration. Any diligence, presentment, demand, protest or notice, whether in
relation to the Guarantor, the Issuer, or any other person, from a Holder, in respect of any of the Guarantor’s obligations under this Guarantee is hereby waived. 
  

	3.	Status 

 The obligations
of the Guarantor under this Guarantee constitute direct, unsecured and unsubordinated obligations of the Guarantor and the Guarantor undertakes that its obligations hereunder will rank pari passu with all other present or future direct, unsecured
and unsubordinated obligations of the Guarantor, save for such obligations as may be mandatorily preferred by law. 
  

	4.	Duration 

 This Guarantee
is a guarantee of payment and not merely of collection and it shall continue in full force and effect by way of continuing security until all principal, premium and interest (including any additional amounts required to be paid in accordance with
the terms and conditions of the Securities) have been paid in full and all other actual or contingent obligations of the Issuer in relation to the Securities or under the Indenture have been satisfied in full. 

Notwithstanding the foregoing, if any payment received by any Holder is, on the subsequent bankruptcy or insolvency of the Issuer, avoided
under any applicable laws, including, among others, laws relating to bankruptcy or insolvency, such payment will not be considered as having discharged or diminished the liability of the Guarantor and this Guarantee will continue to apply as if such
payment had at all times remained owing by the Issuer. 
  

	5.	Exercise of Rights, Subrogation and Claims against the Issuer 

 Until all principal, premium (if any) and interest and all other monies payable by the Issuer in respect of any Securities shall be paid in full, (i) no right of the Guarantor, by

  
 87 

 
reason of the performance of any of its obligations under this Guarantee, to be indemnified by the Issuer or to take the benefit of or enforce any security or other guarantee or indemnity against
the Issuer in connection with the Securities shall be exercised or enforced and (ii) the Guarantor shall not (a) by virtue of this Guarantee or any other reason be subrogated to any rights of any Holder or (b) claim in competition
with the Holders against the Issuer. If the Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become
payable to the Holders by the Issuer under or in connection with the Securities to be paid in full on behalf and for the benefit of the Holders and shall promptly pay or transfer the same to the Holders as they may direct to the extent such amount
shall be due and unpaid by the Issuer to the Holders. 
  

	6.	Notices 

 Each notice or
demand under this Guarantee shall be made in writing, in English, and may be sent by messenger, fax or pre-paid first class post to the Guarantor at the address, and for the attention of the person, from time to time designated by the Guarantor for
the purposes of this Guarantee. Any such notice or demand shall be effective when actually received by such addressee. The address, attention and telefax number of the Guarantor for notices or demands under this Guarantee for the time being are as
follows: 
 American Campus Communities, Inc. 
 12700 Hill Country Blvd., Suite T-200 
 Austin, Texas 78738 

Attention: President 
 Fax:(512) 494-0603 
  

	7.	Assignment 

 The Guarantor
shall not be entitled to assign or transfer any or all of its rights, benefits or obligations under this Guarantee. Each Holder shall be entitled to assign all or any of its rights and benefits under this Guarantee. 

 

	8.	Severability 

 If a
provision of this Guarantee is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect the validity or enforceability in that jurisdiction or in any other jurisdiction of any other provision of this Guarantee.

  

	9.	Subsequent Guarantees 

Any Securities issued by the Issuer under the Indenture on or after the date of this Guarantee shall have the benefit of this Guarantee,
but shall not have the benefit of any subsequent guarantee of the Guarantor, unless expressly so provided in any such subsequent guarantee. 

  
 88 

	10.	Governing Law 

 This
Guarantee shall be governed by, and construed in accordance with, the laws of the State of New York without regard to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401. 

 

											
	 Guarantor:
  

AMERICAN CAMPUS COMMUNITIES, INC.
	  	
						
	By:	 	  
	  		  	By:	  	  
	  	
	Name:	 		  		  	Name:	  		  	
	Title:	 		  		  	Title:	  		  	

  
 89 

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

							
	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP,
	as Issuer
		
	By:	 	American Campus Communities Holdings LLC, its general partner
			
		 	By:	 	American Campus Communities, Inc., its sole member
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
	
	AMERICAN CAMPUS COMMUNITIES, INC.,
	as Guarantor
		
	By:	 	  

	Name:	 		 		 	
	Title:	 		 		 	
		
	By:	 	  

	Name:	 		 		 	
	Title:	 		 		 	

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

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee, Registrar, Paying Agent and Transfer Agent
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:EX-10.1

 EXHIBIT 10.1 
 Execution Copy 
 April 26, 2012 

PURCHASE AND SALE AGREEMENT 
 BETWEEN 
 LEGACY ENERGY, INC., 

AS SELLER, 

NIMIN ENERGY CORP., 
 AS PARENT 
 AND 

SOUTHERN SAN JOAQUIN PRODUCTION, LLC 
 AS BUYER 

 TABLE OF CONTENTS 

 

							
	 Article I
	 	Assets	  	 	1	  
			
	 Section 1.01
	 	 Agreement to Sell and Purchase
	  	 	1	  
	 Section 1.02
	 	 Assets
	  	 	1	  
	 Section 1.03
	 	 Excluded Assets
	  	 	3	  
			
	 Article II
	 	Purchase Price	  	 	4	  
			
	 Section 2.01
	 	 Purchase Price
	  	 	4	  
	 Section 2.02
	 	 Allocated Values
	  	 	4	  
	 Section 2.03
	 	 Effective Time
	  	 	4	  
			
	 Article III
	 	Title Matters	  	 	5	  
			
	 Section 3.01
	 	 Examination Period
	  	 	5	  
	 Section 3.02
	 	 Defensible Title and Permitted Encumbrances
	  	 	5	  
	 Section 3.03
	 	 Title Defect
	  	 	8	  
	 Section 3.04
	 	 Notice of Title Defects
	  	 	9	  
	 Section 3.05
	 	 Remedies for Title Defects
	  	 	10	  
	 Section 3.06
	 	 Special Warranty of Title
	  	 	11	  
	 Section 3.07
	 	 Preferential Rights To Purchase
	  	 	11	  
	 Section 3.08
	 	 Consents to Assignment
	  	 	12	  
			
	 Article IV
	 	Environmental Matters	  	 	12	  
			
	 Section 4.01
	 	 Environmental Review
	  	 	12	  
	 Section 4.02
	 	 Environmental Definitions
	  	 	14	  
	 Section 4.03
	 	 Notice of Environmental Defects
	  	 	15	  
	 Section 4.04
	 	 Remedies for Environmental Defects
	  	 	16	  
			
	 Article V
	 	Representations and Warranties of Seller	  	 	17	  
			
	 Section 5.01
	 	 Existence
	  	 	17	  
	 Section 5.02
	 	 Legal Power
	  	 	18	  
	 Section 5.03
	 	 Authority; Enforceability
	  	 	18	  
	 Section 5.04
	 	 Brokers
	  	 	18	  
	 Section 5.05
	 	 Bankruptcy
	  	 	18	  
	 Section 5.06
	 	 Suits
	  	 	18	  
	 Section 5.07
	 	 Royalties
	  	 	19	  
	 Section 5.08
	 	 Taxes
	  	 	19	  
	 Section 5.09
	 	 Contracts
	  	 	19	  
	 Section 5.10
	 	 Liens
	  	 	19	  
	 Section 5.11
	 	 Consent and Preferential Rights
	  	 	19	  
	 Section 5.12
	 	 Compliance with Laws
	  	 	20	  

  
 (i)

							
	 Section 5.13
	 	 Governmental Permits
	  	 	20	  
	 Section 5.14
	 	 Take-or-Pay, Calls on Production or Bonus Payments
	  	 	20	  
	 Section 5.15
	 	 Sufficient Rights to Operate
	  	 	20	  
	 Section 5.16
	 	 Current Commitments
	  	 	21	  
	 Section 5.17
	 	 Employees
	  	 	21	  
			
	 Article VI
	 	Representations and Warranties of Buyer	  	 	21	  
			
	 Section 6.01
	 	 Buyer’s Existence
	  	 	21	  
	 Section 6.02
	 	 Legal Power
	  	 	22	  
	 Section 6.03
	 	 Authority; Enforceability
	  	 	22	  
	 Section 6.04
	 	 Brokers
	  	 	22	  
	 Section 6.05
	 	 Bankruptcy
	  	 	22	  
	 Section 6.06
	 	 Suits
	  	 	22	  
	 Section 6.07
	 	 Qualifications
	  	 	23	  
	 Section 6.08
	 	 Investment
	  	 	23	  
	 Section 6.09
	 	 Financial Resources
	  	 	23	  
	 Section 6.10
	 	 Due Diligence Investigation
	  	 	23	  
	 Section 6.11
	 	 Approvals
	  	 	23	  
			
	 Article VII
	 	Seller’s Conditions to Close	  	 	23	  
			
	 Section 7.01
	 	 Representation
	  	 	23	  
	 Section 7.02
	 	 Performance
	  	 	23	  
	 Section 7.03
	 	 Pending Matters
	  	 	24	  
	 Section 7.04
	 	 Purchase Price
	  	 	24	  
	 Section 7.05
	 	 Execution and Deliver of the Closing Documents
	  	 	24	  
	 Section 7.06
	 	 Consents and Preferential Rights to Purchase
	  	 	24	  
	 Section 7.07
	 	 Securityholder Approval
	  	 	24	  
	 Section 7.08
	 	 Dissent Rights
	  	 	24	  
	 Section 7.09
	 	 Regulartory Approvals
	  	 	24	  
	 Section 7.10
	 	 Securityholder Approval
	  			
			
	 Article VIII
	 	Buyer’s Conditions to Close	  	 	25	  
			
	 Section 8.01
	 	 Representations
	  	 	25	  
	 Section 8.02
	 	 Performance
	  	 	25	  
	 Section 8.03
	 	 Pending Matters
	  	 	25	  
	 Section 8.04
	 	 Execution and Delivery of the Closing Documents
	  	 	25	  
	 Section 8.05
	 	 Consents and Preferential Rights to Purchase
	  	 	25	  
	 Section 8.06
	 	 Securityholder Approval
	  	 	25	  
	 Section 8.07
	 	 Regulatory Approvals
	  	 	25	  
			
	 Article IX
	 	Tax Matters	  	 	25	  
			
	 Section 9.01 -
	 	 Responsible Party
	  	 	25	  
	 Section 9.02
	 	 Transfer Taxes
	  	 	26	  
	 Section 9.03
	 	 Ad Valorem and Similar Taxes
	  	 	26	  
	 Section 9.04
	 	 Tax Deferred Exchange
	  	 	26	  

  
 (ii)

							
	 Article X
	 	The Closing	  	 	27	  
			
	 Section 10.01
	 	 Time and Place of the Closing
	  	 	27	  
	 Section 10.02
	 	 Adjustments to Purchase Price at the Closing
	  	 	28	  
	 Section 10.03
	 	 Closing Statement
	  	 	28	  
	 Section 10.04
	 	 Actions of Seller at the Closing
	  	 	29	  
	 Section 10.05
	 	 Actions of Buyer at the Closing
	  	 	29	  
			
	 Article XI
	 	Termination	  	 	30	  
			
	 Section 11.01
	 	 Right of Termination
	  	 	30	  
	 Section 11.02
	 	 Effect of Termination
	  	 	31	  
	 Section 11.03
	 	 Attorneys' Fees, Etc.
	  	 	31	  
			
	 Article XII
	 	Post Closing Obligations	  	 	31	  
			
	 Section 12.01
	 	 Allocation of Expense and Revenues
	  	 	31	  
	 Section 12.02
	 	 Gas Imbalances
	  	 	32	  
	 Section 12.03
	 	 Final Accounting Statement
	  	 	32	  
	 Section 12.04
	 	 Further Cooperation
	  	 	33	  
			
	 Article XIII
	 	Covenants and Operating of the Assets	  	 	34	  
			
	 Section 13.01
	 	 Operations after Effective Time
	  	 	34	  
	 Section 13.02
	 	 Limitations on the Operational Obligations and Liabilities of Seller
	  	 	35	  
	 Section 13.03
	 	 Special Meeting; Information Circular/Proxy Statement
	  	 	35	  
	 Section 13.04
	 	 Required Approvals
	  	 	36	  
	 Section 13.05
	 	 Operation of the Assets After the Closing
	  	 	37	  
	 Section 13.06
	 	 Castualty Loss
	  	 	37	  
	 Section 13.07
	 	 Operatorship
	  	 	38	  
	 Section 13.08
	 	 Personnel
	  	 	38	  
			
	 Article XIV
	 	Obligations and Indemnification	  	 	39	  
			
	 Section 14.01
	 	 Retained Obligations
	  	 	39	  
	 Section 14.02
	 	 Assumed Obligations
	  	 	40	  
	 Section 14.03
	 	 Buyer’s Indemnification
	  	 	41	  
	 Section 14.04
	 	 Seller’s and Parent's Indemnification
	  	 	41	  
	 Section 14.05
	 	 Notices and Defense of Indemnified Matters
	  	 	42	  
	 Section 14.06
	 	 Indemnity Escrow
	  	 	42	  
			
	 Article XV
	 	Limitations on Representations and Warranties	  	 	42	  
			
	 Section 15.01
	 	 Disclaimers of Representations and Warranties
	  	 	42	  
	 Section 15.02
	 	 Independent Investigation
	  	 	44	  
	 Section 15.03
	 	 Survival
	  	 	44	  
			
	 Article XVI
	 	Expert Dispute Resolution	  	 	44	  
			
	 Section 16.01
	 	 General
	  	 	44	  

  
 (iii)

							
	 Section 16.02
	 	 Senior Management
	  	 	44	  
	 Section 16.03
	 	 Dispute by Independent Expert
	  	 	45	  
	 Section 16.04
	 	 Limitation on Arbitration
	  	 	45	  
			
	 Article XVII
	 	Miscellaneous	  	 	46	  
			
	 Section 17.01
	 	 Names
	  	 	46	  
	 Section 17.02
	 	 Expenses
	  	 	46	  
	 Section 17.03
	 	 Document Retention
	  	 	46	  
	 Section 17.04
	 	 Entire Agreement
	  	 	46	  
	 Section 17.05
	 	 Waiver
	  	 	46	  
	 Section 17.06
	 	 Publicity and Disclosure of Agreement
	  	 	47	  
	 Section 17.07
	 	 Reasonable Commerical Efforts
	  	 	47	  
	 Section 17.08
	 	 Construction
	  	 	47	  
	 Section 17.09
	 	 No Third Party Beneficiaries
	  	 	47	  
	 Section 17.10
	 	 Assignment
	  	 	47	  
	 Section 17.11
	 	 Governing Law
	  	 	48	  
	 Section 17.12
	 	 Notices
	  	 	48	  
	 Section 17.13
	 	 Severability
	  	 	48	  
	 Section 17.14
	 	 Time of the Essence
	  	 	49	  
	 Section 17.15
	 	 Counterpart Execution
	  	 	49	  
	 Section 17.16
	 	 Parent Joint and Several Liability
	  	 	49	  

  
 (iv)

 EXHIBITS AND SCHEDULES 

 

			
	Exhibit A – Subject Interests (Listing of Leases)	  	51
	Exhibit B – Wells and Interests	  	52
	Exhibit C – Allocated Values	  	53
	Exhibit D – Assignment and Bill of Sale	  	54
	Exhibit E – Form of Non-foreign Affidavit	  	66
	Exhibit F – Form of California Form 593-C	  	68
	Exhibit G – Form of Employee Release	  	69
	Exhibit H – Form of Escrow Agreement	  	74
	Schedule 1.02(e) - Contracts	  	- 2-
	Schedule 1.03 – Excluded Assets	  	- 3-
	Schedule 3.07 – Values allocated to Assets subject to Preferential Rights to Purchase	  	- 4-
	Schedule 5.06 – Existing Claims and Litigation	  	- 5-
	Schedule 5.08 – Tax Partnerships	  	- 6-
	Schedule 5.09 – Contracts with Seller, affiliate or containing AMI	  	- 7-
	Schedule 5.11 – Preferential Rights	  	- 8-
	Schedule 5.16 – AFEs in Excess of $75,000	  	- 9-
	Schedule 5.17 Benefit Plan	  	- 10-
	Schedule 12.02 – Gas Imbalances	  	- 11-
	Schedule 13.04 (a) – Required Consents, Approvals, Notices or Filings	  	- 12-
	Schedule 13.08 - Employees	  	- 13-

  
 (v)

 PURCHASE AND SALE AGREEMENT 

This Purchase and Sale Agreement (this “Agreement”) is made and entered into this 26th day of April, 2012, by and
between Legacy Energy, Inc., a Delaware corporation (the “Seller”), NiMin Energy Corp., an Alberta corporation, and owner of all of the outstanding shares of common stock of Seller (the “Parent”), and Southern San Joaquin
Production, LLC, a Delaware limited liability company (the “Buyer”). Buyer, Seller and Parent are collectively referred to herein as the “Parties”, and are sometimes referred to individually as a
“Party.” 
 W I T N E S S E T H: 

WHEREAS, Seller is willing to sell to Buyer, and Buyer is willing to purchase from Seller, the Assets (as defined in Section 1.02),
all upon the terms and conditions hereinafter set forth; 
 WHEREAS, the Board of Directors of Parent and Seller (i) have
determined that the transaction is fair and in the best interest of Parent and its stockholders and Seller and its stockholders and (ii) have approved and adopted this Agreement and the transaction contemplated by this Agreement; 

NOW, THEREFORE, in consideration of the mutual benefits derived and to be derived from this Agreement by each Party, Seller, Parent and
Buyer hereby agree as follows: 
 Article I 
 Assets 
 Section 1.01 Agreement to Sell and Purchase. Subject
to and in accordance with the terms and conditions of this Agreement, Buyer agrees to purchase the Assets from Seller, and Seller agrees to sell the Assets to Buyer. 
 Section 1.02 Assets. Subject to Section 1.03, the term “Assets” shall mean all of Seller’s right, title and interest in and to: 

 

	 	(a)	the leasehold estates in and to the oil, gas and mineral leases described or referred to in Exhibit A (the “Leases”) and any royalty, net profit
interests or overriding royalty interests in and to the lands covered by the Leases, assignments and other documents of title described or referred to in Exhibit A, all as more specifically described in Exhibit A (collectively, the “Subject
Interests,” or singularly, a “Subject Interest”); 

  

	 	(b)	 all rights incident to the Subject Interests, including, without limitation, (i) all rights with respect to the use and occupation of the surface
of and the subsurface depths 

  
 1 

	 	
under the Subject Interests; (ii) all rights with respect to any pooled, communitized or unitized acreage by virtue of any Subject Interest being a part thereof, including all Hydrocarbon
(as defined in Subsection (d) of this Section 1.02) production after the Effective Time (as defined in Section 2.02) attributable to the Subject Interests or any such pool or unit allocated to any such Subject Interest;

  

	 	(c)	to the extent assignable or transferable, all easements, rights-of-way, surface leases, servitudes, permits, licenses, franchises and other estates or similar rights
and privileges directly related to or used solely in connection with the Subject Interests (the “Easements”), including, without limitation, the Easements described or referred to in Exhibit A; 	 

  

	 	(d)	to the extent assignable or transferable, all personal property, equipment, fixtures, inventory and improvements located on or used in connection with the Subject
Interests and the Easements or with the production, treatment, sale, or disposal of oil, gas or other hydrocarbons (collectively, “Hydrocarbons”), byproducts or waste produced therefrom or attributable thereto, including, without
limitation, all wells located on the lands covered by the Subject Interests or on lands with which the Subject Interests may have been pooled, communitized or unitized (whether producing, shut in or abandoned, and whether for production, injection
or disposal), including, without limitation, the wells described in Exhibit B, wellhead equipment, pumps, pumping units, flowlines, gathering systems, piping, tanks, buildings, treatment facilities, injection facilities, disposal facilities,
compression facilities, and other materials, supplies, equipment, facilities and machinery (collectively, “Personal Property”); 

  

	 	(e)	to the extent assignable or transferable, all contracts, agreements and other arrangements that directly relate to the Subject Interests, the Leases or the Easements,
including, without limitation, production sales contracts, farmout agreements, operating agreements, service agreements and similar arrangements (collectively, the “Contracts” described in Schedule 1.02(e));

  

	 	(f)	all environmental and other governmental (whether federal, state, local or tribal) certificates, consents, permits, licenses, orders, authorizations, franchises and
related instruments or rights relating to the ownership, operation or use of the Subject Interests and Easements (the “Permits”); 

  
 2 

	 	(g)	to the extent assignable or transferable, all books, records, tax records (other than income tax), files, muniments of title, reports and similar documents and
materials, including, without limitation, lease records, well records, and division order records, well files, title records (including abstracts of title, title opinions and memoranda, and title curative documents related to the Assets), contracts
and contract files, correspondence, that relate to the foregoing interests in the possession of, and maintained by, Seller (collectively, the “Records”); 

 

	 	(h)	all geological and geophysical data relating to the Subject Interests, other than such data which cannot be transferred without the consent of or payment to any Third
Party, and Seller has been unsuccessful in obtaining such consent after making reasonable efforts. For purposes of this Agreement, “Third Party” means any person or entity, governmental or otherwise, other than Seller or Buyer, and
their respective affiliates; the term includes, but is not limited to, working interest owners, royalty owners, lease operators, landowners, service contractors and governmental agencies; and 

 

	 	(i)	All partnership interests (tax, state law or otherwise) affecting any Asset. 

 Section 1.03 Excluded Assets. Notwithstanding the foregoing, the Assets shall not include, and there is excepted, reserved and excluded from the sale contemplated hereby (collectively, the
“Excluded Assets”): (a) all credits and refunds and all accounts, instruments and general intangibles (as such terms are defined in the California Uniform Commercial Code) attributable to the Assets with respect to any period of time
prior to the Effective Time; (b) all claims of Seller for refunds of or loss carry forwards with respect to (i) ad valorem, severance, production or any other taxes attributable to any period prior to the Effective Time, (ii) income
or franchise taxes attributable to the Assets with respect to any period of time prior to the Effective Time, or (iii) any taxes attributable to the other Excluded Assets, and such other refunds, and rights thereto, for amounts paid in
connection with the Assets and attributable to the period prior to the Effective Time, including refunds of amounts paid under any gas gathering or transportation agreement; (c) all proceeds, income or revenues (and any security or other
deposits made) attributable to (i) the Assets for any period prior to the Effective Time, or (ii) any other Excluded Assets; (d) all of Seller’s proprietary computer software, technology, patents, trade secrets, copyrights,
names, trademarks, logos and other intellectual property; (e) all of 

  
 3 

 
Seller’s rights and interests in geological and geophysical data which cannot be transferred without the consent of or payment to any Third Party, and Seller has been unsuccessful in
obtaining such consent after making reasonable efforts; (f) all documents and instruments of Seller that are protected by an attorney-client privilege; (g) data and other information that cannot be disclosed or assigned to Buyer as a
result of confidentiality or similar arrangements under agreements with persons unaffiliated with Seller; (h) all claims or rights to refunds with respect to audits arising under any of the Contracts or otherwise with respect to any period
prior to the Effective Time; (i) all corporate, partnership, income tax records of Seller; and (j) in addition to the foregoing, those items, such as vehicles and certain equipment, supplies and office equipment, or any other items
described on Schedule 1.03. 
 Article II 
 Purchase Price 
 Section 2.01 Purchase Price. The total
consideration for the purchase, sale and conveyance of the Assets to Buyer is Buyer’s payment to Seller of the sum of Twenty Seven Million Two Hundred Thousand U.S. Dollars ($27,200,000) (the “Purchase Price”), as adjusted in
accordance with the provisions of this Agreement. The adjusted Purchase Price shall be paid to Seller (or its designee provided such designee is not a “foreign person” within the meaning of Section 1445 of the Internal Revenue Code of
1986, as amended (the “Code”)) at Closing (as defined in Section 10.01) by means of a completed federal funds transfer to an account designated in writing by Seller. 

Section 2.02 Allocated Values. The Purchase Price is allocated among the Assets as set forth in Exhibit C attached hereto
(the “Allocated Values”). Seller and Buyer agree that the Allocated Values shall only be used to compute any adjustments to the Purchase Price pursuant to the provisions of Article III and Article IV. Seller and Buyer agree that the
transaction under this Agreement is not subject to the reporting requirement of Code Section 1060 and that, therefore, IRS Form 8594 (Asset Acquisition Statement Under Section 1060) is not required to be and will not be filed for this
transaction. In the event that the Seller and Buyer mutually agree that a filing of Form 8594 is required, Seller and Buyer will confer and cooperate in the preparation and filing of their respective forms to reflect a consistent reporting of the
agreed upon allocation. In the event that the allocation is disputed by any taxing authority, the Party receiving notice of such dispute will promptly notify and consult with the other Party and keep the other Party apprised of material developments
concerning resolution of such dispute 
 Section 2.03 Effective Time. If the transactions contemplated hereby are
consummated in accordance with the terms and provisions hereof, the ownership of the Assets shall be transferred from Seller to Buyer on the Closing Date, and effective as of 7:00 a.m. local time where the Assets are located on April 1, 2012
(the “Effective Time”). 

  
 4 

 Article III 
 Title Matters 
 Section 3.01 Examination Period. Following the
execution date of this Agreement until 5:00 p.m., local time in Houston, Texas on the date twenty (20) Business Days after the execution of this Agreement (the “Examination Period”), Seller shall permit Buyer and/or its
representatives to examine, at all reasonable times, in Seller’s offices, all abstracts of title, title opinions, title files, ownership maps, lease files, contract files, assignments, division orders, operating, tax and accounting records and
agreements pertaining to the Assets insofar as same may now be in existence and in the possession of Seller, subject to such restrictions on disclosure as may exist under confidentiality agreements or other agreements binding on Seller or such data.
“Business Days” means all calendar days excluding Saturdays, Sundays and U.S. legal holidays. 
 Section 3.02
Defensible Title and Permitted Encumbrances. For purposes of this Agreement, the term “Defensible Title” means, with respect to a given Asset, such ownership by Seller in such Asset that, subject to and except for the Permitted
Encumbrances (as defined in Subsection (d) of this Section 3.02): 
  

	 	(a)	entitles Seller to receive not less than the percentage set forth in Exhibit B as Seller’s “Net Revenue Interest” of all Hydrocarbons produced,
saved and marketed from each well or unit as set forth in Exhibit B, all without reduction, suspension or termination of such interest throughout the productive life of such well, except for carried interests, production payments, reversionary
interest or other changes in interest in time as specifically set forth in Exhibit B; 

  

	 	(b)	obligates Seller to bear not greater than the percentage set forth in Exhibit B as Seller’s “Working Interest” of the costs and expenses
relating to the maintenance, development and operation of each well or unit as set forth in Exhibit B, all without increase throughout the productive life of such well, except for carried interests, production payments, reversionary interest or
other changes in interest in time as specifically set forth in Exhibit B; and 

  

	 	(c)	is free and clear of all liens, encumbrances and defects in title. 

  

	 	(d)	The term “Permitted Encumbrances” shall mean any of the following matters to the extent the same are valid and subsisting and affect the Assets:

  

	 	(i)	 the Leases, and Contracts, to the extent the same do not reduce the Net Revenue Interests of Seller

  
 5 

	 	
below those set forth in Exhibit B or increase the Working Interests of Seller above those set forth in Exhibit B, or materially interfere with the operation or use of any of the Assets
as currently used or operated; 

  

	 	(ii)	any (A) undetermined or inchoate liens or charges constituting or securing the payment of expenses that were incurred incidental to the maintenance, development,
production or operation of the Assets or for the purpose of developing, producing or processing Hydrocarbons therefrom or therein, and (B) materialman’s, mechanics’, repairman’s, employees’, contractors’,
operators’ liens or other similar liens or charges for liquidated amounts arising in the ordinary course of business (i) that are not delinquent or (ii) that if delinquent, are being contested in good faith by appropriate action of
which Buyer is notified in writing before Closing and for which Seller indemnifies Buyer subsequent to Closing; provided, that the Parties’ rights and obligations under indemnities provided in this Agreement remain unaffected;

  

	 	(iii)	any liens for taxes and assessments not yet delinquent or, if delinquent, that are being contested in good faith in the ordinary course of business of which Buyer is
notified in writing before Closing and for which Seller indemnifies Buyer subsequent to Closing; provided, that the Parties’ rights and obligations under indemnities provided in this Agreement remain unaffected; 

 

	 	(iv)	any obligations or duties affecting the Assets to any municipality or public authority with respect to any franchise, grant, license or permit and all applicable laws,
rules, regulations and orders of any Governmental Authority (as defined in Section 4.02(b)); 

  

	 	(v)	 any (A) easements, rights-of-way, servitudes, permits, surface leases and other rights in respect of surface operations, pipelines, grazing,
hunting, lodging, canals, ditches, reservoirs or the like, and (B) easements for streets, alleys, highways, pipelines, telephone lines, power lines, railways and other similar rights-of-way on, over or in respect of

  
 6 

	 	
property owned or leased by Seller or over which Seller owns rights-of-way, easements, permits or licenses, to the extent that same do not individually or in the aggregate materially interfere
with the operation or use of the Assets as currently used or operated; 

  

	 	(vi)	all lessors’ royalties, overriding royalties, net profits interests, carried interests, production payments, reversionary interests and other burdens on or
deductions from the proceeds of production created or in existence as of the Effective Time, whether recorded or unrecorded, provided that such matters do not operate to reduce the Net Revenue Interests of Seller below those set forth in Exhibit B
or increase the Working Interests of Seller above those set forth in Exhibit B, or materially interfere with the operation or use of any of the Assets as currently used or operated; 

 

	 	(vii)	preferential rights to purchase or similar agreements with respect to which (A) waivers or consents are obtained from the appropriate parties for the transaction
contemplated hereby, or (B) required notices have been given for the transaction contemplated hereby to the holders of such rights and the appropriate period for asserting such rights has expired without an exercise of such rights;

  

	 	(viii)	required Third Party consents to assignments or similar agreements with respect to which (A) waivers or consents are obtained from the appropriate parties for the
transaction contemplated hereby, or (B) required notices have been given for the transaction contemplated hereby to the holders of such rights and the appropriate period for asserting such rights has expired without an exercise of such rights;

  

	 	(ix)	all rights to consent by, required notices to, filings with, or other actions by Governmental Authorities in connection with the sale or conveyance of oil and gas
leases or interests therein that are customarily obtained subsequent to such sale or conveyance; 

  
 7 

	 	(x)	production sales contracts; division orders; contracts for sale, purchase, exchange, refining or processing of Hydrocarbons; unitization and pooling designations,
declarations, orders and agreements; operating agreements; agreements of development; area of mutual interest agreements; gas balancing or deferred production agreements; processing agreements; plant agreements; pipeline, gathering and
transportation agreements; injection, re-pressuring and recycling agreements; carbon dioxide purchase or sale agreements; salt water or other disposal agreements; seismic or geophysical permits or agreements; and any and all other agreements that
have terms that are ordinary and customary to the oil, gas, sulphur and other mineral exploration, development, processing or extraction business or in the business of processing of gas and gas condensate production for the extraction of products
therefrom, to the extent the same do not reduce the Net Revenue Interests of Seller below those set forth in Exhibit B or increase the Working Interests of Seller above those set forth in Exhibit B, or materially interfere with the
operation or use of any of the Properties as currently used or operated; 

  

	 	(xi)	rights reserved to or vested in any Governmental Authority to control or regulate any of the Assets and the applicable laws, rules, and regulations of such Governmental
Authorities; and 

  

	 	(xii)	all defects and irregularities affecting the Assets which individually or in the aggregate, do not interfere materially with the ownership, operation, value or use of
any of the Assets, could not reasonably be expected to prevent or delay Buyer from receiving the proceeds of production from any of Assets, and do not reduce the Net Revenue Interests of Seller below those set forth in Exhibit B or increase the
Working Interests of Seller above those set forth in Exhibit B, or materially interfere with the operation or use of any of the Assets as currently used or operated. 

Section 3.03 Title Defect. The term “Title Defect,” as used in this Agreement, shall mean: (a) any
encumbrance, encroachment, irregularity, defect in or objection to Seller’s ownership of any Asset (expressly excluding Permitted Encumbrances) that causes Seller not to have Defensible Title to such Asset; or (b) any default by Seller
under a lease, farmout agreement or other contract or 

  
 8 

 
agreement that would (i) have a material adverse effect on the operation, value or use of such Asset, (ii) prevent Seller from receiving the proceeds of production attributable to
Seller’s interest therein or (iii) result in cancellation of Seller’s interest therein. 
 Section 3.04
Notice of Title Defects. 
  

	 	(a)	If Buyer discovers any Title Defect affecting any Asset, Buyer shall notify Seller as promptly as possible, but no later than the expiration of the Examination Period
of such alleged Title Defect. To be effective, such notice must (i) be in writing, (ii) be received by Seller prior to the expiration of the Examination Period, (iii) describe the Title Defect in sufficient, specific detail (including
any alleged variance in the Net Revenue Interest), (iv) identify the specific Asset or Assets affected by such Title Defect, and (v) include the value of such Title Defect as determined by Buyer. Any matters that may otherwise constitute
Title Defects, but of which Seller has not been specifically notified by Buyer in accordance with the foregoing, shall be deemed to have been waived by Buyer for all purposes and shall constitute Permitted Encumbrances. 

 

	 	(b)	Upon the receipt of such effective notice from Buyer, Seller and Buyer shall attempt to mutually agree on a resolution including, but not limited to (i) attempt to
cure such Title Defect at any time prior to the Closing, or (ii) exclude the affected Asset from the sale and reduce the Purchase Price by the mutually agreed allocated value of such affected Asset. 

 

	 	(c)	The value attributable to each Title Defect (the “Title Defect Value”) that is asserted by Buyer in the Title Defect notices shall be determined based upon
the criteria set forth below: 

  

	 	(i)	If the Title Defect is a lien upon any Asset, the Title Defect Value is the amount necessary to be paid to remove the lien from the affected Asset.

  

	 	(ii)	If the Title Defect asserted is that the Net Revenue Interest attributable to any well or unit is less than that stated in Exhibit C or the Working Interest
attributable to any well or unit is greater than that stated in Exhibit C, then the Title Defect Value shall take into account the relative change in the interest from Exhibit C and the appropriate Allocated Value attributed to such Asset.

  
 9 

	 	(iii)	If the Title Defect represents an obligation, encumbrance, burden or charge upon the affected Asset (including any increase in Working Interest for which there is not a
proportionate increase in Net Revenue Interest) for which the economic detriment to Buyer is unliquidated, the amount of the Title Defect Value shall be determined by taking into account the Allocated Value of the affected Asset, the portion of the
Asset affected by the Title Defect, the legal effect of the Title Defect, the potential discounted economic effect of the Title Defect over the life of the affected Asset, and the Title Defect Values placed upon the Title Defect by Buyer and Seller.

  

	 	(iv)	If a Title Defect is not in effect or does not adversely affect an Asset throughout the entire productive life of such Asset, such fact shall be taken into account in
determining the Title Defect Value. 

  

	 	(v)	The Title Defect Value of a Title Defect shall be determined without duplication of any costs or losses included in another Title Defect Value hereunder.

  

	 	(vi)	Notwithstanding anything herein to the contrary, in no event shall a Title Defect Value exceed the Allocated Value of the wells, units or other Assets affected thereby.

  

	 	(vii)	Such other factors as are reasonably necessary to make a proper evaluation. 

 Section 3.05 Remedies for Title Defects. 
  

	 	(a)	With respect to each Title Defect that is not cured on or before the Closing, except as otherwise provided in this Section 3.05, the Purchase Price shall be
reduced by an amount equal to the Title Defect Value agreed upon in writing by Buyer and Seller. 

  

	 	(b)	If any Title Defect is in the nature of an unobtained consent to assignment or other restriction on assignability, the provisions of Section 3.08 shall apply.

  
 10 

	 	(c)	If Buyer and Seller have not agreed as to the validity of any asserted Title Defect, or if the Parties have not agreed on the Title Defect Value therefor, then on or
before three (3) Business Days prior to the Closing Date either Party shall have the right to elect to have the validity of the asserted Title Defect, and/or the Title Defect Value for such Title Defect, determined by an Independent Expert
pursuant to Section 16.03. If the validity of any such asserted Title Defect or the amount of any such Title Defect Value is not determined by the Closing, the Asset affected by such disputed Title Defect shall be excluded from the Closing and
the Purchase Price paid at Closing shall be reduced by the Allocated Value of the Asset. Upon resolution of such dispute, Seller will convey the affected Asset to Buyer pursuant to an assignment substantially in the form of the Assignment, and Buyer
will pay to Seller the Allocated Value (subject to any relevant adjustments contemplated in Section 10.02) minus the Title Defect Value so resolved for such Asset. 

 

	 	(d)	Notwithstanding anything to the contrary in this Agreement, (i) if the value of a given individual Title Defect (does not exceed $25,000, then no adjustment to the
Purchase Price shall be made for such Title Defect, (ii) if the aggregate adjustment to the Purchase Price determined in accordance with this Agreement for Title Defects (exceeding $25,000) does not exceed three per cent (3%) of the
Purchase Price prior to any adjustments thereto, then no adjustment of the Purchase Price shall be made therefor, and (iii) if the aggregate adjustment to the Purchase Price determined in accordance with this Agreement for Title Defects
(exceeding $25,000) does exceed three per cent (3%) of the Purchase Price prior to any adjustments thereto, then the Purchase Price shall only be adjusted by the amount of such excess. 

Section 3.06 Special Warranty of Title. Seller hereby agrees to warrant and defend title to the Assets unto Buyer against
every person whomsoever lawfully claiming or to claim the same or any part thereof, by, through or under Seller or its affiliates, but not otherwise; subject, however, to the Permitted Encumbrances. 

Section 3.07 Preferential Rights To Purchase. Buyer’s good faith allocation of values as set forth in
Exhibit C shall be used to prepare an allocation of the Purchase Price to Assets that are subject to preferential rights to purchase and will be set forth in Schedule 3.07. 

  
 11 

 Seller shall use its reasonable efforts to comply with all preferential right to purchase provisions
relative to any Asset prior to the Closing. If, prior to Closing, a holder of a preferential purchase right notifies Seller that it intends to exercise its rights with respect to an Asset to which its preferential purchase right applies (as
determined in accordance with the agreement in which the preferential purchase right arises) (or if the time period for such exercise has not yet expired and such holder has not yet exercised), the Asset covered by said preferential purchase right
shall be excluded from the Assets to be conveyed to Buyer, and the Purchase Price shall be reduced by the Allocated Value of said Asset. If the holder of the preferential purchase right fails to consummate the purchase of the Asset subject to the
preferential purchase right (or if the time period for such exercise expires after Closing and such holder has still not yet exercised), Seller shall promptly notify Buyer. Within ten (10) Business Days after Buyer’s receipt of such notice
or Closing, whichever is later, Seller shall sell to Buyer, and Buyer shall purchase from Seller, such Asset under the terms of this Agreement for a price equal to the Allocated Value of such Asset. Notwithstanding the foregoing, Buyer shall have no
obligation under this Agreement or otherwise to purchase the Asset if Buyer is not notified of the preferential purchase right holder’s failure to consummate the purchase of the Asset within ninety (90) calendar days following Closing.
Seller will use reasonable efforts to send out the applicable preferential right to purchase notices within five (5) Business Days after the date this Agreement is executed. 

Section 3.08 Consents to Assignment. Seller shall use all reasonable efforts to obtain all necessary consents from third
parties to assign the Assets prior to Closing (other than governmental approvals that are customarily obtained after Closing) and Buyer shall reasonably assist Seller with such efforts. If a required consent has not been obtained prior to Closing,
any Asset with respect to which consent is required but not obtained shall be excluded from this Agreement and the Purchase Price shall be adjusted by the Allocated Value of such Asset. 

Article IV 

Environmental Matters 
 Section 4.01 Environmental Review. 
  

	 	(a)	 Buyer shall have the right to conduct or cause a consultant (“Buyer’s Environmental Consultant”) to conduct an environmental
review of the Assets prior to the expiration of the Examination Period (“Buyer’s Environmental Review”). The cost and expense of Buyer’s Environmental Review, if any, shall be borne solely by Buyer. The scope of work
comprising Buyer’s Environmental Review shall be limited to that mutually agreed by Buyer and Seller prior to commencement thereof and shall not include any intrusive test or procedure without the prior consent of Seller. Buyer shall (and shall
cause Buyer’s Environmental 

  
 12 

	 	
Consultant to): (i) consult with Seller before conducting any work comprising Buyer’s Environmental Review, (ii) perform all such work in a safe and workmanlike manner and so as to
not unreasonably interfere with Seller’s operations, and (iii) comply with all applicable laws, rules, and regulations. Buyer shall be solely responsible for obtaining any Third Party consents that are required in order to perform any work
comprising Buyer’s Environmental Review, and Buyer shall consult with Seller prior to requesting each such Third Party consent. Seller shall have the right to have a representative or representatives accompany Buyer and Buyer’s
Environmental Consultant at all times during Buyer’s Environmental Review. With respect to any samples taken in connection with Buyer’s Environmental Review, Buyer shall take split samples, providing one of each such sample, properly
labeled and identified, to Seller. Buyer hereby agrees to release, defend, indemnify and hold harmless Seller from and against all claims, losses, damages, costs, expenses, causes of action and judgments of any kind or character (INCLUDING THOSE
RESULTING FROM SELLER’S SOLE, JOINT, COMPARATIVE OR CONCURRENT NEGLIGENCE OR STRICT LIABILITY PROVIDED, THAT NO SUCH INDEMNIFICATION SHALL BE APPLICABLE TO THE EXTENT THAT GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THE SELLER CAUSED OR
CONTRIBUTED TO THE INDEMNIFIABLE LOSS) arising out of or relating to Buyer’s Environmental Review. Notwithstanding the foregoing sentence, but without prejudice to the obligations of Buyer set forth in Section 14.03, Buyer shall have
no indemnification obligation under this Section 4.01(a) with respect to any pre-existing environmental condition identified with respect to the Assets and the properties underlying the Assets as a result of Buyer’s Environmental Review.

  

	 	(b)	 Unless otherwise required by applicable law, Buyer shall (and shall cause Buyer’s Environmental Consultant to) treat confidentially any matters
revealed by Buyer’s Environmental Review and any reports or data generated from such review (the “Environmental Information”), and Buyer shall not (and shall cause Buyer’s Environmental Consultant to not) disclose any
Environmental Information to any Governmental Authority or other Third Party without the prior written consent of Seller. Unless 

  
 13 

	 	
otherwise required by law, Buyer may use the Environmental Information only in connection with the transactions contemplated by this Agreement. If Buyer, Buyer’s Environmental Consultant, or
any Third Party to whom Buyer has provided any Environmental Information become legally compelled to disclose any of the Environmental Information, Buyer shall use reasonable efforts to provide Seller with prompt notice sufficiently prior to any
such disclosure so as to allow Seller to file any protective order, or seek any other remedy, as it deems appropriate under the circumstances. If this Agreement is terminated prior to the Closing, Buyer shall deliver the Environmental Information to
Seller, which Environmental Information shall become the sole property of Seller. Buyer shall provide copies of the Environmental Information to Seller without charge. 

Section 4.02 Environmental Definitions. 
  

	 	(a)	Environmental Defects. For purposes of this Agreement, the term “Environmental Defect” shall mean, with respect to any given Asset, an
individual environmental condition that (i) constitutes a violation of Environmental Laws in effect as of the date of this Agreement in the jurisdiction in which such Asset is located, or (ii) requires, if known, or will require, once
discovered, reporting to a Governmental Authority, investigation, monitoring, removal, cleanup, remediation, restoration or correction in accordance with Environmental Laws. Environmental Defect shall not be deemed to include an environmental
condition specifically disclosed in writing to Buyer prior to the execution of this Agreement. 

  

	 	(b)	Governmental Authority. For purposes of this Agreement, the term “Governmental Authority” shall mean, as to any given Asset, the United States
and the state, county, parish, city and political subdivisions in which such Asset is located and that exercises jurisdiction over such Asset, and any agency, department, board or other instrumentality thereof that exercises jurisdiction over such
Asset. 

  

	 	(c)	 Environmental Laws. For purposes of this Agreement, the term “Environmental Laws” shall mean all laws, statutes, ordinances,
court decisions, rules and regulations of any Governmental Authority pertaining to health or the environment as may be interpreted by applicable court decisions or administrative orders, including, without

  
 14 

	 	
limitation, the Clean Air Act, as amended, the Comprehensive Environmental Response, Compensation and Liability Act, as amended (“CERCLA”), the Federal Water Pollution Control
Act, as amended, the Occupational Safety and Health Act, as amended, the Resources Conservation and Recovery Act, as amended, the Safe Drinking Water Act, as amended, the Toxic Substances Control Act, as amended, the Hazardous and Solid Waste
Amendments Act of 1984, the Superfund Amendment and Reauthorization Act of 1986, as amended, the Hazardous Materials Transportation Act, as amended, the Clean Water Act, the National Environmental Policy Act, the Endangered Species Act, the Fish and
Wildlife Coordination Act, the National Historic Preservation Act and the Oil Pollution Act of 1990, and comparable state and local laws, in each case as such laws may be amended from time to time. 

 

	 	(d)	Environmental Defect Value. For purposes of this Agreement, the term “Environmental Defect Value” shall mean, with respect to any Environmental
Defect, the value, as of the Closing Date, of the estimated costs and expenses to correct such Environmental Defect in the most cost-effective manner reasonably available, consistent with Environmental Laws, taking into account that non-permanent
remedies (such as mechanisms to contain or stabilize hazardous materials, including monitoring site conditions, natural attenuation, risk-based corrective action, institutional controls or other appropriate restrictions on the use of property, caps,
dikes, encapsulation, leachate collection systems, etc.) may be the most cost-effective manner reasonably available. 

 Section 4.03 Notice of Environmental Defects. 
  

	 	(a)	 If Buyer discovers any Environmental Defect affecting the Assets, Buyer shall notify Seller prior to the expiration of the Examination Period of such
alleged Environmental Defect. To be effective, such notice must: (i) be in writing; (ii) be received by Seller prior to the expiration of the Examination Period; (iii) describe the Environmental Defect in sufficient, specific detail,
including, without limitation, (A) the written conclusion of Buyer’s Environmental Consultants that an Environmental Defect exists, which conclusion shall be reasonably substantiated by the factual data gathered in Buyer’s
Environmental Review, and (B) a separate specific citation of the 

  
 15 

	 	
provisions of Environmental Laws alleged to be violated and the related facts that substantiate such violation; (iv) identify the specific Assets affected by such Environmental Defect,
including, without limitation, a site plan showing the location of all sampling events, boring logs and other field notes describing the sampling methods utilized and the field conditions observed, chain-of-custody documentation and laboratory
reports; (v) identify the procedures recommended to correct the Environmental Defect, together with any related recommendations from Buyer’s Environmental Consultant; and (vi) state Buyer’s estimate of the Environmental Defect
Value, including the basis for such estimate, for which Buyer would agree to adjust the Purchase Price in order to accept such Environmental Defect if Seller elected Section 4.04(b) as the remedy therefor. 

 

	 	(b)	Any matters that may otherwise constitute Environmental Defects, but of which Seller has not been specifically notified by Buyer in accordance with the foregoing, shall
be deemed to have been waived by Buyer for all purposes and constitute an Assumed Obligation (as defined in Section 14.02); provided, however, that the foregoing shall not abrogate or limit Seller’s representations and
warranties in this Agreement and indemnity and hold harmless obligations under Section 14.04. Upon the receipt of such effective notice from Buyer, Seller and Buyer shall attempt to mutually agree on a resolution including, but not
limited to, (i) attempt to cure such Environmental Defect at any time prior to the Closing; or (ii) exclude the affected Asset from the sale and reduce the Purchase Price by the allocated value of such affected Asset.

 Section 4.04 Remedies for Environmental Defects. 

 

	 	(a)	If any Environmental Defect described in a notice delivered in accordance with Section 4.03 is not cured on or before the Closing, then the Purchase Price shall be
reduced by the Environmental Defect Value of such Environmental Defect as agreed by the Parties. 

  

	 	(b)	 If Buyer and Seller have not agreed as to the validity of any asserted Environmental Defect, or if the Parties have not agreed on the Environmental
Defect Value therefor, then on or before three (3) Business Days prior to the Closing Date either Party shall have the right to elect to have the validity of the asserted Environmental Defect, and/or the

  
 16 

	 	
Environmental Defect Value for such Environmental Defect, determined by an Independent Expert pursuant to Section 16.03. If the validity of any such asserted Environmental Defect or the
amount of any such Environmental Defect Value is not determined by the Closing, the Asset affected by such disputed Environmental Defect shall be excluded from the Closing and the Purchase Price paid at Closing shall be reduced by the Allocated
Value of that Asset. Upon resolution of such dispute, Seller will convey the affected Asset to Buyer pursuant to an assignment substantially in the form of the Assignment, and Buyer will pay to Seller the Allocated Value (subject to any relevant
adjustments contemplated in Section 10.02) minus the Environmental Defect Value so resolved for such Asset. Notwithstanding the foregoing, either Party shall have unilateral right to exclude an Asset from this Agreement if the
Environmental Defect Value exceeds 3% of the Allocated Value of the Asset(s) affected thereby, in which case the Purchase Price shall be adjusted by the Allocated Value of such Asset. 

 

	 	(c)	Notwithstanding anything to the contrary in this Agreement, (i) if the Environmental Defect Value for a given individual Environmental Defect does not exceed
$25,000, then no adjustment to the Purchase Price shall be made for such Environmental Defect; (ii) if the aggregate adjustment to the Purchase Price determined in accordance with this Agreement for Environmental Defects (exceeding $25,000)
does not exceed three per cent (3%) of the Purchase Price prior to any adjustments thereto, then no adjustment of the Purchase Price shall be made therefore; and (iii) if the aggregate adjustment to the Purchase Price determined in
accordance with this Agreement for Environmental Defects (exceeding $25,000) does exceed three per cent (3%) of the Purchase Price prior to any adjustments thereto, then the Purchase Price shall only be adjusted by the amount of such excess.

 Article V 
 Representations and Warranties of Seller 
 Seller and Parent represent and
warrant to Buyer that: 
 Section 5.01 Existence. Seller is a corporation, duly organized and validly existing under
the laws of the State of Delaware and is qualified to conduct business in the State of California. Seller has full legal power, right and authority to carry on its business as such is now being conducted and as contemplated to be conducted.
Seller’s headquarters and principal offices are all located in the State of California. 

  
 17 

 Section 5.02 Legal Power. Seller has the legal power and right to enter into and
perform this Agreement and the transactions contemplated hereby. The consummation of the transactions contemplated by this Agreement will not violate, nor be in conflict with: 

 

	 	(a)	any provision of Seller’s articles of incorporation, by-laws or other governing documents; 

 

	 	(b)	except for any preferential purchase rights and consents to assignment, any material agreement or instrument to which Seller is a party or by which Seller is bound; or

  

	 	(c)	any judgment, order, ruling or decree applicable to Seller as a party in interest or any law, rule or regulation applicable to Seller. 

Section 5.03 Authority; Enforceability. The execution, delivery and performance of this Agreement by Parent and Seller and
the consummation by Parent and Seller of the transactions contemplated hereby have been duly authorized by the Board of Directors of Parent, and by the Board of Directors and sole stockholder of Seller and, other than Parent stockholder approval, no
other corporate proceedings on the part of Parent or Seller are necessary to authorize Parent’s or Seller’s execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby. This Agreement
constitutes valid and legally binding obligations of Parent and Seller, enforceable against Parent and Seller in accordance with its terms, except as the same may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws
effecting generally the enforcement of creditors’ rights and by general principles of equity. 
 Section 5.04
Brokers. Macquarie Tristone Capital LP has acted for or on behalf of Seller or any affiliate of Seller in connection with this Agreement or the transactions contemplated by this Agreement. No broker or finder is entitled to any brokerage or
finder’s fee, or to any commission, based in any way on agreements, arrangements or understandings made by or on behalf of Seller or any affiliate of Seller for which Buyer has or will have any liabilities or obligations (contingent or
otherwise). 
 Section 5.05 Bankruptcy. There are no bankruptcy, reorganization or arrangement proceedings pending,
being contemplated by or to the knowledge of Seller threatened against Seller. 
 Section 5.06 Suits. There is no
suit, action, claim, investigation or inquiry by any person or entity or by any administrative agency or Governmental Authority and no legal, administrative or arbitration proceeding pending or, to

  
 18 

 
Seller’s knowledge, threatened against Seller or any affiliate of Seller with respect to the Assets, or that has materially affected or will materially affect Seller’s ability to
consummate the transactions contemplated herein, except as shown on Schedule 5.06. 
 Section 5.07 Royalties. All
rentals, royalties and other payments due under the Subject Interests described in Exhibit A have been properly and correctly paid, except those amounts in suspense. The amount of suspended funds held by Seller and owed to third parties for
royalties with respect to the Properties is not greater than Twenty-Five Thousand Dollars ($25,000). 
 Section 5.08
Taxes. All ad valorem, property, documentary, stamp, production, gross production, severance, excise and similar taxes and assessments based on or measured by the ownership of the Assets or the production of Hydrocarbons or the receipt of
proceeds therefrom that have become due and payable on or prior to the Closing Date have been paid and all tax returns, reports, statements and similar filings related thereto have been timely filed. There are no extensions or waivers of any statute
of limitations with respect to such taxes or tax liens burdening the Assets except for liens for current taxes not yet due and payable. Except as provided in Schedule 5.08, none of the Assets are subject to tax partnership reporting
requirements under applicable provisions of the Code. For any Asset that is the subject of tax partnership reporting requirements, Seller will use its commercially reasonable efforts to effect a Code Section 754 election with respect any such
tax partnerships. Seller, or its designee if Seller assigns a designee to receive payment under Section 2.01, is not a “foreign person” within the meaning of Code Section 1445 and each will furnish Buyer with an affidavit that
satisfies the requirements of Code Section 1445(b)(2), in the form attached as Exhibit E, and California Franchise Tax Board Form 593-C, Real Estate Withholding Certificate, in the form attached as Exhibit F. 

Section 5.09 Contracts. Other than the Contracts set forth on Schedule 1.02(e), there are no material agreements and
contracts of Seller and its affiliates with respect to the Assets. The Contracts, except as set forth on Schedule 5.09, do not include any area of mutual interests obligations or non-competition restrictions or other similar restrictions on doing
business. (a) All material Contracts are in full force and effect, and (b) Seller is not, nor to Seller’s knowledge is any other party, in breach or default with respect to any of its material obligations thereunder. 

Section 5.10 Liens. Except for Permitted Encumbrances, the Assets will be conveyed free and clear of all liens, claims,
security interests, charges, mortgages and encumbrances. 
 Section 5.11 Consents and Preferential Rights. Except as
provided on Schedule 5.11, there are no preferential rights to purchase, options to purchase, consents to assign or confidentiality agreements affecting the Assets. All 

  
 19 

 
consents to assign affecting the Assets and held by third parties have been secured by Seller, or will have been secured prior to Closing, except for consents and approvals of Governmental
Authorities customarily obtained subsequent to transfer. 
 Section 5.12 Compliance with Laws. Neither Seller nor
any of its affiliates has violated, and Seller and such affiliates are in compliance with, all applicable laws with respect to the ownership and, if operated by Seller or its affiliates, operation of the Assets, except where such violation or
noncompliance could not reasonably be expected to result in a liability, cost, expense or loss of Twenty-Five Thousand Dollars ($25,000) or more. Seller has not received any written notice of a violation of or default by it or its affiliates with
respect to any law or any decision, ruling, order or award of any Governmental Authority or arbitrator applicable to such Assets. 
 Section 5.13 Governmental Permits. Seller has obtained and is in compliance with all Permits of Governmental Authorities required to own or use and, if operated by Seller or its respective
affiliates, operate the Assets; all such Permits are in full force and effect; and no violations exist under such Permits. No proceeding is pending or, to Seller’s knowledge, threatened relating to the challenging, revocation or limitation of
any such Permits. 
 Section 5.14 Take-or-Pay, Calls on Production or Bonus Payments. Seller is not obligated, under
a take-or-pay or similar arrangement, or by virtue of an election to non-consent or not participate in a past or current operation on an Asset pursuant to the applicable operating agreement, to produce Hydrocarbons, or allow Hydrocarbons to be
produced, without receiving full payment at the time of delivery in an amount that corresponds to the Net Revenue Interest in the Hydrocarbons attributable to an Asset on Exhibit B. No third party has (i) any calls on production,
options to purchase production, or other similar rights with respect to the Assets; or (ii) any right, retained, springing or otherwise, to production, cash bonus payments or profits or other rights in the Assets including rights retained by
prior owners at the time of the sale of the Assets to Seller to receive production, cash bonus payments or profits from the Assets if the price of oil exceeds a threshold amount. 

Section 5.15 Sufficient Rights to Operate. (i) The Assets include all of the assets (real, personal (tangible and
intangible) or other) employed by Seller in its current ownership and operation of the Assets (“Employed Assets”); (ii) the Employed Assets are, taken as a whole, sufficient for the ownership and, if operated by Seller, the
operation of such Assets immediately following the Closing in substantially the same manner as on the date of this Agreement; and (iii) the Employed Assets are in a state of repair adequate for normal operations in accordance with
standard industry practice in the areas in which they are operated. The Assets include all the Easements and other surface rights necessary for oil and gas operations as conducted by Seller in the 12-month period preceding execution of this
Agreement. 

  
 20 

 Section 5.16 Current Commitments. Schedule 5.16 contains a true and complete
list of all authorizations for expenditures for all drilling operations applicable to the Assets in excess of Seventy-Five Thousand Dollars ($75,000) or for capital expenditures to such Assets in excess of Seventy-Five Thousand Dollars ($75,000)
that have been proposed by any person to Seller or its affiliates after the Effective Time or have not been completed on or prior to the Effective Time. 
 Section 5.17 Employees. (a) There is no collective bargaining agreement or agreement with any union, or similar body that is binding on Seller and, to Seller’s knowledge, there is no
union organizing effort underway, pending or threatened, with respect to the employees of Seller. To Seller’s knowledge, there are no strikes, slowdowns or work stoppages pending between Seller and any of its employees. To Seller’s
knowledge, there are no material unfair labor practices charges, complaints or claims pending between Seller and any employee of Seller. (b) During the last two years, Seller has not effectuated (1) a “plant closing” (as defined
in the WARN Act) affecting any site of employment or one or more facilities or operating units within any site of employment or facility of Seller, or (2) a “mass layoff” (as defined in the WARN Act) affecting any site of employment
or facility of Seller, except, in either case, in material compliance with the requirements of the WARN Act. (c) Other than workers’ compensation, unemployment compensation other government programs and benefit plan on Schedule 5.17,
Seller does not maintain, sponsor or contribute to (1) any “employee benefit plan” (within the meaning of Section 3(3) of ERISA, or (2) any other material contract for employment, compensation, severance, termination pay,
deferred compensation, bonus, performance awards, stock or stock-related awards, fringe benefits, disability benefits, supplemental employment benefits, vacation benefits, retirement benefits, profit-sharing, post-retirement benefits, or other
employee benefits or remuneration of any kind, in each case under which any eligible employee has any present or future right to any benefits. All such plans and material contracts set forth on such schedule are referred to herein as “Seller
Benefit Plans.” Each Seller Benefit Plan set forth on Schedule 5.17 has been maintained and administered in compliance with its terms and with the applicable requirements of ERISA and the Code. Seller does not currently, nor has it in
the past six years, maintained, sponsored, contributed to or been required to contribute to (1) a “multiemployer plan” as defined in Section 3(37) of ERISA, (2) a plan subject to Title IV of ERISA, or (3) a plan subject
to the minimum funding standards of Section 412 of the Code or Section 302 of ERISA, nor does it reasonably expect to incur any liability as to any such plan. 
 Article VI 
 Representations and Warranties of Buyer 

Buyer represents and warrants to Seller and Parent that: 
 Section 6.01 Buyer’s Existence. Buyer is a limited liability company, duly organized and validly existing under the laws of the State of Delaware and is

  
 21 

 
qualified to conduct business in the State of California. Buyer has full legal power, right and authority to carry on its business as such is now being conducted and as contemplated to be
conducted. Buyer’s headquarters and principal offices are all located in the State of California. 
 Section 6.02
Legal Power. Buyer has the legal power and right to enter into and perform this Agreement and the transactions contemplated hereby. The consummation of the transactions contemplated by this Agreement will not violate, nor be in conflict with:

  

	 	(a)	any provision of Buyer’s agreement of limited partnership or other governing documents; 

 

	 	(b)	any material agreement or instrument to which Buyer is a party or by which Buyer is bound; or 

 

	 	(c)	any judgment, order, ruling or decree applicable to Buyer as a party in interest or any law, rule or regulation applicable to Buyer. 

Section 6.03 Authority; Enforceability. The execution, delivery and performance of this Agreement have been duly authorized
by all necessary action on the part of Buyer. This Agreement constitutes valid and legally binding obligations of Buyer, enforceable against Buyer in accordance with its terms, except as the same may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws effecting generally the enforcement of creditors’ rights and by general principles of equity. 
 Section 6.04 Brokers. No broker or finder has acted for or on behalf of Buyer or any affiliate of Buyer in connection with this Agreement or the transactions contemplated by this Agreement. No
broker or finder is entitled to any brokerage or finder’s fee, or to any commission, based in any way on agreements, arrangements or understandings made by or on behalf of Buyer or any affiliate of Buyer for which Seller has or will have any
liabilities or obligations (contingent or otherwise). 
 Section 6.05 Bankruptcy. There are no bankruptcy,
reorganization or arrangement proceedings pending, being contemplated by or to the knowledge of Buyer threatened against Buyer or any affiliate of Buyer. 
 Section 6.06 Suits. There is no suit, action, claim, investigation or inquiry by any person or entity or by any administrative agency or Governmental Authority and no legal, administrative or
arbitration proceeding pending or, to Buyer’s knowledge, threatened against Buyer or any affiliate of Buyer that has materially affected or will materially affect Buyer’s ability to consummate the transactions contemplated herein.

  
 22 

 Section 6.07 Qualifications. Buyer is now, and after the Closing shall continue
to be, qualified with all applicable Governmental Authorities to own and operate the Assets and has, and shall maintain, all necessary bonds to own and operate the Assets. 
 Section 6.08 Investment. Prior to entering into this Agreement, Buyer was advised by and has relied solely on its own legal, tax and other professional counsel concerning this Agreement, the
Assets and the value thereof. Buyer is acquiring the Assets for its own account and not for distribution or resale in any manner that would violate any state or federal securities law, rule, regulation or order. Buyer understands and acknowledges
that if any of the Assets were held to be securities, they would be restricted securities and could not be transferred without registration under applicable state and federal securities laws or the availability of an exemption from such
registration. 
 Section 6.09 Financial Resources. Buyer currently has, and at Closing will have, sufficient
financial resources available to pay the Purchase Price in full in cash at Closing. 
 Section 6.10 Due Diligence
Investigation. As of Closing, Buyer will have fully conducted and, except as expressly provided in this Agreement and the representations and warranties included herein, is relying exclusively on its own inspection and investigation in order to
satisfy itself as to the condition and suitability of the business, the Assets, and prospects. As of Closing, Buyer will be fully satisfied with its due diligence review of the business and the Assets, subject to Articles III and IV hereof.

 Section 6.11 Approvals. No consent, approval, waiver, authorization, notice or filing, other than Governmental Approvals
contemplated in Section 7.2 hereof, is required to be obtained or made by Buyer in connection with the execution, delivery and performance by Buyer of this Agreement. 
 Article VII 
 Seller’s Conditions to Close 

The obligations of Seller and Parent to consummate the transaction provided for herein are subject, at the option of Seller and Parent,
to the fulfillment on or prior to the Closing Date of each of the following conditions: 
 Section 7.01
Representations. The representations and warranties of Buyer herein contained shall be true and correct in all material respects on the Closing Date as though made on and as of such date. 

Section 7.02 Performance. Buyer shall have performed all material obligations, covenants and agreements contained in this
Agreement to be performed or complied with by it at or prior to the Closing. 

  
 23 

 Section 7.03 Pending Matters. No suit, action or other proceeding shall be
pending or threatened that seeks to restrain, enjoin or otherwise prohibit the consummation of the transactions contemplated by this Agreement. 
 Section 7.04 Purchase Price. Buyer shall have delivered to Seller the Purchase Price, as the same may be adjusted hereunder, in accordance with the provisions of Article II. 

Section 7.05 Execution and Delivery of the Closing Documents. Buyer shall have executed, acknowledged and delivered, as
appropriate, to Seller all closing documents described in Section 10.05. 
 Section 7.06 Consents and Preferential
Rights to Purchase. All appropriate consents have been obtained and preferential rights to purchase have been either exercised by the preferential right holder or the time period for election to purchase has elapsed. 

Section 7.07 Securityholder Approval. Parent Securityholder Approval, as defined in Section 13.03, shall have been
obtained. 
 Section 7.08 Dissent Rights. Holders of not more than 10% of the currently outstanding common shares of
Parent have exercised rights of dissent in connection with the sale of the Assets that have not been withdrawn as at the Closing Date. 
 Section 7.09 Regulatory Approvals. The Seller shall have received evidence in a form satisfactory to Seller acting reasonably that any approval, consent, ruling, authorization, notice, permit
or acknowledgement that may be required from any person or entity, including any Regulatory Authority (as defined herein), pursuant to applicable law or under the terms of any license or the conditions of any order in connection with the sale of the
Assets to Buyer as applicable, on the terms contemplated by this Agreement and any required approvals from the Regulatory Authorities have been obtained, as contemplated by Section 13.04 hereof. 

The Seller and Parent shall proceed diligently and in good faith and use its reasonable commercial efforts to satisfy and comply with the
conditions precedent in Articles VII and VIII and shall provide Buyer with any reasonable assistance in the satisfaction of and compliance with the conditions precedent in Articles VII and VIII that Buyer may reasonably request. 

  
 24 

 Article VIII 
 Buyer’s Conditions to Close 
 The obligations of Buyer to consummate
the transaction provided for herein are subject, at the option of Buyer, to the fulfillment on or prior to the Closing Date of each of the following conditions: 
 Section 8.01 Representations. The representations and warranties of Seller and Parent herein contained shall be true and correct in all material respects on the Closing Date as though made on
and as of such date. 
 Section 8.02 Performance. Seller and Parent shall have performed all material obligations,
covenants and agreements contained in this Agreement to be performed or complied with by it at or prior to the Closing. 

Section 8.03 Pending Matters. No suit, action or other proceeding shall be pending or threatened that seeks to restrain,
enjoin, or otherwise prohibit the consummation of the transactions contemplated by this Agreement. 
 Section 8.04
Execution and Delivery of the Closing Documents. Seller shall have executed, acknowledged and delivered, as appropriate, to Buyer all closing documents described in Section 10.04. 

Section 8.05 Consents and Preferential Rights to Purchase. All appropriate consents have been obtained and preferential
rights to purchase have been either exercised by the preferential right holder or the time period for election to purchase has elapsed. 
 Section 8.06 Securityholder Approval. Parent Securityholder Approval shall have been obtained. 
 Section 8.07 Regulatory Approvals. The Buyer shall have received evidence in a form satisfactory to Buyer acting reasonably that any approval, consent, ruling, authorization, notice, permit or
acknowledgement that may be required from any person or entity, including any Regulatory Authority (as defined herein), pursuant to applicable law or under the terms of any license or the conditions of any order in connection with the sale of the
Assets to the Buyer as applicable, on the terms contemplated by this Agreement, and any required approvals from Regulatory Authorities have been obtained, as contemplated by Section 13.04 hereof. 

The Buyer shall proceed diligently and in good faith and use its reasonable commercial efforts to satisfy and comply with the conditions
precedent in Articles VII and VIII and shall provide the other Party with any reasonable assistance in the satisfaction of and compliance with the conditions precedent in Articles VII and VIII that Seller and Parent may reasonably request.

 Article IX 
 Tax Matters 
 Section 9.01 Responsible Party. Except as
otherwise provided in this Agreement, all taxes attributable to the ownership or operation of the Assets prior to the Effective Time are the Seller’s responsibility and all deductions, credits or refunds pertaining to the aforementioned taxes,
no matter when received, belong to Seller. All taxes attributable to the ownership or operation of the Assets on or 

  
 25 

 
after the Effective Time (excluding Seller’s income taxes, franchise taxes or margin taxes through Closing, and excluding income or capital gains taxes from the sale of the Assets) are the
responsibility of Buyer, and all deductions, credits or refunds pertaining to the aforementioned taxes, no matter when received, belong to Buyer. 
 Section 9.02 Transfer Taxes. All sales, use or other taxes (other than taxes on gross income, net income or gross receipts) and duties, levies, recording fees or other governmental charges
incurred by or imposed with respect to the property transfers undertaken pursuant to this Agreement shall be the responsibility of, and shall be paid by, Buyer. Buyer and Seller will use commercially reasonable efforts and cooperate in good faith to
exempt the sale, conveyance, assignments and transfers to be made to Buyer from any sales, use, stamp, real estate transfer, documentary, registration, recording and other similar taxes (each a “Transfer Tax”). 

Section 9.03 Ad Valorem and Similar Taxes. Ad valorem, property, severance and similar taxes and assessments based upon or
measured by the value of the Assets shall be divided or prorated between Seller and Buyer as of the Effective Time. Seller shall retain responsibility for such taxes attributable to the period of time prior to the Effective Time and Buyer shall
assume responsibility for the period of time from and after the Effective Time. 
 Section 9.04 Tax Deferred
Exchange. Either or both Buyer and/or Seller may, by providing the other Party written notice no later than five (5) days before the Closing, elect to affect a tax-deferred exchange of the Assets for other qualifying properties (hereinafter
collectively called the “Exchange Property”) in accordance with the following: 
  

	 	(a)	In the event Seller makes such an election prior to the Closing, Seller may elect, by written notice to Buyer delivered no later than five (5) days before the
Closing Date, to have the Purchase Price paid to a qualified intermediary until Seller has designated the Exchange Property. The Exchange Property shall be designated by Seller and acquired by the qualified intermediary within the time periods
prescribed in Section 1031(a)(3) of the Code, and shall thereupon be conveyed to Seller. In the event Seller fails to designate and the qualified intermediary fails to acquire the Exchange Property within such time periods, the agency or trust
shall terminate and the proceeds then held by the qualified intermediary shall be paid immediately to Seller. 

  

	 	(b)	 In the event Buyer makes such an election prior to the Closing, Buyer may elect, by written notice to Seller delivered no later than five (5) days
before the Closing 

  
 26 

	 	
Date, to have the Assets conveyed to a qualified intermediary or an exchange accommodation titleholder (as that term is defined in Rev. Proc. 2000-37 issued effective September 15, 2000).

  

	 	(c)	The rights and responsibilities of Seller, Buyer and the qualified intermediary or exchange accommodation titleholder shall be documented with such agreements
containing such terms and provisions as shall be reasonably determined by Seller and Buyer to be necessary to accomplish a tax deferred exchange under Section 1031 of the Code, subject, however, to the limitations on costs and liabilities of
Buyer and Seller set forth below. If Seller makes a tax deferred exchange election, Buyer shall not be obligated to pay any additional costs or incur any additional obligations in the consummation of the transactions contemplated in this Agreement.
If Buyer makes a tax deferred exchange election, Seller shall not be obligated to pay any additional costs or incur any additional obligations in the consummation of the transactions contemplated in this Agreement. Any such tax deferred exchange
election by either Party shall not affect the duties, rights or obligations of the Parties except as expressly set forth in this Section 9.03. 

 Should either Seller or Buyer make such an election and should the tax deferred exchange fail or be disallowed by the Internal Revenue Service for any reason, the non-electing party’s sole
responsibility and liability to the electing party shall be to take such actions as are required by subsections (a), (b) or (c) above and such non-electing party shall have no other responsibility or liability whatsoever to the electing
party; and the electing party shall release, indemnify, defend and hold harmless the non-electing party from any responsibility or liability related to such election except for such actions as may be required by subsections (a), (b) or
(c) above. 
 Article X 
 The Closing 
 Section 10.01 Time and Place of the Closing. If
the conditions referred to in Articles VII and VIII of this Agreement have been satisfied or waived in writing, the transactions contemplated by this Agreement (the “Closing”) shall take place at the offices of Seller, whose address is
1160 Eugenia Place, Suite 100, Carpinteria, California, or at such place designated by Seller on the 3rd business day following the later of notification by Seller that the conditions contained in Article VII have been satisfied and notification by
Buyer that the conditions contained in Article VIII have been satisfied, or at such other time as is mutually agreed between the Parties (the “Closing Date”). 

  
 27 

 Section 10.02 Adjustments to Purchase Price at the Closing. 

 

	 	(a)	At the Closing, the Purchase Price shall be increased by the following amounts to be determined in accordance with United States Generally Accepted Accounting
Principles (“US GAAP”): 

  

	 	(i)	any other amount provided for in this Agreement, including but not limited to, pursuant to Sections 9.02, 9.03 and 12.01, or as agreed upon by Buyer and Seller;

  

	 	(b)	At the Closing, the Purchase Price shall be decreased by the following amounts: 

 

	 	(i)	the Allocated Value of any Subject Interest sold prior to the Closing to the holder of a preferential right pursuant to Section 3.07, or excluded from the Closing
due to an unresolved preferential right or consent to assign pursuant to Sections 3.07 or 3.08, respectively; 

  

	 	(ii)	all downward Purchase Price Adjustment for Title Defects and Environmental Defects determined in accordance with Article III and Article IV; and

  

	 	(iii)	any other amount provided for in this Agreement, including but not limited to, pursuant to Sections 9.02 and 12.01 or as agreed upon by Buyer and Seller.

  

	 	(c)	The adjustments described in Sections 10.02(a) and (b) are hereinafter referred to as the “Purchase Price Adjustments.” 

Section 10.03 Closing Statement. Not later than three (3) Business Days prior to the Closing Date, Seller shall prepare
and deliver to Buyer a statement of the estimated Purchase Price Adjustments taking into account the foregoing principles (the “Statement”). At the Closing, Buyer shall pay the Purchase Price, as adjusted by the estimated Purchase
Price Adjustments reflected on the Statement, and less the Indemnity Escrow Amount. 

  
 28 

 Section 10.04 Actions of Seller at the Closing. 

At the Closing, Seller shall: 
  

	 	(a)	execute, acknowledge and deliver to Buyer the Assignment (as defined in Exhibit D of this Agreement) and such other instruments (in form and substance mutually agreed
upon by Buyer and Seller) as may be reasonably necessary to convey the Assets to Buyer; 

  

	 	(b)	deliver to Buyer the Escrow Agreement executed by Seller and the Escrow Agent; 

 

	 	(c)	deliver to Buyer possession of the Assets; 

  

	 	(d)	execute and deliver to Buyer an affidavit attesting to its non-foreign status in substantially the form set forth in Exhibit E, or if Seller assigns a designee to
receive payment under Section 2.01, cause such designee to execute and deliver to Buyer an affidavit attesting to its non-foreign status or such other Internal Revenue Service form requested by the Buyer; 

 

	 	(e)	execute and deliver to Buyer California Form 593-C, California Real Estate Withholding Certificate, certifying an exemption from withholding in substantially the form
set forth in Exhibit F, or if Seller assigns a designee to receive payment under Section 2.01, cause such designee to execute and deliver to Buyer California Form 593-C, California Real Estate Withholding Certificate, certifying an exemption
from withholding in substantially the form set forth in Exhibit For such other California form requested by the Buyer; 

  

	 	(f)	deliver to Buyer appropriate change of operator forms on those Assets operated by Seller; 

 

	 	(g)	a signed release from each employee listed on Schedule 13.08, effective as of or prior to the Closing Date, in the form attached hereto as Exhibit G; and

  

	 	(h)	execute, acknowledge and deliver any other agreements provided for herein or necessary or desirable to effectuate the transactions contemplated hereby.

 Section 10.05 Actions of Buyer at the Closing. 

At the Closing, Buyer shall: 
  

	 	(a)	deliver to Seller the Purchase Price, net of Purchase Price Adjustments and less the Indemnity Escrow Amount, by wire transfer to an account designated in writing by
Seller; 

  
 29 

	 	(b)	deliver to Escrow Agent the Indemnity Escrow Amount, by wire transfer to an account designated in writing by the Escrow Agent; 

 

	 	(c)	take possession of the Assets; and 

  

	 	(d)	execute, acknowledge and deliver the Assignment, Escrow Agreement and any other agreements provided for herein or necessary or desirable to effectuate the transactions
contemplated hereby. 

 Article XI 
 Termination 
 Section 11.01 Right of Termination. This
Agreement may be terminated at any time at or prior to the Closing: 
  

	 	(a)	by mutual written consent of the Parties; 

  

	 	(b)	by Seller on the Closing Date if the conditions set forth in Article VII have not been satisfied in all material respects by Buyer or waived by Seller in writing by the
Closing Date; 

  

	 	(c)	by Buyer on the Closing Date if the conditions set forth in Article VIII have not been satisfied in all material respects by Seller and Parent or waived by Buyer in
writing by the Closing Date; 

  

	 	(d)	by either Party if the Closing shall not have occurred on or before July 20, 2012; 

 

	 	(e)	by either Party if any Governmental Authority shall have issued an order, judgment or decree or taken any other action challenging, delaying, restraining, enjoining,
prohibiting or invalidating the consummation of any of the transactions contemplated herein; 

  

	 	(f)	by either Party if (i) the aggregate amount of the Purchase Price Adjustments agreed by the Parties or otherwise finally determined pursuant to this Agreement with
respect to all uncured Title Defects plus (ii) the aggregate amount of the Environmental Defect Values agreed by the Parties or otherwise finally determined pursuant to this Agreement with respect to all Environmental Defects, exceeds fifteen
percent (15%) percent of the Purchase Price; or 

  

	 	(g)	as otherwise provided herein; 

  
 30 

 provided, however, that no Party shall have the right to terminate this Agreement pursuant to clause (b),
(c), or (d) above if such Party is at such time in material breach of any provision of this Agreement. 

Section 11.02 Effect of Termination. In the event that the Closing does not occur as a result of any Party exercising its
right to terminate pursuant to Section 11.01, then this Agreement shall be null and void and no Party shall have any further rights or obligations under this Agreement, except that nothing herein shall relieve any Party from any liability for
any breach hereof or any liability that has accrued prior to the date of such termination. 
 Section 11.03
Attorneys’ Fees, Etc. If either Party to this Agreement resorts to legal proceedings to enforce this Agreement, the prevailing Party in such proceedings shall be entitled to recover all reasonable costs incurred by such Party, including
reasonable attorneys’ fees, in addition to any other relief to which such Party may be entitled. Notwithstanding anything to the contrary in this Agreement, in no event shall either Party be entitled to receive any punitive, indirect or
consequential damages unless same are a part of a Third Party claim for which a Party is seeking indemnification hereunder, REGARDLESS OF WHETHER CAUSED OR CONTRIBUTED TO BY THE SOLE, JOINT, COMPARATIVE OR CONCURRENT NEGLIGENCE OR STRICT
LIABILITY OF THE OTHER PARTY; provided, that no such indemnification shall be applicable to the extent that gross negligence or willful misconduct of the indemnified Party caused or contributed to the indemnifiable loss. 

Article XII 

Post Closing Obligations 
 Section 12.01 Allocation of Expense and Revenues. 
  

	 	(a)	 Provided that the Closing occurs, appropriate adjustments shall be made between Buyer and Seller so that (i) Buyer will receive all proceeds from
sales of Hydrocarbons that are produced and saved from and after the Effective Time and any other revenues arising out of the ownership or operation of the Assets from and after the Effective Time, net of all applicable production, severance, and
similar taxes, and net of all costs and expenses that are incurred in the ownership or operation of the Assets from and after the Effective Time, which shall be borne by Buyer, including, without limitation, all drilling costs, all capital
expenditures, all overhead charges under applicable operating or other agreements (regardless of whether Seller or an affiliate of Seller serves as operator prior to the Closing), and (ii) Seller will receive all proceeds from sales of
Hydrocarbons that are produced and saved prior to the 

  
 31 

	 	
Effective Time and any other revenues arising out of the ownership or operation of the Assets prior to the Effective Time, net of all applicable production, severance, and similar taxes, and net
of all costs and expenses that are incurred in the ownership or operation of the Assets prior to the Effective Time, which shall be borne by Seller. 

  

	 	(b)	In addition to the foregoing, Seller will be paid (i) the amount as of the Effective Time of all prepaid ad valorem, property or similar taxes and assessments
based upon or measured by ownership of the Assets and any prepaid costs, including rentals and insurance premiums, insofar as such prepaid costs relate to periods of time after the Effective Time, and (ii) the value of all merchantable
Hydrocarbons produced prior to the Effective Time but in storage above the inlet connection or upstream of the applicable sales meter on the Closing Date. 

  

	 	(c)	In addition to the foregoing, Buyer will be paid (i) an amount equal to all unpaid ad valorem, property, production, severance and similar taxes and assessments
based upon or measured by the ownership of the Assets that are attributable to periods of time prior to the Effective Time, which amounts shall, to the extent not actually assessed, be computed based on such taxes and assessments for the preceding
tax year (such amount to be prorated for the period of Seller’s and Buyer’s ownership before and after the Effective Time), and (ii) an amount equal to all cash in, or attributable to, suspense accounts relative to the Assets for
which Buyer has assumed responsibility under Section 14.02. 

  

	 	(d)	All amounts due under this Section 12.01 will be settled in accordance with final Accounting Statement under Section 12.03. 

Section 12.02 Gas Imbalances. There are no gas imbalances except as reflected on Schedule 12.02. 

Section 12.03 Final Accounting Statement. 
  

	 	(a)	 On or before ninety (90) days after the Closing Date, Seller shall prepare and deliver to Buyer a post-closing statement setting forth a detailed
calculation of all post-Closing adjustments applicable to the period for time between the Effective Time and Closing (“Accounting Statement”). The Accounting Statement shall include any adjustment or

  
 32 

	 	
payment which was not finally determined as of the Closing Date and the allocation of revenues and expenses as determined in accordance with Section 12.01. To the extent reasonably required
by Seller, Buyer shall assist in the preparation of the Accounting Statement. Seller shall provide Buyer such data and information as Buyer may reasonably request supporting the amounts reflected on the Accounting Statement in order to permit Buyer
to perform or cause to be performed an audit. The Accounting Statement shall become final and binding upon the parties on the thirtieth (30th) day following receipt thereof by Buyer (the “Final Settlement Date”) unless Buyer gives
written notice of its disagreement (a “Notice of Disagreement”) to Seller prior to such date. Any Notice of Disagreement shall specify in detail the dollar amount, nature and basis of any disagreement so asserted. If a Notice of
Disagreement is received by Seller in a timely manner, then the Parties shall resolve the Dispute (as defined in Section 16.01) evidenced by the Notice of Disagreement in accordance with Article XVI. 

 

	 	(b)	Within five (5) Business Days after the Final Settlement Date, Seller shall pay to Buyer or Buyer shall pay to Seller in immediately available funds the net amount
due. For purposes of this Agreement, the term “Final Statement” shall mean (i) the revised Statement becoming final pursuant to this Section, or (ii) upon resolution of any Dispute regarding a Notice of Disagreement, the
revised Statement reflecting such resolutions, which the Parties shall issue, or cause the Independent Expert or arbitrators to issue, as applicable, following such resolution. 

Section 12.04 Further Cooperation. Seller shall make the Records available to be picked up by Buyer at the offices of Seller
during normal business hours within five (5) Business Days after the later of the Closing or the end of the Transition Period (as defined in Section 13.06) to the extent the Records are in the possession of Seller and are not subject to
contractual restrictions on transferability. Seller shall have the right to retain copies of any of the Records and the rights granted under Section 17.03. 
 After the Closing Date, each Party, at the request of the other and without additional consideration, shall execute and deliver, or shall cause to be executed and delivered, from time to time such further
instruments of conveyance and transfer and shall take such other action as the other Party may reasonably request to convey and deliver the Assets to Buyer and to accomplish the orderly transfer of the Assets to Buyer in the manner contemplated by
this Agreement. After the Closing, the Parties will cooperate to have all proceeds received attributable to the Assets be paid to the proper Party hereunder and to have all expenditures to be made with respect to the Assets be made by the proper
Party hereunder. 

  
 33 

 Article XIII 
 Covenants and Operation of the Assets 
 Section 13.01 Operations
after Effective Time. Seller agrees, from and after the date hereof until Closing, except as expressly contemplated by this Agreement, as expressly consented to in writing by Buyer, or in situations wherein emergency action is taken in the face
of risk to life, property or the environment, to: 
  

	 	(a)	operate the Properties in the usual, regular and ordinary manner consistent with past practice; 

 

	 	(b)	maintain the books of account and records relating to the Properties in the usual, regular and ordinary manner, in accordance with the usual accounting practices of
each such Person; 

  

	 	(c)	pay all taxes and assessments with respect to the Assets that become due and payable prior to the Closing Date and timely file all tax returns with respect thereto;

  

	 	(d)	not enter into a material contract, or materially amend or change the terms of any such contract that would involve individual commitments of more than $50,000;

  

	 	(e)	not plug or abandon any well located on the Properties without Buyer’s prior written consent; 

 

	 	(f)	not transfer, sell, mortgage, pledge or dispose of any material portion of the Properties other than the sale and/or disposal of hydrocarbons in the ordinary course of
business and sales of equipment that is no longer necessary in the operation of the Properties or for which replacement equipment has been obtained; and 

  

	 	(g)	preserve in full force and effect all oil and gas leases, operating agreements, easements, rights-of-way, permits, licenses and agreements that relate to the
Properties. 

  

	 	(h)	submit to Buyer for prior written approval, all requests for operating or capital expenditures relating to the Properties that involve individual commitments of more
than $50,000, and 

  

	 	(i)	obtain Buyer’s written approval prior to voting under any operating, joint venture, partnership or similar agreement. 

  
 34 

 In order to reimburse Seller for administrative overhead expenses incurred in order to operate the
properties in accordance with this Section from the Effective Time to the Closing Date, Buyer shall pay Seller a fee of $80,000.00 per month, prorated for any partial month. 
 Section 13.02 Limitations on the Operational Obligations and Liabilities of Seller 
  

	 	(a)	From and after the date of execution of this Agreement and until the Closing, and subject to the provisions of applicable operating and other agreements, Seller shall
use its reasonable efforts to operate the Assets and use its reasonable efforts to cause any other operators to operate and administer the Assets in a manner consistent with its past practices, and shall carry on its business with respect to the
Assets in substantially the same manner as before execution of this Agreement. 

 Buyer acknowledges that Seller
owns undivided interests in some or all of the Assets, and Buyer agrees that the acts or omissions of the other working interest owners shall not constitute a violation of the provisions of this Article XIII, nor shall any action required by a vote
of working interest owners constitute such a violation so long as Seller has voted its interests in a manner that complies with the provisions of this Article XIII. To the extent that Seller is not the operator of any of the Assets, the obligations
of Seller in this Article XIII shall be construed to require that Seller use reasonable efforts (without being obligated to incur any expense or institute any cause of action) to cause the operator of such Assets to take such actions or render such
performance within the constraints of the applicable operating agreements and other applicable agreements. 
 Section 13.03
Special Meeting; Information Circular/Proxy Statement. 
 (a) The Parties acknowledge and agree that this Agreement and
the transaction contemplated hereby is conditioned on and subject to requisite approval (the “Parent Securityholder Approval”) by the applicable securityholders of Parent (the “Parent Securityholders”), including the approval of
two-thirds OF THE VOTES ACTUALLY CAST AT A SPECIAL MEETING OF THE HOLDERS OF COMMON SHARES OF PARENT (NOT COUNTING FOR This purpose abstentions, spoiled votes, illegible votes and/or defective votes). 

  
 35 

 (b) As promptly as practicable following the date of this Agreement, Parent shall,
(i) establish a record date for, duly call, and give notice of, convene and hold a special meeting (the “Special Meeting”) of the applicable securityholders of Parent for the purpose of obtaining the Parent Securityholder Approval and
(ii) prepare and shall file with applicable Regulatory Authorities an information circular/proxy statement with respect to the transaction for use in soliciting proxies for the Special Meeting (the “Information Circular”). The Parties
shall fully cooperate in connection with the preparation of the Information Circular and responding to any comments from the Regulatory Authorities, including the Securities and Exchange Commission and the Toronto Stock Exchange. Buyer shall furnish
all information concerning Buyer as Parent may reasonably request in connection with such actions and the preparation of the Information Circular, which information shall not contain any untrue statements of a material fact or omit to state any
material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading. The Parties shall use all reasonable efforts to cause the Information Circular
to be approved or otherwise cleared by the applicable Regulatory Authorities as soon as practicable. 
 (c) As promptly as
practicable after the Information Circular has been approved or otherwise cleared by each of the applicable Regulatory Authorities, Parent shall (i) mail the Information Circular to the Parent Securityholders in accordance with applicable law
and (ii) use all reasonable efforts to hold the Special Meeting as soon as practicable thereafter. 
 Section 13.04
Required Approvals. 
 (a) Following the execution hereof, Parent and Seller shall use commercially reasonable efforts,
and Buyer shall cooperate in good faith with Sellers, to obtain all approvals required from any Regulatory Authority, as defined below. Schedule 13.04 (a) sets forth a list of the Parties’ understanding, as of the date of this
Agreement, as to all consents, approvals, notices or filings that are required to be obtained or made by Parent or Seller in connection with the execution, delivery and performance of this Agreement and consummation of the Transaction (the
“Required Approvals”). The Parties shall update Schedule 13.04(a) from time to time to reflect any changes or updates to the list of Required Approvals. For purposes of this Agreement, “Regulatory Authority” means any:
(i) multinational, federal, provincial, state, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau or agency, domestic or foreign;
(ii) any subdivision, agency, commission, board or authority of any of the foregoing; or (iii) any quasigovernmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the
foregoing, including any stock exchange. 

  
 36 

 (b) The Parties will cooperate with each other (including by furnishing relevant
information) in complying with any filing or notification formalities required to obtain any approval or clearance of or non-objection found to be applicable to the transaction by any competent anti-trust or competition authority; and any other
filings, submissions or approvals required from any Governmental Authority or Regulatory Authority. 
 (c) Each Party shall
supply the others copies of all correspondence, filings or communications (or memoranda setting forth the substance thereof) with Governmental Authority or Regulatory Authority with respect to this Agreement and the transactions contemplated hereby.

 (d) With respect to information furnished by the Parties in connection with any application, statement or filing relating to
the transactions contemplated in this Agreement, such information at the time such information is furnished shall be correct in all material respects and shall not omit any material fact required to be stated therein or necessary to make the
statements therein not misleading. 
 Section 13.05 Operation of the Assets After the Closing. It is expressly
understood and agreed that Seller shall not be obligated to continue operating any of the Assets following the Closing and Buyer hereby assumes full responsibility for operating (or causing the operation of) all Assets following the Closing. Seller
shall make its personnel available to Buyer prior to the Closing as may be reasonably necessary to assist in the transition if Buyer becomes the operator. Notwithstanding anything to the contrary contained herein, as of Closing, Seller will resign
as operator of any wells within the Assets that Seller currently operates. 
 Section 13.06 Casualty Loss.

  

	 	(a)	Buyer shall assume all risk of loss with respect to, and any change in the condition of, the Assets from the date of this Agreement until the Closing, including with
respect to the depletion of Hydrocarbons, the watering-out of any well, the collapse of casing, sand infiltration of wells, and the depreciation of personal property. 

 

	 	(b)	 If after the date of this Agreement and prior to the Closing any part of the Assets shall be damaged or destroyed by fire or other casualty or if any
part of the Assets shall be taken in condemnation or under the right of eminent domain or if proceedings for such purposes shall be pending or 

  
 37 

	 	
threatened, this Agreement shall remain in full force and effect notwithstanding any such destruction, taking or proceeding, or the threat thereof and the Parties shall proceed with the
transactions contemplated by this Agreement notwithstanding such destruction or taking without reduction of the Purchase Price, but subject to Section 13.06(c). 

 

	 	(c)	Notwithstanding Section 13.06(a), in the event of any loss described in Section 13.06(b), at the Closing, Seller shall pay to Buyer all sums paid to Seller by
third parties by reason of the destruction or taking of such Assets (up to the Allocated Value thereof), including any sums paid pursuant to any policy or agreement of insurance or indemnity, and shall assign, transfer and set over unto Buyer all of
the rights, title and interest of Seller in and to any claims, causes of action, unpaid proceeds or other payments from third parties, including any policy or agreement of insurance or indemnity, arising out of such destruction or taking (up to the
Allocated Value thereof). Notwithstanding anything to the contrary in this Section 13.06, Seller shall not be obligated to carry or maintain, and shall have no obligation or liability to Buyer for its failure to carry or maintain, any insurance
coverage with respect to any of the Assets. Notwithstanding anything to the contrary contained in this Section 13.06, should the uncompensated loss exceed Three Million U.S. Dollars ($3,000,000), Buyer shall have the option to terminate this
Agreement. 

 Section 13.07 Operatorship. As of Closing, Seller will send out notifications of its
resignation as operator for all wells Seller currently operates and is selling to Buyer pursuant to this Agreement. Seller makes no representation and/or warranty to Buyer as to the transferability or assignability of operatorship of such wells.
Buyer acknowledges that the rights and obligations associated with such wells are governed by applicable agreements and that operatorship will be determined by the terms of those agreements. 

Section 13.08 Personnel. Seller and its affiliates shall reasonably cooperate with Buyer or Buyer’s affiliate in
permitting Buyer or Buyer’s affiliate to interview, on a voluntary basis, each eligible employee identified in Schedule 13.08, so as to make selection decisions and communicate to such employees any information concerning employment
offers and employment with Buyer or Buyer’s affiliate. Within thirty (30) days after the date of this Agreement, Buyer or Buyer’s affiliate shall deliver written offers of employment, contingent upon the occurrence of Closing, to
those individuals it wishes to hire at Buyer’s or Buyer’s affiliate’s sole discretion (the “Offer Letters”), which, if accepted, shall 

  
 38 

 
provide that such employee shall be hired by Buyer effective as of the Closing Date. Each individual who accepts Buyer or Buyer’s affiliate’s offer of employment and who satisfies the
conditions of such offer of employment shall become an employee of Buyer or Buyer’s affiliate effective upon no earlier than the Closing Date (the “Employment Commencement Date”) and shall be referred to herein as a “Transferred
Employee”). Buyer or Buyer’s affiliate shall provide to the Transferred Employees employee benefits under plans or policies established or maintained by Buyer or Buyer’s affiliate (“Buyer or Buyer’s Affiliate Benefit
Plans”) to the same extent that Buyer or Buyer’s affiliate provides benefits to their similarly situated employees in accordance with Buyer or Buyer’s Affiliate Benefit Plans. Buyer, for itself and for Buyer’s affiliate,
represents that in addition to its normal eligibility requirements for retiree medical coverage, eligibility of a Transferred Employee for such coverage shall require at least five (5) years of actual service with Buyer and/or Buyer’s
affiliate from and after the Employment Commencement Date. Seller shall retain all liabilities with respect to Seller’s or its affiliate’s current or former employees attributable to the period ending prior to the Closing Date, including
(i) any liabilities that arise as a result of the transactions contemplated hereby (including the termination of employment of any Seller employee), (ii) any obligations under any Seller benefit plan prior to the Closing Date,
(iii) any responsibilities under the Employee Retirement Income Security Act of 1974, as amended, (iv) any liabilities arising out of any obligations under the WARN Act arising as a consequence of the transactions contemplated by this
Agreement, and (v) any compensation owed or payable to Seller’s or its affiliate’s current or former employees, prior to the Closing Date (“Employment Liabilities”). No provision of this Agreement shall create any third
party beneficiary rights in any Transferred Employee, any beneficiary or dependents thereof, or any collective bargaining representative thereof, with respect to the compensation, terms and conditions of employment and benefits that may be provided
to any Transferred Employee by Buyer or Buyer’s affiliate or under any benefit plan which Buyer or Buyer’s affiliate may maintain. 
 Article XIV 
 Obligations and Indemnification 

Section 14.01 Retained Obligations. Provided that the Closing occurs, Seller and Parent shall retain the following
obligations (collectively, the “Retained Obligations”): 
  

	 	(a)	any breach of the representations or warranties of Seller in this Agreement; 

 

	 	(b)	the ownership or operation of the Assets, or any part thereof, to the extent attributable to the period of time prior to the Closing; 

  
 39 

	 	(c)	any personal injury (including death), property damage, fines, penalties, or injunctions, to the extent related to the ownership or operation of the Assets and arising
from events occurring prior to the Closing; 

  

	 	(d)	any offsite disposal, prior to the Closing, of hazardous substances, hazardous materials or hazardous waste arising from the operation or use of the Assets;

  

	 	(e)	(a) the payment of any Property Taxes or Severance Taxes allocable to the period prior to the Effective Time, (b) the proper payment or accounting for royalties or
other lease burdens related to production of Hydrocarbons from the Assets prior to the Closing, and (c) disputes related to the proper billing or payment of joint interest billing accounts related to ownership or operation of the Assets prior
to the Closing; 

  

	 	(f)	any swap, derivative, hedge or similar contracts or debt instruments of Seller or its affiliate relating to the Assets; 

 

	 	(g)	any suit, action, proceeding, lawsuit or other litigation pending against Seller or its affiliates relating to the Assets prior to the Closing;

  

	 	(h)	ownership, operation or use of the Excluded Assets; 

  

	 	(i)	any Employment Liabilities, and all liabilities related to employees retained by Seller after Closing; 

 

	 	(j)	any Gas Imbalances not otherwise accounted for in the Accounting Statement; 

 

	 	(k)	any gross negligence or willful misconduct of Seller or its affiliates, to the extent related to the ownership or operation of the Assets and arising from events
occurring prior to the Closing; and 

  

	 	(l)	commissions, finder’s fees or other remuneration due to any agent, broker or finder claiming by, through or under Seller with respect to the transactions
contemplated by this Agreement. 

 Section 14.02 Assumed Obligations. Provided that the Closing
occurs, except to the extent of the Retained Obligations, Buyer hereby assumes all duties, obligations and liabilities of every kind and character with respect to the Assets or the ownership or operation thereof, which are attributable to periods on
or after the Effective Time, including, without limitation, those arising out of (a) the terms 

  
 40 

 
of the Easements, Contracts, Leases, Personal Property or Subject Interests comprising part of the Assets, (b) Gas Imbalances, (c) suspense accounts, (d) ad valorem, property,
severance and other similar taxes or assessments based upon or measured by the ownership of the Assets or the production therefrom attributable to the period of time from and after the Effective Time, (e) the condition of the Subject Interests,
regardless of whether such condition arose before or after the Effective Time, (f) obligations to properly plug and abandon or re-plug or re-abandon or remove wells, flowlines, gathering lines or other facilities, equipment or other personal
property or fixtures comprising part of the Assets, and (g) obligations to restore the surface of the Subject Interests and obligations to remediate or bring the Subject Interests into compliance with applicable Environmental Laws (including
conducting any remediation activities that may be required on or otherwise in connection with activities on the Subject Interests), regardless of whether such obligations or conditions or events giving rise to such obligations, arose, occurred or
accrued before or after the Effective Time (collectively, the “Assumed Obligations”). 
 Section 14.03
Buyer’s Indemnification. Provided that the Closing occurs, Buyer shall release, defend, indemnify and hold harmless Seller, its partners, and their respective officers, directors, employees, agents, partners, representatives, members,
shareholders, affiliates, subsidiaries, successors and assigns (collectively, the “Seller Indemnitees”) from and against any and all claims, damages, liabilities, losses, causes of action, costs and expenses (including, without limitation,
those involving theories of negligence or strict liability and including court costs and attorneys’ fees) (collectively, the “Losses”) as a result of, arising out of, or related to the Assumed Obligations, REGARDLESS OF WHETHER
CAUSED OR CONTRIBUTED TO BY THE SOLE, JOINT, COMPARATIVE OR CONCURRENT NEGLIGENCE OR STRICT LIABILITY OF ANY OF THE SELLER INDEMNITEES; provided, that no such indemnification shall be applicable to the extent that gross negligence or willful
misconduct of the Seller Indemnitees caused or contributed to the indemnifiable loss. 
 Section 14.04 Seller’s
and Parent’s Indemnification. Provided that the Closing occurs, Seller and Parent shall release, defend, indemnify and hold harmless Buyer, its partners, and their respective officers, directors, employees, agents, representatives, members,
shareholders, affiliates and subsidiaries (collectively, the “Buyer Indemnitees”) from and against any and all Losses as a result of, arising out of, or related to the Retained Obligations REGARDLESS OF WHETHER CAUSED OR CONTRIBUTED TO
BY THE SOLE, JOINT, COMPARATIVE OR CONCURRENT NEGLIGENCE OR STRICT LIABILITY OF ANY OF THE BUYER INDEMNITEES; provided, that no such indemnification shall be applicable to the extent that gross negligence or willful misconduct of the Buyer
Indemnitees caused or contributed to the indemnifiable loss. Notwithstanding anything to the contrary contained herein, Buyer shall bear sole responsibility for the aggregate costs associated with all Retained Obligations set forth in Sections
14.01(a) and (b) up 

  
 41 

 
to a deductible percentage of three percent (3%) of the Purchase Price. By the prior sentence, it is the intent that Seller and Parent only be obligated to the extent of the excess of the
claims above the deductible percentage of three percent (3%). Such deductible percentage of three (3%) shall not apply to the Retained Obligations set forth in Sections 14.01(c) through (l). 

Section 14.05 Notices and Defense of Indemnified Matters. Each Party shall promptly notify the other Party of any matter of
which it becomes aware and for which it is entitled to indemnification from the other Party under this Agreement. The indemnifying Party shall be obligated to defend, at the indemnifying Party’s sole expense, any litigation or other
administrative or adversarial proceeding against the indemnified Party relating to any matter for which the indemnifying Party has agreed to indemnify and hold the indemnified Party harmless under this Agreement. However, the indemnified Party shall
have the right to participate with the indemnifying Party in the defense of any such matter at its own expense. 

Section 14.06 Indemnity Escrow. At Closing, Buyer shall, on behalf of Seller, pay to Burnet, Duckworth & Palmer LLP,
as agent to Buyer and Seller (the “Escrow Agent”), in immediately available funds, to the account designated by the Escrow Agent, Three Million U.S. Dollars ($3,000,000) (the “Indemnity Escrow Amount”), in accordance with the
terms of this Agreement and the Escrow Agreement in a form of Exhibit H hereto, which shall be executed at Closing, by and among the Buyer, Seller and Escrow Agent (the “Escrow Agreement”). Any payment that Seller or Parent is obligated to
make to the Buyer Indemnities hereunder pursuant to this Article XIV shall be paid, to the extent there are sufficient funds in the account created by the Escrow Agreement (the “Indemnity Escrow Account”), by release of funds to such Buyer
Indemnities from the Indemnity Escrow Account in accordance with the terms of the Escrow Agreement by the Escrow Agent. Any disbursement of funds in the Escrow Account requires the prior written consent of the parties to the Escrow Agreement, and
all such parties shall reasonably cooperate in connection with any such disbursement. 
 Article XV 

Limitations on Representations and Warranties 
 Section 15.01 Disclaimers of Representations and Warranties. The express representations and warranties of Seller and/or Parent contained in this Agreement and the Assignment are
exclusive and are in lieu of all other representations and warranties, express, implied or statutory. EXCEPT FOR THE EXPRESS REPRESENTATIONS OF SELLER AND/OR PARENT IN THIS AGREEMENT AND THE ASSIGNMENT, BUYER ACKNOWLEDGES THAT SELLER
AND/OR PARENT HAS NOT MADE, AND SELLER AND/OR PARENT HEREBY EXPRESSLY DISCLAIMS AND NEGATES, AND BUYER HEREBY EXPRESSLY WAIVES, ANY REPRESENTATION OR WARRANTY, EXPRESS, IMPLIED, AT 

  
 42 

 
COMMON LAW, BY STATUTE OR OTHERWISE RELATING TO (a) PRODUCTION RATES, RECOMPLETION OPPORTUNITIES, DECLINE RATES, GAS BALANCING INFORMATION OR THE QUALITY, QUANTITY OR VOLUME OF THE RESERVES
OF HYDROCARBONS, IF ANY, ATTRIBUTABLE TO THE ASSETS, (b) THE ACCURACY, COMPLETENESS OR MATERIALITY OF ANY INFORMATION, DATA OR OTHER MATERIALS (WRITTEN OR ORAL) NOW, HERETOFORE OR HEREAFTER FURNISHED TO BUYER BY OR ON BEHALF OF SELLER AND/OR
PARENT, AND (c) THE ENVIRONMENTAL CONDITION OF THE ASSETS. EXCEPT FOR THE EXPRESS REPRESENTATIONS OF SELLER AND/OR PARENT IN THIS AGREEMENT, SELLER AND/OR PARENT EXPRESSLY DISCLAIMS AND NEGATES, AND BUYER HEREBY WAIVES, AS TO PERSONAL PROPERTY,
EQUIPMENT, INVENTORY, MACHINERY AND FIXTURES CONSTITUTING A PART OF THE ASSETS (i) ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY, (ii) ANY IMPLIED OR EXPRESS WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, (iii) ANY IMPLIED OR
EXPRESS WARRANTY OF CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, (iv) ANY RIGHTS OF PURCHASERS UNDER APPROPRIATE STATUTES TO CLAIM DIMINUTION OF CONSIDERATION OR RETURN OF THE PURCHASE PRICE, (v) ANY IMPLIED OR EXPRESS WARRANTY OF FREEDOM
FROM DEFECTS, WHETHER KNOWN OR UNKNOWN, (vi) ANY AND ALL IMPLIED WARRANTIES EXISTING UNDER APPLICABLE LAW, AND (vii) ANY IMPLIED OR EXPRESS WARRANTY REGARDING ENVIRONMENTAL LAWS, THE RELEASE OF MATERIALS INTO THE ENVIRONMENT, OR PROTECTION
OF THE ENVIRONMENT OR HEALTH, IT BEING THE EXPRESS INTENTION OF BUYER AND SELLER AND/OR PARENT THAT THE PERSONAL PROPERTY, EQUIPMENT, INVENTORY, MACHINERY AND FIXTURES INCLUDED IN THE ASSETS SHALL BE CONVEYED TO BUYER, AND BUYER SHALL ACCEPT SAME,
AS IS, WHERE IS, WITH ALL FAULTS AND IN THEIR PRESENT CONDITION AND STATE OF REPAIR AND BUYER REPRESENTS TO SELLER AND/OR PARENT THAT BUYER WILL MAKE OR CAUSE TO BE MADE SUCH INSPECTIONS WITH RESPECT TO SUCH PERSONAL PROPERTY, EQUIPMENT, INVENTORY,
MACHINERY AND FIXTURES AS BUYER DEEMS APPROPRIATE. SELLER AND/OR PARENT AND BUYER AGREE THAT, TO THE EXTENT REQUIRED BY APPLICABLE LAW TO BE EFFECTIVE, THE DISCLAIMERS OF CERTAIN WARRANTIES CONTAINED IN THIS SECTION ARE “CONSPICUOUS”
DISCLAIMERS FOR THE PURPOSES OF ANY APPLICABLE LAW, RULE OR ORDER. 

  
 43 

 Section 15.02 Independent Investigation. Buyer represents and acknowledges that
it is knowledgeable of the oil and gas business and of the usual and customary practices of producers such as Seller and that it has had (or will have prior to the Closing) access to the Assets, the officers and employees of Seller, and the books,
records and files of Seller relating to the Assets, and in making the decision to enter into this Agreement and consummate the transactions contemplated hereby, Buyer will have relied as of Closing solely on the basis of its own independent due
diligence investigation of the Assets and upon the representations and warranties made in this Agreement and the Assignment, and not on any other representations or warranties of Seller or any other person or entity. 

Section 15.03 Survival. Notwithstanding anything contained in this Agreement to the contrary, the representations,
warranties, covenants and obligations of Seller under this Agreement shall survive the Closing for sixty (60) days only; provided that Parent shall be responsible for such representations, warranties, covenants and obligations after such sixty
(60) day period in accordance with Section 17.16. The representations, warranties, covenants and obligations of Parent under this Agreement, including but not limited to Section 17.16 of this Agreement, shall survive the Closing for
six (6) months only. Notwithstanding the termination of any indemnity, representation or warranty pursuant to this Section 15.03, any claim for indemnification or breach of representation or warranty properly raised prior to the expiration
of such indemnity, representation or warranty shall survive until such claim and the payment and the indemnity with respect thereto are resolved, provided, however, in no event shall Seller’s and/or Parent’s liability for any such claim(s)
exceed in the aggregate the Three Million U.S. Dollars ($3,000,000) deposited pursuant to the Indemnity Escrow Agreement. 

Article XVI 

Expert Dispute Resolution 
 Section 16.01 General. Any and all claims, Disputes, controversies or other matters in question arising out of or relating to title issues under Section 3.05, environmental issues under
Section 4.04, or calculation of the Accounting Statement or revisions thereto under Section 12.03 (all of which are referred to herein as “Disputes” which term shall not include any other disputes claims, disputes, controversies
or other matters in question arising under this Agreement) shall be resolved in the manner prescribed by this Article XVI. 

Section 16.02 Senior Management. If a Dispute occurs that the senior representatives of the Parties responsible for the
transaction contemplated by this Agreement have been unable to settle or agree upon within a period of fifteen (15) days after such Dispute arose, Seller shall nominate and commit one of its senior officers, and Buyer shall nominate and commit
one of its senior officers, to meet at a mutually agreed time and place not later than thirty (30) days after the Dispute has arisen to attempt to resolve same. If such senior management have been unable to resolve such Dispute within a period
of fifteen (15) days after such meeting, or if such meeting has not occurred within forty-five (45) days following 

  
 44 

 
such Dispute arising, then either Party shall have the right, by written notice to the other, to resolve the Dispute through the relevant Independent Expert pursuant to Section 16.03.

 Section 16.03 Dispute by Independent Expert. 

 

	 	(a)	Each Party shall have the right to submit Disputes regarding title issues under Section 3.05, environmental issues under Section 4.04, or calculation of the
Accounting Statement or revisions thereto under Section 12.03, to an independent expert appointed in accordance with this Section 16.03 (each, an “Independent Expert”), who shall serve as sole arbitrator. The Independent
Expert shall be appointed by mutual agreement of the Parties from among candidates with experience and expertise in the area that is the subject of such Dispute, and failing such agreement, such Independent Expert for such Dispute shall be selected
in accordance with the Rules (as defined in Subsection (b) of this Section 16.03). 

  

	 	(b)	Disputes to be resolved by an Independent Expert shall be resolved in accordance with mutually agreed procedures and rules and failing such agreement, in accordance
with the Rules of the American Arbitration Association to the extent such Rules do not conflict with the provisions of this Agreement The Independent Expert shall be instructed by the Parties to resolve such Dispute as soon as reasonably practicable
in light of the circumstances. The decision and award of the Independent Expert shall be binding upon the Parties as an award under the Federal Arbitration Act and final and nonappealable to the maximum extent permitted by law, and judgment thereon
may be entered in a court of competent jurisdiction and enforced by any Party as a final judgment of such court. 

  

	 	(c)	The charges and expenses of the arbitrator shall be shared equally by Seller and Buyer. 

 

	 	(d)	Any arbitration hearing held pursuant to Section 16.03 shall be held in Los Angeles, California. 

Section 16.04 Limitation on Arbitration. ALL OTHER DISAGREEMENTS, DIFFERENCES, OR DISPUTES ARISING BETWEEN SELLER AND BUYER
UNDER THE TERMS OF THIS AGREEMENT OUTSIDE OF TITLE ISSUES UNDER SECTION 3.05, ENVIRONMENTAL ISSUES UNDER SECTION 4.04, AND CALCULATION OF THE ACCOUNTING STATEMENT AND REVISIONS THERETO UNDER 

  
 45 

 
SECTION 12.03 (AND NOT COVERED BY SECTION 16.03) SHALL NOT BE SUBJECT TO ARBITRATION AND SHALL BE DETERMINED BY A COURT OF COMPETENT JURISDICTION, UNLESS THE PARTIES OTHERWISE MUTUALLY AGREE.

 Article XVII 
 Miscellaneous 
 Section 17.01 Names. As soon as reasonably
possible after the Closing, but in no event later than 45 days after the Closing, Buyer shall remove the names of Seller and its affiliates, and all variations thereof, from all of the Assets and make the requisite filings with, and provide the
requisite notices to, the appropriate federal, state or local agencies to place the title or other indicia of ownership, including operation of the Assets, in a name other than the name of the Seller or any of its affiliates, or any variations
thereof. 
 Section 17.02 Expenses. Each Party shall be solely responsible for all expenses, including due diligence
expenses, incurred by it in connection with this transaction, and neither Party shall be entitled to any reimbursement for such expenses from the other Party. 
 Section 17.03 Document Retention. As used in this Section 17.03, the term “Documents” shall mean all files, documents, books, records and other data delivered to Buyer by Seller
pursuant to the provisions of this Agreement (other than those that Seller has retained either the original or a copy of), including, but not limited to: financial and tax accounting records; land, title and division of interest files; contracts;
engineering and well files; and books and records related to the operation of the Assets prior to the Closing Date. Buyer shall retain and preserve the Documents for a period of no less than four (4) years following the Closing Date (or for
such longer period as may be required by law or governmental regulation), and shall allow Seller or its representatives to inspect the Documents at reasonable times and upon reasonable notice during regular business hours during such time period.
Seller shall have the right during such period to make copies of the Documents at its expense. 
 Section 17.04 Entire
Agreement. This Agreement, the documents to be executed hereunder, and the exhibits attached hereto constitute the entire agreement between the Parties pertaining to the subject matter hereof and supersede all prior agreements, understandings,
negotiations and discussions, whether oral or written, of the Parties pertaining to the subject matter hereof. No supplement, amendment, alteration, modification or waiver of this Agreement shall be binding unless executed in writing by the Parties
and specifically referencing this Agreement. 
 Section 17.05 Waiver. No waiver of any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. 

  
 46 

 Section 17.06 Publicity and Disclosure of Agreement. Neither Party shall issue
any press release or otherwise make any public statement with respect to this Agreement or the transactions contemplated herein or make any filing with any Regulatory Authority with respect thereto without the prior written consent of the other
Party, except as may be required by applicable law or by obligations pursuant to any listing agreement with a stock exchange and only after using its reasonable commercial efforts to consult the other Party, taking into account the time constraints
to which it is subject as a result of such law or obligation. Each of Parties shall use its commercially reasonable efforts to enable the other of them to review and comment on all such press releases and filings prior to the release thereof. Buyer
acknowledges and agrees that this Agreement shall be filed as required with any applicable Governmental Authority or Regulatory Authority and included, in whole or in part, in the Information Circular or as otherwise required to be disclosed in
accordance with applicable law. 
 Section 17.07 Reasonable Commercial Efforts. Each Party shall use its respective
reasonable commercial efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other Parties in doing, all things necessary, proper or advisable to consummate and make effective, in the
most expeditious manner practicable, the transactions contemplated herein, including the execution and delivery of such additional or further consents, documents and other instruments and shall take all such further actions as the other Parties may
reasonably request for the purpose of effectively carrying out the transactions contemplated by this Agreement and the other related agreements. 
 Section 17.08 Construction. The captions in this Agreement are for convenience only and shall not be considered a part of or affect the construction or interpretation of any provision of this
Agreement. The Parties acknowledge that they have participated jointly in the negotiation and drafting of this Agreement and as such the Parties agree that if an ambiguity or question of intent or interpretation arises hereunder, this Agreement
shall not be construed more strictly against one Party than another on the grounds of authorship. 
 Section 17.09 No
Third Party Beneficiaries. Except as provided in Sections 14.04 and 14.05, nothing in this Agreement shall provide any benefit to any Third Party or entitle any Third Party to any claim, cause of action, remedy or right of any kind, it being the
intent of the Parties that this Agreement shall otherwise not be construed as a Third Party beneficiary contract. 

Section 17.10 Assignment. Neither Party may assign or delegate any of its rights or duties hereunder without the prior
written consent of the other Party and any assignment made without such consent shall be void. Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective permitted
successors, assigns and legal representatives. 

  
 47 

 Section 17.11 Governing Law. This Agreement, other documents delivered pursuant
hereto and the legal relations between the Parties shall be governed and construed in accordance with the laws of the State of California, without giving effect to principles of conflicts of laws that would result in the application of the laws of
another jurisdiction. Except as provided in Article XVI, any dispute arising out of or relating to this Agreement which cannot be amicably resolved by the Parties, shall be brought in a federal or state court of competent jurisdiction sitting in Los
Angeles County of the State of California, and the Parties irrevocably submit to the jurisdiction of any such court solely for the purpose of any such suit, action or proceeding. 

Section 17.12 Notices. Any notice, communication, request, instruction or other document required or permitted hereunder
shall be given in writing and delivered in person or sent by U.S. Mail postage prepaid, return receipt requested, overnight courier or facsimile to the addresses of Seller and Buyer set forth below. Any such notice shall be effective only upon
receipt. 
  

							
		 	Parent and Seller:	 		  	 Clarence Cottman
 c/o Legacy
Energy, Inc.
 1160 Eugenia Place, Ste. 100
 Carpinteria, CA 93013
  

                    OR

				
		 		 		  	 Scott Dobson
 c/o Legacy
Energy, Inc.
 1160 Eugenia Place, Ste. 100
 Carpinteria, CA 93013

				
		 	Buyer:	 		  	 Sean B. Murphy
 c/o Day Carter
& Murphy LLP
 3620 American River Drive, Suite 205
 Sacramento, CA 95864

 Either Party may, by written notice so delivered to the other Party, change its address for notice purposes hereunder.

 Section 17.13 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of
being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect and the Parties shall negotiate in good

  
 48 

 
faith to modify this Agreement so as to effect their original intent as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the
extent possible. 
 Section 17.14 Time of the Essence. Time shall be of the essence with respect to all time periods
and notice periods set forth in this Agreement. 
 Section 17.15 Counterpart Execution. This Agreement may be
executed in any number of counterparts, and each counterpart hereof shall be effective as to each Party that executes the same whether or not all of such Parties execute the same counterpart. If counterparts of this Agreement are executed, the
signature pages from various counterparts may be combined into one composite instrument for all purposes. All counterparts together shall constitute only one Agreement, but each counterpart shall be considered an original. 

Section 17.16 Parent Joint and Several Liability. Notwithstanding anything to the contrary in this Agreement, Parent, Seller
and Buyer agree that (i) Parent is and shall be jointly and severally liable after Closing for all of Seller’s obligations, covenants, representations, warranties, liabilities or indemnities under this Agreement and under any document to
be entered into by Seller at Closing; and (ii) Parent shall be deemed to have separately agreed to each and every obligation, covenant, representation, warranty, liability or indemnity of Seller set forth in this Agreement, even if such
obligation, covenant, representation, warranty, liability or indemnity only refers to Seller and does not refer to Parent. 

[Signatures on following page] 

  
 49 

 IN WITNESS WHEREOF, Seller and Buyer have executed and delivered this Agreement as of the
date first set forth above. 
  

			
	SELLER:
	
	LEGACY ENERGY, INC.
		
	By:	 	 /s/ Clarence Cottman

	Name:	 	CLARENCE COTTMAN
	Title:	 	CHIEF EXECUTIVE OFFICER
	
	PARENT: 
	
	NIMIN ENERGY CORP.
		
	By:	 	 /s/ Clarence Cottman 

	Name	 	CLARENCE COTTMAN
	Title:	 	CHIEF EXECUTIVE OFFICER
	
	BUYER: 
	
	SOUTHERN SAN JOAQUIN PRODUCTION, LLC
		
	By:	 	 /s/ Todd Stevens

	Name:	 	TODD STEVENS
	Title:	 	VICE PRESIDENT

  
 50 

 EXHIBIT A 
 THE LEASES 
 PLEITO CREEK FIELD 

KERN COUNTY, CA 
  

			
	DOCUMENT NO.:	 	0206010333
	LESSOR:	 	Petro Resources, Inc.
	LESSEE:	 	Pleito Oil & Gas Corp. (POGC)
	LEASE DATE:	 	January 13, 2006
	ASSIGNED:	 	POGC to Legacy Energy, LLC August 31, 2006
	DOCUMENT NO.:	 	0206218646
		
	DOCUMENT NO.:	 	0205154152
	LESSOR:	 	Petro Resources, Inc.
	LESSEE:	 	Thomas L. Davis (Davis)
	LEASE DATE:	 	April 26, 2005
	ASSIGNED:	 	Davis to Legacy Energy, LLC August 31, 2006
	DOCUMENT NO.:	 	0206218645
		
	DOCUMENT NO.:	 	0208048232
	LESSOR:	 	Vintage Production California, LLC
	LESSEE:	 	Legacy Energy, Inc.
	LEASE DATE:	 	January 1, 2008

 END OF EXHIBIT A 

  
 51 

 EXHIBIT B 
 THE WELLS 
  

															
	 WELL NAME
	  	API NUMBER	  	 FIELD
	  	 PROPERTY DESCRIPTION
	  	WORKING
INTEREST	 	 	NET
REVENUE
INTEREST	 
	 PLEITO PRI FEE 1-35
	  	04029603650000	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 PLEITO PRI FEE 2-35
	  	04029640930000	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 PLEITO PRI FEE 20-35
	  	04029666950000	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 PLEITO PRI FEE 21-35
	  	04029669570000	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 PLEITO PRI FEE 22R-35
	  	04029669030000	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 TEN WEST 1
	  	04029355070100	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 TEN WEST 3
	  	04029355090001	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 TEN WEST 5
	  	04029355110200	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 TEN WEST 7
	  	04029355130100	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 TEN WEST 12
	  	04029355170001	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 TEN WEST 13
	  	04029355210000	  	Pleito Creek	  	Section 36, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 TEN WEST 16
	  	04029355200200	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 TEN WEST H1
	  	04030335570100	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 TEN WEST H2
	  	04030357400200	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 TEN WEST H3
	  	04030357410000	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 TEN WEST H4
	  	04030360200000	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 TEN WEST H8
	  	04030367300300	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 TEN WEST O2 (Olcese)
	  	04030360210000	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	75.00	% 
	 TEN WEST 23-35*
	  	04030438830000	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	75.00	% 
	 TEN WEST 24-35*
	  	04030439440000	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	75.00	% 
	 TEN WEST O1 (Injector)
	  	04030346490000	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
	 TEN WEST IP1 (Injector)
	  	04030367310000	  	Pleito Creek	  	Section 35, T11N, R21W	  	 	100	% 	 	 	78.00	% 
						
	 Baseline**
	  		  		  		  				 			

  

	*	The net revenue interest on the Ten West 23-35 and 24-35 wells changes to between 58% and 60% on each well when each individual well reaches cumulative production of
100,000 barrels of oil. 

	**	Baseline production pursuant to Article 5 of the Addendum to Oil and Gas Lease dated January 13, 2006, between Pleito Oil & Gas Corp. and Petro Resources,
Inc. payable to mineral owner is 506.4 barrels of oil per month in 2012 and declines 5.5% each year thereafter. Also, in 2012 the net revenue on Santa Margarita production is 82% on 256 barrels of oil per month declining by 5.5% per year. Santa
Margarita production above 762.4 (506.4 + 256) barrels of oil per month is at net revenue interest of 78%. 

END OF EXHIBIT B 

  
 52 

 EXHIBIT C 
 ALLOCATED VALUES 
  

															
	 WELL NAME
	  	 API NUMBER
	  	WORKING
INTEREST	 	 	NET
REVENUE
INTEREST	 	 	ALLOCATED
VALUES	 
	 PLEITO PRI FEE 1-35
	  	4029603650000	  	 	100	% 	 	 	78.00	% 	 	$	500,000	  
	 PLEITO PRI FEE 2-35
	  	4029640930000	  	 	100	% 	 	 	78.00	% 	 	$	500,000	  
	 PLEITO PRI FEE 20-35
	  	4029666950000	  	 	100	% 	 	 	78.00	% 	 	$	2,030,569	  
	 PLEITO PRI FEE 21-35
	  	4029669570000	  	 	100	% 	 	 	78.00	% 	 	$	125,140	  
	 PLEITO PRI FEE 22R-35
	  	4029669030000	  	 	100	% 	 	 	78.00	% 	 	$	500,000	  
	 TEN WEST 1
	  	4029355070100	  	 	100	% 	 	 	78.00	% 	 	$	500,000	  
	 TEN WEST 3
	  	4029355090001	  	 	100	% 	 	 	78.00	% 	 	$	500,000	  
	 TEN WEST 5
	  	4029355110200	  	 	100	% 	 	 	78.00	% 	 	$	500,000	  
	 TEN WEST 7
	  	4029355130100	  	 	100	% 	 	 	78.00	% 	 	$	500,000	  
	 TEN WEST 12
	  	4029355170001	  	 	100	% 	 	 	78.00	% 	 	$	500,000	  
	 TEN WEST 13
	  	4029355210000	  	 	100	% 	 	 	78.00	% 	 	$	500,000	  
	 TEN WEST 16
	  	4029355200200	  	 	100	% 	 	 	78.00	% 	 	$	500,000	  
	 TEN WEST H1
	  	4030335570100	  	 	100	% 	 	 	78.00	% 	 	$	3,163,910	  
	 TEN WEST H2
	  	4030357400200	  	 	100	% 	 	 	78.00	% 	 	$	5,220,452	  
	 TEN WEST H3
	  	4030357410000	  	 	100	% 	 	 	78.00	% 	 	$	1,591,400	  
	 TEN WEST H4
	  	4030360200000	  	 	100	% 	 	 	78.00	% 	 	$	1,416,676	  
	 TEN WEST H8
	  	4030367300300	  	 	100	% 	 	 	78.00	% 	 	$	1,652,789	  
	 TEN WEST O2 (Olcese)
	  	4030360210000	  	 	100	% 	 	 	75.00	% 	 	$	1,560,705	  
	 TEN WEST 23 -35
	  	4030438830000	  	 	100	% 	 	 	75.00	% 	 	$	3,740,025	  
	 TEN WEST 24 -35
	  	4030439440000	  	 	100	% 	 	 	75.00	% 	 	$	198,335	  
	 TEN WEST O1 (Injector)
	  	4030346490000	  	 	100	% 	 	 	78.00	% 	 	$	1,000,000	  
	 TEN WEST IP1 (Injector)
	  	4030367310000	  	 	100	% 	 	 	78.00	% 	 	$	500,000	  
		  		  				 	 	Total	  	 	$	27,200,000	  

 END OF EXHIBIT C 

  
 53 

 EXHIBIT D 
 ASSIGNMENT AND BILL OF SALE 
 THIS ASSIGNMENT AND BILL OF SALE (the
“Assignment”) effective as of 7:00 a.m., on April 12, 2012 (the “Effective Time”) is made by Legacy Energy, Inc., a Delaware corporation (“Assignor”), whose address is 1160 Eugenia Place, Suite 100,
Carpinteria, California, 93013 to Southern San Joaquin Production, LLC (“Assignee”), whose address is 3629 American River Drive, Suite 205, Sacramento, California, 95864. 

ARTICLE I 

GRANTING AND HABENDUM 
 For Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficient of which are hereby acknowledged, Assignor does hereby grant, bargain sell, transfer, set out, assign and
deliver unto Assignee, its successors and assigns, effective for all purposes as of the Effective Time and subject to the matters set forth herein, the Assets. The term “Assets” shall mean all of Assignor’s right, title and
interest in and to the following: 
  

	 	(a)	the leasehold estates in and to the oil, gas and mineral leases described or referred to in Exhibit A attached hereto and made part hereof (the
“Leases”) and any royalty, net profit interests or overriding royalty interests in and to the lands covered by the Leases, assignments and other documents of title described or referred to in Exhibit A, all as more specifically
described in Exhibit A (collectively, the “Subject Interests,” or singularly, a “Subject Interest”); 

  

	 	(b)	all rights incident to the Subject Interests, including, without limitation, (i) all rights with respect to the use and occupation of the surface of and the
subsurface depths under the Subject Interests; (ii) all rights with respect to any pooled, communitized or unitized acreage by virtue of any Subject Interest being a part thereof, including all Hydrocarbon (as defined in Subsection (d) of
Section 1.02 in the Purchase and Sale Agreement referred to hereinafter) production after the Effective Time attributable to the Subject Interests or any such pool or unit allocated to any such Subject Interest; 

 

	 	(c)	to the extent assignable or transferable, all easements, rights-of-way, surface leases, servitudes, permits, licenses, franchises and other estates or similar rights
and privileges directly related to or used solely in connection with the Subject Interests (the “Easements”), including, without limitation, the Easements described or referred to in Exhibit A; 

  
 54 

	 	(d)	to the extent assignable or transferable, all personal property, equipment, fixtures, inventory and improvements located on or used in connection with the Subject
Interests and the Easements or with the production, treatment, sale, or disposal of oil, gas or other hydrocarbons (collectively, “Hydrocarbons”), byproducts or waste produced therefrom or attributable thereto, including, without
limitation, all wells located on the lands covered by the Subject Interests or on lands with which the Subject Interests may have been pooled, communitized or unitized (whether producing, shut in or abandoned, and whether for production, injection
or disposal), including, without limitation, the wells described in Exhibit B attached hereto and made part hereof, wellhead equipment, pumps, pumping units, flowlines, gathering systems, piping, tanks, buildings, treatment facilities,
injection facilities, disposal facilities, compression facilities, and other materials, supplies, equipment, facilities and machinery (collectively, “Personal Property”); 

 

	 	(e)	to the extent assignable or transferable, all contracts, agreements and other arrangements that directly relate to the Subject Interests, the Leases or the Easements,
including, without limitation, production sales contracts, farmout agreements, operating agreements, service agreements and similar arrangements (collectively, the “Contracts” described in Exhibit C attached hereto and made part
hereof; 

  

	 	(f)	all environmental and other governmental (whether federal, state, local or tribal) certificates, consents, permits, licenses, orders, authorizations, franchises and
related instruments or rights relating to the ownership, operation or use of the Subject Interests and Easements (the “Permits”); 

  

	 	(g)	to the extent assignable or transferable, all books, records, tax records (other than income tax), files, muniments of title, reports and similar documents and
materials, including, without limitation, lease records, well records, and division order records, well files, title records (including abstracts of title, title opinions and memoranda, and title curative documents related to the Assets), contracts
and contract files, correspondence, that relate to the foregoing interests in the possession of, and maintained by, Seller (collectively, the “Records”); 

 

	 	(h)	 all geological and geophysical data relating to the Subject Interests, other than such data which cannot be transferred without the consent of or
payment to any Third Party, and Seller has been unsuccessful in obtaining such consent after making reasonable efforts. For purposes of this 

  
 55 

	 	
Assignment, “Third Party” means any person or entity, governmental or otherwise, other than Seller or Buyer, and their respective affiliates; the term includes, but is not
limited to, working interest owners, royalty owners, lease operators, landowners, service contractors and governmental agencies; and 

  

	 	(i)	All partnership interests (tax, state law or otherwise) affecting any Asset. 

 TO HAVE AND TO HOLD the Assets, together with all and singular the rights, privileges, contracts and appurtenances, in any way appertaining or belonging thereto, unto Assignee, its successors and
assigns, forever, subject to the matters set forth herein. 
 ARTICLE II 

Special Warranty of Title and Disclaimers 
 Section 2.01. Special Warranty of Title. Assignor hereby agrees to warrant and defend title to the Assets unto Assignee against every person, whomsoever lawfully claiming or to claim the same
or any part thereof, by, through or under Assignor or its affiliates, but not otherwise; subject, however, to the Permitted Encumbrances (as such term is defined in the Purchase Agreement described below). 

ARTICLE III 

Miscellaneous 

Section 3.01 Construction. The captions in this Assignment are for convenience only and shall not be considered a part of or
affect the construction or interpretation of any provision of this Assignment. Assignor and Assignee acknowledge that they have participated jointly in the negotiation and drafting of this Assignment and as such they agree that if an ambiguity or
question of intent or interpretation arises hereunder, this Assignment shall not be construed more strictly against one party than another on the grounds of authorship. 
 Section 3.02 No Third Party Beneficiaries. Nothing in this Assignment shall provide any benefit to any Third Party or entitle any Third Party to any claim, cause of action, remedy or right of
any kind, it being the intent of the parties hereto that this Assignment shall otherwise not be construed as a Third Party beneficiary contract. 
 Section 3.03 Assignment. This Assignment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

Section 3.04 Governing Law. This Assignment, other documents delivered pursuant hereto and the legal relations between the
parties hereto shall be governed and construed in accordance with the laws of the State of California , without giving effect to principles of conflicts of laws that would result in the application of the laws of another jurisdiction. 

  
 56 

 Section 3.05 Counterpart Execution. This Assignment may be executed in any
number of counterparts, and each counterpart hereof shall be effective as to each party that executes the same whether or not all of such parties execute the same counterpart. If counterparts of this Assignment are executed, the signature pages from
various counterparts may be combined into one composite instrument for all purposes. All counterparts together shall constitute only one Assignment, but each counterpart shall be considered an original. 

Section 3.06 Recording. To facilitate the recording or filing of this Assignment, the counterpart to be recorded in a given
county may contain only that portion of the exhibits that describes Assets located in that county. In addition to filing this Assignment, the parties hereto shall execute and file with the appropriate authorities, whether federal, state or local,
all forms or instruments required by applicable law to effectuate the conveyance contemplated hereby. Said instruments shall be deemed to contain all of the exceptions, reservations, rights, titles and privileges set forth herein as fully as though
the same were set forth in each such instrument. The interests conveyed by such separate assignments are the same, and not in addition to the Assets conveyed herein. 
 Section 3.07 Purchase Agreement. This Assignment is subject to all of the terms and conditions of the Purchase and Sale Agreement dated
                    , by and between Assignor, Assignee and NiMin Energy Corp., as Parent. 

IN WITNESS WHEREOF, this Assignment is execute y e parties on the date of their respective acknowledgments below, but shall be
effective for all purposes as of the Effective Time. 
  

			
	 ASSIGNOR:

	
	 LEGACY ENERGY, INC.

		
	 By:
	 	  

	 Name
	 	Clarence Cottman
	 Title:
	 	Chief Executive Officer
	
	 PARENT:

	
	 NIMIN ENERGY CORP.

		
	 By:
	 	  

	 Name:
	 	Clarence Cottmann
	 Title:
	 	Chief Executive Officer

  
 57 

			
	 ASSIGNEE:

	
	 SOUTHERN SAN JOAQUIN PRODUCTION, LLC

	
	  

	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  
 58 

 ACKNOWLEDGMENTS 
 STATE OF CALIFORNIA 
 COUNTY OF
                     

On            , 2012, before
me,                    , personally appeared Clarence Cottman, the Chief Executive Officer of Legacy Energy, Inc., who proved to me on the basis of
satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity and that by his signature on the instrument Legacy Energy, Inc. executed the
instrument. 
 I certify under penalty of perjury under the laws of the State of California that the foregoing paragraph is true
and correct. 
 Witness my hand and official seal. 
 My commission expires:                     

 

	
	
	  

	NOTARY PUBLIC

  
 59 

 STATE OF CALIFORNIA 
 COUNTY OF                      
 On            , 2012, before
me,                    , personally appeared Clarence Cottman, the Chief Executive Officer of NiMin Energy Corp., who proved to me on the basis of
satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity and that by his signature on the instrument NiMin Energy Corp. executed the
instrument. 
 I certify under penalty of perjury under the laws of the State of California that the foregoing paragraph is true
and correct. 
 Witness my hand and official seal. 
 My commission expires:                     

 

	
	
	  

	NOTARY PUBLIC

  
 60 

 STATE OF CALIFORNIA 
 COUNTY OF                      
 On            , 2012, before
me,                    , personally
appeared                    ,
the                    of Southern San Joaquin Production, LLC, who proved to me on the basis of satisfactory evidence to be the person whose name is
subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity and that by his signature on the instrument Legacy Energy, Inc. executed the instrument. 

I certify under penalty of perjury under the laws of the State of California that the foregoing paragraph is true and correct.

 Witness my hand and official seal. 
 My commission expires:                     

 

	
	
	  

	NOTARY PUBLIC

  
 61 

 EXHIBIT A 
 Attached to Assignment and Bill of Sale 
 THE LEASES 

PLEITO CREEK FIELD 
 KERN
COUNTY, CA 
  

			
	DOCUMENT NO.:	  	0206010333
	LESSOR:	  	Petro Resources, Inc.
	LESSEE:	  	Pleito Oil & Gas Corp. (POGC)
	LEASE DATE:	  	January 13, 2006
	ASSIGNED:	  	POGC to Legacy Energy, LLC August 31, 2006
	DOCUMENT NO.:	  	0206218646
		
	DOCUMENT NO.:	  	0205154152
	LESSOR:	  	Petro Resources, Inc.
	LESSEE:	  	Thomas L. Davis (Davis)
	LEASE DATE:	  	April 26, 2005
	ASSIGNED:	  	Davis to Legacy Energy, LLC August 31, 2006
	DOCUMENT NO.:	  	0206218645
		
	DOCUMENT NO.:	  	0208048232
	LESSOR:	  	Vintage Production California, LLC
	LESSEE:	  	Legacy Energy, Inc.
	LEASE DATE:	  	January 1, 2008

 END OF EXHIBIT A 

  
 62 

 EXHIBIT B 
 TO ASSIGNMENT AND BILL OF SALE 
 THE WELLS 

 

							
	 WELL NAME
	 	 API NUMBER
	 	 FIELD
	 	 PROPERTY

DESCRIPTION

	 PLEITO PRI FEE 1-35
	 	04029603650000	 	Pleito Creek	 	Section 35, T11N, R21W
	 PLEITO PRI FEE 2-35
	 	04029640930000	 	Pleito Creek	 	Section 35, T11N, R21W
	 PLEITO PRI FEE 20-35
	 	04029666950000	 	Pleito Creek	 	Section 35, T11N, R21W
	 PLEITO PRI FEE 21-35
	 	04029669570000	 	Pleito Creek	 	Section 35, T11N, R21W
	 PLEITO PRI FEE 22R-35
	 	04029669030000	 	Pleito Creek	 	Section 35, T11N, R21W
	 TEN WEST 1
	 	04029355070100	 	Pleito Creek	 	Section 35, T11N, R21W
	 TEN WEST 3
	 	04029355090001	 	Pleito Creek	 	Section 35, T11N, R21W
	 TEN WEST 5
	 	04029355110200	 	Pleito Creek	 	Section 35, T11N, R21W
	 TEN WEST 7
	 	04029355130100	 	Pleito Creek	 	Section 35, T11N, R21W
	 TEN WEST 12
	 	04029355170001	 	Pleito Creek	 	Section 35, T11N, R21W
	 TEN WEST 13
	 	04029355210000	 	Pleito Creek	 	Section 36, T11N, R21W
	 TEN WEST 16
	 	04029355200200	 	Pleito Creek	 	Section 35, T11N, R21W
	 TEN WEST H1
	 	04030335570100	 	Pleito Creek	 	Section 35, T11N, R21W
	 TEN WEST H2
	 	04030357400200	 	Pleito Creek	 	Section 35, T11N, R21W
	 TEN WEST H3
	 	04030357410000	 	Pleito Creek	 	Section 35, T11N, R21W
	 TEN WEST H4
	 	04030360200000	 	Pleito Creek	 	Section 35, T11N, R21W
	 TEN WEST H8
	 	04030367300300	 	Pleito Creek	 	Section 35, T11N, R21W
	 TEN WEST O2 (Olcese)
	 	04030360210000	 	Pleito Creek	 	Section 35, T11N, R21W
	 TEN WEST 23-35
	 	04030438830000	 	Pleito Creek	 	Section 35, T11N, R21W
	 TEN WEST 24-35
	 	04030439440000	 	Pleito Creek	 	Section 35, T11N, R21W
	 TEN WEST O1 (Injector)
	 	04030346490000	 	Pleito Creek	 	Section 35, T11N, R21W
	 TEN WEST IP1 (Injector)
	 	04030367310000	 	Pleito Creek	 	Section 35, T11N, R21W

 END OF EXHIBIT B 

  
 63 

 EXHIBIT C 
 ATTACHED TO ASSIGNMENT AND BILL OF SALE 
 CONTRACTS 

PLEITO CREEK FIELD 
 KERN
COUNTY, CA 
 1. Purchase and Sale Agreement dated August 31, 2006, by and between Legacy Energy, LLC, as Purchaser
and Pleito Oil & Gas Corporation, as Seller. 
 2. Agreement dated May 25, 2007, by and between Legacy Energy, LLC
and The Wildlands Conservancy. 
 3. Assignment of Compensatory Royalty and Pass Through Agreement dated November 1, 2011 by
and between Legacy Energy, Inc. and Petro Resources, Inc. Recorded November 30, 2011, Document Number 0211157222 of the official records of Kern County, California. 
 4. Crude Oil Purchase Contract – Outright crude oil purchase contract dated March 1, 2007 by and between Legacy Energy, LLC, as seller and Plains Marketing, L.P., as purchaser. 

5. Crude Oil Purchase Contract Amendment – Outright crude oil purchase contract amendment dated January 1, 2008 by and between
Legacy Energy, LLC, as seller and Plains Marketing, L.P., as purchaser. 
 6. Crude Oil Purchase Contract Amendment –
Outright crude oil purchase contract amendment dated January 1, 2009 by and between Legacy Energy, LLC, as seller and Plains Marketing, L.P., as purchaser. 
 7. Crude Oil Purchase Contract Amendment – Outright crude oil purchase contract amendment dated August 1, 2009 by and between Legacy Energy, LLC, as seller and Plains Marketing, L.P., as
purchaser. 
 8. Crude Oil Purchase Contract Amendment – Outright crude oil purchase contract amendment dated
January 1, 2011 by and between Legacy Energy, LLC, as seller and Plains Marketing, L.P., as purchaser. 
 9. Crude Oil
Purchase Contract Amendment – Outright crude oil purchase contract amendment dated August 1, 2011 by and between Legacy Energy, LLC, as seller and Plains Marketing, L.P., as purchaser. 

  
 64 

 10. Crude Oil Sale Contract and Netting Agreement – Outright crude oil sale contract
dated January 1, 2011 by and between Legacy Energy, LLC, as purchaser and Plains Marketing, L.P., as seller. 
 11. Product
Agreement between BOC Gases and Legacy Energy dated January 7, 2008. 
 END OF SCHEDULE EXHIBIT C 

  
 65 

 EXHIBIT E 
 Non-Foreign Affidavit 
 STATE OF CALIFORNIA 

COUNTY OF                     

LEGACY ENERGY, INC. (“Transferor”) hereby certifies as follows: 

 

	 	1.	Transferor is not a foreign corporation, foreign partnership, foreign trust or foreign estate (as those terms are defined in the Internal Revenue Code and Income Tax
Regulations); 

  

	 	2.	Transferor’s US Employer ID Number is:                    ;

  

	 	3.	Transferor’s office address is 1160 Eugenia Place, Suite 100, Carpinteria CA 93013. 

Transferor understands that this certification may be disclosed to the Internal Revenue Service by Transferee and that any false
statement contained herein could be punished by fine. 
 Under penalty of perjury, the undersigned, in his capacity set forth
below, hereby declares that he has examined this certification and to the best of his knowledge and belief it is true correct and complete, and the undersigned further declares that he has authority to sign this document in such capacity.

 EXECUTED this    day of        , 2012. 

 

	
	TRANSFEROR:
	
	  

	
	LEGACY ENERGY, INC.
	
	  

	By:
	Name:
	Title:

  
 66 

 STATE OF CALIFORNIA 
 COUNTY OF                     
 On            , 2012, before
me,                    , personally
appeared                    ,
the                    of Legacy Energy, Inc., who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to
the within instrument and acknowledged to me that he executed the same in his authorized capacity and that by his signature on the instrument Legacy Energy, Inc. executed the instrument. 

I certify under penalty of perjury under the laws of the State of California that the foregoing paragraph is true and correct.

 Witness my hand and official seal. 
 My commission expires:                     

 

	
	  

	NOTARY PUBLIC

 END OF EXHIBIT E 

  
 67 

 EXHIBIT F 
 California Form 593-C 

  
 68 

 EXHIBIT G 
 AGREEMENT AND GENERAL RELEASE 
 1. This Agreement and General Release (this
“Agreement”) and one time lump sum payment, as is set forth more fully in paragraph 2, is being offered to all current Employees of Legacy Energy, Inc. (the “Company”) following the consummation of the purchase of
the California assets the Company (“Closing”) with Southern San Joaquin Production, LLC or its parent, affiliate or subsidiary corporations (collectively “San Joaquin”). 

2. Subject to the last sentence of this Section 2, and conditioned on and effective upon the Closing, by signing this
Agreement, and in consideration for receiving a single lump-sum payment equal to $        pursuant to the [NAME OF PLAN OR AGREEMENT] effective as of [DATE], [together with the schedules and exhibits attached
thereto,] and for other good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged, I absolutely and forever release and discharge the Company, San Joaquin and their respective past and present parent corporations,
subsidiaries, affiliated corporations, and partners, and each of their shareholders, officers, directors, employees, agents, representatives, insurance carriers, benefit plans, fiduciaries and attorneys (collectively “Released
Parties”), with respect to and from any claims, demands, damages, losses, liabilities, debts, judgments, obligations, accounts, causes of action or claims for attorneys’ fees (collectively “Claims”) that I have, or
anyone claiming for me might have, or claim to have, for or as a result of my application for employment, employment or termination of employment with the Company or San Joaquin. These claims include, but are not limited to, any act or omission
relating to or arising out of my application for employment, employment, benefits or other terms of employment, under any employment agreement, employment law or any California, or other state, municipal, or Federal constitution, statute, regulation
or ordinance, order or common law, including without limitation, Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Civil Rights Act of 1866, as amended; the Equal Pay Act, as amended; the Age Discrimination in
Employment Act of 1967, as amended; the Employee Retirement Income Security Act of 1974, as amended; the Americans with Disabilities Act; the Family and Medical Leave Act of 1993; United States Executive Orders 11246 and 11375; the California Fair
Employment and Housing Act, California Government Code Section 12900 et seq.; the California Labor Code; the UNRUH Civil Rights Act, as amended; California Civil Code Section 51 et. seq.; the Regulation of the Office of Federal Contract
Compliance Program, as amended; the Rehabilitation Act of 1973, as amended; the Worker Adjustment Retraining and Notification Act; or any claims based on misrepresentation, fraud, an accounting, wrongful or constructive discharge, breach of privacy,
retaliation, breach of covenant of good faith and fair dealing, violation of public policy, defamation, negligent or intentional infliction of emotional distress, discrimination on any basis prohibited by statute, common law, ordinance or public
policy, loss of consortium, negligence, interference with business opportunity or with contracts, breach of fiduciary duty, unfair insurance practices or any other federal, state or local civil rights, employee benefit, labor contract, tort, or
common law arising out of or related to any act or 

  
 69 

 
omission occurring before this Agreement is executed. I further understand that I am waiving only those claims that I have or believe I might have as of the date I sign this Agreement, and not
any claims that might arise in the future. I do not release or waive my right to enforce the terms of this Agreement, nor does this Agreement limit my right to file a charge or participate in an investigation or proceeding conducted by any federal,
state or local government agency. Notwithstanding anything to the contrary set forth herein, (a) I am not releasing or discharging any Released Party, and shall retain all of my rights to defend myself against any other Person, with respect to
any Claim relating to the Company or any of its subsidiaries or otherwise that is brought against me, and I shall retain all of my rights to cross-claim or to counterclaim against the Company or any of its subsidiaries with respect to any such Claim
and (b) I am not releasing or discharging any Released Party or waiving any of my rights with respect to (i) indemnification and coverage under the Company’s and its subsidiaries’ respective organizational and governing
documents, indemnification agreements or undertakings and related agreements in effect on the date hereof, [and (ii) coverage under the Company’s and its subsidiaries’ respective director’s and officer’s liability insurance
policies in effect on the date hereof]. Nothing herein is intended to release claims that cannot be released as a matter of law. 
 3. As part of the general release of claims under this Agreement, I expressly waive all of my rights under Section 1542 of the California Civil Code or any comparable applicable law in any
jurisdiction. Section 1542 of the California Civil Code states: 
 “A general release does not extend to claims
which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his settlement with the debtor.” 

I understand and agree that I may hereafter discover claims or facts in addition to or different from those which I now know or believe
to be true with respect to the subject matters of this Agreement, but that it is nevertheless my intention by signing this Agreement to fully, finally and forever release any and all claims whether now known or unknown, suspected or unsuspected,
which now exist, may exist, or previously have existed as set forth above. 
 4. ADEA Release 

I acknowledge and agree that this Agreement includes a waiver and release of all claims which I have or may have under the Age
Discrimination in Employment Act of 1967, as amended (“ADEA”). The following terms and conditions apply to and are part of the waiver and release of ADEA claims under this Agreement. 

The waiver and release of claims under the ADEA contained in this Agreement does not cover rights or claims that may arise after the date
on which I sign this Agreement. I have been advised in writing to consult with an attorney prior to signing this Agreement. I further acknowledge that I have been given at least forty-five (45) days to consider signing this Agreement, and I may
voluntarily choose to execute the Agreement before the end of forty-five (45) day period. I also understand that I will have seven (7) days after I sign this Agreement 

  
 70 

 
during which I can revoke my signature and cancel the Agreement for any reason, and this Agreement shall not become effective or enforceable until after this revocation period has expired. If I
wish to revoke this Agreement, I must provide written notification of my revocation before the expiration of the above-referenced seven-day period to [insert name, address, phone and facsimile information]. I hereby acknowledge and agree that I am
knowingly and voluntarily waiving and releasing my rights and claims only in exchange for consideration (something of value) in addition to anything of value to which I am already entitled. 

I agree and acknowledge that I have been provided along with this release, all necessary information in compliance with
Section 7(f)(1)(H) of the Older Workers Benefit Protection Act. 
 5. Should any part of this Agreement, with the exception
of the releases and related provisions embodied in Paragraphs 2, 3 and 4 be declared or determined by any Court or other tribunal of appropriate jurisdiction to be invalid or unenforceable, any such invalid or unenforceable part, term or provision
shall be stricken and severed from this Agreement and all other terms of the Agreement shall remain in full force and effect to the fullest extent permitted by law. The releases and related provisions embodied in Paragraphs 2, 3 and 4 are the
essence of this Agreement and should any of these paragraphs be deemed invalid or unenforceable, this Agreement shall be null and void. 
 6. I understand and agree that I will not divulge to any person, nor use to the detriment of the Company and San Joaquin and their respective past and present parent corporations, subsidiaries, any
confidential information or trade secrets obtained during my employment. The Company and San Joaquin acknowledge that I may retain mental impressions of such confidential information and that I may, now or in the future, be working on other
projects, whether or not related to the oil and gas interests owned by the Company. Consequently, notwithstanding anything in this Agreement, the Company and San Joaquin agree that I shall not be precluded from working on such other projects because
of the retained mental impressions of such confidential information. 
 7. My failure or the failure of the Released Parties to
insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver thereof or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

 8. Nothing in this Agreement constitutes an admission by the Released Parties as to the violation of any law, or breach of
any duty, contract or agreement, express or implied. 
 9. This Agreement shall be governed by, and construed in accordance
with, the laws of the state of California, without giving effect to any choice of law rules or principles thereof. 
 10. This
Agreement shall be binding upon my heirs, executors, and assigns. 
 11. I agree that, except for (a) existing
confidentiality, trade secret and patent obligations owed by me to the Company and/or its past or present affiliate or subsidiary corporations, which obligations of mine shall remain in full force and effect, and (b) prior releases I have
executed in favor of any or all of the Released Parties, which releases by me shall remain in full force and effect and may be enforced by the Released Parties in addition to the 

  
 71 

 
releases I have made in this Agreement, this Agreement is the entire agreement between the Company and me and supersedes all prior and contemporaneous negotiations, representations,
understandings or agreements (whether oral or written) between the Company and/or its past or present affiliate or subsidiary corporations and me. Once this Agreement becomes effective, its terms can only be altered, revoked or rescinded with the
express written agreement of the parties. 
 I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THIS AGREEMENT, THAT I UNDERSTAND ALL
OF ITS TERMS, AND THAT I AM ENTERING INTO THIS AGREEMENT VOLUNTARILY. 
  

					
	  
	  	  

	Employee	  	Date
	
	LEGACY ENERGY, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	Date:	 	  

  
 72 

 ELECTION TO EXECUTE EARLY 
 I,                    , understand that I have at least forty-five (45) days to consider and
execute this Agreement. After careful consideration and/or consultation with counsel, however, I have freely and voluntarily elected to execute the Agreement before expiration of the forty-five (45) day period. 

 

					
	  
	  	  

	 Employee
	  	 Date

  
 73 

 EXHIBIT H 
 ESCROW AGREEMENT 
 This Agreement made effective as of
the    day of            , 2012. 
 AMONG: 

SOUTHERN SAN JOAQUIN PRODUCTION, LLC, a limited liability company formed pursuant to the laws of the State of Delaware, U.S.A.
(hereinafter referred to as the “Buyer”) 
 OF THE FIRST PART 

AND 
 LEGACY ENERGY,
INC., a body corporate incorporated pursuant to the laws of the State of Delaware, U.S.A. (hereinafter referred to as the “Seller”) 
 OF THE SECOND PART 
 AND 
 BURNET, DUCKWORTH & PALMER LLP, a limited liability partnership with offices in the City of Calgary in the Province of Alberta (hereinafter referred to as the “Escrow Agent”)

 OF THE THIRD PART 
 WHEREAS the Buyer, the Seller and NiMin Energy Corp. (hereinafter referred to as the “Parent”), the owner of all of the outstanding shares of the Seller, have entered into a
Purchase and Sale Agreement (the “Purchase Agreement”), dated as of the date hereof pursuant to which the Buyer is purchasing the Assets (as described and defined in the Purchase Agreement) from the Seller. 

AND WHEREAS pursuant to the Purchase Agreement, a certain portion of the Purchase Price payable to the Seller is to be deposited
in escrow, subject to the terms and conditions of the Purchase Agreement and this Escrow Agreement. 
 AND WHEREAS the
Escrow Agent has agreed to hold the Escrow Funds (as hereinafter defined) and disburse and apply the same in accordance with the terms and conditions of this Escrow Agreement. 
 NOW THEREFORE, in consideration of the promises and the mutual agreements expressed herein and in the Purchase Agreement, the Parties agree as follows: 

DEFINED TERMS 

Unless otherwise defined herein, all capitalized terms used herein shall have the meanings attributed to them in the Purchase Agreement. 

  
 74 

 APPOINTMENT OF ESCROW AGENT 

The Buyer and the Seller hereby appoint the Escrow Agent to serve as escrow agent hereunder and the Escrow Agent hereby accepts such appointment and
agrees to act as Escrow Agent hereunder and to accept, hold and distribute the Escrow Funds in accordance with and subject to the terms and conditions hereof. 
 DEPOSIT OF ESCROW FUNDS AND DISBURSEMENT FUNDS 
 Pursuant to Section 14.06 of
the Purchase Agreement, Buyer has deposited with the Escrow Agent, the sum of Three Million (US) Dollars (US$3,000,000) (the “Escrow Deposit”). The Escrow Agent hereby acknowledges receipt of the Escrow Deposit. 

The Escrow Deposit and any income earned thereon are referred to herein collectively as the “Escrow Funds”. 

The Escrow Agent shall maintain a separate account for the Seller (the “Escrow Account”) for the Escrow Funds. 

INVESTMENTS 

During the term of this Agreement, the Escrow Funds shall be invested in a money market deposit account or a successor or similar investment, unless the
Escrow Agent is otherwise jointly instructed in writing by the Parties. Instructions to make any other investment (the “Alternative Investment”) must be in writing executed by both the Buyer and the Seller and shall specify the type
and identity of the investments to be purchased and/or sold. The Parties recognize and agree that the Escrow Agent will not provide supervision, recommendations or advice relating to either the investment of moneys held in the Escrow Funds or the
purchase, sale, retention or other disposition of any investment described herein. The Escrow Agent shall not have any liability for any loss sustained as a result of any investment in an investment made pursuant to the joint written instruction by
the Parties or as a result of any liquidation of any investment prior to its maturity or for the failure of the Parties to give the Escrow Agent such joint written instructions to invest or reinvest the Escrow Funds. The Escrow Agent shall have the
right to liquidate any investments held in order to provide funds necessary to make required payments under this Agreement. 
 All earnings,
dividends or other property (including securities) received in connection with the Escrow Funds (the “Escrow Earnings”), if any, shall be converted into cash and invested as provided in this Article 4. If the Escrow Agent has
invested the Escrow Funds, the Escrow 

  
 75 

 
Agent shall supply a written statement to the Buyer and the Seller monthly, listing all transactions with respect to the Escrow Funds during each such period and showing the balance remaining in
the Escrow Account at such time. 
 The Escrow Agent shall not be held liable for any losses incurred in the investments of any funds in
Authorized Investments provided that the Escrow Agent is not grossly negligent or does not act in, with wilful misconduct or in bad faith in connection with such investments. 
 APPLICATION OF ESCROW FUNDS TO CLAIMS OF PURCHASER 
 If the Buyer claims that it is
entitled to payments under Article XIV of the Purchase Agreement, or in connection with the transactions contemplated thereby at any time when funds remain in escrow, the Buyer may deliver written notice as provided in Article 10 hereof (any notice
from the Buyer under this Article 5 shall be referred to as a “Release Notice”) to the Seller and the Escrow Agent setting forth the amount claimed (the “Claimed Amount”), and the facts giving rise to such Claimed
Amount and demanding that the Claimed Amount be paid to the Buyer from the Escrow Funds. The Claimed Amount including any Escrow Earnings thereon shall be paid by the Escrow Agent out of the Escrow Funds to or at the direction of the Buyer in
accordance with the Release Notice unless the Seller disputes the validity or amount of such claim by notifying Buyer and the Escrow Agent in writing, containing a description in reasonable detail of the basis for the dispute and the amount in
dispute (a “Dispute Notice”), within Twenty (20) days after the Buyer’s Release Notice is delivered to the Seller. If a Dispute Notice has not been delivered to the Buyer and the Escrow Agent within the required twenty
(20) day period, the Escrow Agent shall promptly disburse from the Escrow Account to or at the direction of the Buyer the portion of the Escrow Funds set forth in the Release Notice, including any Escrow Earnings thereon. 

In the event that a Dispute Notice has been provided by the Seller to the Buyer and the Escrow Agent within the required twenty (20) day period, the
Escrow Agent shall distribute promptly to or at the direction of the Buyer the undisputed portion (if any) of the amount set forth in the Release Notice, including any Escrow Earnings thereon, and withhold the amount in dispute (the
“Disputed Amount”), which amount shall be resolved in accordance with this Section 5.02. Unless otherwise specified in the Dispute Notice, any such undisputed amounts shall be withdrawn from the Escrow Account as described in
the Release Notice. The Disputed Amount shall be held by the Escrow Agent in accordance with the terms hereof until the earlier to occur of the following: 
 the Seller and the Buyer jointly direct the disbursement of the Disputed Amount by delivering written instruction to the Escrow Agent; or 

the Escrow Agent receives a copy of a final, non-appealable Judgment or Order of a Court of competent jurisdiction (a
“Directive”) with respect to the Disputed Amount (which Judgment or Order shall also be delivered by the Buyer to the Seller or by the Seller to the Buyer, as the case may be). Upon receipt of such instructions or Directive, or as
promptly as practicable but in no event more than fifteen (15) days after receipt of such instructions or Directive, the Escrow Agent 

  
 76 

 
shall disburse or continue to hold (as the case may be) the Disputed Amount including any Escrow Earnings thereon, as required by such instructions or Directive, as the case may be. Unless
otherwise specified in such instructions or Directive, any amounts disbursed pursuant to such instructions or Directive shall be withdrawn from the Escrow Account of the Seller as described in the Release Notice relating thereto. 

DISTRIBUTION OF ESCROW FUNDS TO THE SELLER 
 Promptly following the sixth (6) month anniversary of the date hereof (the “Release Date”), the Buyer and the Seller shall deliver a notice to the Escrow Agent as provided in Article
10 hereof directing the Escrow Agent to release to the Seller or the account(s) designated by the Seller any Escrow Funds in excess of the sum of an amount equal to all Disputed Amounts outstanding on the Release Date which have not been resolved in
accordance with Article 5, plus (ii) all Claimed Amounts that have not then been paid to the Buyer or disputed by the Seller in accordance with Article 5 hereof, plus (iii) Escrow Earnings on the amounts in (i) and (ii). Following the
resolution of any Disputed Amounts in accordance with Article 5 hereof, the Escrow Agent shall disburse the Disputed Amounts as provided in the Directive or in written instructions from the Buyer and the Seller. 

In the event that the Seller or Parent has outstanding and unpaid obligations to the Buyer pursuant to Article XIV of the Purchase Agreement equal to or
exceeding the Escrow Funds, on the six (6) month anniversary of the date hereof, the Escrow Agent shall, ten (10) Business Days prior to such delivery, notify the Seller that it intends to transmit the Escrow Funds to the Buyer.

 CERTAIN COVENANTS 
 The Buyer and the Seller hereby agree that all taxes payable with respect to the Escrow Earnings shall be the responsibility of the Seller as the Party entitled to such Escrow Earnings. The Buyer and the
Seller agree that the Escrow Agent shall report the Escrow Earnings to the Seller on the appropriate tax forms and, to the extent required by the applicable law, withhold the appropriate tax. Seller agrees that it will use reasonable efforts to
timely provide to the Escrow Agent all documents and information necessary to satisfy the reporting obligations with respect to the Escrow Earnings (or the aggregate amount includible in gross income of the Seller), the name, address and social
insurance number or business number of the Seller, and such other information as required by the tax forms. 
 JOINT
WRITTEN INSTRUCTIONS AND DIRECTIONS; DISBURSEMENTS 
 Notwithstanding any other provisions of this Escrow Agreement, the Escrow Agent
shall deal with the Escrow Funds, or any part thereof, at any time in accordance with any directions given in an undisputed Release Notice or jointly given in writing by the Buyer and the Seller to the Escrow Agent or in a Directive. The Parties
agree that all disbursements required to be made 

  
 77 

 
hereunder shall be made, in the case of the Seller, by the Seller by wire transfer of immediately available funds and in the case of the Buyer, to or at the direction of the Buyer by wire
transfer of immediately available funds in accordance with the wire transfer instructions specified in the notice directing the Escrow Agent to make such disbursement. 
 PROVISIONS CONCERNING THE ESCROW AGENT 
 This Escrow Agreement sets forth,
exclusively, the duties of the Escrow Agent and no additional duties or obligations shall be inferred herefrom or implied hereby. 
 The Escrow
Agent shall not be responsible for the validity of any documents or other property delivered to it pursuant hereto, may act and rely conclusively upon any instrument or signature believed by it to be genuine and may assume that any person purporting
to give any notice or instructions hereunder, believed by the Escrow Agent to be authorized, has been duly authorized to do so. 
 The Escrow
Agent shall not be liable for any error of judgment, or for any act done or step taken or omitted by it in good faith, or for any mistake of fact or law, or for anything which it may in good faith do or refrain from doing in connection herewith,
except to the extent that any act or omission constitutes gross negligence or wilful misconduct. In no event shall the Escrow Agent be liable for special, indirect or consequential loss or damage of any kind whatsoever (including, but not limited
to, lost profits), even if the Escrow Agent has been advised of such loss or damage and regardless of the form of action. 
 The Escrow Agent
shall have the right to perform any of its duties hereunder through agents, attorneys, custodians or nominees, and shall not be responsible for the misconduct or negligence of such agents, attorneys, custodians and nominees appointed by it, provided
that the Escrow Agent has used due care in the selection and oversight of such persons. 
 The Escrow Agent may consult with, and obtain advice
from, legal counsel in the event of any dispute or question as to the construction of any of the provisions hereof or its duties hereunder, and it shall incur no liability and shall be fully protected in acting in good faith in accordance with the
advice of such counsel. 
 The Escrow Agent shall not be bound by any modification of this Escrow Agreement unless it shall have specifically
consented thereto in writing. 
 The Escrow Agent shall not incur any liability for not performing any act or fulfilling any duty, obligation or
responsibility hereunder by reason of any occurrence beyond the control of the Escrow Agent (including but not limited to any act or provision of any present or future law or regulation or governmental authority, any act of God or war, or the
unavailability of any wire or communication facility). 
 The Seller shall upon demand pay to the Escrow Agent One Hundred Percent
(100%) of the amount of all reasonable expenses, including the reasonable fees and expenses of counsel, which the Escrow Agent may incur, and its normal fees for all services rendered (which unless otherwise agreed in writing shall be as
described in Schedule A), in each case in connection 

  
 78 

 
with the discharge of its duties, and the exercise or enforcement of the rights of the Parties hereunder. The Escrow Agent may deduct any unpaid fees from the Escrow Funds. In the event the
Escrow Agent deducts any unpaid fees for which Seller is responsible hereunder from the Escrow Funds, the Seller shall promptly deposit into the Escrow Account Seller’s portion of such unpaid fees. 

The Escrow Agent may resign by giving written notice in writing to the Buyer and the Seller of such resignation, specifying a date which such resignation
shall take effect, which shall in no event be earlier than sixty (60) days after the giving of such notice, and shall be discharged from its duties and obligations upon the appointment of a successor Escrow Agent as hereafter provided and the
delivery to such successor of the Escrow Funds. Immediately upon receipt of such notice, the Buyer and the Seller shall appoint a successor Escrow Agent who shall be mutually acceptable to them. Any such successor Escrow Agent shall deliver to the
Buyer and the Seller and to the resigning Escrow Agent a written instrument accepting such appointment hereunder, and thereupon it shall succeed to all the rights and duties of the Escrow Agent hereunder, and shall be entitled to receive the Escrow
Funds. In the event that a successor Escrow Agent shall not be so appointed by the date of resignation specified by the Escrow Agent, the Escrow Agent shall have the right to appoint as a successor Escrow Agent any national bank, and the Parties
hereto agree to accept any such successor Escrow Agent appointed by the Escrow Agent. 
 In the event of any dispute between the Buyer and the
Seller, or between the Escrow Agent and any one or more of the other Parties hereto, with regard to the Escrow Agent or its duties, or any other matter concerning the disposition of the Escrow Funds or in the event that the Escrow Agent, in good
faith, is in doubt as to what action it should take hereunder, the Escrow Agent may deposit the Escrow Funds with any Court in the Province of Alberta, Canada pending the decision of such Court, and the Escrow Agent shall be entitled to refrain from
action pending, and rely upon, the decision of such Court. The rights of the Escrow Agent under this Section 9.10 are cumulative of all other rights which it may have by law or otherwise. 

The Parties (other than the Escrow Agent) hereby agree to jointly and severally indemnify the Escrow Agent, its officers, directors, agents and employees
from and against any loss, liability or expense reasonably incurred, without gross negligence, willful misconduct or bad faith on its part, arising out of or in connection with the Escrow Agreement, including the expense of defending itself against
any claim or liability arising therefrom. Any payment required to be made pursuant to this Section 9.11 shall be paid first from the Escrow Fund, to the extent funds remain on deposit therein. The Escrow Agent shall not be required to give any
bond or surety or report to any court despite any statute, custom or rule to the contrary. Notwithstanding the foregoing, the Buyer and the Seller (jointly and severally) agree that any payment required to be made pursuant to this Section 9.11
shall be paid Fifty Percent (50%) by the Buyer and Fifty Percent (50%) by the Seller. The Escrow Agent may deduct any unpaid amounts from the Escrow Funds. In the event Escrow Agent deducts any unpaid amounts for which the Buyer is
responsible under this Section 9.11 from the Escrow Funds, the Buyer shall promptly deposit into the Escrow Account, the Buyer’s portion of such unpaid amounts and in the event Escrow Agent deducts any unpaid amounts for which the Seller
is responsible hereunder from the Escrow Funds, the Seller shall promptly deposit into the Escrow Account an amount equal to that portion of such unpaid amounts. The indemnification set forth herein shall survive the termination of this Agreement
and the resignation or removal of the Escrow Agent. 

  
 79 

 The Buyer and the Seller together may terminate the appointment of the Escrow Agent hereunder upon written
notice specifying the date upon which such termination shall take effect. In the event of such termination, the Buyer and the Seller shall before the date of such termination jointly appoint a successor Escrow Agent, and the Escrow Agent shall
deliver the remaining Escrow Funds to such successor Escrow Agent. 
 The Escrow Agent agrees to accept and act upon instructions or directions
pursuant to this Agreement sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods, provided, however, that each of the other parties hereto desiring to provide such directions shall provide to the Escrow Agent
an incumbency certificate listing persons with authority to act hereunder, which incumbency certificate shall be amended whenever a person is to be added or deleted from the listing. If the Buyer or the Seller elect to give the Escrow Agent e-mail
or facsimile instructions (or instructions by a similar electronic method) and the Escrow Agent in its discretion elects to act upon such instructions, the Escrow Agent’s understanding of such instructions shall be deemed controlling. The
Escrow Agent shall not be liable for any losses, costs or expenses arising directly or indirectly from the Escrow Agent’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a
subsequent written instruction. The Buyer or the Seller, as the case may be, agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Escrow Agent, including without limitation the
risk of the Escrow Agent acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

NOTICES AND WRITTEN DIRECTIONS 
 All notices, requests, demands, and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made upon being delivered either by
courier or fax delivery to the Party for whom it is intended, provided that a copy thereof is deposited, postage prepaid, certified or registered mail, return receipt requested, in the Canadian mail, bearing the address shown in this Article 10 for,
or such other address as may be designated in writing hereafter by, such Party: 
 if to Seller: 

LEGACY ENERGY, INC. 
 1160 Eugenia Place, Suite 100 
 Carpinteria CA 93013 

Attention: Clarance Cottman 
 Phone: 805-566-2900 
 Fax: 805-566-2917 

  
 80 

 If to the Buyer: 
 SOUTHERN SAN JOAQUIN PRODUCTION, LLC 
 c/o Day Carter & Murphy
LLP 
 3620 American River Drive, Suite 205 
 Sacramento, CA 95864 
 Attention: Sean B. Murphy 

Phone: (916) 570-2500 
 Fax: (916) 570-2525 
 If to the Escrow Agent: 

BURNET, DUCKWORTH & PALMER LLP 

2400, 525 8th Avenue S.W. 
 Calgary, Alberta, Canada, T2P 1G1 
 Attention: John H. Cuthbertson

 Phone: (403) 260-0305 
 Fax: (403) 260-5744 
 TRANSFER OF INTERESTS; ASSIGNMENT

 Except for an assignment of this Agreement by Seller to Parent, the interests of the Buyer or the Seller in the Escrow Funds and the
rights and obligations of the Parties hereunder may not be transferred except by operation of law, and will not be represented by any certificate or instrument. Seller may assign its rights and obligations under this Agreement to Parent without the
prior consent of Buyer and/or Escrow Agent. Neither the Buyer nor the Seller shall be entitled to withdraw the Escrow Funds except as provided hereunder or to substitute any other property therefor. 

COUNTERPARTS 

Counterpart copies of this Escrow Agreement may be signed by all Parties and signature pages exchanged by fax or otherwise. The Parties intend that
counterpart copies signed and exchanged as provided in the preceding sentence shall be fully binding. Counterpart originals of this Escrow Agreement shall be exchanged registered mail or express service at the earliest reasonable date following the
exchange of signature pages by fax. 
 AMENDMENT; WAIVER 
 No modification, amendment or waiver of any provision of this Escrow Agreement will be effective unless such modification, amendment or waiver is approved in writing by the Buyer, the Seller and the
Escrow Agent. The failure of any Party to enforce any of the provisions of this Escrow Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such Party thereafter to enforce each and every provision of
this Escrow Agreement in accordance with its terms. 

  
 81 

 BINDING EFFECT; ASSIGNMENT 

This Escrow Agreement shall be binding upon and inure to the benefit of the respective successors and permitted assigns of the Parties hereto.

 HEADINGS 
 The headings of the various sections of this Escrow Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Escrow Agreement. 

SEVERABILITY 
 If
any provision of this Escrow Agreement shall be determined to be illegal or unenforceable, the remaining provisions of this Escrow Agreement shall remain in full force and effect, and this Escrow Agreement shall be construed as if the illegal or
unenforceable provision were not a part hereof, so long as the remaining provisions of this Escrow Agreement shall be sufficient to carry out the overall intent of the Parties as expressed herein. 

GOVERNING LAW 

This Escrow Agreement shall be governed by and construed in accordance with the laws of the Province of Alberta, Canada without regard to its conflicts
of law doctrine. 
 FURTHER ASSURANCES 
 Each Party hereto shall perform all other acts and execute and deliver all other documents as may be necessary or appropriate to carry out the purposes and intent of this Escrow Agreement. 

THIRD PARTY BENEFICIARY 
 Nothing set forth in this Escrow Agreement shall be construed to confer any benefit to any third party who is not a Party to this Escrow Agreement, except as provided in Article 11 hereunder. 

  
 82 

 ATTACHED TO AND FORMING PART OF THE ESCROW AGREEMENT AMONG SOUTHERN SAN JOAQUIN PRODUCTION, LLC, LEGACY
ENERGY, INC., AND BORDEN LADNER GERVAIS LLP DATED THE      DAY OF         , 2012. 
 IN WITNESS WHEREOF, the parties hereto have executed this Escrow Agreement as of the date first set forth above. 

 

			
	LEGACY ENERGY, INC.
		
	 Per:
	 	  

	
	SOUTHERN SAN JOAQUIN PRODUCTION, LLC
	
	  

	
	BURNET, DUCKWORTH & PALMER LLP
		
	 Per:
	 	  

  

					
		 	  
	  	  

  
 83 

 SCHEDULE A 

FEES 
 $— per investment; 
 All out of pocket expenses; 

$— annual administration fee; and 
 Hourly rate of $— per hour for any matter not specifically described in this Schedule “A”. 

[End of Exhibit H] 

 SCHEDULE 1.02 (e) 

CONTRACTS 
 PLEITO
CREEK FIELD 
 KERN COUNTY, CA 
  

	 	1.	Purchase and Sale Agreement dated August 31, 2006, by and between Legacy Energy, LLC, as Purchaser and Pleito Oil & Gas Corporation, as Seller.

  

	 	2.	Agreement dated May 25, 2007, by and between Legacy Energy, LLC and The Wildlands Conservancy. 

 

	 	3.	Assignment of Compensatory Royalty and Pass Through Agreement dated November 1, 2011 by and between Legacy Energy, Inc. and Petro Resources, Inc. Recorded
November 30, 2011, Document Number 0211157222 of the official records of Kern County, California. 

  

	 	4.	Crude Oil Purchase Contract – Outright crude oil purchase contract dated March 1, 2007 by and between Legacy Energy, LLC, as seller and Plains Marketing,
L.P., as purchaser. 

  

	 	5.	Crude Oil Purchase Contract Amendment – Outright crude oil purchase contract amendment dated January 1, 2008 by and between Legacy Energy, LLC, as seller and
Plains Marketing, L.P., as purchaser. 

  

	 	6.	Crude Oil Purchase Contract Amendment – Outright crude oil purchase contract amendment dated January 1, 2009 by and between Legacy Energy, LLC, as seller and
Plains Marketing, L.P., as purchaser. 

  

	 	7.	Crude Oil Purchase Contract Amendment – Outright crude oil purchase contract amendment dated August 1, 2009 by and between Legacy Energy, LLC, as seller and
Plains Marketing, L.P., as purchaser. 

  

	 	8.	Crude Oil Purchase Contract Amendment – Outright crude oil purchase contract amendment dated January 1, 2011 by and between Legacy Energy, LLC, as seller and
Plains Marketing, L.P., as purchaser. 

  

	 	9.	Crude Oil Purchase Contract Amendment – Outright crude oil purchase contract amendment dated August 1, 2011 by and between Legacy Energy, LLC, as seller and
Plains Marketing, L.P., as purchaser. 

  

	 	10.	Crude Oil Sale Contract and Netting Agreement – Outright crude oil sale contract dated January 1, 2011 by and between Legacy Energy, LLC, as purchaser and
Plains Marketing, L.P., as seller. 

  

	 	11.	Product Agreement between BOC Gases and Legacy Energy dated January 7, 2008. 

 END OF SCHEDULE 1.02 (e) 

  
 - 2-

 SCHEDULE 1.03 
 EXCLUDED ASSETS 
 PLEITO CREEK FIELD 

KERN COUNTY, CA 
 Contents of
Pleito Creek Field Office 
 Lab Trailer, including contents 
 Seatrain Storage Container – 36’, including contents 
 2008 Dodge Ram 1500 (VIN
1D7HU16278J178683) including contents 
 2008 Dodge Ram 1500 (VIN 1D7HU16N58J192558) including contents 

2008 Dodge Ram 1500 (VIN 1D7HU16N78J124696) including contents 
 2008 Chevy Silverado 2500 (VIN 1GCHK23658F124038) including contents 
 15,000 gallon poly
tank - (1) 
 Metal piping rack – (5) 
 Metal rod rack – (1) 
 Metal sheet metal rack – (1) 

Cement K Rail – (24) 

10-3/4” casing – (6) joints, (8) short joints 
 7” casing - (29) joints, (2) short joints 
 3-1/2”tubing –
(23) joints 
 2-7/8”tubing – (199) joints, (19) short joints 

1-1/4” polished rod – (1) 

3/4” rods - (25), pony rods – (34) 
 3/4” line pipe – (5) joints 
 1-1/2” wrapped line pipe –
(48) joints 
 2” wrapped line pipe – (15) joints 
 3” wrapped line pipe – (13) joints 
 3” line pipe –
(5) joints 
 4” line pipe – (6) joints 
 6” line pipe – 4) joints 
 4’x8’ Expanded Sheet Metal – (3)

 4’x8’x1/2” Steel Plate – (2) 
 6’x8’X1/2” Steel Plate – (1) 
 Ransom Model #RH50-E trailer mounted
liquid petroleum vaporizer 
 Wheatley Duplex Pump, skid mounted - Serial #1216, Model 7024 

5’x36” Horizontal Scrubber, skid mounted 
 Peerless Centrifugal Pump, skid mounted 
 10-bb Test Vessel, skid mounted 

75 KVA Transformers – (2) 
 END OF SCHEDULE 1.03 

  
 - 3-

 SCHEDULE 3.07 
 VALUES ALLOCATED TO ASSETS SUBJECT TO PREFERENTIAL RIGHTS TO PURCHASE 
 PLEITO CREEK
FIELD 
 KERN COUNTY, CA 
 There are no Preferential Rights. 
 END OF SCHEDULE 3.07 

  
 - 4-

 SCHEDULE 5.06 
 EXISTING CLAIMS AND LITIGATION 
 PLEITO CREEK FIELD 

KERN COUNTY, CA 
 There are no
existing claims or litigation. 
 END OF SCHEDULE 5.06 

  
 - 5-

 SCHEDULE 5.08 
 TAX PARTNERSHIPS 
 None 

END OF SCHEDULE 5.08 

  
 - 6-

 SCHEDULE 5.09 
 CONTRACTS WITH SELLER, AFFILIATE OR CONTAINING AMI 
 Purchase and Sale Agreement dated
August 31, 2006, by and between Legacy Energy, Inc., as Buyer and Pleito Oil and Gas Corporation, as Seller. 
 END OF
SCHEDULE 5.09 

  
 - 7-

 SCHEDULE 5.11 
 PREFERENTIAL RIGHTS AND CONSENTS TO ASSIGN 
 There are no preferential rights. Leases
requiring consent to assign are as follows: 
  

			
	DOCUMENT NO.:	  	0206010333
	LESSOR:	  	Petro Resources, Inc.
	LESSEE:	  	Pleito Oil and Gas Corp. (POGC)
	LEASE DATE:	  	January 13, 2006
	ASSIGNED:	  	POGC to Legacy Energy, Inc. 8/31/2006
	DOCUMENT NO.:	  	0206218646

 END OF SCHEDULE 5.11 

  
 - 8-

 SCHEDULE 5.16 
 AFEs IN EXCESS OF $75,000 
 PLEITO CREEK FIELD 

KERN COUNTY, CA 
  

					
	 AFE #1443.5 - Metering Well 23-35
	  	$	113,937.00	  

 END OF SCHEDULE 5.16 

  
 - 9-

 SCHEDULE 5.17 
 BENEFIT PLANS 
 PLEITO CREEK FIELD 

KERN COUNTY, CA 
 None 

END OF SCHEDULE 5.17 

  
 - 10-

 SCHEDULE 12.02 

GAS IMBALANCES 

PLEITO CREEK FIELD 
 KERN
COUNTY, CA 
 There are no Gas Imbalances. 
 END OF SCHEDULE 12.02 

  
 - 11-

 SCHEDULE 13.04 (a) 

REQUIRED CONSENTS, APPROVALS, NOTICES AND FILINGS 
  

	1.	SEC approval of NiMin Proxy. 

  

	2.	All Canadian securities commissions in which NiMin is a reporting issuer, including the Alberta Securities Commission and TSX 

END OF SCHEDULE 13.04 (a) 

  
 - 12-

 SCHEDULE 13.08 

EMPLOYEES 
 PLEITO
CREEK FIELD 
 KERN COUNTY, CA 
  

			
	 Name
	  	 Title/Position

	Gary Brown	  	Production Superintendent
	Jackie Anderson	  	Operations Technician
	Ronald Russell	  	Senior Lease Operator

 END OF SCHEDULE 13.08 

  
 - 13-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00203-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00203-of-00352.parquet"}]]