Document:

Indenture dated as of October 15, 2004

 Exhibit 4.1 

  
 Ventas Realty, Limited Partnership, 
  
 Ventas Capital Corporation 
  
 and each of the Guarantors named herein 
  
 SERIES A AND SERIES B 
 6 5/8 % SENIOR NOTES DUE 2014 
  

  
 INDENTURE 
  
 Dated as of October 15, 2004 
  

  
 U.S. Bank National Association, 
  
 Trustee 
  

 CROSS-REFERENCE TABLE* 
  

					
	 Trust Indenture
 Act Section

	  	Indenture
Section

	310	 	 (a)(1)
	  	7.10
	 	 	 (a)(2)
	  	7.10
	 	 	 (a)(3)
	  	N.A.
	 	 	 (a)(4)
	  	N.A.
	 	 	 (a)(5)
	  	7.10
	 	 	 (b)
	  	7.10
	 	 	 (c)
	  	N.A.
	311	 	 (a)
	  	7.11
	 	 	 (b)
	  	7.11
	 	 	 (c)
	  	N.A.
	312	 	 (a)
	  	2.05
	 	 	 (b)
	  	12.03
	 	 	 (c)
	  	12.03
	313	 	 (a)
	  	7.06
	 	 	 (b)(2)
	  	7.06; 7.07
	 	 	 (c)
	  	7.06; 12.02
	 	 	 (d)
	  	7.06
	314	 	 (a)
	  	4.03;12.02;
12.05
	 	 	 (c)(1)
	  	12.04
	 	 	 (c)(2)
	  	12.04
	 	 	 (c)(3)
	  	N.A.
	 	 	 (e)
	  	12.05
	 	 	 (f)
	  	N.A.
	315	 	 (a)
	  	7.01
	 	 	 (b)
	  	7.05,12.02
	 	 	 (c)
	  	7.01
	 	 	 (d)
	  	7.01
	 	 	 (e)
	  	6.11
	316	 	 (a) (last sentence)
	  	2.09
	 	 	 (a)(1)(A)
	  	6.05
	 	 	 (a)(1)(B)
	  	6.04
	 	 	 (a)(2)
	  	N.A.
	 	 	 (b)
	  	6.07
	 	 	 (c)
	  	2.12
	317	 	 (a)(1)
	  	6.08
	 	 	 (a)(2)
	  	6.09
	 	 	 (b)
	  	2.04
	318	 	 (a)
	  	12.01

					
	 	 	 (b)
	  	N.A.
	 	 	 (c)
	  	12.01

 N.A. means not applicable. 

	*	This Cross Reference Table is not part of the Indenture. 

  

 3 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	ARTICLE 1
	DEFINITIONS AND INCORPORATION BY REFERENCE
			
	 Section 1.01
	 	Definitions	  	1
	 Section 1.02
	 	Other Definitions	  	24
	 Section 1.03
	 	Incorporation by Reference of Trust Indenture Act	  	25
	 Section 1.04
	 	Rules of Construction	  	25
	
	ARTICLE 2
	THE NOTES
			
	 Section 2.01
	 	Form and Dating	  	26
	 Section 2.02
	 	Execution and Authentication	  	27
	 Section 2.03
	 	Registrar and Paying Agent	  	27
	 Section 2.04
	 	Paying Agent to Hold Money in Trust	  	28
	 Section 2.05
	 	Holder Lists	  	28
	 Section 2.06
	 	Transfer and Exchange	  	28
	 Section 2.07
	 	Replacement Notes	  	43
	 Section 2.08
	 	Outstanding Notes	  	43
	 Section 2.09
	 	Treasury Notes	  	44
	 Section 2.10
	 	Temporary Notes	  	44
	 Section 2.11
	 	Cancellation	  	44
	 Section 2.12
	 	Defaulted Interest	  	45
	
	ARTICLE 3
	REDEMPTION AND PREPAYMENT
			
	 Section 3.01
	 	Notices to Trustee	  	45
	 Section 3.02
	 	Selection of Notes to Be Redeemed	  	45
	 Section 3.03
	 	Notice of Redemption	  	46
	 Section 3.04
	 	Effect of Notice of Redemption	  	47
	 Section 3.05
	 	Deposit of Redemption or Purchase Price	  	47
	 Section 3.06
	 	Notes Redeemed or Purchased in Part	  	48
	 Section 3.07
	 	Optional Redemption	  	48
	 Section 3.08
	 	Mandatory Redemption	  	49
	 Section 3.09
	 	Offer to Purchase by Application of Excess Proceeds	  	49

  

 i 

 ARTICLE 4 
 COVENANTS 
  

					
	 	 	 	  	Page

	 Section 4.01
	 	Payment of Notes	  	51
	 Section 4.02
	 	Maintenance of Office or Agency	  	52
	 Section 4.03
	 	Reports	  	52
	 Section 4.04
	 	Compliance Certificate	  	53
	 Section 4.05
	 	Taxes	  	54
	 Section 4.06
	 	Stay, Extension and Usury Laws	  	54
	 Section 4.07
	 	Restricted Payments	  	54
	 Section 4.08
	 	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	57
	 Section 4.09
	 	Incurrence of Debt	  	59
	 Section 4.10
	 	Maintenance of Total Unencumbered Assets	  	60
	 Section 4.11
	 	Asset Sales	  	61
	 Section 4.12
	 	Transactions with Affiliates	  	63
	 Section 4.13
	 	Corporate Existence	  	64
	 Section 4.14
	 	Offer to Repurchase Upon Change of Control	  	64
	 Section 4.15
	 	Payments for Consent	  	66
	 Section 4.16
	 	Additional Note Guarantees	  	67
	 Section 4.17
	 	Ventas Capital Corporation	  	67
	 Section 4.18
	 	Designation of Restricted and Unrestricted Subsidiaries	  	67
	 Section 4.19
	 	Changes in Covenants When Notes Graded Investment Grade	  	68
	
	ARTICLE 5
	SUCCESSORS
			
	 Section 5.01
	 	Merger, Consolidation, or Sale of Assets	  	70
	 Section 5.02
	 	Successor Corporation Substituted	  	71
	
	ARTICLE 6
	DEFAULTS AND REMEDIES
			
	 Section 6.01
	 	Events of Default	  	71
	 Section 6.02
	 	Acceleration	  	73
	 Section 6.03
	 	Other Remedies	  	73
	 Section 6.04
	 	Waiver of Past Defaults	  	74
	 Section 6.05
	 	Control by Majority	  	74
	 Section 6.06
	 	Limitation on Suits	  	74
	 Section 6.07
	 	Rights of Holders of Notes to Receive Payment	  	75
	 Section 6.08
	 	Collection Suit by Trustee	  	75
	 Section 6.09
	 	Trustee May File Proofs of Claim	  	75
	 Section 6.10
	 	Priorities	  	76
	 Section 6.11
	 	Undertaking for Costs	  	76

  

 ii 

					
	 	 	 	  	Page

	ARTICLE 7
	TRUSTEE
	 Section 7.01
	 	Duties of Trustee.	  	76
	 Section 7.02
	 	Rights of Trustee.	  	78
	 Section 7.03
	 	Individual Rights of Trustee.	  	78
	 Section 7.04
	 	Trustee’s Disclaimer.	  	79
	 Section 7.05
	 	Notice of Defaults.	  	79
	 Section 7.06
	 	Reports by Trustee to Holders of the Notes.	  	79
	 Section 7.07
	 	Compensation and Indemnity.	  	79
	 Section 7.08
	 	Replacement of Trustee.	  	80
	 Section 7.09
	 	Successor Trustee by Merger, etc.	  	82
	 Section 7.10
	 	Eligibility; Disqualification.	  	82
	 Section 7.11
	 	Preferential Collection of Claims Against Issuers.	  	82
	
	ARTICLE 8
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
			
	 Section 8.01
	 	Option to Effect Legal Defeasance or Covenant Defeasance.	  	82
	 Section 8.02
	 	Legal Defeasance and Discharge.	  	82
	 Section 8.03
	 	Covenant Defeasance.	  	83
	 Section 8.04
	 	Conditions to Legal or Covenant Defeasance.	  	84
	 Section 8.05
	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.	  	85
	 Section 8.06
	 	Repayment to Issuers.	  	86
	 Section 8.07
	 	Reinstatement.	  	86
	
	ARTICLE 9
	AMENDMENT, SUPPLEMENT AND WAIVER
			
	 Section 9.01
	 	Without Consent of Holders of Notes.	  	87
	 Section 9.02
	 	With Consent of Holders of Notes.	  	87
	 Section 9.03
	 	Compliance with Trust Indenture Act.	  	89
	 Section 9.04
	 	Revocation and Effect of Consents.	  	89
	 Section 9.05
	 	Notation on or Exchange of Notes.	  	89
	 Section 9.06
	 	Trustee to Sign Amendments, etc.	  	89
	ARTICLE 10
	NOTE GUARANTEES
			
	 Section 10.01
	 	Note Guarantee.	  	90
	 Section 10.02
	 	Limitation on Guarantor Liability.	  	91
	 Section 10.03
	 	Execution and Delivery of Note Guarantee.	  	91
	 Section 10.04
	 	Guarantors May Consolidate, etc., on Certain Terms.	  	92

  

 iii 

					
	 	 	 	  	Page

	 Section 10.05
	 	Releases Following Sale of Assets.	  	93
	 Section 10.06
	 	Releases Following Investment Grade Ratings.	  	94
	
	ARTICLE 11
	SATISFACTION AND DISCHARGE
			
	 Section 11.01
	 	Satisfaction and Discharge.	  	94
	 Section 11.02
	 	Application of Trust Money.	  	95
	
	ARTICLE 12
	MISCELLANEOUS
			
	 Section 12.01
	 	Trust Indenture Act Controls.	  	96
	 Section 12.02
	 	Notices.	  	96
	 Section 12.03
	 	Communication by Holders of Notes with Other Holders of Notes.	  	97
	 Section 12.04
	 	Certificate and Opinion as to Conditions Precedent.	  	97
	 Section 12.05
	 	Statements Required in Certificate or Opinion.	  	98
	 Section 12.06
	 	Rules by Trustee and Agents.	  	98
	 Section 12.07
	 	No Personal Liability of Directors, Officers, Employees and Stockholders.	  	98
	 Section 12.08
	 	Governing Law.	  	99
	 Section 12.09
	 	No Adverse Interpretation of Other Agreements.	  	99
	 Section 12.10
	 	Successors.	  	99
	 Section 12.11
	 	Severability.	  	99
	 Section 12.12
	 	Counterpart Originals.	  	99
	 Section 12.13
	 	Table of Contents, Headings, etc.	  	99

  

 iv 

					
	 	 	SCHEDULES	  	 
			
	Schedule I	 	REAL ESTATE REVENUES	  	 
	Schedule II	 	GUARANTORS	  	 
			
	 	 	EXHIBITS	  	 
			
	Exhibit A	 	FORM OF NOTE	  	 
	Exhibit B	 	FORM OF CERTIFICATE OF TRANSFER	  	 
	Exhibit C	 	FORM OF CERTIFICATE OF EXCHANGE	  	 
	Exhibit D	 	 FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	  	 
	Exhibit E	 	FORM OF NOTE GUARANTEE	  	 
	Exhibit F	 	FORM OF SUPPLEMENTAL INDENTURE	  	 

  

 v 

 INDENTURE dated as of October 15, 2004 among Ventas Realty, Limited Partnership, a Delaware limited
partnership and Ventas Capital Corporation, a Delaware corporation (collectively, the “Issuers”), the Guarantors (as defined) and U.S. Bank National Association, as trustee (the “Trustee”). 
  
 The Issuers, the Guarantors and the Trustee agree as follows for the benefit
of each other and for the equal and ratable benefit of the Holders (as defined) of the 6 5/8% Senior Notes due
2014 (the “Series A Notes”) and the 6 5/8% Series B Notes due 2014 (the “Series B
Notes” and, together with the Series A Notes, the “Notes”), to be issued in exchange for the Series A Notes pursuant to the Registration Rights Agreement (as defined herein): 
  
 ARTICLE 1 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 Section 1.01 Definitions. 
  
 “Acquired Debt” means Debt of a Person (1) existing at the time such Person becomes a Subsidiary or (2) assumed in
connection with the acquisition of assets from such Person, in each case, other than Debt incurred in connection with, or in contemplation of, such Person becoming a Subsidiary or such acquisition. Acquired Debt is deemed to be incurred on the date
of the related acquisition of assets from any Person or the date the acquired Person becomes a Subsidiary. 
  
 “Additional Notes” means Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections 2.02 and 4.09 hereof. 
  
 “Adjusted Book Value” means, as of any date (a) with
respect to any (i) Real Estate Asset that was owned as of April 17, 2002 and continued to be owned as of such date of determination by Ventas, Inc. or any of its Restricted Subsidiaries and (ii) Reacquired Qualified CMBS Real Estate
Assets, in each case, (1) the Real Estate Revenues specified for such Real Estate Asset on Schedule I attached hereto, divided by 0.0925, plus (2) any annualized incremental rental revenue generated by such Real Estate Asset as a
result of, arising out of or in connection with the Kindred Reset Right of the Partnership with respect to such Real Estate Asset (whether by agreement or exercise of such right or otherwise), divided by 0.0925, (b) with respect to any Real
Estate Assets acquired after April 17, 2002 that are owned by Ventas, Inc. or any of its Restricted Subsidiaries as of such date of determination (other than Reacquired Qualified CMBS Real Estate Assets), the cost (original cost plus capital
improvements, before depreciation and amortization) of such Real Estate Asset and (c) with respect to all other assets as of any date of determination, the book value of such asset as of such date, in each case on a consolidated basis
determined in accordance with GAAP. For the purpose of clause (2) of this definition, “annualized incremental rental revenue” in respect of a Real Estate Asset shall mean the increase in daily rental revenue generated by such Real Estate
Asset as a result of, arising out of or in connection with the Kindred Reset Right (whether by agreement or exercise of such right or otherwise) over the daily rental revenue generated by such Real Estate Asset immediately prior to the effective
date of such increase, annualizing by multiplying such daily increase by 365. 

 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled
by” and “under common control with” have correlative meanings. No Person (other than Ventas, Inc. or any of its Restricted Subsidiaries) in whom a Special Purpose Entity makes an Investment in connection with a Qualified CMBS
Transaction will be deemed to be an Affiliate of Ventas, Inc. or any of its Restricted Subsidiaries solely by reason of such Investment. 
  
 “Agent” means any Registrar, co-registrar, Paying Agent or additional paying agent. 
  
 “Annual Debt Service” as of any date means the amount which
was expensed in the four consecutive fiscal quarters ending on the most recent Measurement Date for interest on Debt of Ventas, Inc. and its Restricted Subsidiaries excluding (1) amortization of debt discount and deferred financing cost,
(2) all gains and losses associated with the unwinding or break-funding of interest rate swap agreements, (3) the impact of that certain interest rate cap agreement between the Partnership and Bank of America, N.A., dated December 11,
2001, (4) the write-off of unamortized deferred financing fees, (5) prepayment fees, premiums and penalties and (6) non-cash swap ineffectiveness charges. 
  
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in
any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 
  
 “Asset Sale” means: 
  
 (1) the sale, lease, conveyance or other disposition by Ventas, Inc. or any of its Restricted Subsidiaries of any assets, other than
leases of Real Estates Assets and sales of products and services, in each case, in the ordinary course of business consistent with past practices; provided, however that the sale, conveyance or other disposition of all or substantially
all of the assets of Ventas, Inc. or any of its Restricted Subsidiaries taken as a whole will be governed by Section 4.14 and/or Article 5 and not by Section 4.11; and 
  
 (2) the issuance of Equity Interests by any of Ventas, Inc.’s Restricted Subsidiaries or the sale of
Equity Interests in any of Ventas, Inc.’s Restricted Subsidiaries; 
  
 Notwithstanding the preceding, the following items will not be deemed to be Asset Sales: 
  

 2 

 (1) any single transaction or series of related transactions that involves assets having
a Fair Market Value of less than $10.0 million; 
  
 (2) a transfer of assets between or among Ventas, Inc. or any of its Restricted Subsidiaries (other than any Permitted Joint Ventures); 
  
 (3) an issuance of Equity Interests by a Restricted Subsidiary to Ventas, Inc. or to another Restricted Subsidiary; 
  
 (4) the sale, lease or other disposition of equipment,
inventory, accounts receivable or other assets in the ordinary course of business; 
  
 (5) the sale or other disposition of cash or Cash Equivalents; 
  
 (6) a Restricted Payment that is permitted by Section 4.07 hereof or any Permitted Investment; 

 
 (7) any Asset Swap; 
  
 (8) any issuance of Equity Interests (other than
Disqualified Stock) by the Partnership in order to acquire assets that are used or useful in a Permitted Business; and 
  
 (9) any sale, transfer, conveyance or other disposition of assets of the type specified in the definition of “Qualified CMBS
Transaction” to an Unrestricted Subsidiary for the Fair Market Value thereof, including cash received at the time of such sale, transfer, conveyance or disposition in an amount at least equal to 65% of the Adjusted Book Value thereof as
determined in accordance with GAAP. 
  
 “Asset
Swap” means an exchange by Ventas, Inc. or any of its Restricted Subsidiaries of property or assets for property or assets of another Person; provided, however, that (i) Ventas, Inc. or the applicable Restricted
Subsidiary, as the case may be, receives consideration at the time of such exchange at least equal to the Fair Market Value of the assets or other property sold, issued or otherwise disposed of (as evidenced by a resolution of Ventas, Inc.’s or
such Restricted Subsidiaries’ Board of Directors set forth in an Officers’ Certificate delivered to the Trustee), and (ii) at least 75% of the consideration for such exchange constitutes assets or other property of a kind usable by
Ventas, Inc. or any of its Restricted Subsidiaries in a Permitted Business; provided, however that any consideration not constituting assets or property of a kind usable by Ventas, Inc. or any of its Restricted Subsidiaries in a
Permitted Business received by Ventas, Inc. or any of its Restricted Subsidiaries in connection with any exchange permitted to be consummated pursuant to Section 4.11 hereof shall constitute Net Proceeds subject to the provisions of Section 4.11
hereof. 
  

 3 

 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the
relief of debtors. 
  
 “Board of Directors”
means: 
  
 (1) with respect to a corporation, the
Board of Directors of the corporation; 
  
 (2)
with respect to a partnership, the Board of Directors of the general partner of the partnership; and 
  
 (3) with respect to any other Person, the board or committee of such Person serving a similar function. 
  
 “Broker-Dealer” has the meaning set forth in the
Registration Rights Agreement. 
  
 “Business Day”
means any day other than a Saturday or Sunday or a day on which banking institutions in The City of New York are required or authorized to close. 
  
 “Capital Stock” means, with respect to any entity, any capital stock (including preferred stock), shares, interests, participation or
other ownership interests (however designated) of such entity and any rights (other than debt securities convertible into or exchangeable for capital stock), warrants or options to purchase any thereof; provided, however, that leases
of real property that provide for contingent rent based on the financial performance of the tenant shall not be deemed to be Capital Stock. 
  
 “Capitalized Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital
lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 
  
 “Cash Equivalents” means demand deposits, certificates of deposit or repurchase agreements with banks or financial institutions,
marketable obligations of the United States of America or any of its agencies or instrumentalities, or any commercial paper or other obligation rated, at time of purchase, “P-2” or better by Moody’s or “A-2” or better by
S&P and repurchase obligations with a term of not more than 10 days for underlying securities supported by the full faith and credit of the United States of America, and money market funds substantially all of whose investments constitute Cash
Equivalents. 
  
 “Clearstream” means Clearstream
Banking, S.A. 
  
 “Change of Control” means
(i) such time as any “person” or “group” (as such terms are defined in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the total voting power of the Voting Stock of Ventas, Inc. on a fully diluted basis; provided, however, that a person shall not 
  

 4 

 be deemed to be the beneficial owner of securities subject to a merger, stock purchase, subscription or other agreement,
if the acquisition of such securities is subject to conditions outside of such person’s control, until such acquisition actually occurs; (ii) the first day on which the Partnership ceases to be a Restricted Subsidiary of Ventas, Inc. or
(iii) the first day on which the Partnership fails to own 100% of the issued and outstanding Equity Interests of Ventas Capital Corporation. 
  
 “CMBS Transaction” means that certain commercial mortgage backed securities transaction sponsored by Ventas, Inc. and evidenced by the
CMBS Transaction Documents. 
  
 “CMBS Transaction
Documents” means, collectively, (a) that certain Loan and Security Agreement, dated as of December 12, 2001, between Ventas Finance I, LLC, as borrower, and Merrill Lynch Mortgage Lending, Inc., as lender, and (b) all agreements,
certificates and other instruments executed in connection therewith, each as may be supplemented and amended from time to time. 
  
 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 “Commission” means the Securities and Exchange Commission. 
  
 “Consolidated Income Available for Debt Service” for any
period means Earnings from Operations of Ventas, Inc. and its Restricted Subsidiaries plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (1) total interest expense of
Ventas, Inc. and its Restricted Subsidiaries for such period, including interest or distributions on Debt of Ventas, Inc. and its Restricted Subsidiaries, (2) provision for taxes based on income or profits or the Tax Amount of Ventas, Inc.
and its Restricted Subsidiaries for such period, to the extent that such provision for taxes or Tax Amount was included in computing such Consolidated Income Available for Debt Service, (3) amortization of debt discount and deferred financing
costs, (4) provisions for gains and losses on properties, (5) depreciation and amortization (excluding amortization of prepaid cash expenses that were paid in a prior period), (6) the effect of any non-cash charge resulting from
a change in accounting principles in determining Earnings from Operations for such period, (7) amortization of deferred charges, and (8) the aggregate amount of all non-cash expenses (excluding any such non-cash expenses to the extent
that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period), determined on a consolidated basis, to the extent such items increased or decreased
Earnings from Operations for such period. 
  
 “Consolidated Net Tangible Assets” means, as of any date, all tangible assets of Ventas, Inc. and its Restricted Subsidiaries on a consolidated basis determined in accordance with GAAP and classified as such on the
consolidated balance sheet of Ventas, Inc. and its Restricted Subsidiaries. 
  

 5 

 “Corporate Trust Office of the Trustee” will be at the address of the Trustee specified
in Section 12.02 hereof or such other address as to which the Trustee may give notice to the Issuers. 
  
 “Credit Agreement” means that certain Third Amended and Restated Credit, Security and Guaranty Agreement, dated as of September 8, 2004,
by and among the Partnership, Ventas, Inc., Bank of America, N.A., as Administrative Agent and Issuing Bank, Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and UBS Securities LLC, as Co-Syndication Agents, and Calyon
New York Branch, JP Morgan Chase Bank and Citicorp North America, Inc., as Co-Documentation Agents, and the lenders party thereto providing for up to $300.0 million of revolving credit borrowings, including any related notes, guarantees, collateral
documents, instruments and agreements executed in connection therewith, and in each case as amended, modified, renewed, extended, increased, refunded, replaced or refinanced from time to time (whether or not with the original agents or lenders and
whether or not contemplated under the original agreement relating thereto). 
  
 “Credit Facilities” means, one or more debt facilities (including, without limitation, the Credit Agreement) or commercial paper facilities, in each case with banks or other institutional lenders
providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit, in
each case, as amended, restated, modified, renewed, extended, increased, refunded, replaced or refinanced in whole or in part from time to time (whether or not with the original agents or lenders and whether or not contemplated under the original
agreement relating thereto). 
  
 “Custodian”
means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 
  
 “Debt” of Ventas, Inc. or any of its Restricted Subsidiaries means, without duplication, any indebtedness of Ventas, Inc. or any
Restricted Subsidiary, whether or not contingent, in respect of: 
  
 (1) borrowed money or evidenced by bonds, notes, debentures or similar instruments; 
  
 (2) indebtedness for borrowed money secured by any encumbrance existing on property owned by Ventas, Inc. or its Restricted Subsidiaries,
to the extent of the lesser of (x) the amount of indebtedness so secured or (y) the Fair Market Value of the property subject to such encumbrance; 
  
 (3) the reimbursement obligations in connection with any letters of credit actually drawn or amounts
representing the balance deferred and unpaid of 
  

 6 

 the purchase price of any property or services, except any such balance that constitutes an accrued
expense, trade payable, conditional sale obligations or obligations under any title retention agreement; 
  
 (4) the principal amount of all obligations of Ventas, Inc. and its Restricted Subsidiaries with respect to redemption, repayment or other
repurchase of any Disqualified Stock; 
  
 (5) any
lease of property by Ventas, Inc. or any of its Restricted Subsidiaries as lessee which is reflected on Ventas, Inc.’s or such Restricted Subsidiaries’ consolidated balance sheet as a Capitalized Lease Obligation, 
  
 to the extent, in the case of items of indebtedness under clauses (1)
through (5) above, that any such items would appear as a liability on Ventas, Inc.’s or such Restricted Subsidiaries’ consolidated balance sheet in accordance with GAAP; or 
  
 (6) the liquidation preference of any Disqualified Stock of Ventas, Inc. or of any shares of preferred stock
of any of its Restricted Subsidiaries. 
  
 Debt also includes, to
the extent not otherwise included, any obligation by Ventas, Inc. and its Restricted Subsidiaries to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Debt of
another Person (other than Ventas, Inc. or any of its Restricted Subsidiaries); it being understood that Debt shall be deemed to be incurred by Ventas, Inc. or any of its Restricted Subsidiaries whenever Ventas, Inc. or such Restricted Subsidiary
shall create, assume, guarantee or otherwise become liable in respect thereof; provided, however that a Person shall not be deemed to have incurred Debt (or be liable with respect to such Debt) by virtue of Standard Securitization
Undertakings. 
  
 Debt shall not include (a) Debt arising
from agreements of Ventas, Inc. or any Restricted Subsidiary providing for indemnification, adjustment or holdback of purchase price or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any
business, assets or a Subsidiary, other than guarantees of Debt incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition or (b) contingent obligations under
performance bonds, performance guarantees, surety bonds, appeal bonds or similar obligations incurred in the ordinary course of business and consistent with past practices. In the case of Debt as of any date issued with original issue discount, the
amount of such Debt shall be the accreted value thereof as of such date. 
  
 “Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default. 
  

 7 

 “Definitive Note” means a certificated Note registered in the name of the Holder thereof
and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note”
attached thereto. 
  
 “Depositary” means, with
respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having
become such pursuant to the applicable provision of this Indenture. 
  
 “Disqualified Stock” means, with respect to any entity, any Capital Stock of such entity which by the terms of such Capital Stock (or by the terms of any security into which it is convertible or for which it is exchangeable
or exercisable), upon the happening of any event or otherwise (other than pursuant to a change of control provision not materially more favorable to the holder thereof than as set forth in Section 4.14 hereof), (1) matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise (other than Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock or for Subordinated Debt), (2) is convertible into or
exchangeable or exercisable for Debt, other than Subordinated Debt or Disqualified Stock, or (3) is redeemable at the option of the holder thereof, in whole or in part (other than Capital Stock which is redeemable solely in exchange for
Capital Stock which is not Disqualified Stock or for Subordinated Debt), in each case on or prior to the stated maturity of the Notes. 
  
 “Earnings from Operations” for any period means the consolidated net income of Ventas, Inc. and its Restricted Subsidiaries without
reduction for any minority interests, excluding gains and losses on sales of investments, extraordinary items (including, in any event, losses on extinguishment of debt), distributions on equity securities, property valuation losses, and the net
income of any Person, other than a Restricted Subsidiary of Ventas, Inc. (except to the extent of cash dividends or distributions paid to Ventas, Inc. or any Restricted Subsidiary) as reflected in the financial statements of Ventas, Inc. and its
Restricted Subsidiaries for such period, on a consolidated basis determined in accordance with GAAP, and excluding the cumulative effect of changes in accounting principles. 
  
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock
(but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
  
 “Equity Offering” means any underwritten public offering of Capital Stock of Ventas, Inc., the proceeds of which, in an amount equal to
or exceeding the amount of any Equity Claw-back Redemption, are contributed to the Partnership as a capital contribution. 
  

 8 

 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system.

  
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended. 
  
 “Exchange Notes”
means the Series B Notes to be issued to holders in exchange for Transfer Restricted Securities pursuant to the Registration Rights Agreement. 
  
 “Exchange Offer” means the registration by the Issuers and the Guarantors under the Securities Act of the Exchange Notes pursuant to a
Registration Statement pursuant to which the Issuers and the Guarantors offer the Holders of all outstanding Transfer Restricted Securities the opportunity to exchange all such outstanding Transfer Restricted Securities held by such Holders for
Exchange Notes and Guarantees thereof in an aggregate principal amount equal to the aggregate principal amount of the Transfer Restricted Securities tendered in such exchange offer by such Holders. 
  
 “Exchange Offer Registration Statement” means the
Registration Statement relating to the Exchange Offer, including the related Prospectus. 
  
 “Excluded Joint Venture” means any Permitted Joint Venture created or acquired after April 17, 2002; provided, however, that the only Investments made by Ventas, Inc. and its Restricted
Subsidiaries in such Permitted Joint Venture are made pursuant to clauses (10) or (11) of the definition of Permitted Investments or are Restricted Payments permitted by Section 4.07 hereof. 
  
 “Existing Debt” means Debt of Ventas, Inc. and its
Restricted Subsidiaries (other than Debt under the Credit Agreement) in existence on the date of the Indenture, until such amounts are repaid. 
  
 “Fair Market Value” means, with respect to any asset, the price (after taking into account any liabilities relating to such assets) which
could be negotiated in an arm’s-length free market transaction between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the transaction. Fair Market Value shall be determined by the Board of
Directors of Ventas, Inc. in good faith. 
  
 “Funds from
Operations” for any period means Earnings from Operations for such period plus amounts that have been deducted, and minus amounts that have been added, for the following (without duplication): (1) provision for taxes of Ventas, Inc.
and its Restricted Subsidiaries based on income, (2) amortization of debt discount and deferred financing costs, (3) provisions for gains and losses on properties and property depreciation and amortization, (4) the effect of any
non-cash charge resulting from a change in accounting principles in determining Earnings from Operations for such period, (5) amortization of deferred charges, (6) gains (and losses) associated with the 

  

 9 

 
termination, in whole or in part, of any interest rate swap agreement, (7) the write-off of unamortized deferred financing fees and (8)
prepayment fees, premiums and penalties. 
  
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on the date of determination. 
  
 “Global Notes” means, individually and collectively, each of
the Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A hereto issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(2) or 2.06(f) hereof. 
  
 “Global Note Legend” means the legend set forth in Section
2.06(g)(2), which is required to be placed on all Global Notes issued under this Indenture. 
  
 “Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by
way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Debt. 
  
 “Guarantors” means each of: 
  
 (1) Ventas, Inc.; and 
  
 (2) any other Restricted Subsidiary of Ventas, Inc. (other than an Excluded Joint Venture) that executes a Note Guarantee of the Notes in
accordance with the provisions of the Indenture; 
  
 and their respective
successors and assigns; provided, however that any Person constituting a Guarantor as described above shall cease to constitute a Guarantor when its Guarantee of the Notes is released in accordance with the terms of the Indenture.

  
 “Hedging Obligations” means, with respect to
any specified Person, the obligations of such Person under: 
  
 (1) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements; and 
  
 (2) other agreements or arrangements designed to protect such Person against fluctuations in interest rates or foreign exchange rates.

  
 “Holder” means a Person in whose name a Note
is registered. 
  

 10 

 “IAI Global Note” means a Global Note substantially in the form of Exhibit A hereto
bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the
Notes sold to Institutional Accredited Investors. 
  
 “incur” means issue, create, assume, guarantee, incur or otherwise become liable for; provided, however, that any Debt or Capital Stock of a Person existing at the time such Person becomes a Restricted
Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be incurred by such Subsidiary at the time it becomes a Restricted Subsidiary. Neither the accrual of interest nor the accretion of original issue discount
shall be deemed to be an incurrence of Debt. The term “incurrence” when used as a noun shall have a correlative meaning. 
  
 “Indenture” means this Indenture, as amended or supplemented from time to time. 
  
 “Indirect Participant” means a Person who holds a beneficial
interest in a Global Note through a Participant. 
  
 “Initial Notes” means the first $125,000,000 aggregate principal amount of Series A Notes issued under this Indenture on the date hereof. 
  
 “Initial Purchasers” means Banc of America Securities LLC, J.P. Morgan Securities Inc., Citigroup Global
Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and UBS Securities LLC. 
  
 “Institutional Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, that is
not also a QIB. 
  
 “Interest Payment Date” has
the meaning set forth in the Notes. 
  
 “Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms of loans (including Guarantees or other obligations), advances or
capital contributions (excluding commission, travel and similar advances to directors, officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Debt, Equity Interests or other securities,
together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If Ventas, Inc. or any Restricted Subsidiary sells or otherwise disposes of any Equity Interests of any direct or indirect
Restricted Subsidiary of Ventas, Inc. or such Restricted Subsidiary such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of Ventas, Inc., Ventas, Inc. or such Restricted Subsidiary will be
deemed to have made an Investment on the date of any such sale or disposition equal to the Fair 
  

 11 

 Market Value of the Equity Interests of such Subsidiary not sold or disposed. The acquisition by Ventas, Inc. or any of
its Restricted Subsidiaries of a Person that holds an Investment in a third Person will be deemed to be an Investment by Ventas, Inc. or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investment
held by the acquired Person in such third Person. “Investments” shall exclude extensions of trade credit on commercially reasonable terms in accordance with normal trade practices. 
  
 “Issuers” means Ventas Realty, Limited Partnership and
Ventas Capital Corporation, and any and all successors thereto. 
  
 “Kindred Reset Right” means, with respect to any Real Estate Asset, the one-time right of the Partnership to reset the rents with respect to such Real Estate Asset under any of the four amended and restated master lease
agreements dated April 20, 2001 between the Partnership and Kindred Healthcare, Inc., as amended from time to time, exercisable by notice given on or after January 20, 2006 and on or before July 19, 2007, to a then fair market rental rate.

  
 “Letter of Transmittal” means the letter of
transmittal to be prepared by the Issuers and sent to all Holders of the Notes for use by such Holders in connection with the Exchange Offer. 
  
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security
interest in and, except in connection with any Qualified CMBS Transaction, any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 
  
 “Liquidated Damages” means all liquidated damages then owing
pursuant to Section 4 of the Registration Rights Agreement. 
  
 “Make-Whole Amount” means, in connection with any optional redemption of the Notes, the excess, if any, of: 
  
 (1) the aggregate present value as of the date of such redemption of each dollar of principal being redeemed or paid and the amount of
interest (exclusive of interest accrued to the date of redemption or accelerated payment) that would have been payable in respect of each such dollar if such redemption or accelerated payment had not been made, determined by discounting, on a
semi-annual basis, such principal and interest at the Reinvestment Rate (determined on the third Business Day preceding the date a notice of redemption is given or declaration of acceleration is made) from the respective dates on which such 

  

 12 

 
principal and interest would have been payable if such redemption or payment had not been made, over 
  
 (2) the aggregate principal amount of the Notes being
redeemed or paid. 
  
 “Moody’s” means
Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 
  
 “Net Proceeds” means the aggregate cash proceeds and Cash Equivalents received by Ventas, Inc. or any of its Restricted Subsidiaries in respect of any Asset Sale or Qualified CMBS Transaction
(including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale or Qualified CMBS Transaction), net of the (i) amount required to be distributed to the stockholders
by Ventas, Inc. as a result of such Asset Sale or Qualified CMBS Transaction in order to maintain its status as REIT under the Code and (ii) direct costs relating to such Asset Sale or Qualified CMBS Transaction, including, without
limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Asset Sale or Qualified CMBS Transaction, taxes paid or payable as a result of the Asset Sale or Qualified CMBS
Transaction and, without duplication, all distributions to equity holders in respect of taxes, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, amounts required to be applied to the
repayment of Debt, other than Debt under a Credit Facility and Debt that is pari passu with the Notes containing provisions similar to those set forth in the Indenture, and appropriate amounts to be provided by Ventas, Inc. or any Restricted
Subsidiary, as the case may be, as a reserve required in accordance with GAAP against any liabilities associated with such Asset Sale or Qualified CMBS Transaction and retained by Ventas, Inc. or any Restricted Subsidiary, as the case may be, after
such Asset Sale or Qualified CMBS Transaction, including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with
such Asset Sale or Qualified CMBS Transaction; provided, however, that any amounts remaining after adjustments, revaluations or liquidations of such reserves shall constitute Net Proceeds. 
  
 “Non-Recourse Debt” means Debt: 
  
 (1) as to which neither Ventas, Inc. nor any of its
Restricted Subsidiaries (a) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute Debt), other than pursuant to Standard Securitization Undertakings, (b) is directly or indirectly
liable as a guarantor or otherwise, other than pursuant to Standard Securitization Undertakings, or (c) constitutes the lender; 
  

 13 

 (2) no default with respect to which (including any rights that the holders of the Debt
may have to take enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Debt (other than the Notes) of Ventas, Inc. or any of its Restricted Subsidiaries to declare a default on
such other Debt or cause the payment of the Debt to be accelerated or payable prior to its stated maturity; and 
  
 (3) as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of Ventas, Inc. or
any of its Restricted Subsidiaries, other than pursuant to Standard Securitization Undertakings. 
  
 “Non-U.S. Person” means a Person who is not a U.S. Person. 
  
 “Note Guarantee” means the Guarantee by each Guarantor of the Issuers’ payment obligations under this
Indenture and on the Notes, executed pursuant to the provisions of this Indenture. 
  
 “Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes, the Exchange Notes and the Additional Notes shall be treated as a single class for all purposes under this
Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes, the Exchange Notes and any Additional Notes. 
  

“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable
under the documentation governing any Debt. 
  
 “Offering
Memorandum” means the Offering Memorandum, dated October 8, 2004, of the Issuers in connection with the issuance and sale of the Notes. 
  
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating
Officer, the Chief Financial Officer, the Chief Investment Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person. 
  
 “Officers’ Certificate” means a certificate signed on behalf of the Issuers by two Officers of the
Issuers, one of whom must be the principal executive officer, the principal financial officer, the principal investment officer, the treasurer or the principal accounting officer of the Issuers or a general partner of an Issuer, that meets the
requirements of Section 12.05 hereof. 
  
 “144A Global
Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that
will 

  

 14 

 
be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 
  
 “Opinion of Counsel” means an opinion from legal counsel who
is reasonably acceptable to the Trustee, that meets the requirements of Section 12.05 hereof. The counsel may be an employee of or counsel to the Issuers, any Subsidiary of the Issuers or the Trustee. 
  
 “Participant” means, with respect to the Depositary,
Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 
  
 “Partnership” means Ventas Realty, Limited Partnership. 
  
 “Permitted Business” means any business activity (including
Permitted Mortgage Investments) related to properties constituting or used as skilled nursing home centers, hospitals, personal healthcare facilities, assisted living facilities, independent living facilities, medical office buildings, continuum of
care facilities, life care facilities, sheltered care facilities, senior housing, senior living facilities or other properties customarily constituting assets of a REIT, plus any other business that Ventas, Inc. and its Restricted
Subsidiaries are engaged in on the date of the Indenture and such business activities as are complementary, incidental, ancillary or related to, or are reasonable extensions of, the foregoing. 
  
 “Permitted Debt” means: 
  
 (1) Permitted Refinancing Debt; 
  
 (2) Debt under Credit Facilities in an aggregate principal
amount (including all Permitted Refinancing Debt incurred with respect thereto) not to exceed at any one time outstanding an amount equal to $450.0 million less the aggregate amount of Net Proceeds of Asset Sales that have been applied since
the date of the Indenture to repay Debt under Credit Facilities or Permitted Refinancing Debt incurred with respect thereto pursuant to clause (1) of the second paragraph of Section 4.11 hereof. Debt outstanding under Credit Facilities on the date
of the Indenture will be deemed to have been incurred pursuant to clause (2) of this definition; and 
  
 (3) other Debt in an aggregate principal amount not to exceed $100.0 million at any time outstanding. 
  
 “Permitted Investments” means: 
  
 (1) any Investment in Ventas, Inc. or any of its Restricted
Subsidiaries; 
  

 15 

 (2) any Investment in Permitted Mortgage Investments in the ordinary course of business
or in Cash Equivalents; 
  
 (3) any Investment by
Ventas, Inc. or any of its Restricted Subsidiaries in a Person, if as a result of such Investment: 
  
 (a) such Person becomes a Subsidiary of Ventas, Inc. or such Restricted Subsidiary and a Guarantor; or 
  
 (b) such Person is merged, consolidated or amalgamated with
or into, or transfers or conveys substantially all of its assets to, or is liquidated into, Ventas, Inc. or any of its Restricted Subsidiaries that is a Guarantor; 
  
 (4) any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was
made pursuant to and in compliance with Section 4.11 hereof; 
  
 (5) any acquisition of assets to the extent made in exchange for the issuance of Equity Interests (other than Disqualified Stock) of Ventas, Inc. or the Partnership; 
  
 (6) any Investments received in compromise of obligations of
such Persons incurred in the ordinary course of trade creditors or customers that were incurred in the ordinary course of business, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any
trade creditor or customer; 
  
 (7) Hedging
Obligations; 
  
 (8) intercompany Debt and
Guarantees, in either case, to the extent permitted by Section 4.09 hereof; 
  
 (9) any Investment by Ventas, Inc. or any of its Restricted Subsidiaries acquired as a result of a transfer of assets to an Unrestricted Subsidiary in connection with a Qualified CMBS Transaction permitted by clause
(9) of the definition of “Asset Sale”; 
  
 (10) any Investment in Permitted Joint Ventures when taken together with all other Investments made pursuant to this clause (10) since the date of the Indenture does not to exceed the greater of (i) $100.0 million or (ii) 10%
of Ventas, Inc.’s Consolidated Net Tangible Assets; and 
  
 (11) other Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving 
  

 16 

 effect to subsequent changes in value), when taken together with all other Investments made pursuant to
this clause (11) since the date of the Indenture does not to exceed $100.0 million. 
  
 “Permitted Joint Venture” means any entity owned 50% or more by Ventas, Inc. and/or any of its Restricted Subsidiaries, if such entity (a) is engaged in a Permitted Business, (b) is
designated as a Restricted Subsidiary (if more than 50% owned) and (c) Ventas has the right to appoint at least half of the Board of Directors or similar governing body of such entity. 
  
 “Permitted Mortgage Investment” means any investment in a
secured note, mortgage, deed of trust, collateralized mortgage obligations, commercial mortgage-backed securities, other secured debt securities, secured debt derivative or other debt instruments, so long as such investment relates directly or
indirectly to real property that constitutes or is used as a skilled nursing home center, hospital, personal healthcare facility, assisted living facility, independent living facility, medical office building, continuum of care facility, life care
facility, sheltered care facility, senior housing, senior living facility or other property customarily constituting an asset of a real estate investment trust specializing in healthcare or senior housing property. 
  
 “Permitted Refinancing Debt” means any Debt of Ventas, Inc.
or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Debt of Ventas, Inc. or any of its Restricted Subsidiaries (other than intercompany
Debt); provided, however that: 
  
 (1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Debt does not exceed the principal amount (or accreted value, if applicable) of the Debt extended, refinanced, renewed, replaced, defeased or refunded
(plus all accrued interest on the Debt and the amount of all expenses and premiums incurred in connection therewith); 
  
 (2) such Permitted Refinancing Debt has a final maturity date later than the final maturity date of, and has a Weighted Average Life to
Maturity equal to or greater than the Weighted Average Life to Maturity of, the Debt being extended, refinanced, renewed, replaced, defeased or refunded; 
  
 (3) if the Debt being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to the Notes, such
Permitted Refinancing Debt has a final maturity date later than the final maturity date of, and is subordinated in right of payment to, the Notes on terms at least as favorable to the holders of Notes as those contained in the documentation
governing the Debt being extended, refinanced, renewed, replaced, defeased or refunded; and 
  

 17 

 (4) such Debt is incurred either by Ventas, Inc. or by the Restricted Subsidiary who is
the obligor on the Debt being extended, refinanced, renewed, replaced, defeased or refunded. 
  
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity.

  
 “Private Placement Legend” means the legend
set forth in Section 2.06(g)(1) to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 
  
 “Prospectus” means the prospectus included in a Registration Statement, as amended or supplemented by any prospectus supplement and by
all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 
  
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
  
 “Qualified CMBS Transaction” means (i) the CMBS
Transaction and (ii) any other transaction or series of transactions entered into by Ventas, Inc. or any of its Restricted Subsidiaries pursuant to which Ventas, Inc. or any of its Restricted Subsidiaries sells, conveys or otherwise transfers
to an Unrestricted Subsidiary, or grants a security interest in, any Real Estate Assets or mortgage receivables (whether now existing or arising in the future) of Ventas, Inc. or any of its Restricted Subsidiaries, and any assets related thereto
including, without limitation, all collateral securing such Real Estate Assets or mortgage receivables, all contracts and all guarantees or other obligations in respect of such Real Estate Assets or mortgage receivables, proceeds of such Real Estate
Assets or mortgage receivables and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving Real Estate Assets or mortgage
receivables. 
  
 “Reacquired Qualified CMBS Real Estate
Assets” means, as of any date of determination, Real Estate Assets that were owned by Ventas, Inc. or any of its Subsidiaries on or prior to April 17, 2002 and that are (i) reacquired by Ventas, Inc. or any of its Restricted
Subsidiaries from an Unrestricted Subsidiary in connection with an unwinding of a Qualified CMBS Transaction and (ii) owned by Ventas, Inc. or any Restricted Subsidiary as of such date of determination. 
  
 “Real Estate Assets” means, as of any date, the real estate
assets of such Person and its Restricted Subsidiaries on such date, on a consolidated basis determined in accordance with GAAP. 
  

 18 

 “Real Estate Revenues” means, with respect to (i) any Real Estate Asset owned as
of April 17, 2002 and which continues to be owned as of the relevant date of determination by Ventas, Inc. or any of its Restricted Subsidiaries and (ii) Reacquired Qualified CMBS Real Estate Assets, in each case, the rental revenues generated by
such Real Estate Asset during the quarter ending September 30, 2004, annualized by multiplying such revenues by four, all as set forth on Schedule I attached hereto. 
  
 “Registration Rights Agreement” means the Registration Rights Agreement, dated as of October 15, 2004,
among the Issuers, the Guarantors party thereto and the other parties named on the signature pages thereof, as such agreement may be amended, modified or supplemented from time to time and, with respect to any Additional Notes, one or more
registration rights agreements among the Issuers, the Guarantors party thereto and the other parties thereto, as such agreement(s) may be amended, modified or supplemented from time to time, relating to rights given by the Issuers to the purchasers
of Additional Notes to register such Additional Notes under the Securities Act. 
  
 “Registration Statement” means any registration statement of the Issuers relating to (a) an offering of Exchange Notes pursuant to an Exchange Offer or (b) the registration for resale of
Transfer Restricted Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of the Registration Rights Agreement, in each case, including the Prospectus included therein, all amendments and supplements
thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 
  
 “Regulation S” means Regulation S promulgated under the Securities Act. 
  
 “Regulation S Global Note” means a Global Note bearing the Private Placement Legend and deposited with or
on behalf of the Depositary and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903 of Regulation S. 
  
 “Reinvestment Rate” means 0.50% plus the arithmetic mean of
the yields under the respective heading Week Ending published in the most recent Statistical Release under Treasury Constant Maturities for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity, as of the date
of the principal being redeemed or paid. If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence and
the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For the purpose of calculating the Reinvestment Rate, the most recent Statistical
Release published prior to the date of determination of the Make-Whole Amount shall be used. 
  

 19 

 “Replacement Assets” mean properties or assets (other than current assets) that are used
or useful in a Permitted Business. 
  
 “Responsible
Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Administration of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar
to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular
subject. 
  
 “Restricted Definitive Note” means a
Definitive Note bearing the Private Placement Legend. 
  
 “Restricted Global Note” means a Global Note bearing the Private Placement Legend. 
  
 “Restricted Investment” means an Investment other than a Permitted Investment. 
  
 “Restricted Period” means the 40-day distribution compliance
period as defined in Regulation S. 
  
 “Restricted
Subsidiary” of a Person means any Subsidiary of the referenced Person that is not an Unrestricted Subsidiary. 
  
 “Rule 144” means Rule 144 promulgated under the Securities Act. 
  
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
  
 “Rule 903” means Rule 903 promulgated under the Securities
Act. 
  
 “Rule 904” means Rule 904 promulgated
the Securities Act. 
  
 “S&P” means Standard
& Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. or any successor to the rating agency business thereof. 
  
 “Secured Debt” means, for any Person, Debt secured by a mortgage, lien, charge, pledge or security interest or other encumbrance on the
property of such Person or any of its Restricted Subsidiaries. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Shelf Registration Statement” has the meaning set forth in the Registration Rights Agreement. 
  

 20 

 “Significant Subsidiary” means any Restricted Subsidiary that would be a
“significant subsidiary” as defined in Article 1, Rule 1-02(w) of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of this Indenture. 
  
 “Standard Securitization Undertakings” means
representations, warranties, covenants and indemnities entered into by Ventas, Inc. or any Restricted Subsidiary which are reasonably customary in Qualified CMBS Transactions by the parent or sponsoring entity. 
  
 “Statistical Release” means that statistical release
designated H.15(519) or any successor publication that is published weekly by the Federal Reserve System and that establishes annual yields on actively traded United States government securities adjusted to constant maturities, or, if such
statistical release is not published at the time of any determination under the Indenture, then such other reasonably comparable index we designate. 
  
 “Subordinated Debt” means Debt which by the terms of such Debt is subordinated in right of payment to the principal of and interest and
premium, if any, on the Notes or any Guarantee thereof. 
  
 “Subsidiary” means, for any Person, any corporation or other entity of which a majority of the Voting Stock is owned, directly or indirectly, by such Person or one or more other Subsidiaries of such Person. 
  
 “Tax Amount” means, with respect to any Person for any
period, the combined federal, state and local income taxes that would be paid by such Person if it were a Delaware corporation filing separate tax returns with respect to its Taxable Income for such Period; provided, however, that in
determining the Tax Amount, the effect thereon of any net operating loss carryforwards or other carryforwards or tax attributes, such as alternative minimum tax carryforwards, that would have arisen if such Person were a Delaware corporation shall
be taken into account. Notwithstanding anything to the contrary, Tax Amount shall not include taxes resulting from such Person’s reorganization as or change in the status to a corporation. 
  
 “Taxable Income” means, with respect to any Person for any
period, the taxable income or loss of such Person for such period for federal income tax purposes; provided, however that (i) all items of income, gain, loss or deduction required to be stated separately pursuant to Section
703(a)(1) of the Code shall be included in taxable income or loss, (ii) any basis adjustment made in connection with an election under Section 754 of the Code shall be disregarded and (iii) such taxable income shall be increased or
such taxable loss shall be decreased by the amount of any interest expense incurred by such Person that is not treated as deductible for federal income tax purposes by a partner or member of such Person. 
  

 21 

 “10% Stockholder” means any Person who beneficial owns 10% or more of the total voting
power of the Voting Stock of Ventas, Inc. 
  
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb), as amended, as in effect on the date on which this Indenture is qualified under the TIA. 
  
 “Total Assets” means, for any Person as of any date, the sum
of (a) in the case of each of (i) Real Estate Assets that were owned as of April 17, 2002 and that continue to be owned as of such date of determination and (ii) Reacquired Qualified CMBS Real Estate Assets, (1) the Real Estate
Revenues specified for such Real Estate Assets on Schedule I attached hereto, divided by 0.0925, plus (2) any annualized incremental rental revenue generated by such Real Estate Assets as a result of, arising out of or in connection with the
Kindred Reset Right of the Partnership with respect to such Real Estate Assets (whether by agreement or exercise of such right or otherwise), divided by 0.0925, (b) the cost (original cost plus capital improvements before depreciation and
amortization) of all Real Estate Assets acquired after April 17, 2002 that are owned by Ventas, Inc. or any Restricted Subsidiaries as of such date of determination (other than Reacquired Qualified CMBS Real Estate Assets) and (c) the book
value of all assets (excluding Real Estate Assets and intangibles) of such Person and its Restricted Subsidiaries as of such date of determination on a consolidated basis determined in accordance with GAAP. For the purpose of clause (2) of this
definition, “annualized incremental rental revenue” in respect of a Real Estate Asset shall mean the increase in daily rental revenue generated by such Real Estate Asset as a result of, arising out of or in connection with the Kindred
Reset Right (whether by agreement or exercise of such right or otherwise) over the daily rental revenue generated by such Real Estate Asset immediately prior to the effective date of such increase, annualizing by multiplying such daily increase by
365. 
  
 “Total Unencumbered Assets” means, for
any Person as of any date, the Total Assets of such Person and its Restricted Subsidiaries as of such date, that do not secure any portion of Secured Debt, on a consolidated basis determined in accordance with GAAP. 
  
 “Transfer Restricted Securities” has the meaning set forth
in the Registration Rights Agreement. 
  
 “Trustee” means the party named as such in the preamble to this Indenture until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder.

  
 “Unrestricted Global Note” means a permanent
global Note substantially in the form of Exhibit A attached hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and
registered in the name of the Depositary, representing a series of Notes that does not bear the Private Placement Legend. 
  
 “Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear the Private Placement
Legend. 
  
 “Unrestricted Subsidiary” means
(i) Ventas Specialty I, Inc., Ventas Finance I, Inc., Ventas Specialty I, LLC, Ventas Finance I, LLC, Ventas Kansas City I, LLC, 
  

 22 

 Ventas Farmington Hills, LLC, Ventas Belleville, LLC, Ventas Springfield/Findlay, LLC, Ventas Regency Medical Park I,
LLC, ET Heritage Andover Finance, Inc., ET Sub-Cabot Park, L.L.C., ET Sub-Vernon Court, L.L.C., ET Sub-Cleveland Circle, L.L.C., ET Sub-Heritage Andover, L.L.C., ET DCMH Finance, Inc., ET POBI Finance, Inc., ET Belvedere Finance, Inc., ET DCMH
Finance, L.L.C., ET POBI Finance, L.L.C., ET Belvedere Finance, L.L.C., ET Sub-DCMH Limited Partnership, L.L.P., ET Sub-POB I Limited Partnership, L.L.P. ET Sub-Belvedere Limited Partnership, L.L.P. and (ii) any Subsidiary of Ventas, Inc. or
any successor to any of them, other than the Partnership and Ventas Capital Corporation, that is designated by the Board of Directors as an Unrestricted Subsidiary pursuant to a board resolution, but only to the extent that such Subsidiary:

  
 (1) has no Debt other than Non-Recourse Debt;

  
 (2) is not party to any agreement, contract,
arrangement or understanding with Ventas, Inc. or any of its Restricted Subsidiaries unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to Ventas, Inc. or such Restricted Subsidiary than those that
might be obtained at the time from Persons who are not Affiliates of Ventas, Inc.; 
  
 (3) is a Person with respect to which neither Ventas, Inc. nor any of its Restricted Subsidiaries has any direct or indirect obligation
(a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; 
  
 (4) has not guaranteed or otherwise directly or indirectly
provided credit support for any Debt of Ventas, Inc. or any of its Restricted Subsidiaries, other than pursuant to Standard Securitization Undertakings; and 
  
 (5) has at least one director on its Board of Directors that is not a director or executive officer of Ventas, Inc. or any of its
Restricted Subsidiaries and has at least one executive officer that is not a director or executive officer of Ventas, Inc. or any of its Restricted Subsidiaries. 
  
 Any designation of a Subsidiary of Ventas, Inc. as an Unrestricted Subsidiary will be evidenced to the Trustee by filing
with the Trustee a certified copy of the board resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions and was permitted by Section 4.07 hereof. If, at
any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of the Indenture and any Debt of such Subsidiary will be deemed
to be incurred by a Restricted Subsidiary of Ventas, Inc., as of such date and, if such Debt 

  

 23 

 
is not permitted to be incurred as of such date by Section 4.09 hereof, Ventas, Inc. will be in default of such section. 
  
 “Unsecured Debt” means, for any Person, any Debt of such
Person or its Restricted Subsidiaries which is not Secured Debt. 
  
 “U.S. Person” means a U.S. Person as defined in Rule 902(k) under the Securities Act. 
  
 “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election
of the Board of Directors of such Person. 
  
 “Weighted
Average Life to Maturity” means, when applied to any Debt at any date, the number of years obtained by dividing: 
  
 (1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial
maturity or other required payments of principal, including payment at final maturity, in respect of the Debt, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such
payment; by 
  
 (2) the then outstanding
principal amount of such Debt. 
  
 Section 1.02 Other Definitions.

  

			
	 Term

	  	Defined in
Section

	 “Adjusted Total Assets”
	  	4.09
	 “Affiliate Transaction”
	  	4.12
	 “Asset Sale Offer”
	  	3.09
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.14
	 “Change of Control Payment”
	  	4.14
	 “Change of Control Payment Date”
	  	4.14
	 “Covenant Defeasance”
	  	8.03
	 “DTC”
	  	2.03
	 “Equity Claw-back Redemption”
	  	3.07
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.11
	 “Investment Grade Rating”
	  	4.19
	 “Legal Defeasance”
	  	8.02
	 “Measurement Date”
	  	4.09
	 “Offer Amount”
	  	3.09

  

 24 

			
	 “Offer Period”
	  	3.09
	 “Paying Agent”
	  	2.03
	 “Purchase Date”
	  	3.09
	 “Qualified CMBS Transaction Offer”
	  	3.09
	 “Registrar”
	  	2.03
	 “Restricted Payments”
	  	4.07

  
 Section 1.03 Incorporation by
Reference of Trust Indenture Act. 
  
 Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
  
 The following TIA terms used in this Indenture have the following meanings: 
  
 “indenture securities” means the Notes; 
  
 “indenture security holder” means a Holder of a Note; 
  
 “indenture to be qualified” means this Indenture;

  
 “indenture trustee” or “institutional
trustee” means the Trustee; and 
  
 “obligor” on the Notes and the Note Guarantees means the Issuers and the Guarantors, respectively, and any successor obligor upon the Notes and the Note Guarantees, respectively. 
  
 All other terms used in this Indenture that are defined by the TIA, defined
by TIA reference to another statute or defined by Commission rule under the TIA have the meanings so assigned to them. 
  
 Section 1.04 Rules of Construction. 
  
 Unless the context otherwise requires: 
  
 (1) a term has the meaning assigned to it; 
  
 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
  
 (3) “or” is not exclusive; 
  
 (4) words in the singular include the plural, and in the
plural include the singular; 
  

 25 

 (5) “will” shall be interpreted to express a command; 
  
 (6) provisions apply to successive events and transactions;
and 
  
 (7) references to sections of or rules
under the Securities Act will be deemed to include substitute, replacement of successor sections or rules adopted by the Commission from time to time. 
  
 ARTICLE 2 
  
 THE NOTES 
  
 Section
2.01 Form and Dating. 
  
 (a) General. The Notes and
the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its
authentication. The Notes shall be in denominations of $1,000 and integral multiples thereof. 
  
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Issuers, the Guarantors and the Trustee, by their execution and delivery of this
Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be
controlling. 
  
 (b) Global Notes. Notes issued in global
form will be substantially in the form of Exhibit A attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be
substantially in the form of Exhibit A attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the
outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes
represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
  

 26 

 Section 2.02 Execution and Authentication. 
  
 Two Officers must sign the Notes for each of the Issuers by manual or facsimile signature. 
  
 If an Officer whose signature is on a Note no longer holds that office at the
time a Note is authenticated, the Note will nevertheless be valid. 
  
 A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the Note has been authenticated under this Indenture. 
  
 The Trustee will, upon receipt of a written order of the Issuers signed by
two Officers (an “Authentication Order”), authenticate Notes for original issue up to the aggregate principal amount set forth in such Authentication Order. The aggregate principal amount of Notes outstanding at any time may not
exceed the aggregate amount of Notes authenticated for original issue pursuant to all Authentication Orders issued by the Issuers, except as provided in Section 2.07 hereof. 
  
 The Trustee may appoint an authenticating agent acceptable to the Issuers to authenticate Notes. An authenticating agent may
authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate
of the Issuers. 
  
 Section 2.03 Registrar and Paying Agent. 
  
 The Issuers will maintain an office or agency where Notes may be presented
for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and
exchange. The Issuers may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuers
may change any Paying Agent or Registrar without notice to any Holder. The Issuers will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuers fail to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such. The Issuers or any of their Subsidiaries may act as Paying Agent or Registrar. 
  
 The Issuers initially appoint The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 
  
 The Issuers initially appoint the Trustee to act as the Registrar and Paying
Agent and to act as Custodian with respect to the Global Notes. 
  

 27 

 Section 2.04 Paying Agent to Hold Money in Trust. 
  
 The Issuers will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in
trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or Liquidated Damages, if any, or interest on the Notes, and will notify the Trustee of any default by the Issuers in making any
such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to
the Trustee, the Paying Agent (if other than an Issuer or a Subsidiary of any Issuer) will have no further liability for the money. If an Issuer or a Subsidiary of an Issuer acts as Paying Agent, it will segregate and hold in a separate trust fund
for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuers, the Trustee will serve as Paying Agent for the Notes. 
  
 Section 2.05 Holder Lists. 
  
 The Trustee will preserve in as current a form as is reasonably practicable
the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Issuers will furnish to the Trustee at least seven Business Days before each
interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes and the Issuers shall otherwise
comply with TIA § 312(a). 
  
 Section 2.06 Transfer and Exchange.

  
 (a) Transfer and Exchange of Global Notes. A Global Note
may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary
or a nominee of such successor Depositary. All Global Notes will be exchanged by the Issuers for Definitive Notes if: 
  
 (1) the Issuers deliver to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that
it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuers within 120 days after the date of such notice from the Depositary; or 
  
 (2) the Issuers in their sole discretion determine that the
Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee. 
  

 28 

 Upon the occurrence of either of the preceding events in subparagraph (1) or (2) above, Definitive Notes
shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or
in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note
other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or (f) hereof. 
  
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial
interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer
comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of
the other following subparagraphs, as applicable: 
  
 (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted
Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Global
Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than the Initial Purchasers). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 
  
 (2) All Other Transfers and Exchanges of Beneficial
Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 
  
 (A) both: 
  
 (i) a written order from a Participant or an Indirect
Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an 

  

 29 

 
amount equal to the beneficial interest to be transferred or exchanged; and 
  
 (ii) instructions given in accordance with the Applicable Procedures containing information regarding the
Participant account to be credited with such increase; or 
  
 (B) both: 
  
 (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial
interest to be transferred or exchanged; and 
  
 (ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. Upon consummation of
an Exchange Offer by the Issuers in accordance with Section 2.06(f) hereof, the requirements of this Section 2.06(b)(2) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal
delivered by the Holder of such beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise
applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof. 
  
 (3) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be
transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

  
 (A) if the transferee will take delivery in
the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (B) if the transferee will take delivery in the form of a
beneficial interest in the Regulation S Global Note, then the transferor 

  

 30 

 
must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 
  
 (C) if the transferee will take delivery in the form of a
beneficial interest in the IAI Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
  
 (4) Transfer and Exchange of Beneficial Interests in a
Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to
a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and: 
  
 (A) such exchange or transfer is effected pursuant to the
Exchange Offer in accordance with the Registration Rights Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of
Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Issuers; 
  
 (B) such transfer is effected pursuant to the Shelf
Registration Statement in accordance with the Registration Rights Agreement; 
  
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (i) if the holder of such beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or

  
 (ii) if the holder of such beneficial
interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate 

  

 31 

 
from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
  
 and, in each such case set forth in this subparagraph (D), if the Registrar
so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar and the Issuers to the effect that such exchange or transfer is in compliance with the Securities Act and that the
restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the Issuers
shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of
beneficial interests transferred pursuant to subparagraph (B) or (D) above. 
  
 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 
  
 (1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by
the Registrar of the following documentation: 
  
 (A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the
certifications in item (2)(a) thereof; 
  
 (B) if
such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (C) if such beneficial interest is being transferred to a
Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
  
 (D) if such beneficial interest is being transferred
pursuant to an exemption from the registration requirements of the Securities Act in 

  

 32 

 
accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
  
 (E) if such beneficial interest is being transferred to an
Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto,
including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; or 
  
 (F) if such beneficial interest is being transferred to the Issuers or any of their Subsidiaries, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (3)(b) thereof, 
  
 the
Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuers shall execute and the Trustee shall authenticate and deliver to the Person designated in
the instructions a Definitive Note in the appropriate principal amount. Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall be registered in such name or
names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such
Restricted Definitive Notes to the Persons in whose names such Notes are so registered. Any Restricted Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the
Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 
  
 (2) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a
Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if: 
  
 (A) such exchange or transfer is effected pursuant to the
Exchange Offer in accordance with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is
not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Issuers; 
  
 (B) such transfer is effected pursuant to the Shelf
Registration Statement in accordance with the Registration Rights Agreement; 
  

 33 

 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Definitive
Note that does not bear the Private Placement Legend, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 
  
 (ii) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such
beneficial interest to a Person who shall take delivery thereof in the form of a Definitive Note that does not bear the Private Placement Legend, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item
(4) thereof; 
  
 and, in each such case set forth in this
subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar and the Issuers to the effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 (3) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder
of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon
satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuers will execute and
the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will
be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect
Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are 

  

 34 

 
so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will not bear the Private Placement
Legend. 
  
 (d) Transfer and Exchange of Definitive Notes for
Beneficial Interests. 
  
 (1) Restricted
Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive
Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
  
 (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial
interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 
  
 (B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including
the certifications in item (2) thereof; 
  
 (D)
if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (3)(a) thereof; 
  
 (E) if
such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a
certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; 
  
 (F) if such Restricted Definitive Note is being transferred to the Issuers or any of their Subsidiaries, a
certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
  
 (G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a

  

 35 

 
certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, the Trustee will cancel the Restricted
Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above,
the Regulation S Global Note, and in all other cases, the IAI Global Note. 
  
 (2) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or
transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if: 
  
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the
Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange
Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Issuers; 
  
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

  
 (C) such transfer is effected by a
Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (i) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a
certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 
  
 (ii) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a
beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
  

 36 

 and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the
Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar and the Issuers to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes
and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
  
 (3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note
may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of
a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 
  
 If any such exchange or transfer from a Definitive Note to a
beneficial interest is effected pursuant to subparagraphs (2)(B), (2)(D) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Issuers will issue and, upon receipt of an Authentication Order in accordance with Section
2.02 hereof, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
  
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and
such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender
to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting
Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 
  
 (1) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be
transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 
  

 37 

 (A) if such Restricted Definitive Note is being transferred to a QIB in accordance with
Rule 144A under the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (B) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction
in accordance with Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 
  
 (C) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration
requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
  
 (D) if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in
reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (A) through (C) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates
and Opinion of Counsel required by item (3)(d) thereof, if applicable; or 
  
 (E) if such Restricted Definitive Note is being transferred to the Issuers or any of their Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof.

  
 (2) Restricted Definitive Notes to
Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive
Note if: 
  
 (A) such exchange or transfer is
effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not
(i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Issuers; 
  
 (B) any such transfer is effected pursuant to the Shelf
Registration Statement in accordance with the Registration Rights Agreement; 
  

 38 

 (C) any such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (i) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate
from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
  
 (ii) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
  
 and, in each such case set forth in this subparagraph (D), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the
Registrar and the Issuers to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act. 
  
 (3)
Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request
to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
  
 (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the Issuers will issue and,
upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate: 
  
 (1) one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in
the Restricted Global Notes tendered into the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are not Broker-Dealers, (B) they are not participating in a distribution of the Exchange Notes
and (C) they are not affiliates (as defined in Rule 144) of the Issuers; and 
  

 39 

 (2) Unrestricted Definitive Notes in an aggregate principal amount equal to the principal
amount of the Restricted Definitive Notes accepted for exchange in the Exchange Offer. 
  
 Concurrently with the issuance of such Notes, the Trustee will cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Issuers will execute and the Trustee
will authenticate and deliver to the Persons designated by the Holders of Definitive Notes so accepted Unrestricted Definitive Notes in the appropriate principal amount. 
  
 (g) Legends. The following legends will appear on the face of all Global Notes and Definitive Notes issued under this
Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
  
 (1) Private Placement Legend. 
  
 (A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or
substitution thereof) shall bear the legend in substantially the following form: 
  
 “THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT (A)(1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OF FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) TO AN INSTITUTIONAL ACCREDITED INVESTOR
IN A TRANSACTION EXEMPT FOR THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PURSUANT TO RULE 144 THEREUNDER (IF AVAILABLE) OR (4) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT IN THE CASE OF EACH OF (1) THROUGH
(4) ABOVE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO
IN (A) ABOVE.” 
  
 (B) Notwithstanding the
foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(2), (c)(3), 
  

 40 

 (d)(2), (d)(3), (e)(2), (e)(3) or (f) of this Section 2.06 (and all Notes issued in exchange therefor or
substitution thereof) will not bear the Private Placement Legend. 
  
 (2) Global Note Legend. Each Global Note will bear a legend in substantially the following form: 
  
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS. 
  
 UNLESS AND
UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK,
NEW YORK) (“DTC”), TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
  
 (h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed,
repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any 
  

 41 

 beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such
other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
  
 (i) General Provisions Relating to Transfers and Exchanges.

  
 (1) To permit registrations of transfers and
exchanges, the Issuers will execute and the Trustee will authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request. 
  
 (2) No service charge will be made to a Holder of a Global
Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any
such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.11, 4.14 and 9.05 hereof). The Registrar will not be required to register the transfer of or exchange any Note selected for
redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
  
 (3) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be
the valid obligations of the Issuers, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
  
 (4) The Issuers will not be required: 
  
 (A) to issue, to register the transfer of or to exchange any
Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 
  
 (B) to register the transfer of or to exchange any Note
selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or 
  

 42 

 (C) to register the transfer of or to exchange a Note between a record date and the next
succeeding interest payment date. 
  
 (5) Prior
to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuers may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of
principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuers shall be affected by notice to the contrary. 
  
 (6) The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of
Section 2.02 hereof. 
  
 (7) All certifications,
certificates and Opinions of Counsel required to be submitted to the Registrar or the Issuers pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
  
 Section 2.07 Replacement Notes. 
  
 If any mutilated Note is surrendered to the Trustee or the Issuers and the
Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Issuers will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s requirements are
met. If required by the Trustee or the Issuers, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuers to protect the Issuers, the Trustee, any Agent and any authenticating agent from any
loss that any of them may suffer if a Note is replaced. The Issuers may charge for their expenses in replacing a Note. 
  
 Every replacement Note is an additional obligation of the Issuers and will be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
  
 Section 2.08
Outstanding Notes. 
  
 The Notes outstanding at any time are
all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those
described in this Section as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Issuers or an Affiliate of the Issuers hold the Note. 
  

 43 

 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee
receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. 
  
 If the principal amount of any Note is considered paid under Section 4.01 or 11.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
  
 If the Paying Agent (other than the Issuers, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or
maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest. 
  
 Section 2.09 Treasury Notes. 
  
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the
Issuers, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuers, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee
will be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned will be so disregarded. 
  
 Section 2.10 Temporary Notes. 
  
 Until certificates representing Notes are ready for delivery, the Issuers may prepare and the Trustee, upon receipt of an Authentication Order, will
authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Issuers consider appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without
unreasonable delay, the Issuers will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. 
  
 Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 
  
 Section 2.11 Cancellation. 
  
 The Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will dispose of canceled Notes
(subject to the record retention requirement of the Exchange Act). The Issuers may not issue new Notes to replace Notes that they have paid or that have been delivered to the Trustee for cancellation, except for replacement Notes for mutilated Notes
pursuant to Section 2.07 hereof. 
  

 44 

 Section 2.12 Defaulted Interest. 
  
 If the Issuers default in a payment of interest on the Notes, they will pay the defaulted interest in any lawful manner
plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuers will notify the
Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuers will fix or cause to be fixed each such special record date and payment date, provided that no such
special record date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Issuers (or, upon the written request of the Issuers, the Trustee in the name and at the
expense of the Issuers) will mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
  
 ARTICLE 3 
  
 REDEMPTION AND PREPAYMENT 
  
 Section 3.01 Notices to Trustee. 
  
 If the Issuers elect to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, they must furnish to the Trustee, at least 45
days (or such shorter period as is satisfactory to the Trustee) before a redemption date, an Officers’ Certificate setting forth: 
  
 (1) the clause of this Indenture pursuant to which the redemption shall occur; 
  
 (2) the redemption date; 
  
 (3) the principal amount of Notes to be redeemed, plus
accrued interest to the redemption date; and 
  
 (4) the redemption price, including the Make-Whole Amount, if applicable. 
  
 Section 3.02 Selection of Notes to Be Redeemed. 
  
 If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Notes for redemption or purchase as follows: 
  
 (1) if the Notes are listed on any national securities exchange, in compliance with the requirements of the
principal national securities exchange on which the Notes are listed; or 
  

 45 

 (2) if the Notes are not listed on any national securities exchange, on a pro rata
basis, by lot or by such method as the Trustee shall deem fair and appropriate. 
  
 In the event of partial redemption by lot, the particular Notes to be redeemed will be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee
from the outstanding Notes not previously called for redemption. 
  
 The Trustee will promptly notify the Issuers in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased.
Notes and portions of Notes selected will be in amounts of $1,000 or whole multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not a
multiple of $1,000, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase.

  
 Section 3.03 Notice of Redemption. 
  
 At least 30 days but not more than 60 days before a redemption date, the
Issuers will mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date
if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Article 8 or 11 of this Indenture. 
  
 The notice will identify the Notes to be redeemed and will state: 
  
 (1) the redemption date; 
  
 (2) the redemption price, including the accrued interest to
the redemption date and the Make-Whole Amount, if applicable; 
  
 (3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal
to the unredeemed portion will be issued upon cancellation of the original Note; 
  
 (4) the name and address of the Paying Agent; 
  
 (5) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
  

 46 

 (6) that, unless the Issuers default in making such redemption payment, interest on Notes
called for redemption ceases to accrue on and after the redemption date; 
  
 (7) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and 
  
 (8) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in
such notice or printed on the Notes. 
  
 At the Issuers’
request, the Trustee will give the notice of redemption in the Issuers’ name and at their expense; provided, however, that the Issuers have delivered to the Trustee, at least 45 days (or such shorter period of time as is
satisfactory to the Trustee) prior to the redemption date, an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

 
 Section 3.04 Effect of Notice of Redemption. 
  
 Once notice of redemption is mailed in accordance with Section 3.03 hereof,
Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. A notice of redemption may not be conditional. 
  
 Section 3.05 Deposit of Redemption or Purchase Price. 
  
 On the redemption or purchase date, the Issuers will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase
price of and accrued interest and Liquidated Damages, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the Issuers any money deposited with the Trustee or the Paying Agent by the
Issuers in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest and Liquidated Damages, if any, on, all Notes to be redeemed or purchased. 
  
 If the Issuers comply with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest
will cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid
interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure
of the Issuers to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in
each case at the rate provided in the Notes and in Section 4.01 hereof. 
  

 47 

 Section 3.06 Notes Redeemed or Purchased in Part. 
  
 Upon surrender of a Note that is redeemed or purchased in part, the Issuers will issue and, upon receipt of an
Authentication Order, the Trustee will authenticate for the Holder at the expense of the Issuers a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered. 
  
 Section 3.07 Optional Redemption. 
  
 (a) The Issuers may redeem the Notes at any time prior to October 15, 2009,
at their option, in whole or from time to time in part, at a redemption price equal to the sum of (i) the principal amount of the Notes being redeemed, (ii) accrued and unpaid interest thereon to the redemption date and (iii)
the Make-Whole Amount, if any, with respect to the Notes. 
  
 The
Issuers may also redeem the Notes at any time on or after October 15, 2009, at their option, in whole or from time to time in part, at the redemption prices (expressed as percentages of the principal amount thereof) set forth below, plus accrued and
unpaid interest thereon, if any, to the redemption date, if redeemed during the 12-month period beginning on October 15 of each of the years indicated below: 
  

				
	 Year

	  	Percentage

	 
	 2009
	  	103.313	%
	 2010
	  	102.208	%
	 2011
	  	101.104	%
	 2012 and thereafter
	  	100.000	%

  
 (b) Notwithstanding
the provisions of clause (a) of this Section 3.07, at any time prior to October 15, 2007, the Issuers may redeem, at their option, on any one or more occasions (each, an “Equity Claw-back Redemption”), with all or a portion of the
net cash proceeds of one or more Equity Offerings, up to 35% of the aggregate principal amount of the Notes originally issued under this Indenture at a redemption price equal to 106.625% of the principal amount thereof, plus accrued and unpaid
interest thereon, if any, to the redemption date, provided that: 
  
 (1) at least 65% of the aggregate principal amount of the Notes originally issued under this Indenture remains outstanding immediately after the occurrence of each such redemption; and 
  
 (2) the redemption occurs within 60 days of the consummation
of any such Equity Offering. 
  

 48 

 (c) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Section 3.01
through 3.06 hereof. 
  
 Section 3.08 Mandatory Redemption. 
  
 The Issuers are not required to make mandatory redemption payments with
respect to the Notes. 
  
 Section 3.09 Offer to Purchase by Application of
Excess Proceeds. 
  
 In the event that, pursuant to Section
4.11 hereof, the Issuers are required to commence an offer to all Holders to purchase Notes (an “Asset Sale Offer” or “Qualified CMBS Transaction Offer,” as the case may be), they will follow the procedures
specified below. 
  
 The Asset Sale Offer or Qualified CMBS
Transaction Offer, as the case may be, shall be made to all Holders and all holders of other Debt that is pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase or
redeem with the proceeds of sales and assets. The Asset Sale Offer or Qualified CMBS Transaction Offer, as the case may be, will remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days,
except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than three Business Days after the termination of the Offer Period (the “Purchase Date”), the Issuers will apply
all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and such other pari passu Debt (on a pro rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other Debt
tendered in response to the Asset Sale Offer or Qualified CMBS Transaction Offer, as the case may be. Payment for any Notes so purchased will be made in the same manner as interest payments are made. 
  
 If the Purchase Date is on or after an interest record date and on or before
the related interest payment date, any accrued and unpaid interest, and Liquidated Damages, if any, will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be
payable to Holders who tender Notes pursuant to the Asset Sale Offer or the Qualified CMBS Transaction Offer, as the case may be. 
  
 Upon the commencement of an Asset Sale Offer or Qualified CMBS Transaction Offer, as the case may be, the Issuers will send, by first class mail, a notice
to the Trustee and each of the Holders, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer or Qualified CMBS Transaction Offer, as the
case may be. The notice, which will govern the terms of the Asset Sale Offer or Qualified CMBS Transaction Offer, as the case may be, will state: 
  

 49 

 (1) that the Asset Sale Offer or Qualified CMBS Transaction Offer, as the case may be, is
being made pursuant to this Section 3.09 and Section 4.11 hereof and the length of time such offer will remain open; 
  
 (2) the Offer Amount, the purchase price and the Purchase Date; 
  
 (3) that any Note not tendered or accepted for payment will continue to accrue interest; 
  
 (4) that, unless the Issuers default in making such payment,
any Note accepted for payment pursuant to the Asset Sale Offer or Qualified CMBS Transaction Offer, as the case may be, will cease to accrue interest after the Purchase Date; 
  
 (5) that Holders electing to have a Note purchased pursuant to an Asset Sale Offer or Qualified CMBS
Transaction Offer, as the case may be, may elect to have Notes purchased in integral multiples of $1,000 only; 
  
 (6) that Holders electing to have a Note purchased pursuant to any Asset Sale Offer or Qualified CMBS Transaction Offer, as the case may
be, will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry transfer, to the Issuers, a Depositary, if appointed by the Issuers, or
a Paying Agent at the address specified in the notice at least three days before the Purchase Date; 
  
 (7) that Holders will be entitled to withdraw their election if the Issuers, the Depositary or the Paying Agent, as the case may be,
receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such
Holder is withdrawing his election to have such Note purchased; 
  
 (8) that, if the aggregate principal amount of Notes and other pari passu Debt surrendered by Holders exceeds the Offer Amount, the Issuers will select the Notes and other pari passu Debt to be purchased
on a pro rata basis based on the principal amount of Notes and such other pari passu Debt surrendered (with such adjustments as may be deemed appropriate by the Issuers so that only Notes in denominations of $1,000, or integral
multiples thereof, will be purchased); and 
  
 (9) that Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
  

 50 

 On or before the Purchase Date, the Issuers will, to the extent lawful, accept for payment, on a pro
rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer or Qualified CMBS Transaction Offer, as the case may be, or if less than the Offer Amount has been tendered, all Notes
tendered, and will deliver to the Trustee an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Issuers in accordance with the terms of this Section 3.09. The Issuers, the Depositary or the Paying
Agent, as the case may be, will promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the
Issuers for purchase, and the Issuers will promptly issue a new Note, and the Trustee, upon written request from the Issuers will authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion
of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Issuers to the Holder thereof. The Issuers will publicly announce the results of the Asset Sale Offer or Qualified CMBS Transaction Offer, as the case may
be, on the Purchase Date. 
  
 Other than as specifically provided
in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections 3.02, 3.05 and 3.06 hereof. 
  
 ARTICLE 4 
  
 COVENANTS 
  
 Section 4.01
Payment of Notes. 
  
 The Issuers will pay or cause to be
paid the principal of, premium, if any, and interest and Liquidated Damages, if any, on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest and Liquidated Damages, if any will be considered paid
on the date due if the Paying Agent, if other than Ventas, Inc. or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Issuers in immediately available funds and designated for and sufficient to pay all
principal, premium, if any, and interest then due. The Issuers will pay all Liquidated Damages, if any, in the same manner on the dates and in the amounts set forth in the Registration Rights Agreement. 
  
 The Issuers will pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; the Issuers will pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages (without regard to any applicable grace period) at the same rate to the extent lawful. 
  

 51 

 Section 4.02 Maintenance of Office or Agency. 
  
 The Issuers will maintain in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of
the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuers in respect of the Notes and this Indenture may be
served. The Issuers 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 Issuers fail to maintain any such required office or agency or 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. 
  
 The Issuers may also from time to time designate one or more other offices or agencies where the Notes 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 will in any manner relieve the Issuers of their obligation to maintain an office or agency in the Borough of
Manhattan, the City of New York for such purposes. The Issuers will 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. 
  
 The Issuers hereby designate the Corporate Trust Office of the Trustee as one
such office or agency of the Issuers in accordance with Section 2.03 hereof. 
  
 Section 4.03 Reports. 
  
 (a) Whether or not
required by the Commission, so long as any Notes are outstanding, Ventas, Inc. shall furnish to the Holders of Notes, within the time periods specified in the Commission’s rules and regulations: 
  
 (1) all quarterly and annual financial information that
would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K if Ventas, Inc. were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and, with respect to the annual information only, a report on the annual financial statements by Ventas, Inc.’s certified independent accountants; and 
  
 (2) all current reports that would be required to be filed with the Commission on Form 8-K if Ventas, Inc.
were required to file such reports. 
  
 For so long as any Notes
remain outstanding, Ventas, Inc. shall furnish to the Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
  

 52 

 The availability of the materials required to be furnished pursuant to Section 4.03(a) on the
Commission’s website or on Ventas, Inc.’s website shall be deemed to satisfy the delivery obligations set forth in this Section 4.03(a). 
  
 (b) Whether or not required by the Commission, Ventas, Inc. shall file a copy of all of the information and reports referred to in clauses (a)(1) and (2)
above with the Commission for public availability within the time periods specified in the Commission’s rules and regulations (unless the Commission will not accept such a filing) and make such information available to securities analysts and
prospective investors upon request. 
  
 If Ventas, Inc. has
designated any of its Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual financial information required by Section 4.03(b) will include a reasonably detailed presentation, either on the face of the financial statements or in
the footnotes thereto, and in Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the financial condition and results of operations of Ventas, Inc., as applicable, and its Restricted Subsidiaries separate
from the financial condition and results of operations of the Unrestricted Subsidiaries of Ventas, Inc. 
  
 Section 4.04 Compliance Certificate. 
  
 (a) Ventas, Inc. and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’ Certificate
stating that a review of the activities of Ventas, Inc. and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether Ventas, Inc. has kept, observed,
performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge Ventas, Inc. has kept, observed, performed and fulfilled each and every
covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events
of Default of which he or she may have knowledge and what action Ventas, Inc. is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments
on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action Ventas, Inc. is taking or proposes to take with respect thereto. 
  
 (b) So long as not contrary to the then current recommendations of the
American Institute of Certified Public Accountants, the year-end financial statements delivered pursuant to Section 4.03(a) above shall be accompanied by a written statement of Ventas, Inc.’s independent public accountants (who shall be a firm
of established national reputation) that in completing their audit of such financial statements, nothing has come to their attention that would lead them to believe that Ventas, Inc. has violated 
  

 53 

 any provisions of Article 4 or Section 5.01(4) (assuming compliance with Sections 5.01(1), (2) and (3)) hereof, insofar
as it relates to accounting matters or, if any such violation has occurred, specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any Person for any failure to
obtain knowledge of any such violation. 
  
 (c) So long as any of
the Notes are outstanding, Ventas, Inc. will deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Issuers
is taking or proposes to take with respect thereto. 
  
 Section 4.05 Taxes.

  
 Ventas, Inc. will pay, and will cause each of its
Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material
respect to the Holders of the Notes. 
  
 Section 4.06 Stay, Extension and Usury
Laws. 
  
 The Issuers and each of the Guarantors covenants
(to the extent that they may lawfully do so) that they will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in
force, that may affect the covenants or the performance of this Indenture; and the Issuers and each of the Guarantors (to the extent that it may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenants that they
will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 
  
 Section 4.07 Restricted Payments. 
  
 (a) Ventas, Inc. shall not, and shall not permit any Restricted Subsidiary
to, directly or indirectly: 
  
 (1) declare or
pay any dividend or make any other payment or distribution on account of Ventas, Inc.’s or any of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation
involving Ventas, Inc. or any of its Restricted Subsidiaries) or to the direct or indirect holders of Ventas, Inc.’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions
payable (A) in Equity Interests (other than Disqualified Stock) of Ventas, Inc. or (B) to Ventas, Inc. or any of its Restricted Subsidiaries); 
  

 54 

 (2) purchase, redeem or otherwise acquire or retire for value (including, without
limitation, in connection with any merger or consolidation involving the Partnership) any Equity Interests of (A) the Partnership or any direct or indirect parent of the Partnership or (B) any Restricted Subsidiary, including a
Permitted Joint Venture (in either case other than Equity Interests owned by Ventas, Inc. or any of its Restricted Subsidiaries); 
  
 (3) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Subordinated Debt,
except a payment of interest or principal at the stated maturity thereof; or 
  
 (4) make any Restricted Investment (all such payments and other actions set forth in these clauses (1) through (4) above being collectively referred to as “Restricted Payments”), 
  
 unless, at the time of and after giving effect to such Restricted Payment:

  
 (1) no Default shall have occurred and be
continuing; 
  
 (2) Ventas, Inc. and its
Restricted Subsidiaries could incur at least $1.00 of Debt (other than Permitted Debt) under the terms of the Indenture; and 
  
 (3) the aggregate sum of all Restricted Payments made after the date hereof, excluding Restricted Payments made pursuant to the following
paragraph, shall not exceed the sum of: 
  
 (A)
95% of our aggregate cumulative Funds from Operations accrued on a cumulative basis from April 1, 2002; 
  
 (B) the aggregate proceeds or values received after April 17, 2002 from the issuance or sale of Ventas, Inc.’s or the
Partnership’s Equity Interests (other than Disqualified Stock and Equity Interests sold to a Subsidiary of Ventas, Inc.), net of underwriting discounts, commissions, legal fees and similar offering expenses; 
  
 (C) any dividends or other distributions received by Ventas,
Inc. or any of its Restricted Subsidiaries after April 17, 2002 from an Unrestricted Subsidiary of Ventas, Inc., to the extent that such dividends were not otherwise included in Earnings From Operations of Ventas, Inc. for such period; and

  
 (D) to the extent that any Unrestricted
Subsidiary of Ventas, Inc. is or was redesignated as a Restricted Subsidiary after April 17, 2002, the lesser of (i) the Fair Market Value of Ventas, Inc.’s Investment in such 
  

 55 

 Subsidiary as of the date of such redesignation or (ii) such Fair Market Value as of the date on
which such Subsidiary was originally designated as an Unrestricted Subsidiary. 
  
 (b) Notwithstanding the foregoing, the limitations on Restricted Payments described in Section 4.07(a) shall not apply to the following: 
  
 (1) any distribution or other action which is necessary to maintain Ventas Inc.’s status as a REIT
under the Code, if the aggregate principal amount of outstanding Debt of Ventas, Inc. and its Restricted Subsidiaries on a consolidated basis determined in accordance with GAAP is less than 60% of Adjusted Total Assets; 
  
 (2) any distribution payable in Ventas, Inc.’s Equity
Interests (other than Disqualified Stock); 
  
 (3) so long as the Partnership is a partnership and no Default or Event of Default has occurred and is continuing under the Indenture, distributions to partners of the Partnership in an amount, with respect to any period after April 1,
2002, not to exceed the Tax Amount for such period; 
  
 (4) the redemption, repurchase or other acquisition or retirement of any Equity Interests in exchange for, or out of the net cash proceeds of a substantially concurrent issue and sale of, Capital Stock to any Person (other than to a
Subsidiary of Ventas, Inc.); provided, however, that such net cash proceeds are excluded from Section 4.07(a)(3)(B); 
  
 (5) any redemption, repurchase or other acquisition or retirement of Subordinated Debt in exchange for, or out of the net cash proceeds of
(a) a substantially concurrent issue and sale of, Capital Stock to any Person (other than to a Restricted Subsidiary of Ventas, Inc.); provided, however, that any such net cash proceeds are excluded from Section 4.07(a)(3)(B)
and are not used under Section 4.07(b)(4) or (b) Permitted Refinancing Debt; 
  
 (6) repurchases of Capital Stock deemed to occur upon the exercise of stock options if such Capital Stock represents a portion of the
exercise price thereof and repurchases of Capital Stock deemed to occur upon the withholding of a portion of the Capital Stock granted or awarded to an employee to pay for the taxes payable by such employee upon such grant or award; 
  
 (7) pro rata dividends and other distributions on the
Capital Stock of any Restricted Subsidiary by such Restricted Subsidiary to a Person other than Ventas, Inc. or any of its Restricted Subsidiaries; 
  

 56 

 (8) the redemption, repurchase or other acquisition or retirement of any Capital Stock of
Ventas, Inc. or any Restricted Subsidiary from any director, officer or employee of Ventas, Inc. or any Restricted Subsidiary, or from such person’s estate, (a) pursuant to any agreement with such director, officer or employee or
(b) upon the death or termination of directorship or employment of such person, in an aggregate amount under this clause (8) not to exceed $1.5 million in any twelve-month period; 
  
 (9) the forgiveness of loans to current or former officers or directors of Ventas, Inc. in an aggregate
principal amount since the date of the Indenture of up to $10.0 million; and 
  
 (10) other Restricted Payments in an aggregate amount not to exceed $75.0 million since the date of the Indenture. 
  
 Ventas, Inc. and its Restricted Subsidiaries shall not be prohibited from making the payment of any distribution within 60 days of the declaration thereof
if at the date of declaration such payment would have complied with the provisions of the immediately preceding paragraph. 
  
 Ventas, Inc. and its Restricted Subsidiaries shall deliver to the Trustee, within the time period for filing its quarterly report on Form 10-Q as set
forth in Section 4.03(a) hereof, an Officers’ Certificate stating that such Restricted Payment is permitted and setting forth the basis upon which the calculations required by this Section 4.07 were computed, together with a copy of any
fairness opinion or appraisal required by this Indenture. 
  
 Section 4.08
Dividend and Other Payment Restrictions Affecting Subsidiaries. 
  
 (a) Ventas, Inc. shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted
Subsidiary (other than the Partnership or any Excluded Joint Venture) to: 
  
 (1) pay dividends or make any other distributions on their Capital Stock to Ventas, Inc. or any of its Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, their profits,
or pay any indebtedness owed to Ventas, Inc. or any of its Restricted Subsidiaries; 
  
 (2) make loans or advances to Ventas, Inc. or any of its Restricted Subsidiaries; or 
  
 (3) transfer any of their properties or assets to Ventas,
Inc. or any of its Restricted Subsidiaries. 
  

 57 

 (b) The restrictions in Section 4.08(a) will not apply to encumbrances or restrictions existing under or
by reason of: 
  
 (1) agreements governing
Existing Debt and Credit Facilities as in effect on the date of the Indenture and any amendments, modifications, restatements, extensions, renewals, increases, supplements, refundings, replacements or refinancings of those agreements,
provided, however that the amendments, modifications, restatements, extensions, renewals, increases, supplements, refundings, replacement or refinancings are no more restrictive, taken as a whole, with respect to such dividend and
other payment restrictions than those contained in those agreements on the date of the Indenture; 
  
 (2) the Indenture, the Notes and the Note Guarantees; 
  
 (3) applicable law; 
  
 (4) any instrument governing Debt or Capital Stock of a Person acquired by Ventas, Inc. or any of its
Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Debt or Capital Stock was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any
Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person; so acquired, provided, however, that, in the case of Debt, such Debt was permitted by Section 4.09 hereof; 

 
 (5) customary non-assignment provisions in leases entered
into in the ordinary course of business and consistent with past practices; 
  
 (6) purchase money obligations for property acquired in the ordinary course of business that impose restrictions on that property of the nature described in Section 4.08(a)(3); 
  
 (7) any agreement for the sale or other disposition of the
stock or assets of a Subsidiary that restricts distributions by that Subsidiary pending its sale or other disposition; 
  
 (8) Liens securing Debt otherwise permitted to be incurred by the Indenture or negative covenants with respect to Debt permitted to be
secured by Liens that limit the right of the debtor to dispose of the assets subject to such Liens or permitted to be subject to such Liens; 
  
 (9) provisions with respect to the disposition or distribution of assets or property in joint venture agreements, assets sale agreements,
stock sale 

  

 58 

 
agreements and other similar agreements entered into in the ordinary course of business; and 
  
 (10) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into
in the ordinary course of business. 
  
 Section 4.09 Incurrence of Debt.

  
 (a) Ventas, Inc. shall not, and shall not permit any
Restricted Subsidiary to, incur any additional Debt (other than Permitted Debt) if, immediately after giving effect to the incurrence of such additional Debt and the application of the proceeds thereof, the aggregate principal amount of all of
Ventas, Inc.’s and its Restricted Subsidiaries’ outstanding Debt on a consolidated basis determined in accordance with GAAP would be greater than 60% of the sum of (without duplication): 
  
 (1) the Total Assets of Ventas, Inc. and its Restricted
Subsidiaries as of the end of the calendar quarter covered by Ventas, Inc.’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such filing is not permitted under the
Exchange Act, as of the end of the calendar quarter covered by Ventas, Inc.’s most recent report filed with the Trustee) prior to the incurrence of such additional Debt (the “Measurement Date”); and 
  
 (2) the purchase price of any Real Estate Assets or
mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent that such proceeds were not used to acquire Real Estate Assets or mortgages receivable or used to reduce Debt), by Ventas, Inc. or any of its
Restricted Subsidiaries on a consolidated basis since the Measurement Date (such sum of clauses (1) and (2) being collectively referred to as “Adjusted Total Assets”). 
  
 (b) In addition to the limitations in Section 4.09(a), Ventas, Inc. shall not, and shall not permit any Restricted
Subsidiary to, incur any Secured Debt (other than Permitted Debt) if, immediately after giving effect to the incurrence of such additional Secured Debt and the application of the proceeds thereof, the aggregate principal amount of all of Ventas,
Inc.’s and its Restricted Subsidiaries’ outstanding Secured Debt on a consolidated basis in accordance with GAAP is greater than 40% of Adjusted Total Assets. 
  
 (c) In addition to the limitations in Sections 4.09(a) and (b), Ventas, Inc. shall not, and shall not permit any
Restricted Subsidiary to, incur any Debt (other than Permitted Debt) if the ratio of Consolidated Income Available for Debt Service to the Annual Debt Service for the four consecutive fiscal quarters ended on the Measurement 
  

 59 

 Date shall have been less than 2.0x, on a pro forma basis after giving effect thereto and to the application of the
proceeds therefrom, and calculated on the assumption that: 
  
 (1) such Debt and any other Debt incurred by Ventas, Inc. and any of its Restricted Subsidiaries on a consolidated basis since the first day of such four-quarter period and the application of the proceeds therefrom,
including to refinance other Debt, had occurred at the beginning of such period; 
  
 (2) the repayment or retirement of any other Debt by Ventas, Inc. and any of its Restricted Subsidiaries on a consolidated basis since the
first day of such four-quarter period had been repaid or retired at the beginning of such period (except that, in making such computation, the amount of Debt under any revolving credit facility shall be computed based upon the average daily balance
of such Debt during such period); 
  
 (3) in the
case of Acquired Debt or Debt incurred in connection with any acquisition since the first day of such four-quarter period, the related acquisition had occurred as of the first day of such period with appropriate pro forma adjustments to, among other
things Consolidated Income Available for Debt Service, with respect to such acquisition being included in such pro forma calculation; and 
  
 (4) in the case of any acquisition or disposition by Ventas, Inc. or any of its Restricted Subsidiaries on a consolidated basis of any
asset or group of assets since the first day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition or any related repayment of Debt had occurred as of the first day of such
period with the appropriate pro forma adjustments with respect to such acquisition or disposition being included in such pro forma calculation. 
  
 If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant four-quarter period
bears interest at a floating rate then, for purposes of calculating the Annual Debt Service, the interest rate on such Debt will be computed on a pro forma basis as if the average interest rate in effect during the entire such four-quarter period
had been the applicable rate for the entire such period; provided, however, that for purposes of calculating Annual Debt Service for Debt for which there is a corresponding Hedging Obligation, Annual Debt Service shall be calculated
after giving effect to the Hedging Obligation. 
  
 Section 4.10 Maintenance of
Total Unencumbered Assets. 
  
 Ventas, Inc. and its
Restricted Subsidiaries shall maintain Total Unencumbered Assets as of the end of each fiscal quarter of not less than 150% of the aggregate outstanding principal amount of Ventas, Inc.’s and its Restricted Subsidiaries’ Unsecured 

  

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Debt as of the end of each fiscal quarter, all calculated on a consolidated basis in accordance with GAAP. 
  
 Section 4.11 Asset Sales. 
  
 Ventas, Inc. shall not, and shall not permit any of its Restricted
Subsidiaries to, consummate an Asset Sale unless: 
  
 (1) Ventas, Inc. (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of;

  
 (2) the Fair Market Value is set forth in an
Officers’ Certificate delivered to the Trustee, provided, however, that this clause (2) will not apply to sales of assets pursuant to contracts in effect on the date of the Indenture; and 
  
 (3) at least 75% of the consideration received in the Asset
Sale by Ventas, Inc. or such Restricted Subsidiary is in the form of cash, Cash Equivalents and/or Replacement Assets. For purposes of this provision, each of the following will be deemed to be cash: 
  
 (A) any liabilities, as shown on Ventas, Inc.’s or such
Restricted Subsidiaries’ most recent balance sheet, of Ventas, Inc. or any such Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Note Guarantee) that are assumed
by the transferee of any such assets but, except in the case of an Asset Sale to a Restricted Subsidiary of Ventas, Inc., only to the extent of the reduction in the amount of such liabilities on Ventas, Inc.’s consolidated balance sheet;

  
 (B) any securities, Notes or other
obligations received by Ventas, Inc. or any such Restricted Subsidiary from such transferee that are contemporaneously, subject to ordinary settlement periods, converted by Ventas, Inc. or such Restricted Subsidiary into cash, to the extent of the
cash received in that conversion; 
  
 (C) the
cash amount drawable by Ventas, Inc. under any irrevocable letter of credit provided to Ventas, Inc. as consideration for such Asset Sale (provided that such amount is drawn before the expiration of such irrevocable letter of credit); and

  
 (D) any other consideration received in Asset
Sales since the date of the Indenture that is designated by Ventas, Inc. as “Designated 
  

 61 

 Cash Consideration”; provided, however that the aggregate Fair Market Value of all
Designated Cash Consideration does not exceed 10% of Consolidated Net Tangible Assets. 
  
 Within 365 days after the receipt of any Net Proceeds from an Asset Sale or Qualified CMBS Transaction, Ventas, Inc. may apply those Net Proceeds: 
  
 (1) to repay Debt and other Obligations under a Credit Facility; 
  
 (2) to acquire all or substantially all of the assets of, or
a majority of the Voting Stock of, another Permitted Business; 
  
 (3) to make a capital expenditure; 
  
 (4) to acquire or enter into a legally binding obligation to acquire Replacement Assets; 
  
 (5) to acquire other long-term assets that are used or useful in a Permitted Business; or 
  
 (6) to repay obligations under the CMBS Transaction.

  
 Pending the final application of any Net Proceeds, Ventas,
Inc. may temporarily reduce revolving credit borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by the Indenture. 
  
 Any Net Proceeds from Asset Sales or Qualified CMBS Transactions that are not applied or invested as provided in the preceding paragraph will constitute
“Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $35.0 million, the Issuers will make an Asset Sale Offer or Qualified CMBS Transaction Offer, as applicable, to all Holders of Notes and all holders of other
Debt that is pari passu with the Notes containing provisions similar to those set forth in this Section 4.11 with respect to offers to purchase or redeem with the proceeds of sales of assets or in connection with securitizations to purchase
the maximum principal amount of Notes and such other pari passu Debt that may be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer or Qualified CMBS Transaction Offer will be equal to 100% of principal amount plus
accrued and unpaid interest and Liquidated Damages, if any, to the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer or a Qualified CMBS Transaction Offer, the Issuers may use
those Excess Proceeds for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes and other pari passu Debt tendered into such Asset Sale Offer or Qualified CMBS Transaction Offer, as applicable,
exceeds the amount of Excess Proceeds, the Trustee will select the Notes and such other pari passu Debt to be purchased on a pro rata basis. Upon completion of each Asset Sale 

  

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Offer and Qualified CMBS Transaction Offer, the amount of Excess Proceeds will be reset at zero. 
  
 The Issuers will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer or Qualified CMBS Transaction Offer. To the
extent that the provisions of any securities laws or regulations conflict with the Asset Sale or Qualified CMBS Transaction provisions of this Indenture, the Issuers will comply with the applicable securities laws and regulations and will not be
deemed to have breached their obligations under the Asset Sale or Qualified CMBS Transaction provisions of this Indenture by virtue of such conflict. 
  
 Section 4.12 Transactions with Affiliates. 
  
 (a) Ventas, Inc. shall not, and shall not permit its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of any
of their properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate or 10% Stockholder
(each, an “Affiliate Transaction”), unless the Affiliate Transaction is on terms that are no less favorable to Ventas, Inc. or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction
by Ventas, Inc. or such Restricted Subsidiary with an unrelated Person; provided, however, that for an Affiliate Transaction with an aggregate value of $10.0 million or more, at Ventas, Inc.’s option, either: 
  
 (1) a majority of the members of the Board of Directors of
Ventas, Inc. who have no conflicting financial interest in the Affiliate Transaction shall determine in good faith that such Affiliate Transaction is on terms that are not materially less favorable than those that might reasonably have been obtained
in a comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate of Ventas, Inc.; or 
  
 (2) the Board of Directors of Ventas, Inc. shall obtain an opinion from a nationally recognized investment banking, appraisal or
accounting firm that such Affiliate Transaction is fair to Ventas, Inc. or the applicable Restricted Subsidiary from a financial point of view. 
  
 (b) The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of Section 4.12(a):

  
 (1) directors’ fees, indemnification and
similar arrangements, consulting fees, employee salaries, bonuses or employment agreements, compensation or employee benefit arrangements and incentive arrangements with, 

  

 63 

 
and loans and advances to, any officer, director or employee in the ordinary course of business; 
  
 (2) performance of all agreements in existence on the date
of the Indenture and any modification thereto or any transaction contemplated thereby in any replacement agreement therefor so long as such modification or replacement is not materially more disadvantageous to Ventas, Inc. or any of its Restricted
Subsidiaries than the original agreement in effect on the date of the Indenture; 
  
 (3) customary transactions in connection with a Qualified CMBS Transaction; 
  
 (4) transactions between or among Ventas, Inc. and/or its Restricted Subsidiaries (other than any Permitted
Joint Venture); 
  
 (5) transactions with a
Person (other than a Permitted Joint Venture and its Subsidiaries) that is an Affiliate of Ventas, Inc. or any of its Restricted Subsidiaries solely because Ventas, Inc. or a Restricted Subsidiary owns an Equity Interest in, or controls, such
Person; 
  
 (6) sales of Equity Interests (other
than Disqualified Stock) to Affiliates of Ventas, Inc. or any of its Restricted Subsidiaries; and 
  
 (7) Restricted Payments that are permitted by Section 4.07 hereof. 
  
 Section 4.13 Corporate Existence. 
  
 Except as permitted as by Article 5, Ventas, Inc. and its Restricted Subsidiaries shall do all things necessary to preserve and keep their existence,
rights and franchises; provided, however that the existence of a Restricted Subsidiary may be terminated if the Board of Directors of Ventas, Inc. determines that it is in the best interests of Ventas, Inc. to do so. 
  
 Section 4.14 Offer to Repurchase Upon Change of Control. 
  
 (a) If a Change of Control occurs, each holder of Notes will have the right
to require the Issuers to purchase some or all (in principal amounts of $1,000 or an integral multiple of $1,000) of such holder’s Notes pursuant to the offer described below (the “Change of Control Offer”), unless, after
giving pro forma effect to the Change of Control, (i) Moody’s and S&P shall have confirmed their ratings of the Notes at Ba3 or higher and BB- or higher, respectively, (ii) the ratio of Consolidated Income Available for Debt
Service to Annual Debt Service for the four consecutive fiscal quarters ended on the most recent Measurement Date prior to the date of such Change of Control after such Change of Control is at least equal to the ratio of Consolidated Income
Available for 
  

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 Debt Service to Annual Debt Service prior to such Change of Control and (iii) the Person formed by or surviving
any consolidation or merger (if other than the Partnership) or to which any sale, assignment, transfer, conveyance or other disposition has been made forming the basis of the Change of Control is principally engaged in a Permitted Business.

  
 (b) Any Change of Control Offer will include a cash offer
price of 101% of the principal amount of any Notes purchased plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Payment”). If a Change of Control Offer is required, within 10 Business Days
following a Change of Control, the Issuers shall mail a notice to each holder describing the Change of Control and offering to repurchase Notes on a specified date (the “Change of Control Payment Date”). The Change of Control
Payment Date will be no earlier than 30 days and no later than 60 days from the date the notice is mailed. The notice shall state: 
  
 (1) that the Change of Control Offer is being made pursuant to this Section 4.14 and that all Notes tendered will be accepted for payment;

  
 (2) the purchase price and the Change of
Control Payment Date; 
  
 (3) that any Note not
tendered will continue to accrue interest; 
  
 (4) that, unless the Issuers default in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 

 
 (5) that Holders electing to have any Notes purchased
pursuant to a Change of Control Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the Paying Agent at the address specified in the notice
prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 
  
 (6) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the
second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is
withdrawing his election to have the Notes purchased; and 
  
 (7) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the 

  

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Notes surrendered, which unpurchased portion must be equal to $1,000 in principal amount or an integral multiple thereof. 
  
 The Issuers will comply with the requirements of Section 14(e) of the
Exchange Act and any other securities laws or regulations to the extent those laws and regulations are applicable to any Change of Control Offer. If the provisions of any of the applicable securities laws or securities regulations conflict with the
provisions of this Section 4.14, the Issuers will comply with the applicable securities laws and regulations and will not be deemed to have breached their obligations under this Section 4.14 by virtue of that compliance. 
  
 (c) On the Change of Control Payment Date, the Issuers will, to the extent
lawful: 
  
 (1) accept for payment all Notes
properly tendered and not withdrawn pursuant to the Change of Control Offer; 
  
 (2) deposit the Change of Control Payment with the Paying Agent in respect of all Notes so accepted; and 
  
 (3) deliver to the Trustee the Notes accepted and an Officers’ Certificate stating the aggregate principal amount of all Notes
purchased. 
  
 The Paying Agent will promptly mail to each holder
of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail, or cause to be transferred by book entry, to each holder a new Note in principal amount equal to any unpurchased portion of
the Notes surrendered. 
  
 (d) A third party, instead of the
Issuers, may make the Change of Control Offer in compliance with the requirements set forth in this Section 4.14 and purchase all Notes properly tendered and not withdrawn. In addition, the Issuers shall not be obligated to make or consummate a
Change of Control Offer if they have irrevocably elected to redeem all of the Notes pursuant to Section 3.07 and have not defaulted in their redemption obligations. The provisions under this Section 4.14 may be waived or modified with the written
consent of the Holders of a majority in principal amount of the Notes then outstanding. 
  
 Section 4.15 Payments for Consent. 
  
 The
Issuers shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment
of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders of the Notes that consent, waive or agree to 

  

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amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
  
 Section 4.16 Additional Note Guarantees. 
  
 If Ventas, Inc. acquires or creates another Subsidiary after the date
hereof, other than an Excluded Joint Venture or a Subsidiary that has properly been designated as an Unrestricted Subsidiary in accordance with this Indenture for so long as it continues to constitute an Excluded Joint Venture or an Unrestricted
Subsidiary, then that newly acquired or created Subsidiary shall become a Guarantor and execute a supplemental indenture and deliver a customary Opinion of Counsel satisfactory to the Trustee within 10 Business Days of the date on which it was
acquired or created. The form of such supplemental indenture is attached as Exhibit F hereto. 
  
 Section 4.17 Ventas Capital Corporation. 
  
 Ventas Capital Corporation may not hold any material assets, become liable for any material obligations or engage in any significant business activities; provided, however that Ventas Capital Corporation
may be a co-obligor with respect to Debt if the Partnership is a primary obligor of such Debt and the net proceeds of such Debt are received by the Partnership or one or more of its Restricted Subsidiaries other than Ventas Capital Corporation.

  
 Section 4.18 Designation of Restricted and Unrestricted Subsidiaries.

  
 The Board of Directors of Ventas, Inc. may designate any
Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause a Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by
Ventas, Inc. and its Restricted Subsidiaries in the Subsidiary properly designated will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 4.07 or Permitted
Investments, as determined by Ventas, Inc. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Board of
Directors of Ventas, Inc. may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however that such designation will be deemed to be an incurrence of Debt by a Restricted Subsidiary of Ventas, Inc. of any
outstanding Debt of such Unrestricted Subsidiary and such designation will only be permitted if (1) such Debt is permitted under Section 4.09 and 4.10 calculated on a pro forma basis as if such designation had occurred at the beginning of the
four-quarter reference period; and (2) no Default or Event of Default would be in existence following such designation. 
  

 67 

 Section 4.19 Changes in Covenants When Notes Graded Investment Grade. 
  
 (a) If following the date of this Indenture: 
  
 (1) the Notes are rated either Baa3 or better by
Moody’s or BBB- or better by S&P (the “Investment Grade Rating”) (or, if either such entity ceases to rate the Notes for reasons outside of the control of Ventas, Inc., the equivalent investment grade credit rating from any
other “nationally recognized statistical rating organization” as that term is used in Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by Ventas, Inc. as a replacement agency); and 
  
 (2) no Default or Event of Default shall have occurred and
be continuing, 
  
 then, beginning on that day, and subject to the provisions of
Section 4.19(b) and (c) hereof, the following covenants will be suspended (subject to reinstatement as described in Section 4.19(b) hereof): Sections 4.07, 4.08, 4.09, 4.11, 4.12 and 4.14. The Issuers shall provide the Trustee with an Officers’
Certificate stating that the conditions set forth in clauses (1) and (2) above have been satisfied. 
  
 (b) Notwithstanding Section 4.19(a) hereof, if the Investment Grade Rating should subsequently decline to below Baa3 or BBB-, as applicable, the foregoing
covenants shall be reinstituted as of and from the date of such rating decline. In that case, Section 4.07 shall be interpreted as if it had been in effect since the date of the Indenture except that no Default will be deemed to have occurred solely
by reason of a Restricted Payment made while that covenant was suspended. 
  
 (c) Notwithstanding Section 4.19(b) hereof, neither (1) the continued existence following the reinstatement of the foregoing covenants of facts and circumstances or obligations that were incurred or otherwise
came into existence while the foregoing covenants were suspended nor (2) the performance of any such obligations, including the consummation of any transaction pursuant to, and on materially the same terms as, a contractual agreement in
existence prior to the reinstatement of the foregoing covenants, shall constitute a breach of any such covenants or cause a Default or Event of Default thereunder, provided, however that (A) Ventas, Inc. and its Restricted
Subsidiaries did not incur or otherwise cause such facts and circumstances or obligations to exist in anticipation of the reinstatement of the foregoing covenants and (B) Ventas, Inc. and its Restricted Subsidiaries did not reasonably believe
that such incurrence or actions would result in such reinstatement. For purposes of clause (2) above, any increase in the consideration to be paid prior to such amendment or modification to the terms of an existing obligation following the
reinstatement of the foregoing covenants that does not exceed 10% of the consideration that was to be paid prior to such amendment or modification shall not be deemed a “material” amendment or modification. For purposes of clauses (A) and
(B) above, anticipation and reasonable 
  

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 belief may be determined by Ventas, Inc. and shall be conclusively evidenced by a board resolution to such effect adopted
by the Board of Directors of Ventas, Inc. The Board of Directors of Ventas, Inc. in making its determination may, but need not, consult with Moody’s or S&P, as applicable. 
  
 (d) If following the date of this Indenture: 
  
 (1) the Notes are rated both Baa3 or better by Moody’s and BBB- or better by S&P (or, if either
such entity ceases to rate the Notes for reasons outside of the control of Ventas, Inc., the equivalent investment grade credit rating from any other “nationally recognized statistical rating organization” as that term is used in Rule
15c3-1(c)(2)(vi)(F) under the Exchange Act selected by Ventas, Inc. as a replacement agency); and 
  
 (2) no Default or Event of Default shall have occurred and be continuing, 
  
 then, beginning on that day, and subject to the provisions of Section 4.19(e) and (f) hereof, the following covenants will no longer be
applicable to the Notes (subject to reinstatement of Section 4.09 as described in Section 4.19(e) hereof): Sections 4.07, 4.08, 4.09, 4.11, 4.12 and 4.14. The Issuers shall provide the Trustee with an Officers’ Certificate stating that the
conditions set forth in clauses (1) and (2) above have been satisfied. 
  
 (e) Notwithstanding Section 4.19(d) hereof, if the rating assigned by both rating agencies specified in Section 4.19(d)(1) hereof should subsequently decline to below Baa3 and BBB-, respectively, Section 4.09 shall be reinstituted as of and
from the date of such ratings decline. 
  
 (f) Notwithstanding
Section 4.19(d) hereof, neither (1) the continued existence following the reinstatement of Section 4.09 of facts and circumstances or obligations that were incurred or otherwise came into existence while Section 4.09 was suspended nor
(2) the performance of any such obligations, including the consummation of any transaction pursuant to, and on materially the same terms as, a contractual agreement in existence prior to the reinstatement of Section 4.09, shall constitute a
breach of Section 4.09 or cause a Default or Event of Default thereunder, provided, however, that (A) Ventas, Inc. and its Restricted Subsidiaries did not incur or otherwise cause such facts and circumstances or obligations to exist in
anticipation of the reinstatement of Section 4.09 and (B) Ventas, Inc. and its Restricted Subsidiaries did not reasonably believe that such incurrence or actions would result in such reinstatement. For purposes of clause (2) above, any
increase in the consideration to be paid prior to such amendment or modification to the terms of an existing obligation following the reinstatement of Section 4.09 that does not exceed 10% of the consideration that was to be paid prior to such
amendment or modification shall not be deemed a “material” amendment or 
  

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 modification. For purposes of clauses (A) and (B) above, anticipation and reasonable belief may be determined by Ventas,
Inc. and shall be conclusively evidenced by a board resolution to such effect adopted by the Board of Directors of Ventas, Inc. The Board of Directors of Ventas, Inc. in making its determination may, but need not, consult with Moody’s and
S&P. 
  
 ARTICLE 5 
  
 SUCCESSORS 
  
 Section 5.01 Merger, Consolidation, or Sale of Assets. 
  
 Ventas, Inc. may not, directly or indirectly: (1) consolidate or merge with or into another Person (whether or not
Ventas, Inc. is the surviving corporation); or (2) sell, assign, transfer, convey, lease (other than to an unaffiliated operator in the ordinary course of business) or otherwise dispose of all or substantially all of the properties or assets
of Ventas, Inc. and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person; unless: 
  
 (1) either: 
  
 (A) Ventas, Inc. is the surviving corporation; or 
  
 (B) the Person formed by or surviving any such consolidation or merger (if other than Ventas, Inc.) or to
which such sale, assignment, transfer, conveyance or other disposition has been made is a corporation organized or existing under the laws of the United States, any state of the United States or the District of Columbia; 
  
 (2) the Person formed by or surviving any such consolidation
or merger (if other than Ventas, Inc.) or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of Ventas, Inc. under the Notes, the Indenture and the Registration Rights
Agreement pursuant to agreements reasonably satisfactory to the Trustee; 
  
 (3) immediately after such transaction, on a pro forma basis giving effect to such transaction or series of transactions (and treating any obligation of Ventas, Inc. or any Restricted Subsidiary incurred in connection
with or as a result of such transaction or series of transactions as having been incurred at the time of such transaction), no Default or Event of Default exists; and 
  
 (4) Ventas, Inc. or the Person formed by or surviving any such consolidation or merger (if other than
Ventas, Inc.), or to which such sale, assignment, transfer, conveyance or other disposition has been made will, on the 
  

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 date of such transaction after giving pro forma effect thereto and any related financing transactions as
if the same had occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Debt (other than Permitted Debt) pursuant to Section 4.09 hereof. 
  
 In addition, in the case of any lease of all or substantially all of its
properties or assets (other than to an unaffiliated operator in the ordinary course of business), in one or more related transactions, to any other Person the terms of the lease must be reasonably acceptable to the Trustee or to Holders of a
majority in principal amount of the Notes. This Section 5.01 will not apply to a sale, assignment, transfer, conveyance or other disposition of assets between or among Ventas, Inc. and its Restricted Subsidiaries. 
  
 Section 5.02 Successor Corporation Substituted. 
  
 Upon any consolidation or merger, or any sale, assignment, transfer,
conveyance, transfer or other disposition of all or substantially all of the properties or assets of Ventas, Inc. in accordance with Section 5.01, the successor Person formed by such consolidation or into which Ventas, Inc. is merged or to which
such sale, assignment, transfer, conveyance or other disposition is made, shall succeed to, and be substituted for, and may exercise every right and power of, Ventas, Inc. under this Indenture with the same effect as if such successor initially had
been named as Ventas, Inc. herein. When a successor assumes all the obligations of its predecessor under this Indenture and the Notes following a consolidation or merger, or any sale, assignment, transfer, conveyance, transfer or other disposition
of 90% or more of the assets of the predecessor in accordance with the foregoing provisions, the predecessor shall be released from those obligations. 
  
 ARTICLE 6 
  
 DEFAULTS AND REMEDIES 
  
 Section 6.01 Events of Default. 
  
 Each of the
following is an “Event of Default:” 
  
 (1) Ventas, Inc. or its Restricted Subsidiaries do not pay the principal or any premium on the Notes when due and payable; 
  
 (2) Ventas, Inc. or its Restricted Subsidiaries do not pay interest on the Notes within 30 days after the applicable due date; 

 
 (3) Ventas, Inc. or its Restricted Subsidiaries fail to
make or consummate a Change of Control Offer following a Change of Control when required under Section 4.14; 
  

 71 

 (4) Ventas, Inc. or its Restricted Subsidiaries remain in breach of any other term of the
Indenture for 60 days after they receive a notice of Default stating they are in breach. Either the Trustee or the Holders of more than 25% in principal amount of the then outstanding Notes may send the notice; 
  
 (5) Final judgments aggregating in excess of $50.0 million
(exclusive of amounts covered by insurance) are entered against Ventas, Inc. and its Restricted Subsidiaries and are not paid, discharged or stayed for a period of 60 days; 
  
 (6) Ventas, Inc. or its Restricted Subsidiaries default under any of their indebtedness in an aggregate
principal amount exceeding $50.0 million after the expiration of any applicable grace period, which default results in the acceleration of the maturity of such indebtedness. Such default is not an Event of Default if the other indebtedness is
discharged, or the acceleration is rescinded or annulled, within a period of 10 days after Ventas, Inc. or its Restricted Subsidiaries receives notice specifying the default and requiring that they discharge the other indebtedness or cause the
acceleration to be rescinded or annulled. Either the Trustee or the Holders of more than 25% in principal amount of the Notes then outstanding may send the notice; 
  
 (7) Ventas, Inc. or any of its Significant Subsidiaries, or any group of Subsidiaries that, taken as a
whole, would constitute a Significant Subsidiary: 
  
 (A) commences a voluntary case; 
  
 (B)
consents to the entry of an order for relief against it in an involuntary case; 
  
 (C) consents to the appointment of a custodian of it or for all or substantially all of its property; 
  
 (D) makes a general assignment for the benefit of its
creditors; or 
  
 (E) generally is not paying its
debts as they become due; or 
  
 (8) a court of
competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
  
 (A) is for relief against Ventas, Inc. or any of its Significant Subsidiaries, or any group of Subsidiaries that, taken as a whole, would
constitute a Significant Subsidiary, in an involuntary case; 
  

 72 

 (B) appoints a custodian of Ventas, Inc. or any of its Significant Subsidiaries, or any
group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, or for all or substantially all of the property of Ventas, Inc. or any of its Significant Subsidiaries, or any group of Subsidiaries that, taken as a whole,
would constitute a Significant Subsidiary; or 
  
 (C) orders the liquidation of Ventas, Inc. or any of its Significant Subsidiaries, or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary; 
  
 and the order or decree remains unstayed and in effect for 60 consecutive
days. 
  
 Section 6.02 Acceleration. 
  
 In the case of an Event of Default specified in clause (7) or (8) of Section
6.01 hereof, with respect to Ventas, Inc. or any of its Significant Subsidiaries or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable immediately without
further action or notice. If any other Event of Default occurs and has not been cured, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare the entire principal amount of all the Notes to be due
and immediately payable by written notice to the Partnership, Ventas, Inc. and the Trustee. Upon any such declaration, the Notes shall become due and payable immediately. The Holders of a majority in aggregate principal amount of the then
outstanding Notes by written notice to the Trustee may on behalf of all of the Holders rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except
nonpayment of principal, interest or premium that has become due solely because of the acceleration) have been cured or waived. 
  
 Section 6.03 Other Remedies. 
  
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium and Liquidated
Damages, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
  
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the
extent permitted by law. 
  

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 Section 6.04 Waiver of Past Defaults. 
  
 Holders of not less than a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may
on behalf of the Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium and Liquidated Damages, if any, or
interest on, the Notes (excluding in connection with a Change of Control Offer or an offer to purchase); provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an
acceleration and its consequences, including any related payment default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for
every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
  
 Section 6.05 Control by Majority. 
  
 Holders of a majority in principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising
any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial to the
rights of other Holders of Notes or that may involve the Trustee in personal liability. 
  
 Section 6.06 Limitation on Suits. 
  
 A Holder of
a Note may pursue a remedy with respect to this Indenture or the Notes only if: 
  
 (1) the Holder of a Note must give the Trustee written notice that an Event of Default has occurred and remains uncured; 
  
 (2) the Holders of at least a majority in principal amount
of all outstanding Notes must make a written request that the Trustee take action because of the Default, and must offer reasonable indemnity to the Trustee against the cost and other liabilities of taking that action; 
  
 (3) the Trustee must have not taken action for 60 days after
receipt of the notice and offer of indemnity; and 
  
 (4) the Holders of at least a majority in principal amount of all outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period. 
  

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 A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to
obtain a preference or priority over another Holder of a Note. 
  
 Section 6.07
Rights of Holders of Notes to Receive Payment. 
  
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium and Liquidated Damages, if any, and interest on the Note, on or after the respective due dates expressed in
the Note (excluding in connection with a Change of Control Offer or an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such
Holder. 
  
 Section 6.08 Collection Suit by Trustee. 
  
 If an Event of Default specified in Section 6.01(1) or (2) occurs and is
continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuers for the whole amount of principal of, premium and Liquidated Damages, if any, and interest remaining unpaid on the Notes
and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel. 
  
 Section 6.09 Trustee May File Proofs of
Claim. 
  
 The Trustee is authorized to file such proofs of
claim and 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 and counsel) and
the Holders of the Notes allowed in any judicial proceedings relative to the Issuers (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07
hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding,
shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding
whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of 
  

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 any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any
Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  
 Section 6.10 Priorities. 
  
 If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 
  
 First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expense and
liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
  
 Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium and Liquidated Damages, if any, and interest, ratably,
without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium and Liquidated Damages, if any and interest, respectively; and 
  
 Third: to the Issuers or to such party as a court of competent jurisdiction shall direct. 
  
 The Trustee may fix a record date and payment date for any payment to Holders
of Notes pursuant to this Section 6.10. 
  
 Section 6.11 Undertaking for Costs.

  
 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 a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section
6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 
  
 ARTICLE 7 
  
 TRUSTEE 
  
 Section 7.01 Duties of Trustee. 
  
 (a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use
the same 

  

 76 

 
degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

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

  
 (1) the duties of the Trustee will be
determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture
against the Trustee; and 
  
 (2) in the absence
of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
  
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except
that: 
  
 (1) this paragraph does not limit the
effect of paragraph (b) of this Section 7.01; 
  
 (2) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  
 (3) the Trustee will not be liable with respect to any
action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof. 
  
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b), and (c) of this Section 7.01. 
  
 (e) No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any
Holders, unless such Holder has offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 
  
 (f) The Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuers. Money held in
trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  

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 Section 7.02 Rights of Trustee. 
  
 (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by
the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith
in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in
respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
  
 (c) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed with due
care. 
  
 (d) The Trustee will not be liable for any action it
takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
  
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuers will be sufficient if signed by an
Officer of the Issuers. 
  
 (f) The Trustee will be under no
obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee reasonable security or indemnity against the costs, expenses and
liabilities that might be incurred by it in compliance with such request or direction. 
  
 Section 7.03 Individual Rights of Trustee. 
  
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers or any Affiliate of the Issuers with the same rights it would have if it were not Trustee. However, in the
event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the Commission for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is
also subject to Sections 7.10 and 7.11 hereof. 
  

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 Section 7.04 Trustee’s Disclaimer. 
  
 The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the
Notes, it shall not be accountable for the Issuers’ use of the proceeds from the Notes or any money paid to the Issuers or upon the Issuers’ direction under any provision of this Indenture, it will not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant
to this Indenture other than its certificate of authentication. 
  
 Section
7.05 Notice of Defaults. 
  
 If a Default or Event of Default
occurs and is continuing and if it is known to the Trustee, the Trustee will mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of
principal of, premium or Liquidated Damages, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of
the Holders of the Notes. 
  
 Section 7.06 Reports by Trustee to Holders of the
Notes. 
  
 (a) Within 120 days after the end of each fiscal
year beginning with the end of the fiscal year following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee will mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA
§ 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit
by mail all reports as required by TIA § 313(c). 
  
 (b) A
copy of each report at the time of its mailing to the Holders of Notes will be mailed by the Trustee to the Issuers and filed by the Trustee with the Commission and each stock exchange on which the Notes are listed in accordance with TIA §
313(d). The Issuers will promptly notify the Trustee when the Notes are listed on any stock exchange. 
  
 Section 7.07 Compensation and Indemnity. 
  
 (a) The Issuers will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder. The Trustee’s compensation will not be limited by any law on
compensation of a trustee of an express trust. The Issuers will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the 

  

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compensation for its services. Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.

  
 (b) The Issuers and the Guarantor will indemnify the Trustee
against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the
Issuers and the Guarantors (including this Section 7.07) and defending itself against any claim (whether asserted by the Issuers, the Guarantors or any Holder or any other Person) or liability in connection with the exercise or performance of any of
its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or bad faith. The Trustee will notify the Issuers promptly of any claim for which it may seek indemnity. Failure by the
Trustee to so notify the Issuers will not relieve the Issuers or any of the Guarantors of their obligations hereunder. The Issuers or such Guarantor will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate
counsel and the Issuers will pay the reasonable fees and expenses of such counsel. Neither the Issuers nor any Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld. 
  
 (c) The obligations of the Issuers and the Guarantors under this Section 7.07
will survive the satisfaction and discharge of this Indenture. 
  
 (d) To secure the Issuers’ payment obligations in this Section 7.07, the Trustee will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on
particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture. 
  
 (e) When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(7) or (8) hereof occurs, the expenses and the compensation for the services (including the fees and expenses
of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
  
 (f) The Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable. 
  
 Section 7.08 Replacement of Trustee. 
  
 (a) A resignation or removal of the Trustee and appointment of a successor
Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. 
  
 (b) The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuers. The Holders of a majority
in principal 

  

 80 

 
amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuers in writing. The Issuers may remove the Trustee if:

  
 (1) the Trustee fails to comply with Section
7.10 hereof; 
  
 (2) the Trustee is adjudged a
bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 
  
 (3) a custodian or public officer takes charge of the Trustee or its property; or 
  
 (4) the Trustee becomes incapable of acting. 
  
 (c) If the Trustee resigns or is removed or if a vacancy exists in the office
of Trustee for any reason, the Issuers will promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee
to replace the successor Trustee appointed by the Issuers. 
  
 (d)
If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuers, or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court
of competent jurisdiction for the appointment of a successor Trustee. 
  
 (e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee. 
  
 (f) A successor Trustee
will deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon, the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and
duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to
the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.07 hereof will continue for the
benefit of the retiring Trustee. 
  

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 Section 7.09 Successor Trustee by Merger, etc. 
  
 If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business
to, another corporation, the successor corporation without any further act will be the successor Trustee. 
  
 Section 7.10 Eligibility; Disqualification. 
  
 There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise
corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100 million as set forth in its most recent published annual report of condition.

  
 This Indenture will always have a Trustee who satisfies the
requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 
  
 Section 7.11 Preferential Collection of Claims Against Issuers. 
  
 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed
shall be subject to TIA § 311(a) to the extent indicated therein. 
  
 ARTICLE 8 
  
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE

  
 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance.

  
 The Issuers may, at the option of their Board of
Directors evidenced by a resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.

  
 Section 8.02 Legal Defeasance and Discharge. 
  
 Upon the Issuers’ exercise under Section 8.01 hereof of the option
applicable to this Section 8.02, the Issuers and each of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding
Notes (including the Note Guarantees) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuers and the Guarantors will be deemed to
have paid and discharged the entire Debt represented by the outstanding Notes (including the Note Guarantees), which will thereafter be deemed to be “outstanding” 
  

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 only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (1) and (2)
below, and to have satisfied all their other obligations under such Notes, the Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging the same), except for
the following provisions which will survive until otherwise terminated or discharged hereunder: 
  
 (1) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium and Liquidated
Damages, if any, on such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 
  
 (2) the Issuers’ obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 
  
 (3) the rights, powers, trusts, duties and immunities of the
Trustee hereunder and the Issuers’ and the Guarantors’ obligations in connection therewith; and 
  
 (4) this Article 8. 
  
 Subject to compliance with this Article 8, the Issuers may exercise their option under this Section 8.02 notwithstanding the prior exercise of their
option under Section 8.03 hereof. 
  
 Section 8.03 Covenant Defeasance.

  
 Upon the Issuers’ exercise under Section 8.01 hereof
of the option applicable to this Section 8.03, the Issuers and the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections
4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.14, 4.15, 4.16, 4.17, 4.18 hereof and clause (4) of Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter,
“Covenant Defeasance”), and the Notes will thereafter be deemed 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
such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that,
with respect to the outstanding Notes and Note Guarantees, the Issuers and the Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or
indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a 
  

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 Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture
and such Notes and Note Guarantees will be unaffected thereby. In addition, upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions set forth in
Section 8.04 hereof, Sections 6.01(3) through 6.01(6) hereof will not constitute Events of Default. 
  
 Section 8.04 Conditions to Legal or Covenant Defeasance. 
  
 In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 
  
 (1) the Issuers must irrevocably deposit with the Trustee,
in trust, for the benefit of the Holders, cash in United States dollars, non-callable U.S. government or U.S. government agency notes or bonds(or depositary receipts representing these notes or bonds), or any combination thereof, in such amounts as
will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium and Liquidated Damages, if any, and interest on the outstanding Notes on the stated date for payment thereof or on
the applicable redemption date, as the case may be; 
  
 (2) in the case of an election under Section 8.02 hereof, the Issuers have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that: 
  
 (A) the Issuers have received from, or there has been
published by, the IRS a ruling; or 
  
 (B) since
the date of this Indenture, there has been a change in the applicable federal income tax law, 
  
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result
of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
  
 (3) in the case of an election under Section 8.03 hereof,
the Issuers must deliver to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a
result of such Covenant Defeasance and will be subject to federal income tax on the 
  

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 same amounts, in the same manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred; 
  
 (4) no Default
or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit); 
  
 (5) such Legal Defeasance or Covenant Defeasance will not
result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which Ventas, Inc. or any of its Restricted Subsidiaries is a party or by which Ventas, Inc. or any of its
Restricted Subsidiaries is bound; 
  
 (6) the
Issuers must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by Issuers with the intent of preferring the Holders of Notes over the other creditors of Issuers with the intent of defeating, hindering,
delaying or defrauding any other creditors of the Issuers or others; and 
  
 (7) the Issuers must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant
Defeasance have been complied with. 
  
 Section 8.05 Deposited Money and
Government Securities to be Held in Trust; Other Miscellaneous Provisions. 
  
 Subject to Section 8.06 hereof, all money and U.S. government or U.S. government agency notes or bonds (or depositary receipts representing these notes or bonds), or any combination thereof (including the proceeds
thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes will be held in trust and applied
by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuers acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes
of all sums due and to become due thereon in respect of principal, premium and Liquidated Damages, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
  
 The Issuers will pay and indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against the cash or non-callable U.S. government or U.S. government agency notes or bonds deposited pursuant to Section 8.04 hereof or the principal and 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 the outstanding Notes. 
  

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 Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to the
Issuers from time to time upon the request of the Issuers any money or non-callable U.S. government or U.S. government agency notes or bonds held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to be deposited
to effect an equivalent Legal Defeasance or Covenant Defeasance. 
  
 Section
8.06 Repayment to Issuers. 
  
 Any money deposited with the
Trustee or any Paying Agent, or then held by the Issuers, in trust for the payment of the principal of, premium or Liquidated Damages, if any, or interest on any Note and remaining unclaimed for two years after such principal, premium or Liquidated
Damages, if any, or interest has become due and payable shall be paid to the Issuers on their request or (if then held by the Issuers) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the
Issuers for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuers as trustee thereof, will thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the expense of the Issuers cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that,
after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuers. 
  
 Section 8.07 Reinstatement. 
  
 If the Trustee or Paying Agent is unable to apply any United States dollars
or non-callable U.S. government or U.S. government agency notes or bonds in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, then the Issuers’ and the Guarantor’s obligations under this Indenture and the Notes and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02
or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, the principles of Section 4.19(b) and
(c) shall apply following such reinstatement; provided further, however, that if the Issuers makes any payment of principal of, premium or Liquidated Damages, if any, or interest on any Note following the reinstatement of its
obligations, the Issuers will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
  

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 ARTICLE 9 
  
 AMENDMENT, SUPPLEMENT AND WAIVER 
  
 Section 9.01 Without Consent of Holders of Notes. 
  
 Notwithstanding Section 9.02 of this Indenture, the Issuers, the Guarantors and the Trustee may amend or supplement this Indenture, the Note Guarantees or
the Notes without the consent of any Holder of a Note: 
  
 (1) to cure any ambiguity, defect or inconsistency; 
  
 (2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 
  
 (3) to provide for the assumption of the Issuers’ obligations to Holders of Notes in the case of a merger or consolidation or sale of
all or substantially all of the Issuers’ assets; 
  
 (4) to add additional Guarantees with respect to the Notes; 
  
 (5) to secure the Notes; 
  
 (6) to make any other change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect the legal rights under the Indenture of any such holder; or 
  
 (7) to comply with requirements of the Commission in order
to effect or maintain the qualification of the Indenture under the Trust Indenture Act. 
  
 Section 9.02 With Consent of Holders of Notes. 
  
 Except as provided below in this Section 9.02, the Issuers and the Trustee may amend or supplement this Indenture (including, without limitation, Section 3.09, 4.11 and 4.14 hereof), the Note Guarantees and the Notes with the consent of the
Holders of at least a majority in principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer
or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium or Liquidated Damages,
if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Note Guarantees or the Notes may be waived with the consent of the Holders of
a majority in principal amount of the then outstanding Notes voting as a single class (including consents obtained in connection with a tender 
  

 87 

 offer or exchange offer for, or purchase of, the Notes). Section 2.08 hereof shall determine which Notes are considered
to be “outstanding” for purposes of this Section 9.02. 
  
 It is not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment or waiver, but it is sufficient if such consent approves the substance thereof. 
  
 After an amendment, supplement or waiver under this Section 9.02 becomes
effective, the Issuers will mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuers to mail such notice, or any defect therein, will not, however, in any way impair or
affect the validity of any such amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class may waive
compliance in a particular instance by the Issuers with any provision of this Indenture or the Notes. However, without the consent of each Holder affected, an amendment or waiver under this Section 9.02 may not (with respect to any Notes held by a
non-consenting Holder): 
  
 (1) reduce the
principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
  
 (2) reduce the principal of or change the fixed maturity of any Note or alter the provisions with respect to the redemption of the Notes
(other than Sections 3.09, 4.11 and 4.14 hereof); 
  
 (3) reduce the rate of or change the time for payment of interest on any Note; 
  
 (4) waive a Default or Event of Default in the payment of principal of, or interest or premium, or Liquidated Damages, if any, on the
Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment Default that resulted from such acceleration); 
  
 (5) make any Note payable in money other than that stated in
the Notes; 
  
 (6) make any change in Section
6.04 or 6.07 hereof relating to waivers of past Defaults or the rights of Holders of Notes to receive payments of principal of, or interest or premium or Liquidated Damages, if any, on the Notes; 
  
 (7) waive a redemption payment with respect to any Note
(other than Sections 4.11 and 4.14 hereof); 
  

 88 

 (8) release any Guarantor from any of its obligations under its Note Guarantee or the
Indenture, except in accordance with the terms of the Indenture; or 
  
 (9) make any change in the amendment and waiver provisions set forth in clauses (1) through (8) of this Section 9.02. 
  
 Section 9.03 Compliance with Trust Indenture Act. 
  
 Every amendment or supplement to this Indenture or the Notes will be set forth in a amended or supplemental indenture that complies with the TIA as then
in effect. 
  
 Section 9.04 Revocation and Effect of Consents. 

 
 Until an amendment, supplement or waiver becomes effective, a consent to
it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any
Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment,
supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
  
 Section 9.05 Notation on or Exchange of Notes. 
  
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuers in exchange for all Notes may issue and the Trustee shall, upon receipt of an
Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
  
 Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver. 
  
 Section 9.06 Trustee to Sign Amendments, etc. 
  
 Upon the request of the Issuers accompanied by a resolution of their Board of Directors authorizing the execution of any
amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof,
the Trustee will join with the Issuers in the execution of an amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or
otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental indenture. In executing any 
  

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 amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Section 7.01 hereof) will be
fully protected in relying upon, in addition to the documents required by Section 12.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted
by this Indenture. 
  
 ARTICLE 10 
  
 NOTE GUARANTEES 
  
 Section 10.01 Note Guarantee. 
  
 (a) Subject to this Article 10, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note authenticated
and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Issuers hereunder or thereunder, that: 
  
 (1) the principal of, premium and Liquidated Damages, if
any, and interest on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of
the Issuers to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
  
 (2) in case of any extension of time of payment or renewal of any Notes or any of such other obligations,
that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 
  
 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors
will be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
  
 (b) The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity
or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers, any
action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor, other than payment in full of all obligations under the Notes. Each Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first 
  

 90 

 against the Issuers, protest, notice and all demands whatsoever and covenant that this Note Guarantee will not be
discharged except by complete performance of the obligations contained in the Notes and this Indenture. 
  
 (c) If any Holder or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors or any custodian, trustee, liquidator or
other similar official acting in relation to either the Issuers or the Guarantors, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.

  
 (d) Each Guarantor agrees that it will not be entitled to any
right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the
Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and
payable) will forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the
rights of the Holders under the Note Guarantee. 
  
 Section 10.02 Limitation on
Guarantor Liability. 
  
 Each Guarantor, and by its
acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent
Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that
the obligations of such Guarantor will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive
contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent
transfer or conveyance. 
  
 Section 10.03 Execution and Delivery of Note
Guarantee. 
  
 To evidence its Note Guarantee set forth in
Section 10.01, each Guarantor hereby agrees that a notation of such Note Guarantee substantially in the form attached as 
  

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 Exhibit E hereto will be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee
and that this Indenture will be executed on behalf of such Guarantor by one of its Officers. 
  
 Each Guarantor hereby agrees that its Note Guarantee set forth in Section 10.01 will remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 

 
 If an Officer whose signature is on this Indenture or on the Note
Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Note Guarantee is endorsed, the Note Guarantee will be valid nevertheless. 
  
 The delivery of any Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the
Note Guarantee set forth in this Indenture on behalf of the Guarantors. 
  
 In the event that the Issuers create or acquire any Restricted Subsidiary after the date of this Indenture, if required by Section 4.16 hereof, the Issuers will cause such Restricted Subsidiary to comply with the provisions of Section 4.16
hereof and this Article 10, to the extent applicable. 
  
 Section 10.04
Guarantors May Consolidate, etc., on Certain Terms. 
  
 Except as otherwise provided in Section 10.05, no Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person),
another Person, other than the Issuers or another Guarantor, unless: 
  
 (1) immediately after giving effect to that transaction, no Default or Event of Default exists; and 
  
 (2) subject to Section 10.05 hereof, the Person acquiring the property in any such sale or disposition or the Person formed by or
surviving any such consolidation or merger assumes all the obligations of that Guarantor under the Indenture, its Note Guarantee and the Registration Rights Agreement pursuant a supplemental indenture in the form of Exhibit F attached hereto.

  
 In case of any such consolidation, merger, sale or conveyance
and upon the assumption by the successor Person, by supplemental indenture, in the form of Exhibit F attached hereto, of the Note Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this
Indenture to be performed by the Guarantor, such successor Person will succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or
all of the Note Guarantees to be 
  

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 endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Issuers and
delivered to the Trustee. All the Note Guarantees so issued will in all respects have the same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as
though all of such Note Guarantees had been issued at the date of the execution hereof. 
  
 Except as set forth in Articles 4 and 5 hereof, and notwithstanding this Section 10.04, nothing contained in this Indenture or in any of the Notes will prevent any consolidation or merger of a Guarantor with or into
the Issuers or another Guarantor, or will prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Issuers or another Guarantor. 
  
 Section 10.05 Releases Following Sale of Assets. 
  
 The Note Guarantee of a Guarantor will be released, and any Person acquiring assets (including by way of merger or
consolidation) or Capital Stock of a Guarantor in accordance with the provisions of (1) or (2) below shall not be required to assume the obligations of any such Guarantor: 
  
 (1) in connection with any sale or other disposition of all or substantially all of the assets of that
Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) a Restricted Subsidiary (other than a Permitted Joint Venture) of Ventas, Inc., if the sale or other
disposition complies with Section 4.11 hereof; 
  
 (2) in connection with any sale of all of the Capital Stock of a Guarantor to a Person that is not (either before or after giving effect to such transaction) a Restricted Subsidiary (other than a Permitted Joint Venture) of Ventas, Inc., if
the sale complies with Section 4.11 hereof; 
  
 (3) if the Issuers or Ventas, Inc. designate any Restricted Subsidiary that is a Guarantor to be an Excluded Joint Venture or an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture; or 
  
 (4) in the event that the Issuers exercise their discharge
or full defeasance options pursuant to Article 8. 
  
 Any
Guarantor not released from its obligations under its Note Guarantee will remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article 10.

  

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 Section 10.06 Releases Following Investment Grade Ratings. 
  
 In addition, if, following the date of this Indenture: 
  
 (1) the Notes are rated both Baa3 or better by Moody’s
and BBB- or better by S&P (or, if either such entity ceases to rate the Notes for reasons outside of the control of Ventas, Inc., the equivalent investment grade credit rating from any other “nationally recognized statistical rating
organization” as that term is used in Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by Ventas, Inc. as a replacement agency); 
  
 (2) each rating agency specified in clause (1) above provides written notice to the Issuers and the Trustee stating that the release of
all of the Note Guarantees will not cause the rating assigned by such rating agency to decline to below Baa3 or BBB-, as applicable; and 
  
 (3) no Default or Event of Default shall have occurred and be continuing, 
  
 then, beginning on that day, the Note Guarantee of each Guarantor will be released. The Issuers shall provide the Trustee with an
Officers’ Certificate stating that the conditions set forth in clauses (1), (2) and (3) above have been satisfied. 
  
 ARTICLE 11 
  
 SATISFACTION AND DISCHARGE 
  
 Section 11.01 Satisfaction and Discharge. 
  
 This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 
  
 (1) either: 
  
 (A) all Notes that have been authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment money has theretofore been deposited in trust and thereafter repaid to the Issuers) have been delivered to the Trustee for cancellation; or 
  
 (B) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the making of a notice
of redemption or otherwise or will become due and payable within one year and the Issuers or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the 
  

 94 

 benefit of the Holders, cash in U.S. dollars, non-callable U.S. government or U.S. government agency
notes or bonds, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on the Notes not delivered to the Trustee for cancellation for
principal, premium and Liquidated Damages, if any, and accrued interest to the date of maturity or redemption; 
  
 (2) no Default or Event of Default has occurred and is continuing on the date of such deposit or will occur as a result of such deposit
and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Issuers or any Guarantor are a party or by which the Issuers or any Guarantor are bound; 
  
 (3) the Issuers or any Guarantor have paid or caused to be
paid all sums payable by them under this Indenture; and 
  
 (4) the Issuers have delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity or the redemption date, as the case may be.

  
 In addition, the Issuers must deliver an Officers’
Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
  
 Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (B) of clause (1) of
this Section, the provisions of Section 11.02 and Section 8.06 will survive. In addition, nothing in this Section 11.01 will be deemed to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge
of this Indenture. 
  
 Section 11.02 Application of Trust Money.

  
 Subject to the provisions of Section 8.06, all money
deposited with the Trustee pursuant to Section 11.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuers
acting as their own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be
segregated from other funds except to the extent required by law. 
  
 If the Trustee or Paying Agent is unable to apply any money or U.S. government or U.S. government agency notes or bonds in accordance with Section 11.01 by reason of any legal proceeding or by reason of any order or judgment of any court or
governmental 
  

 95 

 authority enjoining, restraining or otherwise prohibiting such application, the Issuers’ and any Guarantor’s
obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01; provided that the principles of Section 4.19(b) and (c) shall apply; provided further,
however, if the Issuers have made any payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of their obligations, the Issuers shall be subrogated to the rights of the Holders of such Notes to receive
such payment from the money or U.S. government or U.S. government agency notes or bonds held by the Trustee or Paying Agent. 
  
 ARTICLE 12 
  
 MISCELLANEOUS 
  
 Section
12.01 Trust Indenture Act Controls. 
  
 If any provision of
this Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(c), the imposed duties will control. 
  
 Section 12.02 Notices. 
  
 Any notice or communication by the Issuers, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or mailed by
first class mail (registered or certified, return receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 
  
 If to the Issuers and/or any Guarantor: 
  
 Ventas, Inc. 
 10350 Ormsby Park Place, Suite 300 
 Louisville, Kentucky 40223 
 Telecopier No.: (502) 357-9001 
 Attention:
General Counsel 
  
 With a copy to: 
 Willkie Farr & Gallagher 
 787 Seventh
Avenue 
 New York, New York 10019-6099 
 Telecopier No.: (212) 728-8111 
 Attention: Leslie Mazza, Esquire 
  

 96 

 If to the Trustee: 
  
 U.S. Bank National Association 
 425 Walnut ML CN WN 06 CT 
 Cincinnati, Ohio 45202 
 Telecopier No.: (513) 632-5511 
 Attention:
Corporate Trust Administration 
  
 The Issuers, any Guarantor or
the Trustee, by notice to the others may designate additional or different addresses for subsequent notices or communications. 
  
 All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next
day delivery. 
  
 Any notice or communication to a Holder will be
mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also be so mailed
to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 
  
 If a notice or communication is mailed in the manner provided above within
the time prescribed, it is duly given, whether or not the addressee receives it. 
  
 If the Issuers mail a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time. 
  
 Section 12.03 Communication by Holders of Notes with Other Holders of Notes. 
  
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture
or the Notes. The Issuers, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
  
 Section 12.04 Certificate and Opinion as to Conditions Precedent. 
  
 Upon any request or application by the Issuers to the Trustee to take any action under this Indenture, the Issuers shall furnish to the Trustee:

  
 (1) an Officers’ Certificate in form and
substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent 

  

 97 

 
and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 
  
 (2) an Opinion of Counsel in form and substance reasonably
satisfactory to the Trustee (which must include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
  
 Section 12.05 Statements Required in Certificate or Opinion. 
  
 Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include: 
  
 (1) a statement that the Person making such certificate or opinion has read such covenant or condition;

  
 (2) a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (3) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or
her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
  
 (4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 
  
 Section 12.06 Rules by Trustee and Agents. 
  
 The Trustee may make reasonable rules for action by or at a meeting of
Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
  
 Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders. 
  
 No director, officer, employee or stockholder of Ventas, Inc. or any of its Subsidiaries, as such, will have any liability
for any obligations of Ventas, Inc. or any of its Subsidiaries under the Notes or the Indenture based on, in respect of, or by reason of such obligations or their creation. Each holder by accepting a Note waives and releases all such liability. The
foregoing waiver and release are an integral part of the consideration or the issuance of the Notes. 
  

 98 

 Section 12.08 Governing Law. 
  
 THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE
GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  
 Section 12.09 No Adverse Interpretation of Other Agreements. 
  
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuers or their Subsidiaries
or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
  
 Section 12.10 Successors. 
  
 All agreements of the Issuers in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its
successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.05. 
  
 Section 12.11 Severability. 
  
 In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby. 
  
 Section
12.12 Counterpart Originals. 
  
 The parties may sign any
number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement. 
  
 Section 12.13 Table of Contents, Headings, etc. 
  
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 
  
 [Signatures on following page] 
  

 99 

 SIGNATURES 
  
 Dated as of October 15, 2004 
  

					
	 Ventas Realty, Limited Partnership

		
	 By:
	 	 Ventas, Inc., its General Partner

		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	 T. Richard Riney

	 	 	 Title:
	 	 Executive Vice President,
 General Counsel and
 Corporate Secretary

	
	 Ventas Capital Corporation

		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	 T. Richard Riney

	 	 	 Title:
	 	 Executive Vice President,
 General Counsel and Corporate
 Secretary

	
	 GUARANTORS:

	
	 Ventas, Inc.

		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	 T. Richard Riney

	 	 	 Title:
	 	 Executive Vice President,
 General Counsel and Corporate
 Secretary

  

 100 

					
	Ventas LP Realty, L.L.C.
		
	By:	 	Ventas, Inc., its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	 Executive Vice President,
 General Counsel and

Corporate Secretary

	
	Ventas Healthcare Properties, Inc.
		
	By:	 	 /s/ T. Richard Riney

	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	 Executive Vice President,
 General Counsel and
Corporate
 Secretary

	
	Ventas TRS, LLC
		
	By:	 	 /s/ T. Richard Riney

	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Executive Vice President
	
	ElderTrust
		
	By:	 	 /s/ T. Richard Riney

	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Secretary

  

 101 

					
	ElderTrust Operating Limited Partnership
		
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Secretary
	
	ET Capital Corp.
		
	By:	 	 /s/ T. Richard Riney

	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Secretary
	
	ET Sub-Berkshire Limited Partnership
		
	By:	 	ET Berkshire, LLC, its General
	 	 	Partner
	By:	 	ElderTrust Operating Limited
	 	 	Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Secretary
	
	ET Berkshire, LLC
		
	By:	 	ElderTrust Operating Limited
	 	 	Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Secretary

  

 102 

							
	 Cabot ALF, L.L.C.

		
	 By:
	 	 ElderTrust Operating Limited

	 	 	 Partnership, its Sole Member

	 By:
	 	 ElderTrust, its General Partner

		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	 T. Richard Riney

	 	 	 Title:
	 	 Secretary

	
	 Cleveland ALF, L.L.C.

		
	 By:
	 	 ElderTrust Operating Limited

	 	 	 Partnership, its Sole Member

	 By:
	 	 ElderTrust, its General Partner

		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	 T. Richard Riney

	 	 	 Title:
	 	 Secretary

	
	 ET Sub-Heritage Woods, L.L.C.

		
	 By:
	 	 ElderTrust Operating Limited

	 	 	 Partnership, its Sole Member

	 By:
	 	 ElderTrust, its General Partner

		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	 T. Richard Riney

	 	 	 Title:
	 	 Secretary

  

 103 

							
	 ET Sub-Highgate, L.P.

		
	 By:
	 	 ET GENPAR, L.L.C., its General Partner

	 By:
	 	 ElderTrust Operating Limited

	 	 	 Partnership, its Sole Member

	 By:
	 	 ElderTrust, its General Partner

		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	 T. Richard Riney

	 	 	 Title:
	 	 Secretary

	
	 ET GENPAR, L.L.C.

		
	 By:
	 	 ElderTrust Operating Limited

	 	 	 Partnership, its Sole Member

	 By:
	 	 ElderTrust, its General Partner

		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	 T. Richard Riney

	 	 	 Title:
	 	 Secretary

	
	 ET Sub-Lacey I, L.L.C.

		
	 By:
	 	 ElderTrust Operating Limited

	 	 	 Partnership, its Sole Member

	 By:
	 	 ElderTrust, its General Partner

		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	 T. Richard Riney

	 	 	 Title:
	 	 Secretary

  

 104 

  

					
	ET Sub-Lehigh Limited Partnership
		
	By:	 	ET Lehigh, LLC, its General
	 	 	Partner
	By:	 	ElderTrust Operating Limited
	 	 	Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Secretary
	
	ET Lehigh, LLC
		
	By:	 	ElderTrust Operating Limited
	 	 	Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Secretary
	
	ET Sub-Lopatcong, L.L.C.
		
	By:	 	 /s/ T. Richard Riney

	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Secretary
	
	ET Sub-Pennsburg Manor Limited Partnership, L.L.P.
		
	By:	 	ET Pennsburg Finance, L.L.C., its
	 	 	General Partner
		
	By:	 	 /s/ T. Richard Riney

	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Secretary

  

 105 

					
	 ET Pennsburg Finance, L.L.C.

		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	T. Richard Riney
	 	 	 Title:
	 	Secretary
	
	 ET Sub-Phillipsburg I, L.L.C.

		
	 By:
	 	ElderTrust Operating Limited
	 	 	Partnership, its Sole Member
	 By:
	 	ElderTrust, its General Partner
		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	T. Richard Riney
	 	 	 Title:
	 	Secretary
	
	 ET Sub-Pleasant View, L.L.C.

		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	T. Richard Riney
	 	 	 Title:
	 	Secretary
	
	 ET Sub-Rittenhouse Limited Partnership, L.L.P.

		
	 By:
	 	GENPAR, L.L.C., its General Partner
	 By:
	 	ElderTrust Operating Limited
	 	 	Partnership, its Sole Member
	 By:
	 	ElderTrust, its General Partner
		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	T. Richard Riney
	 	 	 Title:
	 	Secretary

  

 106 

					
	 ET Sub-Riverview Ridge Limited
 Partnership, L.L.P.

		
	 By:
	 	 ET GENPAR, L.L.C., its General
 Partner

	 By:
	 	ElderTrust Operating Limited
	 	 	Partnership, its Sole Member
	 By:
	 	ElderTrust, its General Partner
		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	T. Richard Riney
	 	 	 Title:
	 	Secretary
	
	 ET Sub-Sanatoga Limited Partnership

		
	 By:
	 	 ET Sanatoga, LLC, its General
 Partner

	 By:
	 	ElderTrust Operating Limited
	 	 	Partnership, its Sole Member
	 By:
	 	ElderTrust, its General Partner
		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	T. Richard Riney
	 	 	 Title:
	 	Secretary
	
	 ET Sanatoga, LLC

		
	 By:
	 	ElderTrust Operating Limited
	 	 	Partnership, its Sole Member
	 By:
	 	ElderTrust, its General Partner
		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	T. Richard Riney
	 	 	 Title:
	 	Secretary

  

 107 

					
	 ET Sub-SMOB, L.L.C.

		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	 T. Richard Riney

	 	 	 Title:
	 	 Secretary

	
	 Vernon ALF, L.L.C.

		
	 By:
	 	 ElderTrust Operating Limited

	 	 	 Partnership, its Sole Member

	 By:
	 	 ElderTrust, its General Partner

		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	 T. Richard Riney

	 	 	 Title:
	 	 Secretary

	
	 ET Sub-Willowbrook Limited Partnership,
 L.L.P.

		
	 By:
	 	 GENPAR, L.L.C., its General

	 	 	 Partner

	 By:
	 	 ElderTrust Operating Limited

	 	 	 Partnership, its Sole Member

	 By:
	 	 ElderTrust, its General Partner

		
	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name:
	 	 T. Richard Riney

	 	 	 Title:
	 	 Secretary

  

 108 

					
	ET Sub-Wayne I Limited Partnership, L.L.P.
		
	By:	 	ET Wayne Finance, L.L.C., its
	 	 	General Partner
		
	By:	 	 /s/ T. Richard Riney

	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Secretary
	
	ET Wayne Finance, L.L.C.
		
	By:	 	 /s/ T. Richard Riney

	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Secretary
	
	ET Wayne Finance, Inc.
		
	By:	 	 /s/ T. Richard Riney

	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Chairman, Executive Vice
	 	 	 	 	President and Secretary

  

 109 

			
	TRUSTEE:
	
	U.S. Bank National Association
		
	By:	 	 /s/ Robert T. Jones

	Name:	 	Robert T. Jones
	Title:	 	Vice President & Trust Officer

  

 110 

 Schedule I 
  

[INTENTIONALLY OMITTED] 
  

 Schedule II 
  
 SCHEDULE OF GUARANTORS 
  
 The following schedule lists each Guarantor under the Indenture as of the date of the Indenture: 
  
 Ventas, Inc. 
 Ventas LP Realty, L.L.C. 
 Ventas Healthcare Properties, Inc. 
 Ventas TRS, LLC 
 ElderTrust 
 ElderTrust Operating Limited Partnership 
 ET Capital Corp. 
 ET Sub-Berkshire Limited Partnership 
 ET Berkshire, LLC 
 Cabot ALF, L.L.C. 
 Cleveland ALF, L.L.C. 
 ET Sub-Heritage Woods, L.L.C. 
 ET Sub-Highgate, L.P. 
 ET GENPAR, L.L.C. 
 ET Sub-Lacey I, L.L.C. 
 ET Sub-Lehigh Limited Partnership 
 ET Lehigh, LLC 
 ET Sub-Lopatcong, L.L.C. 
 ET Sub-Pennsburg Manor Limited Partnership, L.L.P. 
 ET Pennsburg Finance, L.L.C. 
 ET Sub-Phillipsburg I, L.L.C. 
 ET Sub-Pleasant View, L.L.C. 
 ET Sub-Rittenhouse Limited Partnership, L.L.P. 
 ET Sub-Riverview Ridge Limited Partnership, L.L.P. 
 ET Sub-Sanatoga Limited Partnership 
 ET Sanatoga, LLC 
 ET Sub-SMOB, L.L.C. 
 Vernon ALF, L.L.C. 
 ET Sub-Willowbrook Limited Partnership, L.L.P. 
 ET Sub-Wayne I Limited Partnership, L.L.P. 
 ET Wayne Finance, L.L.C. 
 ET Wayne Finance, Inc. 
  

 EXHIBIT A 
  
 [Face of Note] 
  
 CUSIP/CINS              
  
 6 5/8% [Series A] [Series B] Senior Notes due 2014 
  

			
	 No.     
	 	$            

  
 VENTAS REALTY, LIMITED
PARTNERSHIP 
  
 AND 
  
 VENTAS CAPITAL CORPORATION 
  
 promises to pay to CEDE & CO. 
  
 or registered assigns, 
  
 the principal sum of
                                       
                                        
      
  
 Dollars on
                    , 20    . 
  
 Interest Payment Dates: April 15 and October 15 
  
 Record Dates: April 1 and October 1 
  
 Dated:                 , 200     
  

 A-1 

			
	 VENTAS REALTY, LIMITED PARTNERSHIP

		
	 By:
	 	 Ventas, Inc.

	 Its:
	 	 General Partner

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 VENTAS CAPITAL CORPORATION

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 A-2 

			
	 This is one of the Notes referred to
 in the within-mentioned Indenture:

	
	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee

		
	 By:
	 	  

	 	 	 Authorized Signatory

  

 A-3 

 [Back of Note] 
  

6 5/8% Senior
Notes due 2014 
  
 [Insert the Global Note Legend, if applicable
pursuant to the provisions of the Indenture] 
  
 [Insert the Private
Placement Legend, if applicable pursuant to the provisions of the Indenture] 
  
 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  

(1) Interest. Ventas Realty, Limited Partnership and Ventas Capital Corporation (collectively, the “Issuers”),
promise to pay interest on the principal amount of this Note at 6 5/8% per annum from October 15, 2004 until
maturity and shall pay the Liquidated Damages, if any, payable pursuant to Section 4 of the Registration Rights Agreement referred to below. The Issuers will pay interest and Liquidated Damages, if any, semi-annually in arrears on April 15 and
October 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid
or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be April 15, 2005. The Issuers will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; the Issuers will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest
will be computed on the basis of a 360-day year of twelve 30-day months. 
  
 (2) Method of Payment. The Issuers will pay interest on the Notes (except defaulted interest) and Liquidated Damages, if any, to
the Persons who are registered Holders of Notes at the close of business on the April 1 or October 1 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except
as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and Liquidated Damages, if any, and interest at the office or agency of the Issuers maintained for such purpose
within or 
  

 A-4 

 without the City and State of New York, or, at the option of the Issuers, payment of interest and
Liquidated Damages, if any may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required with respect to principal of
and interest, premium and Liquidated Damages, if any, on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Issuers or the Paying Agent. Such payment will be in such coin or currency of
the United States of America as at the time of payment is legal tender for payment of public and private debts. 
  
 (3) Paying Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying
Agent and Registrar. The Issuers may change any Paying Agent or Registrar without notice to any Holder. The Issuers or any of their Subsidiaries may act in any such capacity. 
  
 (4) Indenture. The Issuers issued the Notes under an Indenture dated as of October 15, 2004 (the
“Indenture”) among the Issuers, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.
Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Issuers. 
  
 (5) Optional Redemption. (a) The Issuers may redeem the Notes at any time prior to October 15, 2009, at their option, in whole or
from time to time in part, at a redemption price equal to the sum of (i) the principal amount of the Notes being redeemed, (ii) accrued and unpaid interest thereon to the redemption date and (iii) the Make-Whole Amount, if any,
with respect to the Notes. 
  
 The Issuers may
also redeem the Notes at any time on or after October 15, 2009, at their option, in whole or from time to time in part, at the redemption prices (expressed as percentages of the principal amount thereof) set forth below, plus accrued and unpaid
interest thereon, if any, to the redemption date, if redeemed during the 12-month period beginning on October 15 of each of the years indicated below: 
  

				
	 Year

	  	Percentage

	 
	 2009
	  	103.313	%
	 2010
	  	102.208	%
	 2011
	  	101.104	%
	 2012 and thereafter
	  	100.000	%

  

 A-5 

 (b) Notwithstanding the provisions of clause (a) of this Section 5, at any time prior to
October 15, 2007, the Issuers may redeem, at their option, on any one or more occasions, with all or a portion of the net cash proceeds of one or more Equity Offerings, up to 35% of the aggregate principal amount of the Notes originally issued under
this Indenture at a redemption price equal to 106.625% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the redemption date, provided that: 
  
 (1) at least 65% of the aggregate principal amount of the Notes originally issued under the Indenture
remains outstanding immediately after the occurrence of each such redemption; and 
  
 (2) the redemption must occur within 60 days of the consummation of any such Equity Offering. 
  
 (c) Any redemption of the Notes shall be made pursuant to
the provisions of Section 3.01 through 3.06 of the Indenture. 
  
 (6) Mandatory Redemption. 
  
 The Issuers will not be required to make mandatory redemption payments with respect to the Notes. 
  
 (7) Repurchase at Option of Holder. 
  
 (a) If a Change of Control occurs, each holder of Notes will have the right to require the Issuers to purchase some or all (in principal
amounts of $1,000 or an integral multiple of $1,000) of such holder’s Notes pursuant to the offer described below (the “Change of Control Offer”), unless, after giving pro forma effect to the Change of Control, (i)
Moody’s and S&P shall have confirmed their ratings of the Notes at Ba3 or higher and BB- or higher, respectively, (ii) the ratio of Consolidated Income Available for Debt Service to Annual Debt Service for the four consecutive fiscal
quarters ended on the most recent Measurement Date prior to the date of such Change of Control after such Change of Control is at least equal to the ratio of Consolidated Income Available for Debt Service to Annual Debt Service prior to such Change
of Control and (iii) the Person formed by or surviving any consolidation or merger (if 
  

 A-6 

 other than the Partnership) or to which any sale, assignment, transfer, conveyance or other disposition
has been made forming the basis of the Change of Control is principally engaged in a Permitted Business. 
  
 Any Change of Control Offer will include a cash offer price of 101% of the principal amount of any Notes purchased plus accrued and unpaid
interest, if any, to the date of purchase (the “Change of Control Payment”). If a Change of Control Offer is required, within 10 Business Days following a Change of Control, the Issuers shall mail a notice to each holder describing
the Change of Control and offering to repurchase Notes on a specified date (the “Change of Control Payment Date”). The Change of Control Payment Date will be no earlier than 30 days and no later than 60 days from the date the notice
is mailed. 
  
 (b) If Ventas, Inc. or a
Restricted Subsidiary consummates any Asset Sales or Qualified CMBS Transactions, within five days of each date on which the aggregate amount of Excess Proceeds exceeds $35.0 million, the Issuers will commence an offer to all Holders of Notes and
all holders of other Debt that is pari passu with the Notes containing provisions similar to those set forth in the Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets (an “Asset Sale
Offer” or “Qualified CMBS Transaction Offer,” as the case may be) pursuant to Section 3.09 of the Indenture to purchase the maximum principal amount of Notes and other pari passu Debt that may be purchased out of the
Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof plus accrued and unpaid interest and Liquidated Damages thereon, if any, to the date fixed for the closing of such offer, in accordance with the
procedures set forth in the Indenture. To the extent that the aggregate amount of Notes and other pari passu Debt tendered pursuant to an Asset Sale Offer or Qualified CMBS Transaction, as the case may be, is less than the Excess Proceeds,
Ventas, Inc. (or such Restricted Subsidiary) may use such deficiency for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes and other pari passu Debt surrendered by holders thereof exceeds the
amount of Excess Proceeds, the Trustee shall select the Notes and other pari passu Debt to be purchased on a pro rata basis. Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer or a Qualified
CMBS Transaction Offer, as the case may be, from the Issuers prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes.

  

 A-7 

 (8) Notice of Redemption. Notice of redemption will be mailed at least 30 days but
not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the
Notes held by a Holder are to be redeemed. On and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 
  
 (9) Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $1,000 and integral
multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents
and the Issuers may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuers need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed
portion of any Note being redeemed in part. Also, the Issuers need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding
Interest Payment Date. 
  
 (10) Persons Deemed
Owners. The registered Holder of a Note may be treated as its owner for all purposes. 
  
 (11) Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture, the Note Guarantees or the Notes may be
amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes, including Additional Notes, if any, voting as a single class, and any existing default or compliance with any provision
of the Indenture, the Note Guarantees or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes, including Additional Notes, if any, voting as a single class. Without the consent of
any Holder of a Note, the Indenture, the Note Guarantees or the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency; to provide for uncertificated Notes in addition to or in place of certificated Notes; to provide for
the assumption of the Issuers’ obligations to Holders of Notes in the case of a merger or consolidation or sale of all or substantially all of the Issuers’ assets; add additional Guarantees with respect to the Notes; secure the Notes; to
make any other change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect the legal rights under the Indenture of any such holder; or to comply with requirements of the Commission in order
to effect or maintain the qualification of the applicable Indenture under the Trust Indenture Act. 
  

 A-8 

 (12) Defaults and Remedies. Events of Default include: (i) default in the
payment of principal or any premium on the Notes when due and payable; (ii) default in the payment of interest on the Notes within 30 days after the applicable due date; (iii) failure to make or consummate a Change of Control Offer
following a Change of Control when required under Section 4.14; (iv) breach of any other term of the Indenture for 60 days after receipt of notice of Default stating the Issuers are in breach; (v) certain final judgments are entered
against Ventas, Inc. and its Restricted Subsidiaries and are not paid, discharged or stayed for a period of 60 days; (vi) default under any of certain Debt of Ventas, Inc. and its Restricted Subsidiaries, which default results in the
acceleration of the maturity of such indebtedness, unless such other Debt is discharged, or the acceleration is rescinded or annulled, within 10 days after Ventas, Inc. or its Restricted Subsidiaries receives notice of the default; (vii)
certain events in bankruptcy, insolvency or reorganization occur with respect to Ventas, Inc. or any of its Significant Subsidiaries or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary. If any Event of
Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising
from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain
limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of
Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the then outstanding Notes by
notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest on, or the
principal of, the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuers are required upon becoming aware of any Default or Event of Default, to deliver to the Trustee
a statement specifying such Default or Event of Default. 
  
 (13) Trustee Dealings with Issuers. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuers or their Affiliates, and may otherwise
deal with the Issuers or its Affiliates, as if it were not the Trustee. 
  
 (14) No Recourse Against Others. No director, officer, employee or stockholder of Ventas, Inc. or any of its Subsidiaries, as such, will have any 
  

 A-9 

 liability for any obligations of Ventas, Inc. or any of its Subsidiaries under the Notes or the Indenture
based on, in respect of, or by reason of such obligations or their creation. Each holder by accepting a Note waives and releases all such liability. The foregoing waiver and release are an integral part of the consideration or the issuance of the
Notes. 
  
 (15) Authentication. This Note
will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
  
 (16) Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in
common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
  
 (17) Additional Rights of Holders of Restricted Global
Notes and Restricted Definitive Notes. In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes will have all the rights set forth in the Registration Rights
Agreement dated as of October 15, 2004, among the Issuers, certain Guarantors and the other parties named on the signature pages thereof or, in the case of Additional Notes, Holders of Restricted Global Notes and Restricted Definitive Notes will
have the rights set forth in one or more registration rights agreements, if any, among the Issuers, the Guarantors and the other parties thereto, relating to rights given by the Issuers and the Guarantors to the purchasers of any Additional Notes
(collectively, the “Registration Rights Agreement”). 
  
 (18) CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers to be printed on the Notes and the Trustee may
use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon. 
  

 A-10 

 The Issuers will furnish to any Holder upon written request and without charge a copy of the Indenture
and/or the Registration Rights Agreement. Requests may be made to: 
  
 Ventas
Realty, Limited Partnership, 
 Ventas Capital Corporation 
 c/o
Ventas, Inc. 
 10350 Ormsby Park Place, Suite 300 
 Louisville,
Kentucky 40223 
 Attention: General Counsel 
  

 A-11 

 EXHIBIT A 
  
 Assignment Form 
  
 To assign this Note, fill in the form below: 
  

	
	(I) or (we) assign and transfer this Note to:
                                        
                                        
                                        
                                        
              
	                                       
                                        
                                        
 (Insert assignee’s legal name)
	
	                                      
                                        
                                        
                                        
                                        
                                        
                   
	                                       
                                        
 (Insert assignee’s soc. sec. or tax I.D. no.)
	
	                                      
                                        
                                        
                                        
                                        
                                        
                   
	
	                                      
                                        
                                        
                                        
                                        
                                        
                   
	
	                                      
                                        
                                        
                                        
                                        
                                        
                   
	                                       
                                 (Print or type assignee’s name, address and zip
code)
	
	and irrevocably
appoint                                       
                                        
                                        
                                        
                                        
             
	to transfer this Note on the books of the Issuers. The agent may substitute another to act for him.

  
 Date:
                         
  

	
	 Your Signature:
                                        
                

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

  
 Signature Guarantee*:
                                        
                  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 A-1 

 EXHIBIT A 
  
 Option of Holder to Elect Purchase 
  
 If you want to elect to have this Note purchased by the Issuers pursuant to Section 4.11 or 4.14 of the Indenture, check the appropriate box below:

  

											
	 	 	 	 	  ̈ Section 4.11
	 	 ̈ Section 4.14	 	 	 	 

  
 If you want to elect
to have only part of the Note purchased by the Issuers pursuant to Section 4.11 or Section 4.14 of the Indenture, state the amount you elect to have purchased: 
  

$                        

  
 Date:
                         
  

	
	 Your Signature:
                                        
                

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

	 Tax Identification No.:
                    

  
 Signature Guarantee*:
                     

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 A-1 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 
  
 The following exchanges of a part of this Global Note for an interest in
another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange

	 	 Amount of
 decrease in
 Principal Amount
 of this Global Note

	 	 Amount of increase
 in Principal
 Amount of this
 Global Note

	  	 Principal Amount of
 this Global Note
following such
 decrease (or increase)

	  	 Signature of
 authorized
 officer of Trustee
 or Custodian

	*	This schedule should be included only if the Note is issued in global form. 

  

 A-1 

 EXHIBIT B 
  
 FORM OF CERTIFICATE OF TRANSFER 
  
 Ventas Realty, Limited Partnership, 
 Ventas Capital Corporation 

c/o Ventas, Inc. 
 10350 Ormsby Park Place, Suite 300 
 Louisville, Kentucky 40223 
  
 [Registrar address block] 
  
 Re: 6 5/8% Senior Notes due 2014 
  
 Reference is hereby made to the Indenture, dated as of October 15, 2004 (the “Indenture”), among Ventas
Realty, Limited Partnership and Ventas Capital Corporation, as issuers (collectively, the “Issuers”), the Guarantors named on the signature pages thereto and U.S. Bank National Association, as trustee. Capitalized terms used but not
defined herein shall have the meanings given to them in the Indenture. 
  
                             , (the “Transferor”) owns and proposes to
transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $                 in such Note[s] or interests (the
“Transfer”), to
                                     (the
“Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 
  
 [CHECK ALL THAT APPLY] 
  
 1.  ̈ Check if Transferee will take delivery
of a beneficial interest in the 144A Global Note or a Definitive Note Pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities
Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or
Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule
144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of
the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the Indenture and the
Securities Act. 
  
 2.  ̈ Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Definitive Note pursuant to Regulation S. The 
  

 B-1 

 Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and,
accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such
Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market
and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b)
or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the
expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Definitive Note and in the Indenture and
the Securities Act. 
  
 3.  ̈ Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Definitive Note pursuant to any provision of the Securities Act other
than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with
the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 
  
 (a)      ̈ such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 
  
 or 
  
 (b)      ̈
such Transfer is being effected to the Issuers or a subsidiary thereof; 
  
 or 
  
 (c)    
 ̈ such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus
delivery requirements of the Securities Act; 
  
 or 
  

 B-2 

 (d)      ̈ such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A,
Rule 144 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to
beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by a certificate executed by the Transferee in the form of Exhibit D to the Indenture.
Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on
the IAI Global Note and/or the Definitive Notes and in the Indenture and the Securities Act. 
  
 4.  ̈ Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of
an Unrestricted Definitive Note. 
  
 (a)  ̈ Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the
Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act and are no longer applicable. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
  
 (b)  ̈ Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and are no longer applicable. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject
to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
  
 (c)  ̈ Check if
Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in
compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on 
  

 B-3 

 transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance
with the Securities Act and are no longer applicable. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 
  
 This certificate and the statements contained herein are made for your benefit and the benefit of the Issuers. 
  

			
	

	[Insert Name of Transferor]
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

 Dated:
                     
  

 B-4 

 ANNEX A TO CERTIFICATE OF TRANSFER 
  

	1.	The Transferor owns and proposes to transfer the following: 

  
 [CHECK ONE OF (a) OR (b)] 
  

	 	(a)     ̈	a beneficial interest in the: 

  

	 	(i)	 ̈ 144A Global Note (CUSIP
            ), or 

  

	 	(ii)	 ̈ Regulation S Global Note (CUSIP
            ), or 

  

	 	(iii)	 ̈ IAI Global Note (CUSIP
            ); or 

  

	 	(b)	 ̈ a Restricted Definitive Note. 

  

	2.	After the Transfer the Transferee will hold: 

  
 [CHECK ONE] 
  

	 	(a)     ̈	a beneficial interest in the: 

  

	 	(i)	 ̈ 144A Global Note (CUSIP ), or 

  

	 	(ii)	 ̈ Regulation S Global Note (CUSIP ), or 

  

	 	(iii)	 ̈ IAI Global Note (CUSIP ); or 

  

	 	(iv)	 ̈ Unrestricted Global Note (CUSIP ); or 

  

	 	(b)	 ̈ a Restricted Definitive Note; or 

  

	 	(c)	 ̈ an Unrestricted Definitive Note, 

  
 in accordance with the terms of the Indenture. 
  

 B-5 

 EXHIBIT C 
  
 FORM OF CERTIFICATE OF EXCHANGE 
  
 Ventas Realty, Limited Partnership, 
 Ventas Capital Corporation 

c/o Ventas, Inc. 
 10350 Ormsby Park Place, Suite 300 
 Louisville, Kentucky 40223 
  
 [Registrar address block] 
  
 Re: 6 5/8% Senior Notes due 2014 
  
 (CUSIP
                    ) 
  
 Reference is hereby made to the Indenture, dated as of October 15, 2004 (the “Indenture”), among Ventas Realty, Limited Partnership and
Ventas Capital Corporation, as issuers (collectively, the “Issuers”), the Guarantors named on the signature pages thereto and U.S. Bank National Association, as trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture. 
  
                                 , (the “Owner”) owns and
proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $                 in such Note[s] or interests (the
“Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
  
 1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial
Interests in an Unrestricted Global Note 
  
 (a)
 ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In
connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is
being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of
1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act are no longer
applicable and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  

 C-1 

 (b)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted
Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to
the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the
Securities Act and are no longer applicable and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  
 (c)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial
interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and are no longer applicable and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  
 (d)  ̈ Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner
hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities
Act and are no longer applicable and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  
 2. Exchange of Restricted Definitive Notes or Beneficial Interests in
Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes 
  
 (a)  ̈ Check if Exchange is from beneficial
interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner
hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of 
  

 C-2 

 the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue
to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 
  
 (b)  ̈ Check if
Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A Global Note,  ̈ Regulation S Global Note,
 ̈ IAI Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in
compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 
  
 This certificate and the statements contained herein are made for your benefit and the benefit of the Issuers. 
  

			
	

	[Insert Name of Transferor]
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

 Dated:
                     
  

 C-3 

 EXHIBIT D 
  
 FORM OF CERTIFICATE FROM 
 ACQUIRING
INSTITUTIONAL ACCREDITED INVESTOR 
  
 Ventas Realty, Limited Partnership,

 Ventas Capital Corporation 
 c/o Ventas, Inc. 
 10350 Ormsby Park Place, Suite 300 
 Louisville, Kentucky 40223 
  
 [Registrar address block] 
  
 Re: 6 5/8% Senior Notes due 2014 
  
 Reference is hereby made to the Indenture, dated as of October 15, 2004 (the “Indenture”), among Ventas Realty, Limited Partnership and
Ventas Capital Corporation, as issuers (collectively, the “Issuers”), the Guarantors named on the signature pages thereto and U.S. Bank National Association, as trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture. 
  
 In connection with
our proposed purchase of $                     aggregate principal amount of: 
  
 (a)  ̈ a beneficial
interest in a Global Note, or 
  
 (b)  ̈ a Definitive Note, 
  
 we confirm that: 
  
 1. We understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the
Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the
“Securities Act”). 
  
 2. We understand that the
offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any
accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do so only (A) to the Issuers or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities
Act to a “qualified institutional buyer” (as defined therein), (C) to an institutional “accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S.
broker-dealer) to you and to the Issuers a signed letter substantially in the form of this letter, (D) outside the United States in accordance with Rule 904 of 
  

 D-1 

 Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144(k) under the Securities Act or
(F) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the
requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein. 
  
 3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and the Issuers such
certifications, legal opinions and other information as you and the Issuers may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to
the foregoing effect. 
  
 4. We are an institutional
“accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the
merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 
  
 5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts
(each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
  
 You and the Issuers are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party
in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

			
	  
  

	[Insert Name of Accredited Investor]
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  
 Dated:
                     
  

 D-2 

 EXHIBIT E 
  
 [FORM OF NOTATION OF GUARANTEE] 
  
 For value received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed,
to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of October 15, 2004 (as amended, or supplemented from time to time, the “Indenture”) among Ventas Realty, Limited Partnership and
Ventas Capital Corporation, (collectively, the “Issuers”), the Guarantors named therein and U.S. Bank National Association, as trustee (the “Trustee”), (a) the due and punctual payment of the principal of,
premium and Liquidated Damages, if any, and interest on the Notes (as defined in the Indenture), whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal of and interest on the
Notes, if any, if lawful, and the due and punctual performance of all other obligations of the Issuers to the Holders or the Trustee all in accordance with the terms of the Indenture and (b) in case of any extension of time of payment or
renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. The
obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Note Guarantee and the Indenture are expressly set forth in Article 10 of the Indenture and reference is hereby made to the Indenture for the precise terms of
the Note Guarantee. Each Holder of a Note, by accepting the same, agrees to and shall be bound by such provisions. 
  

			
	 [Name of Guarantor(s)]

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 E-1 

 EXHIBIT F 
  
 [FORM OF SUPPLEMENTAL INDENTURE 
 TO BE
DELIVERED BY SUBSEQUENT GUARANTORS] 
  
 Supplemental Indenture
(this “Supplemental Indenture”), dated as of                     , 200    , among
                     (the “Guaranteeing Subsidiary”), a subsidiary of Ventas Realty, Limited Partnership or Ventas Capital
Corporation (or their permitted successor) (collectively, the “Issuers”), the Issuers, the other Guarantors (as defined in the Indenture referred to herein) and U.S. Bank National Association, as trustee under the indenture referred
to below (the “Trustee”). 
  
 W I T N E S S E T H

  
 WHEREAS, the Issuers have heretofore executed and delivered to
the Trustee an indenture (the “Indenture”), dated as of October 15, 2004 providing for the issuance of 6 5/8% Senior Notes due 2014 (the “Notes”); 
  
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to
the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuers’ Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note
Guarantee”); and 
  
 WHEREAS, pursuant to Section 9.01 of
the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
  
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for
the equal and ratable benefit of the Holders of the Notes as follows: 
  
 1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 
  
 2. Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as follows: 
  
 (a) Along with all Guarantors named in the Indenture, to jointly and severally Guarantee to each Holder of a
Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, the Notes or the obligations of the Issuers hereunder or thereunder, that: 
  
 (i) the principal of, and premium and Liquidated Damages, if any, and interest on the Notes will be promptly
paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest 
  

 F-1 

 on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of
the Issuers to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
  
 (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be
promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for
whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. 
  
 (b) The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the
Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers, any action to enforce the same or any
other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor, other than payment in full of all Obligations under the Notes. 
  
 (c) The following is hereby waived: diligence, presentment, demand of payment, filing of claims with a court
in the event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the Issuers, protest, notice and all demands whatsoever. 
  
 (d) This Note Guarantee shall not be discharged except by complete performance of the obligations contained
in the Notes and the Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture. 
  
 (e) If any Holder or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors, or any custodian,
trustee, liquidator or other similar official acting in relation to either the Issuers or the Guarantors, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full
force and effect. 
  
 (f) The Guaranteeing
Subsidiary shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. 
  
 (g) As between the Guarantors, on the one hand, and the
Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed 
  

 F-2 

 hereby may be accelerated as provided in Article 6 of the Indenture for the purposes of this Note
Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in
Article 6 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. 
  
 (h) The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the
exercise of such right does not impair the rights of the Holders under the Note Guarantee. 
  
 (i) Pursuant to Section 10.02 of the Indenture, after giving effect to any maximum amount and all other contingent and fixed liabilities
that are relevant under any applicable Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under Article 10 of the Indenture, this new Note Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guarantor under this Note Guarantee will not constitute a fraudulent
transfer or conveyance. 
  
 3. Execution and Delivery. Each
Guaranteeing Subsidiary agrees that the Note Guarantees shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 
  
 4. Guaranteeing Subsidiary may Consolidate, etc. on Certain Terms. 
  
 (a) The Guaranteeing Subsidiary may not sell or otherwise
dispose of all substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Issuers or another Guarantor unless: 
  
 (i) immediately after giving effect to such transaction, no
Default or Event of Default exists; and 
  
 (ii)
either (A) subject to Sections 10.04 and 10.05 of the Indenture, the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger unconditionally assumes all the
obligations of that Guarantor, pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee, under the Notes, the Indenture and the Note Guarantee on the terms set forth herein or therein; or (B) the Net
Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of the Indenture, including without limitation, Section 4.11 thereof. 
  

 F-3 

 (b) In case of any such consolidation, merger, sale or conveyance and upon the assumption
by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and
conditions of the Indenture to be performed by the Guarantor, such successor Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause
to be signed any or all of the Note Guarantees to be endorsed upon all of the Notes issuable under the Indenture which theretofore shall not have been signed by the Issuers and delivered to the Trustee. All the Note Guarantees so issued shall in all
respects have the same legal rank and benefit under the Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of the Indenture as though all of such Note Guarantees had been issued at the date of the
execution hereof. 
  
 (c) Except as set forth in
Articles 4 and 5 and Section 10.05 of Article 10 of the Indenture, and notwithstanding clauses (a) and (b) above, nothing contained in the Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the
Issuers or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Issuers or another Guarantor. 
  
 5. Releases Following Sale of Assets. 
  
 (a) In the event of any sale or other disposition of all or substantially all of the assets of any
Guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition of all of the capital stock of any Guarantor, in each case to a Person that is not (either before or after giving effect to such transaction) a Restricted
Subsidiary (other than a Permitted Joint Venture) of Ventas, Inc., then such Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the capital stock of such Guarantor) or the corporation
acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guarantor) will be released and relieved of any obligations under its Note Guarantee; provided that the Net Proceeds of such
sale or other disposition are applied in accordance with the applicable provisions of the Indenture, including without limitation Section 4.11 of the Indenture. Upon delivery by the Issuers to the Trustee of an Officers’ Certificate and an
Opinion of Counsel to the effect that such sale or other disposition was made by the Issuers in accordance with the provisions of the Indenture, including without limitation Section 4.11 of the Indenture, the Trustee shall execute any documents
reasonably required in order to evidence the release of any Guarantor from its obligations under its Note Guarantee. 
  

 F-4 

 (b) Any Guarantor not released from its obligations under its Note Guarantee shall remain
liable for the full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under the Indenture as provided in Article 10 of the Indenture. 
  
 6. Releases Following Investment Grade Rating. 
  
 In the event that (1) the Notes are rated both Baa3 or better by Moody’s and BBB- or better by S&P (or, if
either such entity ceases to rate the Notes for reasons outside of the control of Ventas, Inc., the equivalent investment grade credit rating from any other “nationally recognized statistical rating organization” as that term is used in
Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by Ventas, Inc. as a replacement agency), (2) each rating agency specified in clause (1) of this paragraph provides written notice to the Issuers and the Trustee stating that the
release of all of the Note Guarantees will not cause the rating assigned by such rating agency to decline to below Baa3 or BBB-, as applicable; and (3) no Default or Event of Default shall have occurred and be continuing, then upon receipt by
the Trustee of an Officers’ Certificate stating that the conditions set forth in clauses (1), (2) and (3) above have been satisfied each Guarantor will be released and relieved of any obligations under its Note Guarantee. The Trustee shall
execute any documents reasonably required in order to evidence the release of the Guarantors from their obligations under the Note Guarantees. 
  
 7. No Recourse Against Others. No past, present or future director, officer, employee, incorporator, stockholder or agent of the Guaranteeing Subsidiary,
as such, shall have any liability for any obligations of the Issuers or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities
under the federal securities laws and it is the view of the Commission that such a waiver is against public policy. 
  
 8. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  

 F-5 

 9. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed
copy shall be an original, but all of them together represent the same agreement. 
  
 10. Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof. 
  
 11. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Issuers. 
  

 F-6 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and
attested, all as of the date first above written. 
  
 Dated:
                    , 20         
  

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	 VENTAS REALTY, LIMITED
 PARTNERSHIP

		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	VENTAS CAPITAL CORPORATION
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	[EXISTING GUARANTORS]
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

	 	 	Authorized Signatory

  

 F-7Registration Rights Agreement dated October 15, 2004

 Exhibit 4.2 

  
 REGISTRATION RIGHTS AGREEMENT 
  
 Dated as of October 15, 2004 
  
 By and Among 
  
 Ventas Realty, Limited Partnership and Ventas Capital Corporation 
 as Issuers, 
  
 Ventas, Inc. and Ventas LP Realty, L.L.C. 
 as Guarantors 
  
 and 
  
 BANC OF AMERICA SECURITIES LLC 
 J.P. MORGAN
SECURITIES INC. 
 CITIGROUP GLOBAL MARKETS INC. 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 
 UBS SECURITIES LLC 
 as Initial Purchasers 
  
 6 5/8% Senior Notes due 2014 
  

 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (this “Agreement”) is dated as of October 15, 2004, by and among Ventas
Realty, Limited Partnership and Ventas Capital Corporation (together, the “Issuers”); Ventas, Inc. and Ventas LP Realty, L.L.C. (together, the “Guarantors”); and Banc of America Securities LLC, J.P. Morgan
Securities Inc., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and UBS Securities LLC (collectively, the “Initial Purchasers”). 
  
 This Agreement is entered into in connection with the Purchase Agreement, dated as of October 8, 2004, by and among the
Issuers, the Guarantors and the Initial Purchasers (the “Purchase Agreement”), relating to the offering of $125,000,000 aggregate principal amount of the Issuers’ 6 5/8% Senior Notes due 2014 (the “Notes”). The execution and delivery of this Agreement is a condition to the Initial Purchasers’
obligation to purchase the Notes under the Purchase Agreement. 
  
 The parties hereby agree as follows: 
  
 Section 1.
Definitions. As used in this Agreement, the following terms shall have the following meanings: 
  
 “action” shall have the meaning set forth in Section 7(c) hereof. 
  
 “Advice” shall have the meaning set forth in Section 5 hereof. 
  
 “Agreement” shall have the meaning set forth in the first
introductory paragraph hereto. 
  
 “Applicable
Period” shall have the meaning set forth in Section 2(b) hereof. 
  
 “Board of Directors” shall have the meaning set forth in Section 5 hereof. 
  
 “Business Day” shall mean a day that is not a Legal Holiday. 
  
 “Commission” shall mean the Securities and Exchange Commission. 
  
 “Day” shall mean a calendar day. 
  
 “Damages Payment Date” shall have the meaning set forth in
Section 4(b) hereof. 
  
 “Delay Period” shall
have the meaning set forth in Section 5 hereof. 
  
 “Effectiveness Period” shall have the meaning set forth in Section 3(b) hereof. 

 “Effectiveness Target Date” shall have the meaning set forth in Section 4(a) hereof.

  
 “Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 “Exchange Notes” shall have the meaning set forth in Section 2(a) hereof. 
  
 “Exchange Offer” shall have the meaning set forth in Section 2(a) hereof. 
  
 “Exchange Offer Registration Statement” shall have the
meaning set forth in Section 2(a) hereof. 
  
 “Guarantors” shall have the meaning set forth in the introductory paragraph hereto. 
  
 “Holder” shall mean any Person who owns Transfer Restricted Securities. 
  
 “Indenture” shall mean the indenture, dated as of October 15, 2004 by and among the Issuers, the
Guarantors, the other guarantors party thereto and U.S. Bank National Association, as trustee, pursuant to which the Notes are being issued, as amended or supplemented from time to time in accordance with the terms thereof. 
  
 “Initial Purchasers” shall have the meaning set forth in the
first introductory paragraph hereof. 
  
 “Inspectors” shall have the meaning set forth in Section 5(n) hereof. 
  
 “Issue Date” shall mean October 15, 2004, the date of original issuance of the Notes. 
  
 “Issuers” shall have the meaning set forth in the
introductory paragraph hereto and shall also include the Issuers’ permitted successors and assigns. 
  
 “Legal Holiday” shall mean a Saturday, a Sunday or a day on which banking institutions in New York, New York are required by law,
regulation or executive order to remain closed. 
  
 “Liquidated Damages” shall have the meaning set forth in Section 4(a) hereof. 
  
 “Losses” shall have the meaning set forth in Section 7(a) hereof. 
  
 “NASD” shall have the meaning set forth in Section 5(s) hereof. 
  

 2 

 “Notes” shall have the meaning set forth in the second introductory paragraph hereto.

  
 “Participant” shall have the meaning set
forth in Section 7(a) hereof. 
  
 “Participating
Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof. 
  
 “Person” shall mean an individual, corporation, partnership, joint venture association, joint stock company, trust, unincorporated limited liability company, government or any agency or political
subdivision thereof or any other entity. 
  
 “Private
Exchange” shall have the meaning set forth in Section 2(b) hereof. 
  
 “Private Exchange Notes” shall have the meaning set forth in Section 2(b) hereof. 
  
 “Prospectus” shall mean the prospectus included in any Registration Statement (including, without limitation, any prospectus subject to
completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any
prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
  
 “Purchase Agreement” shall have the meaning set forth in the
second introductory paragraph hereof. 
  
 “Records” shall have the meaning set forth in Section 5(n) hereof. 
  
 “Registration Default” shall have the meaning set forth in Section 4(a) hereof. 
  
 “Registration Statement” shall mean any appropriate registration statement of the Issuers covering any of the Transfer Restricted
Securities filed with the Commission under the Securities Act, and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto
and all material incorporated by reference therein. 
  
 “Requesting Participating Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof. 
  
 “Rule 144” shall mean Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule
(other than Rule 144A) or regulation hereafter adopted by the Commission providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent 

  

 3 

 
holders that are not affiliates of an issuer of such securities being free of the registration and prospectus delivery requirements of the Securities Act.

  
 “Rule 144A” shall mean Rule 144A promulgated
under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the Commission. 
  
 “Rule 415” shall mean Rule 415 promulgated under the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission. 
  
 “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 “Shelf Filing Event” shall have the meaning set forth in
Section 2(c) hereof. 
  
 “Shelf Registration”
shall have the meaning set forth in Section 3(a) hereof. 
  
 “Shelf Registration Statement” shall mean a Registration Statement filed in connection with a Shelf Registration. 
  
 “TIA” shall mean the Trust Indenture Act of 1939, as amended. 
  
 “Transfer Restricted Securities” shall mean each Note upon its original issuance and at all times
subsequent thereto, each Exchange Note as to which Section 2(c)(iii) hereof is applicable upon original issuance and at all times subsequent thereto and each Private Exchange Note upon original issuance thereof and at all times subsequent thereto,
in each case until (i) the date on which such Note has been exchanged by a Person other than a broker-dealer for an Exchange Note in the Exchange Offer, (ii) following the exchange by a broker-dealer in the Exchange Offer of a Note for
an Exchange Note, the date on which such Exchange Note is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy of the prospectus contained in the Exchange Offer Registration Statement, (iii) the
date on which such Note has been effectively registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement, or (iv) the date on which such Note is distributed to the public pursuant to Rule 144 under
the Securities Act or is eligible for resale pursuant to Rule 144(k). 
  
 “Trustee” shall mean the trustee under the Indenture and the trustee (if any) under any indenture governing the Exchange Notes and Private Exchange Notes. 
  
 “Underwritten registration or underwritten offering” shall mean a registration in which securities of the
Issuers are sold to an underwriter for reoffering to the public. 
  

 4 

 Section 2. Exchange Offer. 
  
 (a) The Issuers and the Guarantors shall (i) file a Registration Statement (the “Exchange Offer Registration
Statement”) within 60 days after the Issue Date with the Commission on an appropriate registration form with respect to a registered offer (the “Exchange Offer”) to exchange Transfer Restricted Securities for a like
aggregate principal amount of Notes (the “Exchange Notes”) that are identical in all material respects to the Notes (except that the Exchange Notes shall not contain terms with respect to transfer restrictions or Liquidated Damages
upon a Registration Default), (ii) use their respective commercially reasonable efforts to cause the Exchange Offer Registration Statement to be declared effective under the Securities Act within 180 days after the Issue Date, and
(iii) use their respective best efforts to consummate the Exchange Offer within 30 Business Days, or longer, if required by the federal securities laws, after the date on which the Exchange Offer Registration Statement is declared effective
by the Commission. Upon the Exchange Offer Registration Statement being declared effective by the Commission, the Issuers and the Guarantors will offer the Exchange Notes in exchange for surrender of the Notes. The Issuers and Guarantors shall keep
the Exchange Offer open for not less than 20 Business Days (or longer if required by applicable law) after the date notice of the Exchange Offer is mailed to Holders. 
  
 Each Holder that participates in the Exchange Offer will be required to represent to the Issuers and the Guarantors in
writing that (i) any Exchange Notes to be received by it will be acquired in the ordinary course of its business, (ii) it has no arrangement or understanding with any Person to participate in the distribution (within the meaning of the
Securities Act) of the Exchange Notes in violation of the provisions of the Securities Act or, if it is an affiliate, it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable,
(iii) if such Holder is not a broker-dealer, it is not engaged in, and does not intend to engage in, a distribution of Exchange Notes, (iv) if such Holder is a broker-dealer that will receive Exchange Notes for its own account in
exchange for Notes that were acquired as a result of market-making or other trading activities, it will deliver a prospectus in connection with any resale of such Exchange Notes and (v) it has full power and authority to transfer the Notes in
exchange for the Exchange Notes and that the Issuers and the Guarantors will acquire good and unencumbered title thereto free and clear of any liens, restrictions, charges or encumbrances and not subject to any adverse claims. 
  
 (b) The Issuers, the Guarantors and the Initial Purchasers acknowledge that
the Commission has taken the position that any broker-dealer that elects to exchange Notes that were acquired by such broker-dealer for its own account as a result of market-making or other trading activities for Exchange Notes in the Exchange Offer
(a “Participating Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of 

  

 5 

 
the Securities Act in connection with any resale of such Exchange Notes (other than a resale of an unsold allotment resulting from the original offering of
the Notes). 
  
 The Issuers, the Guarantors and the Initial
Purchasers also acknowledge that the Commission has taken the position that if the Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which
Participating Broker-Dealers may resell the Exchange Notes, without naming the Participating Broker-Dealers or specifying the amount of Exchange Notes owned by them, such Prospectus may be delivered by Participating Broker-Dealers to satisfy their
prospectus delivery obligations under the Securities Act in connection with resales of Exchange Notes for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 
  
 In light of the foregoing, if requested by a Participating Broker-Dealer (a
“Requesting Participating Broker-Dealer”), the Issuers and the Guarantors agree to use their respective commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective for a period not to
exceed 30 Business Days after the date on which the Exchange Registration Statement is declared effective, or such longer period if extended pursuant to the penultimate paragraph of Section 5 hereof (such period, the “Applicable
Period”), or such earlier date as all Requesting Participating Broker-Dealers shall have notified the Issuers in writing that such Requesting Participating Broker-Dealers have resold all Exchange Notes acquired in the Exchange Offer. The
Issuers and the Guarantors shall include a plan of distribution in such Exchange Offer Registration Statement that meets the requirements set forth in the preceding paragraph. 
  
 If, prior to consummation of the Exchange Offer, the Initial Purchasers or any Holder, as the case may be, holds any Notes
acquired by it that have, or that are reasonably likely to be determined to have, the status of an unsold allotment in an initial distribution, or if any Holder is not entitled to participate in the Exchange Offer, the Issuers and the Guarantors
upon the request of the Initial Purchasers or any such Holder, as the case may be, shall simultaneously with the delivery of the Exchange Notes in the Exchange Offer, issue and deliver to the Initial Purchasers or any such Holder, as the case may
be, in exchange (the “Private Exchange”) for such Notes held by the Initial Purchasers or any such Holder, as the case may be, a like principal amount of notes (the “Private Exchange Notes”) of the Issuers that are
identical in all material respects to the Exchange Notes except that the Private Exchange Notes may be subject to restrictions on transfer and bear a legend to such effect. The Private Exchange Notes shall be issued pursuant to the same indenture as
the Exchange Notes and bear the same CUSIP number as the Exchange Notes. 
  
 For each Note surrendered in the Exchange Offer, the Holder will receive an Exchange Note having a principal amount equal to that of the surrendered Note. Interest on each Exchange Note and Private Exchange Note
issued pursuant to the Exchange Offer and in the Private Exchange will accrue from the last interest payment date on 

  

 6 

 
which interest was paid on the Notes surrendered in exchange therefor or, if no interest has been paid on the Notes, from the Issue Date. 
  
 Upon consummation of the Exchange Offer in accordance with this Section 2,
the Issuers and the Guarantors shall have no further registration obligations other than their continuing registration obligations with respect to (i) Private Exchange Notes, (ii) Exchange Notes held by Participating Broker-Dealers and
(iii) Notes or Exchange Notes as to which clause (c)(iii) of this Section 2 applies. 
  
 In connection with the Exchange Offer, the Issuers and the Guarantors shall: 
  
 (1) mail or cause to be mailed to each Holder entitled to participate in the Exchange Offer a copy of the Prospectus forming part of the
Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
  
 (2) utilize the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of New York;

  
 (3) permit Holders to withdraw tendered Notes
at any time prior to the close of business, New York time, on the last Business Day on which the Exchange Offer shall remain open; and 
  
 (4) otherwise comply in all material respects with all applicable laws, rules and regulations. 
  
 As soon as practicable after the close of the Exchange Offer and the Private
Exchange, if any, the Issuers and the Guarantors shall: 
  
 (1) accept for exchange all Notes validly tendered and not validly withdrawn by the Holders pursuant to the Exchange Offer and the Private Exchange, if any; 
  
 (2) deliver or cause to be delivered to the Trustee for
cancellation all Notes so accepted for exchange; and 
  
 (3) cause the Trustee to authenticate and deliver promptly to each such Holder of Notes, Exchange Notes or Private Exchange Notes, as the case may be, equal in principal amount to the Transfer Restricted Securities of such Holder so
accepted for exchange. 
  
 The Exchange Offer and the Private
Exchange shall not be subject to any conditions, other than that (i) the Exchange Offer or Private Exchange, as the case may be, does not violate applicable law or any applicable interpretation of the Commission, (ii) no action or
proceeding shall have been instituted or threatened in any court or by any 
  

 7 

 governmental agency which might materially impair the ability of the Issuers and the Guarantors to proceed with the
Exchange Offer or the Private Exchange, and no material adverse development shall have occurred in any existing action or proceeding with respect to the Issuers or the Guarantors and (iii) all governmental approvals shall have been obtained,
which approvals the Issuers and the Guarantors deem necessary for the consummation of the Exchange Offer or Private Exchange. 
  
 The Exchange Notes and the Private Exchange Notes shall be issued under the Indenture, or an indenture identical in all material respects to the Indenture
(in either case, with such changes as are necessary to comply with any requirements of the Commission to effect or maintain the qualification thereof under the TIA) and which, in either case, has been qualified under the TIA and shall provide that
(a) the Exchange Notes shall not be subject to the transfer restrictions set forth in the Indenture and (b) the Private Exchange Notes shall be subject to the transfer restrictions set forth in the Indenture. The Indenture or such
indenture shall provide that the Notes, the Exchange Notes and the Private Exchange Notes shall each vote and consent together on all matters as one class. 
  
 (c) In the event that (i) the Issuers and the Guarantors are not required to file the Exchange Offer Registration Statement or permitted to
consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy, (ii) for any reason the Exchange Offer is not consummated within 30 Business Days after the 180th day following the Issue Date, or (iii) any Holder notifies the Issuers prior to the 20th day following consummation of
the Exchange Offer that (x) it is prohibited by law or the applicable interpretations of the Commission from participating in the Exchange Offer, (y) that it may not resell the Exchange Notes acquired by it in the Exchange Offer to the
public without delivering a prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales, or (z) that it is a broker-dealer and owns Notes acquired directly from the
Issuers or an affiliate of the Issuers (each such event referred to in clauses (i) through (iii) of this sentence, a “Shelf Filing Event”), then the Issuers and the Guarantors shall file a Shelf Registration pursuant to Section 3
hereof. 
  
 Section 3. Shelf Registration. If at any time a
Shelf Filing Event shall occur, then: 
  
 (a) Shelf
Registration. The Issuers and the Guarantors shall file with the Commission a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Transfer Restricted Securities not permitted to be
exchanged in the Exchange Offer, Private Exchange Notes and Exchange Notes as to which Section 2(c)(iii) is applicable (the “Shelf Registration”). The Issuers and the Guarantors shall use their respective best efforts to file with
the Commission the Shelf Registration on or prior to 45 days after such filing obligation arises. The Shelf Registration shall be on Form S-1 or another appropriate form permitting registration of 
  

 8 

 such Transfer Restricted Securities for resale by Holders in the manner or manners designated by them (including, without
limitation, one or more underwritten offerings). The Issuers and the Guarantors shall not permit any securities other than Transfer Restricted Securities to be included in the Shelf Registration. 
  
 (b) The Issuers and the Guarantors shall use their respective commercially
reasonable efforts (x) to cause the Shelf Registration to be declared effective under the Securities Act on or prior to 180 calendar days after the obligation to file the Shelf Registration arises and (y) to keep the Shelf Registration
continuously effective under the Securities Act for the period ending on the earlier of the date which is two years from the Issue Date, subject to extension pursuant to the penultimate paragraph of Section 5 hereof, and such shorter period ending
when all Transfer Restricted Securities covered by the Shelf Registration have been sold in the manner set forth and as contemplated in the Shelf Registration or when there are no more Transfer Restricted Securities (the “Effectiveness
Period”); provided, however, that (i) the Effectiveness Period in respect of the Shelf Registration shall be extended to the extent required to permit dealers to comply with the applicable prospectus delivery
requirements of Rule 174 under the Securities Act and as otherwise provided herein and (ii) the Issuers and the Guarantors may suspend the effectiveness of the Shelf Registration Statement by written notice to the Holders solely as a result
of the filing of a post-effective amendment to the Shelf Registration Statement to incorporate annual audited financial information with respect to the Issuers where such post-effective amendment is not yet effective and needs to be declared
effective to permit Holders to use the related Prospectus. 
  
 (c)
Supplements and Amendments. The Issuers and the Guarantors agree to supplement or make amendments to the Shelf Registration Statement as and when required by the rules, regulations or instructions applicable to the registration form used for
such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, or if reasonably requested by the Holders of a majority in aggregate principal amount of Notes constituting Transfer Restricted
Securities covered by such Registration Statement or by any underwriter of such Transfer Restricted Securities. 
  
 Section 4. Liquidated Damages. 
  
 (a) The Issuers, the Guarantors and the Initial Purchasers agree that the Holders will suffer damages if the Issuers and the Guarantors fail to fulfill
their obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the Issuers and the Guarantors agree that if: 
  
 (i) the Exchange Offer Registration Statement is not filed
with the Commission on or prior to the 60th day following the Issue Date or, if that day is not a Business Day, the next day that is a Business Day, or the Shelf Registration 
  

 9 

 Statement is not filed with the Commission on or prior to the 45th day following the date that the filing
obligation arose, or, if that day is not a Business Day, the next day that is a Business Day, 
  
 (ii) the Exchange Offer Registration Statement is not declared effective on or prior to the 180th day following the Issue Date or, if that
day is not a Business Day, the next day that is a Business Day, or the Shelf Registration Statement is not declared effective on or prior to the 180th day following the date that the filing obligation arose, or, if that day is not a Business Day,
the next day that is a Business Day (in either case, the “Effectiveness Target Date”), 
  
 (iii) the Exchange Offer is not consummated on or prior to the 30th Business Day following the Effectiveness Target Date with respect to
the Exchange Offer Registration Statement; or 
  
 (iv) the Shelf Registration Statement or the Exchange Offer Registration Statement is declared effective but thereafter ceases to be effective or fails to be usable in connection with resales of Transfer Restricted Securities during the
periods specified hereto, except if the Shelf Registration ceases to be effective or fails to be usable as specifically permitted by the penultimate paragraph of Section 5 hereof 
  
 (each such event referred to in clauses (i) through (iv) a “Registration Default”), liquidated damages in the form of
additional cash interest (“Liquidated Damages”) will accrue on the affected Notes and the affected Exchange Notes, as applicable. The rate of Liquidated Damages will be $.05 per week per $1,000 principal amount of Notes for the
first 90-day period immediately following the occurrence of a Registration Default, increasing by an additional $.05 per week per $1,000 principal amount of Notes with respect to each subsequent 90-day period up to a maximum amount of additional
interest of $.20 per week per $1,000 principal amount of Notes, from and including the date on which any such Registration Default shall occur to, but excluding, the earlier of (1) the date on which all Registration Defaults have been cured
or (2) the date on which all the Notes and Exchange Notes otherwise become freely transferable by Holders other than affiliates of the Issuers and the Guarantors without further registration under the Securities Act. 
  
 Notwithstanding the foregoing, (1) the amount of Liquidated Damages
payable shall not increase because more than one Registration Default has occurred and is pending and (2) a Holder of Notes or Exchange Notes who is not entitled to the benefits of the Shelf Registration Statement (i.e., such Holder
has not elected to include information) shall not be entitled to Liquidated Damages with respect to a Registration Default that pertains to the Shelf Registration Statement. 
  

 10 

 (b) So long as Notes remain outstanding, the Issuers shall notify the Trustee within five Business Days
after each and every date on which an event occurs in respect of which Liquidated Damages is required to be paid. Any amounts of Liquidated Damages due pursuant to clauses (a)(i), (a)(ii), (a)(iii) or (a)(iv) of this Section 4 will be payable in
cash semi-annually on each Interest Payment Date (each a “Damages Payment Date”), commencing with the first such date occurring after any such Liquidated Damages commence to accrue, to Holders to whom regular interest is payable on
such Damages Payment Date with respect to Notes that are Transfer Restricted Securities with respect to a Registration Default arising out of the Exchange Offer Registration Statement, or Holders of Notes described in Section 2(c)(iii) with respect
to a Registration Default arising out of a Shelf Registration Statement. 
  
 Section 5. Registration Procedures. In connection with the filing of any Registration Statement pursuant to Section 2 or 3 hereof, the Issuers and the Guarantors shall effect such registrations to permit the
sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Issuers hereunder, the Issuers and the Guarantors
shall: 
  
 (a) Prepare and file with the
Commission the Registration Statement or Registration Statements prescribed by Section 2 or 3 hereof, and use their respective commercially reasonable efforts with respect to the Exchange Offer Registration Statement and their respective best
efforts with respect to the Shelf Registration Statement, to cause each such Registration Statement to become effective and remain effective as provided herein; provided, however, that if (1) such filing is pursuant to Section 3
hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes
during the Applicable Period relating thereto, then solely before filing any Registration Statement or Prospectus or any amendments or supplements thereto (other than any filing of any periodic report under the Securities Exchange Act of 1934, as
amended, which shall not be deemed to be an amendment or supplement thereto for purposes of this Section 5(a)), the Issuers and the Guarantors shall furnish to and afford the Holders of Transfer Restricted Securities covered by such Registration
Statement or each such Participating Broker-Dealer, as the case may be, its counsel (if such counsel is known to the Issuers) and the managing underwriters, if any, in each case subject to compliance with applicable law and subject to customary
confidentiality arrangements, a reasonable opportunity to review copies of all such documents (including copies of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at least five
Business Days prior to such filing or such later date as is reasonable under the circumstances). Neither the Issuers nor any Guarantor shall file any 
  

 11 

 Registration Statement or Prospectus or any amendments or supplements thereto if the Holders of a
majority in aggregate principal amount of Notes constituting Transfer Restricted Securities covered by such Registration Statement, or any such Participating Broker-Dealer, as the case may be, its counsel, or the managing underwriters, if any, shall
reasonably object on a timely basis. 
  
 (b)
Prepare and file with the Commission such amendments and post-effective amendments to each Shelf Registration Statement or Exchange Offer Registration Statement, as the case may be, as may be necessary to keep such Registration Statement
continuously effective for the Effectiveness Period or the Applicable Period, as the case may be; cause the related Prospectus to be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to
Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; and comply with the provisions of the Securities Act and the Exchange Act applicable to it with respect to the disposition of all securities covered by such
Registration Statement as so amended or in such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer covered by any such Prospectus, in each case, in accordance with
the intended methods of distribution set forth in such Registration Statement or Prospectus, as so amended. 
  
 (c) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto from whom the Issuers
have received written notice that such Broker-Dealer will be a Participating Broker-Dealer in the applicable Exchange Offer, notify the selling Holders, or each such Participating Broker-Dealer, as the case may be, their counsel and the managing
underwriters, if any, as promptly as possible, and, if requested by any such Person, confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a
Registration Statement or any post-effective amendment, when the same has become effective under the Securities Act (including in such notice a written statement that any Holder may, upon request, obtain, at the sole expense of the Issuers, one
conformed copy of such Registration Statement or post-effective amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), and of any request by the Commission for
amendments to a Registration Statement or amendments or supplements to a Prospectus or for additional information relating thereto, (ii) of the issuance by the Commission of any stop order suspending the effectiveness of a Registration
Statement or of any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if 
  

 12 

 at any time when a Prospectus is required by the Securities Act to be delivered in connection with sales
of Transfer Restricted Securities or resales of Exchange Notes by Participating Broker-Dealers the representations and warranties of the Issuers and the Guarantors contained in any agreement (including any underwriting agreement) contemplated by
Section 5(m)(i) hereof cease to be true and correct in all material respects, (iv) of the receipt by the Issuers of any notification with respect to the suspension of the qualification or exemption from qualification of a Registration
Statement or any of the Transfer Restricted Securities or the Exchange Notes for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening of any event, the existence of any
condition or any information becoming known to the Issuers or the Guarantors that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in
any material respect or that requires the making of any changes in or amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (vi) of the Issuers’ and the Guarantors’
determination that a post-effective amendment to a Registration Statement would be appropriate. 
  
 (d) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use their respective reasonable best
efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification) of any of the
Transfer Restricted Securities or the Exchange Notes, as the case may be, for sale in any jurisdiction, and, if any such order is issued, to use their respective reasonable best efforts to obtain the withdrawal of any such order at the earliest
practicable moment. 
  
 (e) If (1) a Shelf
Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period and if reasonably requested by the managing underwriter or underwriters (if any), the Holders of a majority in aggregate principal amount of 
  

 13 

 Notes constituting Transfer Restricted Securities covered by such Registration Statement or any
Participating Broker-Dealer, as the case may be, (i) promptly incorporate in such Registration Statement or Prospectus a prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters (if any),
such Holders or any Participating Broker-Dealer, as the case may be (based upon advice of counsel), determine is reasonably necessary to be included therein and (ii) make all required filings of such prospectus supplement or such
post-effective amendment as soon as practicable after the Issuers have received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment; provided, however, that neither the Issuers nor
any Guarantor shall be required to take any action hereunder that would, in the written opinion of counsel for the Issuers and the Guarantors, violate applicable laws. 
  
 (f) If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus
contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, furnish
to each selling Holder of Transfer Restricted Securities or each such Participating Broker-Dealer, as the case may be, who so requests, its counsel and each managing underwriter, if any, at the sole expense of the Issuers, one conformed copy of the
Registration Statement or Registration Statements and each post-effective amendment thereto, including financial statements and schedules, and, if requested, all documents incorporated or deemed to be incorporated therein by reference and all
exhibits. 
  
 (g) If (1) a Shelf
Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, deliver to each selling Holder of Transfer Restricted Securities or each such Participating Broker-Dealer, as the case may be, its respective counsel, and the underwriters,
if any, at the sole expense of the Issuers, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by reference therein as such Persons
may reasonably request; and, subject to the last two paragraphs of this Section 5, each of the Issuers and the Guarantors hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders of
Transfer Restricted Securities or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers (if any), in connection with the offering and sale of Transfer Restricted Securities covered by, or the
sale by Participating 

  

 14 

 
Broker-Dealers of the Exchange Notes pursuant to, such Prospectus and any amendment or supplement thereto. 
  
 (h) Prior to any public offering of Transfer Restricted
Securities or Exchange Notes or any delivery of a Prospectus contained in the Exchange Offer Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use their respective reasonable
best efforts to register or qualify, and to cooperate with the selling Holders of Transfer Restricted Securities or each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and its respective
counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Transfer Restricted Securities or Exchange Notes, as the case may be, for offer and sale under the securities or Blue Sky
laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer, or the managing underwriter or underwriters reasonably request; provided, however, that where Exchange Notes or Transfer Restricted
Securities are offered other than through an underwritten offering, the Issuers and the Guarantors agree to use their respective reasonable best efforts to cause counsel for the Issuers and the Guarantors to perform Blue Sky investigations and file
registrations and qualifications required to be filed pursuant to this Section 5(h); keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and
do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of such Exchange Notes or Transfer Restricted Securities covered by the applicable Registration Statement; provided,
however, that neither the Issuers nor any Guarantor shall be required to (A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject it to general service of
process in any such jurisdiction where it is not then so subject or (C) subject itself to taxation in excess of a nominal dollar amount in any such jurisdiction where it is not then so subject. 
  
 (i) If a Shelf Registration is filed pursuant to Section 3
hereof, cooperate with the selling Holders of Transfer Restricted Securities and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Transfer Restricted Securities to be
sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company and enable such Transfer Restricted Securities to be in such denominations and registered in such names as
the managing underwriter or underwriters, if any, or selling Holders may request at least three Business Days prior to any sale of such Transfer Restricted Securities or Exchange Notes. 
  

 15 

 (j) Use their respective reasonable best efforts to cause the Transfer Restricted
Securities or Exchange Notes covered by any Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be reasonably necessary to enable the seller or sellers thereof or the underwriter or
underwriters, if any, to consummate the disposition of such Transfer Restricted Securities or Exchange Notes, except as may be required solely as a consequence of the nature of such selling Holder’s business, in which case the Issuers and the
Guarantors will cooperate in all reasonable respects with the filing of such Registration Statement and the granting of such approvals. 
  
 (k) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of any event
contemplated by Section 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) and the penultimate paragraph of this Section 5) file with the Commission, at the sole expense of the Issuers, a supplement or
post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to
the purchasers of the Transfer Restricted Securities being sold thereunder or to the purchasers of the Exchange Notes to whom such Prospectus will be delivered by a Participating Broker-Dealer, any such Prospectus will not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
  
 (l) Prior to the effective date of the first Registration
Statement relating to the Transfer Restricted Securities, (i) provide the Trustee with certificates for the Transfer Restricted Securities in a form eligible for deposit with The Depository Trust Company and (ii) provide a CUSIP number
for the Transfer Restricted Securities. 
  
 (m)
In connection with any underwritten offering of Transfer Restricted Securities pursuant to a Shelf Registration, enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Notes and take all such
other actions as are reasonably requested by the managing underwriter or underwriters in order to expedite or facilitate the registration or the disposition of such Transfer Restricted Securities and, in such connection, (i) make such
representations and warranties to, and covenant with, the underwriters with respect to the business of the Issuers, the Guarantors and their respective subsidiaries, as then conducted (including any acquired business, 
  

 16 

 properties or entity, if applicable), and the Registration Statement, Prospectus and documents, if any,
incorporated or deemed to be incorporated by reference therein and furnish such officers’ certificates, in each case, as are customarily made or furnished by issuers to underwriters in underwritten offerings of debt securities similar to the
Notes, and confirm the same in writing if and when requested; (ii) use their respective reasonable best efforts to obtain the written opinions of counsel for the Issuers and the Guarantors and written updates thereof in form, scope and
substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably
requested by the managing underwriter or underwriters; (iii) use their respective reasonable best efforts to obtain “cold comfort” letters and updates thereof in form, scope and substance reasonably satisfactory to the managing
underwriter or underwriters from the independent certified public accountants for the Issuers and the Guarantors (and, if necessary, any other independent certified public accountants of any subsidiary of the Issuers or of any business acquired by
the Issuers for which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to each of the underwriters, such letters to be in customary form and covering
matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings; and (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no
less favorable than those set forth in Section 7 hereof (or such other provisions and procedures acceptable to Holders of a majority in aggregate principal amount of Transfer Restricted Securities covered by such Registration Statement and the
managing underwriter or underwriters or agents) with respect to all parties to be indemnified pursuant to said Section; provided that neither the Issuers nor any Guarantor shall be required to provide indemnification to any underwriter
selected in accordance with the provisions of Section 9 hereof with respect to information relating to such underwriter furnished in writing to the Issuers by or on behalf of such underwriter expressly for inclusion in such Registration Statement.
The above shall be done at each closing under such underwriting agreement, or as and to the extent required thereunder. 
  
 (n) If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by any
selling Holder of such Transfer Restricted Securities being sold or each such Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Transfer Restricted Securities, if any, and any attorney,
accountant or other 
  

 17 

 agent retained by any such selling Holder or each such Participating Broker-Dealer, as the case may be,
or underwriter (collectively, the “Inspectors”), at the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and instruments of the Issuers, the Guarantors and
their subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees of the Issuers and the
Guarantors and subsidiaries to supply all information reasonably requested by any such Inspector in connection with such Registration Statement and Prospectus. Each Inspector shall agree in writing that it will keep the Records confidential and that
it will not disclose, or use in connection with any market transactions in violation of any applicable securities laws, any Records that each of the Issuers and the Guarantors determines, in good faith, to be confidential and that it notifies the
Inspectors in writing are confidential unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such Registration Statement or Prospectus, (ii) the release of such Records is ordered
pursuant to a subpoena or other order from a court of competent jurisdiction, (iii) disclosure of such information is necessary or advisable in the opinion of counsel for an Inspector in connection with any action, claim, suit or proceeding,
directly or indirectly, involving or potentially involving such Inspector and arising out of, based upon, relating to, or involving this Agreement or the Purchase Agreement, or any transactions contemplated hereby or thereby or arising hereunder or
thereunder, or (iv) the information in such Records has been made generally available to the public, other than by the Inspectors; provided, however, that (i) each Inspector shall agree to use reasonable best efforts to
provide notice to the Issuers and the Guarantors of the potential disclosure of any information by such Inspector pursuant to clause (i), (ii) or (iii) of this sentence to permit such Issuer or such Guarantor to obtain a protective order (or waive
the provisions of this paragraph (n)) and (ii) each such Inspector shall take such actions as are reasonably necessary to protect the confidentiality of such information (if practicable) to the extent such action is otherwise not inconsistent
with, an impairment of or in derogation of the rights and interests of the Holder or any Inspector. 
  
 (o) Provide an indenture trustee for the Transfer Restricted Securities or the Exchange Notes, as the case may be, and cause the
applicable Indenture or the trust indenture provided for in Section 2(a) hereof to be qualified under the TIA not later than the effective date of the Exchange Offer or the first Registration Statement relating to the Transfer Restricted Securities;
and in connection therewith, cooperate with the trustee under any such indenture and the Holders of Transfer Restricted Securities or Exchange Notes, as applicable, to effect such changes to such indenture as may be required for such indenture to be
so qualified in accordance with the terms of the TIA; and execute, and use their 
  

 18 

 respective reasonable best efforts to cause such trustee to execute, all documents as may be required to
effect such changes, and all other forms and documents required to be filed with the Commission to enable such indenture to be so qualified in a timely manner. 
  

(p) Comply with all applicable rules and regulations of the Commission and make generally available to the Ventas, Inc.’s
securityholders earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any 12-month period (or 90
days after the end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Transfer Restricted Securities or Exchange Notes are sold to underwriters in a firm commitment or best efforts
underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of Ventas, Inc. after the effective date of a Registration Statement, which statements shall cover said
12-month periods consistent with the requirements of Rule 158. 
  
 (q) Upon the request of a Holder, upon consummation of the Exchange Offer or a Private Exchange, use their respective reasonable best efforts to obtain an opinion of counsel for the Issuers and the Guarantors
addressed to the Trustee for the benefit of all Holders of Transfer Restricted Securities participating in the Exchange Offer or the Private Exchange, as the case may be, that the Exchange Notes or Private Exchange Notes, as the case may be, and the
related indenture constitute legal, valid and binding obligations of the Issuers and the Guarantors, enforceable against each of the Issuers and the Guarantors in accordance with its respective terms, subject to customary exceptions and
qualifications. 
  
 (r) If the Exchange Offer or
a Private Exchange is to be consummated, upon delivery of the Transfer Restricted Securities by Holders to the Issuers (or to such other Person as directed by the Issuers) in exchange for the Exchange Notes or the Private Exchange Notes, as the case
may be, mark, or cause to be marked, on such Transfer Restricted Securities that such Transfer Restricted Securities are being cancelled in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be; provided that in no
event shall such Transfer Restricted Securities be marked as paid or otherwise satisfied. 
  
 (s) Cooperate with each seller of Transfer Restricted Securities covered by any Registration Statement and each underwriter, if any,
participating in the disposition of such Transfer Restricted Securities and their respective counsel in connection with any filings required to be made with the National Association of Securities Dealers, Inc. (the “NASD”).

  

 19 

 (t) Use their respective reasonable best efforts to take all other steps reasonably
necessary or advisable to effect the registration of the Exchange Notes and/or Transfer Restricted Securities covered by a Registration Statement contemplated hereby. 
  
 The Issuers and the Guarantors may require each seller of Transfer Restricted Securities or Exchange Notes as to which any
registration is being effected to furnish to the Issuers and the Guarantors such information regarding such seller and the distribution of such Transfer Restricted Securities or Exchange Notes as the Issuers and the Guarantors may, from time to
time, reasonably request. The Issuers and the Guarantors may exclude from such registration the Transfer Restricted Securities of any seller so long as such seller fails to furnish such information within a reasonable time after receiving such
request and in the event of such an exclusion, neither Issuer nor any Guarantor shall have any further obligation under this Agreement (including, without limitation, the obligations under Section 4) with respect to such seller or any subsequent
Holder of such Transfer Restricted Securities. Each seller as to which any Shelf Registration is being effected agrees to furnish promptly to the Issuers and the Guarantors all information required to be disclosed in order to make any information
previously furnished to the Issuers and the Guarantors by such seller not materially misleading. 
  
 If any such Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Issuers, then such Holder shall have
the right to require (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such
Holder of the investment quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Issuers, or (ii) in the event that such reference to such
Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment or supplement to the applicable Registration Statement filed or prepared
subsequent to the time that such reference ceases to be required. 
  
 Each Holder of Transfer Restricted Securities and each Participating Broker-Dealer agrees by acquisition of such Transfer Restricted Securities or Exchange Notes that, upon actual receipt of any notice from the Issuers (x) of the
happening of any event of the kind described in Section 5(c)(ii), 5(c)(iii), 5(c)(iv), 5(c)(v) or 5(c)(vi) hereof, or (y) that the Board of Directors of Ventas, Inc. (the “Board of Directors”) has resolved that Ventas, Inc.
and its subsidiaries have a bona fide business purpose for doing so, then the Issuers and the Guarantors may delay the filing or the effectiveness of the Exchange Offer Registration Statement or the Shelf Registration Statement (if not then filed or
effective, as applicable) and shall not be required to maintain the effectiveness thereof or amend or supplement the Exchange Offer Registration Statement or the Shelf Registration, in all cases, for a period (a “Delay Period”)
expiring upon the earlier to 
  

 20 

 occur of (i) in the case of the immediately preceding clause (x), such Holder’s or Participating
Broker-Dealer’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof or until it is advised in writing (the “Advice”) by the Issuers and the Guarantors that the use of the
applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto or (ii) in the case of the immediately preceding clause (y), the date which is the earlier of (A) the date on which such business
purpose ceases to interfere with Ventas, Inc.’s or its subsidiaries’ obligations to file or maintain the effectiveness of any such Registration Statement pursuant to this Agreement or (B) 60 days after the Issuers and Guarantors
notify the Holders of such good faith determination. There shall not be more than 60 days of Delay Periods during any 12-month period. Each of the Effectiveness Period and the Applicable Period, if applicable, shall be extended by the number of days
during any Delay Period. Any Delay Period will not alter the obligations of the Issuers and Guarantors to pay Liquidated Damages under the circumstances set forth in Section 4 hereof. 
  
 In the event of any Delay Period pursuant to clause (y) of the preceding paragraph, notice shall be given as soon as
practicable after the Board of Directors makes such a determination of the need for a Delay Period and shall state, to the extent practicable, an estimate of the duration of such Delay Period and shall advise the recipient thereof of the agreement
of such Holder provided in the next succeeding sentence. Each Holder, by his acceptance of Transfer Restricted Securities, agrees that during any Delay Period, each Holder will discontinue disposition of such Notes or Exchange Notes covered by such
Registration Statement or Prospectus or Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the case may be. 
  
 Section 6. Registration Expenses. All fees and expenses incident to the Issuers’ and the Guarantors’ performance of or compliance with
this Agreement (other than any underwriting discounts or commissions) shall be borne by the Issuers, whether or not the Exchange Offer Registration Statement or the Shelf Registration is filed or becomes effective or the Exchange Offer is
consummated, including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required to be made with the NASD in connection with an underwritten offering and
(B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, reasonable fees and disbursements of counsel in connection with Blue Sky qualifications of the Transfer Restricted Securities or
Exchange Notes and determination of the eligibility of the Transfer Restricted Securities or Exchange Notes for investment under the laws of such jurisdictions (x) where the holders of Transfer Restricted Securities are located, in the case
of an Exchange Offer, or (y) as provided in Section 5(h) hereof, in the case of a Shelf Registration or in the case of Exchange Notes to be sold by a Participating Broker-Dealer during the Applicable Period)); provided that such fees and
expenses under this subclause (B) shall not exceed $5,000 in the aggregate, (ii) printing expenses, including, without limitation, expenses of 
  

 21 

 printing certificates for Transfer Restricted Securities or Exchange Notes in a form eligible for deposit with The
Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested by the managing underwriter or underwriters, if any, or by the Holders of a majority in aggregate principal amount of Notes constituting Transfer
Restricted Securities included in any Registration Statement or in respect of Exchange Notes to be sold by any Participating Broker-Dealer during the Applicable Period, as the case may be, (iii) messenger, telephone and delivery expenses,
(iv) fees and disbursements of counsel for the Issuers and the Guarantors and, in the case of a Shelf Registration Statement, reasonable fees and disbursements of one special counsel for all of the sellers of Transfer Restricted Securities
(exclusive of any counsel retained pursuant to Section 7 hereof), not to exceed $50,000 in the aggregate, (v) fees and disbursements of all independent certified public accountants referred to in Section 5(m)(iii) hereof (including, without
limitation, the expenses of any special audit and “cold comfort” letters required by or incident to such performance), (vi) Securities Act liability insurance, if the Issuers desire such insurance, (vii) fees and expenses of
all other Persons retained by the Issuers and the Guarantors, (viii) internal expenses of the Issuers and the Guarantors (including, without limitation, all salaries and expenses of their respective officers and employees performing legal or
accounting duties), (ix) the expense of any annual audit, (x) the fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange, and the obtaining of a rating of the securities,
in each case, if applicable, and (xi) the expenses relating to printing, word processing and distributing all Registration Statements, underwriting agreements, indentures and any other documents necessary in order to comply with this
Agreement. Notwithstanding the foregoing or anything to the contrary, each Holder shall pay all underwriting discounts and commissions of any underwriters with respect to any Transfer Restricted Securities sold by or on behalf of it. 
  
 Section 7. Indemnification. 
  
 (a) The Issuers and the Guarantors agree to indemnify and hold harmless each
Holder of Transfer Restricted Securities and each Participating Broker-Dealer selling Exchange Notes during the Applicable Period, each Person, if any, who controls any such Person within the meaning of Section 15 of the Securities Act or Section
20(a) of the Exchange Act, the agents, employees, officers and directors of each Holder and each such Participating Broker-Dealer and the agents, employees, officers and directors of any such controlling Person (each, a
“Participant”) from and against any and all losses, liabilities, claims, damages and expenses (including, but not limited to, reasonable attorneys’ fees and any and all reasonable out-of-pocket expenses actually incurred in
investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all reasonable amounts paid in settlement of any claim or litigation (in the manner set forth in clause (c) below))
(collectively, “Losses”) to which they or any of them may become subject under the Securities Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based 
  

 22 

 upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any
amendment thereto) or Prospectus (as amended or supplemented if either the Issuers or the Guarantors shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or caused by, arising out of or based upon any omission
or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus, in the light of the circumstances under which they were made, not misleading,
provided that (i) the foregoing indemnity shall not be available to any Participant insofar as such Losses are caused by any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity
with information relating to such Participant furnished to the Issuers in writing by or on behalf of such Participant expressly for use therein, and (ii) that the foregoing indemnity with respect to any preliminary prospectus shall not inure
to the benefit of any Participant from whom the Person asserting such Losses purchased Transfer Restricted Securities if (x) it is decided in a final judgment in the related proceeding that such Participant failed to send or give a copy of
the Prospectus (as amended or supplemented if such amendment or supplement was furnished to such Participant prior to the written confirmation of such sale) to such Person with or prior to the written confirmation of such sale, if required by
applicable law, and (y) the untrue statement or omission or alleged untrue statement or omission was completely corrected in the Prospectus (as amended or supplemented if amended or supplemented as aforesaid) and such Prospectus does not
contain any other untrue statement or omission or alleged untrue statement or omission that was the subject matter of the related proceeding. This indemnity agreement will be in addition to any liability that the Issuers and the Guarantors may
otherwise have, including, but not limited to, liability under this Agreement. 
  
 (b) Each Participant agrees, severally and not jointly, to indemnify and hold harmless the Issuers and the Guarantors, and each Person, if any, who controls the Issuers or the Guarantors within the meaning of Section
15 of the Securities Act or Section 20(a) of the Exchange Act, and each of its agents, employees, officers and directors and the agents, employees, officers and directors of any such controlling Person from and against any Losses to which they or
any of them may become subject under the Securities Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if either the Issuers or the Guarantors shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or caused
by, arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus, in the light of the circumstances under
which they were made, not misleading, in each case to the extent, but only to the extent, that any such Loss arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in
conformity with information relating to 

  

 23 

 
such Participant furnished in writing to the Issuers by or on behalf of such Participant expressly for use therein. 
  
 (c) Promptly after receipt by an indemnified party under subsection 7(a) or
7(b) above of notice of the commencement of any action, suit or proceeding (collectively, an “action”), such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection,
notify each party against whom indemnification is to be sought in writing of the commencement of such action (but the failure so to notify an indemnifying party shall not relieve such indemnifying party from any liability that it may have under this
Section 7 except to the extent that it has been prejudiced in any material respect by such failure). In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement of such action, the
indemnifying party will be entitled to participate in such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense
of such action with counsel reasonably satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such action, but the reasonable fees and
expenses of such counsel shall be at the expense of such indemnified party or parties unless (i) the employment of such counsel shall have been authorized in writing by the indemnifying parties in connection with the defense of such action,
(ii) the indemnifying parties shall not have employed counsel to take charge of the defense of such action within a reasonable time after notice of commencement of the action, or (iii) the named parties to such action (including any
impleaded parties) include such indemnified party and the indemnifying party or parties (or such indemnifying parties have assumed the defense of such action), and such indemnified party or parties shall have reasonably concluded, that there may be
defenses available to it or them that are different from or additional to those available to one or all of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of
the indemnified party or parties), in any of which events such reasonable fees and expenses of counsel shall be borne by the indemnifying parties. In no event shall the indemnifying party be liable for the fees and expenses of more than one counsel
(together with appropriate local counsel) at any time for all indemnified parties in connection with any one action or separate but substantially similar or related actions arising in the same jurisdiction out of the same general allegations or
circumstances. Any such separate firm for the Participants shall be designated in writing by Participants who sold a majority in interest of Transfer Restricted Securities sold by all such Participants and shall be reasonably acceptable to the
Issuers and the Guarantors, and when the Issuers and Guarantors are the indemnified party, any such separate firm for the Issuers and the Guarantors, their respective affiliates, officers, directors, representatives, employees and agents and such
control Person of the Issuers or the Guarantors shall be designated in writing by the Issuers and shall be reasonably acceptable to the Holders. An indemnifying party shall not be liable for any settlement of any claim or action 
  

 24 

 effected without its written consent, which consent may not be unreasonably withheld. No indemnifying party shall,
without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such
indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding. 
  
 (d) In order to provide for contribution in circumstances in which the indemnification provided for in this Section 7 is for
any reason held to be unavailable from the indemnifying party, or is insufficient to hold harmless a party indemnified under this Section 7, each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result
of such aggregate Losses (i) in such proportion as is appropriate to reflect the relative benefits received by each indemnifying party, on the one hand, and each indemnified party, on the other hand, from the sale of the Notes to the Initial
Purchasers or the resale of the Transfer Restricted Securities by such Holder, as applicable, or (ii) if such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of each indemnified party, on the one hand, and each indemnifying party, on the other hand, in connection with the statements or omissions that resulted in such Losses, as well as any other
relevant equitable considerations. The relative benefits received by the Issuers and the Guarantors, on the one hand, and each Participant, on the other hand, shall be deemed to be in the same proportion as (x) the total proceeds from the
sale of the Notes to the Initial Purchasers (net of discounts but before deducting expenses) received by the Issuers and the Guarantors are to (y) the total net profit received by such Participant in connection with the sale of the Transfer
Restricted Securities. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the Issuers and the Guarantors or such Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or alleged statement or omission.

  
 (e) The parties agree that it would not be just and equitable
if contribution pursuant to this Section 7 were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to above. Notwithstanding the provisions of this Section 7,
(i) in no case shall any Participant be required to contribute any amount in excess of the amount by which the net profit received by such Participant in connection with the sale of the Transfer Restricted Securities exceeds the amount of any
damages that such Participant has otherwise been required to pay by reason of any untrue or alleged untrue statement or omission or alleged omission and (ii) no person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any 
  

 25 

 person who was not guilty of such fraudulent misrepresentation. Any party entitled to contribution will, promptly after
receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made against another party or parties under this Section 7, notify such party or parties from whom contribution may be sought, but
the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this Section 7 or otherwise, except to the extent that it has been prejudiced
in any material respect by such failure; provided, however, that no additional notice shall be required with respect to any action for which notice has been given under this Section 7 for purposes of indemnification. Anything in this
section to the contrary notwithstanding, no party shall be liable for contribution with respect to any action or claim settled without its written consent, provided, however, that such written consent was not unreasonably withheld.

  
 Section 8. Rules 144 and 144A. Each Issuer and each
Guarantor covenants that it will file the reports required, if any, to be filed by such Issuer or such Guarantor under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder in a timely manner in
accordance with the requirements of the Securities Act and the Exchange Act and, if at any time such Issuer or such Guarantor is not required to file such reports, it will, upon the request of any Holder or beneficial owner of Transfer Restricted
Securities, make available such information necessary to permit sales pursuant to Rule 144A under the Securities Act. Each Issuer and each Guarantor further covenants that for so long as any Transfer Restricted Securities remain outstanding it will
take such further action as any Holder of Transfer Restricted Securities may reasonably request from time to time to enable such Holder to sell Transfer Restricted Securities without registration under the Securities Act within the limitation of the
exemptions provided by (a) Rule 144(k) and Rule 144A under the Securities Act, as such Rules may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the Commission. 
  
 Section 9. Underwritten Registrations. If any of the Transfer
Restricted Securities covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in
aggregate principal amount of such Transfer Restricted Securities included in such offering and shall be reasonably acceptable to the Issuers and the Guarantors. 
  
 No Holder of Transfer Restricted Securities may participate in any underwritten registration hereunder if such Holder does
not (a) agree to sell such Holder’s Transfer Restricted Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) complete and execute all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 
  

 26 

 Section 10. Miscellaneous. 
  
 (a) No Inconsistent Agreements. Neither the Issuers nor any Guarantor has, as of the date hereof, and shall have,
after the date of this Agreement, entered into any agreement with respect to any of its securities that is inconsistent with the rights granted to the Holders of Transfer Restricted Securities in this Agreement or otherwise conflicts with the
provisions hereof. The rights granted to the Holders hereunder do not conflict with and are not inconsistent with, in any material respect, the rights granted to the holders of any of the Issuers’ and the Guarantors’ other issued and
outstanding securities under any such agreements. Neither the Issuers nor any Guarantor has entered and will enter into any agreement with respect to any of its securities which will grant to any Person piggy-back registration rights with respect to
any Registration Statement. 
  
 (b) Adjustments Affecting
Transfer Restricted Securities. The Issuers and the Guarantors shall not, directly or indirectly, take any action with respect to the Transfer Restricted Securities as a class that would adversely affect the ability of the Holders of Transfer
Restricted Securities to include such Transfer Restricted Securities in a registration undertaken pursuant to this Agreement. 
  
 (c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given except pursuant to a written agreement duly signed and delivered by (I) the Issuers and (II) (A) the Holders of not less than a majority in aggregate principal amount of the then
outstanding Transfer Restricted Securities and (B) in circumstances that would adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not less than a majority in aggregate principal amount of the Exchange
Notes held by all Participating Broker-Dealers; provided, however, that Section 4 and Section 7 and this Section 10(c) may not be amended, modified or supplemented except pursuant to a written agreement duly signed and delivered by the
Issuers, the Guarantors, each Holder and each Participating Broker-Dealer (including any Person who was a Holder or Participating Broker-Dealer of Transfer Restricted Securities or Exchange Notes, as the case may be, disposed of pursuant to any
Registration Statement) affected by any such amendment, modification, supplement or waiver. 
  
 (d) Notices. All notices and other communications (including, without limitation, any notices or other communications to the Trustee) provided for or permitted hereunder shall be made in writing by
hand-delivery, registered first-class mail, next-day air courier or telecopier: 
  
 (i) if to a Holder of Transfer Restricted Securities or any Participating Broker-Dealer, at the most current address of such Holder or
Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture. 
  

 27 

	 	(ii)	if to the Issuers or the Guarantors, at the address as follows: 

  
   Ventas, Inc. 
   10350 Ormsby Park Place 
   Suite 300 
   Louisville, Kentucky 40223 
   Telephone: (502) 357-9000 
   Fax: (502) 357-9001 
   Attention: General Counsel 
  

	 	(iii)	if to the Initial Purchasers, at the address as follows: 

  
   Banc of America Securities LLC 
   9 West 57th Street 
   New York, New York 10019 
   Fax number: (212) 847 6441 
   Attention: High Yield Capital Markets

  
 All such notices and communications shall be deemed to have
been duly given: when delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by the recipient’s telecopier machine, if telecopied; and on the
next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 
  
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address and in the manner specified in the Indenture. 
  
 (e) Successors and Assigns. This Agreement shall inure to the benefit
of and be binding upon the successors and assigns of each of the parties hereto, the Holders and the Participating Broker-Dealers; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor
or assign of a Holder unless and to the extent such successor or assign holds Transfer Restricted Securities. 
  
 (f) Counterparts. This Agreement may be executed in any number of counterparts (including via facsimile) and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 (g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

  
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WHOLLY WITHIN THE STATE OF 

  

 28 

 
NEW YORK. 
  
 (i) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the
parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
  
 (j) Securities Held by the Issuers or Its Affiliates. Whenever the
consent or approval of Holders of a specified percentage of Notes constituting Transfer Restricted Securities is required hereunder, Transfer Restricted Securities held by the Issuers or any of its affiliates (as such term is defined in Rule 405
under the Securities Act) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
  
 (k) Third-Party Beneficiaries. Holders and beneficial owners of Transfer Restricted Securities and Participating Broker-Dealers are intended
third-party beneficiaries of this Agreement, and this Agreement may be enforced by such Persons. No other Person is intended to be, or shall be construed as, a third-party beneficiary of this Agreement. 
  
 (l) Entire Agreement. This Agreement, together with the Indenture, is
intended by the parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements, representations, or
warranties, contracts, understandings, correspondence, conversations and memoranda between the Holders on the one hand and the Issuers and the Guarantors on the other, or between or among any agents, representatives, parents, subsidiaries,
affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 
  

 29 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	 VENTAS REALTY, LIMITED
 PARTNERSHIP
  

	 By:
	 	 VENTAS, INC.

	 Its:
	 	 General Partner
  

	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name: T. Richard Riney

	 	 	 Title:   Executive Vice President

	  
 VENTAS CAPITAL
CORPORATION
  

	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name: T. Richard Riney

	 	 	 Title:   Executive Vice President

	  
 VENTAS,
INC.
  

	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name: T. Richard Riney

	 	 	 Title:   Executive Vice President

	  
 VENTAS LP REALTY,
L.L.C.
  

	 By:
	 	 VENTAS, INC.

	 Its:
	 	 Sole Member
  

	 By:
	 	 /s/ T. Richard Riney

	 	 	 Name: T. Richard Riney

	 	 	 Title:   Executive Vice President

			
	BANC OF AMERICA SECURITIES LLC
	 J.P. MORGAN SECURITIES INC.

	 CITIGROUP GLOBAL MARKETS INC.

	 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

	 UBS SECURITIES LLC

  

			
	By:	 	Banc of America Securities LLC
		
	By:	 	 /s/ Bruce R. Thompson

	 	 	Name: Bruce R. Thompson
	 	 	Title:   Managing Director

  

 A-2

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