Document:

Exhibit 4.1

 

Execution Version

 

 

 

IIP OPERATING PARTNERSHIP, LP, as Issuer

 

INNOVATIVE INDUSTRIAL PROPERTIES, INC.
AND SUBSIDIARY GUARANTORS, as Guarantors

 

GLAS TRUST COMPANY LLC, as Trustee

 

 

 

INDENTURE

 

Dated as of

 

February 21, 2019

 

 

 

3.75% Exchangeable Senior Notes due 2024

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1	DEFINITIONS	5
	 	 	 
	Section 1.01.	Definitions	5
	 	 	 
	ARTICLE 2	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES	13
	 	 	 
	Section 2.01.	Designation Amount and Issue of Notes	13
	Section 2.02.	Form of Notes	14
	Section 2.03.	Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	14
	Section 2.04.	Execution of Notes	16
	Section 2.05.	Exchange and Registration of Transfer of Notes; Restrictions on Transfer	16
	Section 2.06.	Mutilated, Destroyed, Lost or Stolen Notes	20
	Section 2.07.	Temporary Notes	21
	Section 2.08.	Cancellation of Notes	21
	Section 2.09.	CUSIP Numbers	21
	 	 	 
	ARTICLE 3	REPURCHASE OF NOTES	22
	 	 	 
	Section 3.01.	Repurchase at Option of Holders Upon a Fundamental Change	22
	Section 3.02.	Effect of Fundamental Change Repurchase Notice	24
	Section 3.03.	Withdrawal of Fundamental Change Repurchase Notice	24
	Section 3.04.	Deposit of Fundamental Change Repurchase Price	24
	Section 3.05.	Notes Repurchased in Whole or in Part	25
	Section 3.06.	Covenant to Comply with Applicable Laws upon Repurchase of Notes	25
	Section 3.07.	Repayment to the Issuer	25
	 	 	 
	ARTICLE 4	PARTICULAR COVENANTS OF THE ISSUER AND THE GENERAL PARTNER	25
	 	 	 
	Section 4.01.	Payment of Principal and Interest	25
	Section 4.02.	Maintenance of Office or Agency	26
	Section 4.03.	Appointments to Fill Vacancies in Trustee’s Office	26
	Section 4.04.	Provisions as to Paying Agent	26
	Section 4.05.	Existence	27
	Section 4.06.	Rule 144A Information Requirement; Annual Reports; Additional Interest	27
	Section 4.07.	Stay, Extension and Usury Laws	29
	Section 4.08.	Compliance Certificate	29
	Section 4.09.	Reservation of Shares, Shares to Be Fully Paid; Compliance with Governmental Requirements; Listing of Common Stock	30
	 	 	 
	ARTICLE 5	LIST OF HOLDERS AND REPORTS BY THE ISSUER AND THE TRUSTEE	30
	 	 	 
	Section 5.01.	List of Holders	30
	Section 5.02.	Preservation and Disclosure of Lists	30

  

    	2

     

    

 

	ARTICLE 6	EVENTS OF DEFAULT; REMEDIES	31
	 	 	 
	Section 6.01.	Events of Default	31
	Section 6.02.	Payments of Notes on Default; Suit Therefor	32
	Section 6.03.	Application of Monies Collected by Trustee	33
	Section 6.04.	Proceedings by Noteholders	34
	Section 6.05.	Proceedings by Trustee	35
	Section 6.06.	Remedies Cumulative and Continuing	35
	Section 6.07.	Direction of Proceedings and Waiver of Defaults by Majority of Noteholders	35
	Section 6.08.	Undertaking to Pay Costs	36
	Section 6.09.	Additional Interest	36
	 	 	 
	ARTICLE 7	THE TRUSTEE	37
	 	 	 
	Section 7.01.	Notice of Defaults	37
	Section 7.02.	Certain Rights of Trustee	37
	Section 7.03.	Not Responsible for Recitals or Issuance of Notes	39
	Section 7.04.	May Hold Notes and Common Stock	39
	Section 7.05.	Money Held in Trust	39
	Section 7.06.	Compensation and Reimbursement	40
	Section 7.07.	Corporate Trustee Required; Eligibility; Conflicting Interests	40
	Section 7.08.	Resignation and Removal; Appointment of Successor	41
	Section 7.09.	Acceptance of Appointment By Successor	42
	Section 7.10.	Merger, Conversion, Consolidation or Succession to Business	42
	Section 7.11.	Appointment of Authenticating Agent	43
	Section 7.12.	Certain Duties and Responsibilities of the Trustee	44
	 	 	 
	ARTICLE 8	THE NOTEHOLDERS	45
	 	 	 
	Section 8.01.	Action by Noteholders	45
	Section 8.02.	Proof of Execution by Noteholders	45
	Section 8.03.	Absolute Owners	45
	Section 8.04. 	Issuer-Owned Notes Disregarded	46
	Section 8.05. 	Revocation of Consents; Future Holders Bound	46
	 	 	 
	ARTICLE 9	SUPPLEMENTAL INDENTURES	46
	 	 	 
	Section 9.01.	Supplemental Indentures Without Consent of Noteholders	46
	Section 9.02.	Supplemental Indenture With Consent of Noteholders	47
	Section 9.03.	Notation on Notes	48
	Section 9.04.	Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee	49
	Section 9.05.	Notice of Amendment or Supplement	49
	 	 	 
	ARTICLE 10	CONSOLIDATION, MERGER AND SALE OF ASSETS	49
	 	 	 
	Section 10.01.	Issuer May Consolidate on Certain Terms	49
	Section 10.02.	Issuer Successor to Be Substituted	49
	Section 10.03.	Opinion of Counsel to be Given to Trustee	50
	 	 	 
	ARTICLE 11	SATISFACTION AND DISCHARGE OF INDENTURE	50
	 	 	 
	Section 11.01.	Satisfaction and Discharge of Indenture	50
	Section 11.02.	Application of Trust Funds	51
	Section 11.03.	Return of Unclaimed Monies	51
	Section 11.04.	Reinstatement	51
	 	 	 

 

    	3

     

    

 

	ARTICLE 12	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	51
	 	 	 
	Section 12.01.	Indenture and Notes Solely Corporate Obligations	51
	 	 	 
	ARTICLE 13	EXCHANGE OF NOTES	52
	 	 	 
	Section 13.01.	Right to Exchange	52
	Section 13.02.	Exchange Procedures	52
	Section 13.03.	Settlement Upon Exchange	54
	Section 13.04.	Adjustment of Exchange Rate	56
	Section 13.05.	Discretionary and Voluntary Adjustments	65
	Section 13.06.	Adjustment to Exchange Rate Upon Exchange in Connection with a Make-Whole Fundamental Change	65
	Section 13.07.	Effect of Recapitalization, Reclassification, Consolidation, Merger or Sale	66
	Section 13.08.	Ownership Limit and Withholding	68
	Section 13.09.	Calculations in Respect of Notes	68
	 	 	 
	ARTICLE 14	MEETINGS OF HOLDERS OF NOTES	69
	 	 	 
	Section 14.01.	Purposes for Which Meetings May Be Called	69
	Section 14.02.	Call, Notice and Place of Meetings	69
	Section 14.03.	Persons Entitled to Vote at Meetings	69
	Section 14.04.	Quorum; Action	69
	Section 14.05.	Determination of Voting Rights; Conduct and Adjournment of Meetings	70
	Section 14.06.	Counting Votes and Recording Action of Meetings	71
	 	 	 
	ARTICLE 15	GUARANTEES	71
	 	 	 
	Section 15.01.	Guarantees	71
	Section 15.02.	Additional Guarantees	73
	Section 15.03.	Limitation on Liability; Termination, Release and Discharge	73
	Section 15.04.	Right of Contribution	74
	Section 15.05.	No Subrogation	74
	 	 	 
	ARTICLE 16	MISCELLANEOUS PROVISIONS	74
	 	 	 
	Section 16.01.	Provisions Binding on Issuer’s and Guarantor’s Successors	74
	Section 16.02.	Official Acts by Successor Corporation	74
	Section 16.03.	Addresses for Notices, etc	74
	Section 16.04.	Governing Law	75
	Section 16.05.	Evidence of Compliance with Conditions Precedent, Certificates to Trustee	75
	Section 16.06.	Legal Holidays	76
	Section 16.07.	No Security Interest Created	76
	Section 16.08.	Benefits of Indenture	76
	Section 16.09.	Table of Contents, Headings, etc	76
	Section 16.10.	Execution in Counterparts	76
	Section 16.11.	Severability	76
	 	 	 
	Schedule A – Make-Whole Fundamental Change Table	Sch. A-1
	Exhibit A – Form of Note	A-1

 

    	4

     

    

 

INDENTURE

 

INDENTURE dated as of February 21, 2019
among IIP Operating Partnership, LP, a Delaware limited partnership (hereinafter called the “Issuer”), Innovative
Industrial Properties, Inc., a Maryland corporation (the “General Partner”), each existing subsidiary of the
Issuer (the “Subsidiary Guarantors”, and together with the General Partner, the “Guarantors”),
and GLAS Trust Company LLC, a limited liability company organized and existing under the laws of the State of New Hampshire, as
trustee (the “Trustee”).

 

Each party agrees as follows for the benefit
of the other parties and for the equal and ratable benefit of the holders of the Issuer’s 3.75% Exchangeable Senior Notes
due 2024 fully and unconditionally guaranteed by the Guarantors.

 

ARTICLE 1

DEFINITIONS

 

Section 1.01. Definitions.

 

The terms defined in this Section 1.01 (except
as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any
indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. The words “herein,”
“hereof,” “hereunder” and words of similar import refer to this Indenture as a whole and
not to any particular Article, Section or other subdivision. The terms defined in this Article include the plural as well as the
singular.

 

“Additional Interest” means all amounts,
if any, payable pursuant to Sections 4.06(d), 4.06(e) and 6.09.

 

“Additional Notes” has the meaning specified
in Section 2.01.

 

“Additional Shares” has the meaning specified
in Section 13.06(a).

 

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

 

“Agent Members” has the meaning specified
in Section 2.05(b)(5).

 

“Board of Directors” means the board of directors
of the General Partner or a committee of that board duly authorized to act hereunder.

 

“Board Resolution” means a copy of a resolution
certified by the Secretary or an Assistant Secretary of the General Partner to have been duly adopted by the Board of Directors
and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 

“Business Day” means, with respect to any
Note, any day other than a Saturday, a Sunday or a day on which the Trustee or the Federal Reserve Bank of New York is authorized
or required by law, regulation or executive order to close or be closed.

 

“Capital Stock” means any and all shares,
interests, participations, rights or other equivalents (however designated) of corporate stock and, with respect to partnerships,
partnership interests (whether general or limited) and any other interest or participation that confers on a Person the right to
receive a share of the profits and losses of, or distributions of assets of, such partnership.

 

    	5

     

    

 

“Cash Settlement” has the meaning set forth
in Section 13.03(a).

 

“Cash Settlement Averaging Period” means,
with respect to any Note as to which Cash Settlement or Combination Settlement is applicable, the 20 consecutive Trading-Day period
beginning on, and including, the third Trading Day immediately succeeding the related Exchange Date; except that “Cash Settlement
Averaging Period” means, with respect to any Exchange Date occurring on or after January 17, 2024, the 20 consecutive Trading-Day
period beginning on, and including, the 22nd Scheduled Trading Day immediately preceding the Maturity Date. 

 

“Charter” means the Second Articles of Amendment
and Restatement of the General Partner, including all articles supplementary and articles of amendment, as amended to date.

 

“Clause A Distribution” shall have the meaning
specified in Section 13.04(c).

 

“Clause B Distribution” shall have the meaning
specified in Section 13.04(c).

 

“Clause C Distribution” shall have the meaning
specified in Section 13.04(c).

 

“Close of Business” means 5:00 p.m., New
York City time.

 

“Code” means the Internal Revenue Code of
1986, as amended.

 

“Combination Settlement” has the meaning
set forth in Section 13.03(a).

 

“Commission” means the Securities and Exchange
Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this Indenture
such Commission is not existing and performing the duties now assigned to it, then the body performing such duties at such time.

 

“Common Stock” means the shares of common
stock, $0.001 par value per share, of the General Partner as they exist on the date of this Indenture or any other shares of Capital
Stock of the General Partner into which the Common Stock shall be reclassified or changed or, in the event of a merger, consolidation
or other similar transaction involving the General Partner that is otherwise permitted hereunder in which the General Partner is
not the surviving corporation, the common stock, common equity interests, ordinary shares or depositary shares or other certificates
representing common equity interests of the entity surviving such transaction or its direct or indirect parent entity.

 

“Common Stock Legend” has the meaning specified
in Section 2.05(c).

 

“Continuing Director” means a director who
either was a member of the Board of Directors on the date of the Offering Memorandum or who becomes a member of the Board of Directors
subsequent to that date and whose election, appointment or nomination for election by the General Partner’s stockholders
is duly approved by a majority of the continuing directors on the Board of Directors at the time of such approval, either by a
specific vote or by approval of the proxy statement issued by the General Partner on behalf of the entire Board of Directors in
which such individual is named as nominee for director.

 

“Corporate Trust Office” or other similar
term, means the designated office of the Trustee at which, at any particular time, its corporate trust business as it relates to
this Indenture shall be administered, which office is, at the date as of which this Indenture is dated, located at 3 Second Street,
Suite 206, Jersey City, New Jersey, 07311, Attention: Administrator for IIP Operating Partnership, LP, or at any other time at
such other address as the Trustee may designate from time to time by notice to the Issuer.

 

    	6

     

    

 

“CUSIP” means the Committee on Uniform Securities
Identification Procedures.

 

“Custodian” means the Trustee, as custodian
for The Depository Trust Company, with respect to the Notes in global form, or any successor entity thereto.

 

“Daily Exchange Value” means for each of
the 20 consecutive Trading Days during the Cash Settlement Averaging Period, one-twentieth (1/20th) of the product of (i) the applicable
Exchange Rate on such Trading Day and (ii) the Daily VWAP of the Common Stock on such Trading Day, in each case determined by the
Issuer.

 

“Daily Measurement Value” means the quotient
of the Specified Dollar Amount, if any, divided by 20.

 

“Daily Settlement Amount” for each of the
20 consecutive Trading Days of the applicable Cash Settlement Averaging Period, as determined by the Issuer, will consist of: (a) cash
equal to the lesser of (i) the Daily Measurement Value and (ii) the Daily Exchange Value; and (b) to the extent the Daily
Exchange Value for such Trading Day exceeds the Daily Measurement Value for such Trading Day, a number of shares of Common Stock
equal to (i) the difference between the Daily Exchange Value and the Daily Measurement Value, divided by (ii) the Daily
VWAP of the Common Stock on such Trading Day.

 

“Daily VWAP” means the per share volume-weighted
average price as displayed on Bloomberg (or any successor service) page “IIPR <equity> AQR” in respect of the
period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day
(or if such volume-weighted average price is not available, the volume-weighted average price means the market value of one share
of the Common Stock on such Trading Day as determined, using a volume-weighted average method, by a nationally recognized independent
investment banking firm retained for this purpose by the Issuer). The “Daily VWAP” will be determined without regard
to after-hours trading or any other trading outside of the regular trading session trading hours. 

 

“Default” means any event that is, or after
notice or lapse of time or both would become, an Event of Default.

 

“Defaulted Amounts” means any amounts on
any Note (including, without limitation, the Fundamental Change Repurchase Price, principal and interest) that are payable but
are not punctually paid or duly provided for.

 

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

 

“Dividend Threshold Amount” has the meaning
specified in Section 13.04(d) hereof.

 

“DTC” means The Depository Trust Company.

 

“Effective Date” has the meaning specified
in Section 13.06(c).

 

“Event of Default” has the meaning specified
in Section 6.01(a).

 

“Ex-Dividend Date” means the first date on
which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to
receive the applicable issuance, dividend or distribution.

 

“Exchange Act” means the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time.

 

    	7

     

    

 

“Exchange Agent” means the exchange agent
appointed by the Issuer to act as set forth in Article 13, which, initially, shall be the Trustee.

 

“Exchange Date” has the meaning specified
in Section 13.02(b).

 

“Exchange Notice” has the meaning specified
in Section 13.02(a).

 

“Exchange Obligation” has the meaning specified
in Section 13.01(a).

 

“Exchange Price” means, on any date of determination,
$1,000, divided by the Exchange Rate as of such date.

 

“Exchange Rate” shall initially be 14.37298
shares of Common Stock per $1,000 principal amount of Notes, subject to adjustment as provided in Article 13.

 

"Expiration Date" has the meaning specified
in Section 13.04(e).

 

“Fundamental Change” means the occurrence
at the time after the Notes are originally issued if any of the following occurs:

 

		(1)	any “person” or “group” (within the meaning of Section 13(d) of the Exchange Act), other than the Issuer,
the General Partner or their respective subsidiaries, files a Schedule TO or any schedule, form or report under the Exchange Act
disclosing that such person or group has become the direct or indirect ultimate “beneficial owner,” as defined in Rule
13d-3 under the Exchange Act, of the General Partner’s common equity representing more than 50% of the voting power of the
General Partner’s common equity;

 

		(2)	the consummation of (x) any consolidation, merger, amalgamation, scheme of arrangement or other binding share exchange or reclassification
or similar transaction between the General Partner and another person (other than its subsidiaries), in each case pursuant to which
the Common Stock is exchanged into cash, securities or other property, unless (i) the holders of all classes of the General Partner’s
common equity immediately prior to such transaction own, directly or indirectly, more than 50% of the surviving entity or transferee
or the parent thereof immediately after such transaction or (ii) such transaction is effected solely to change the General Partner’s
jurisdiction of incorporation or to form a holding company for the General Partner and that results in a share exchange or reclassification
or similar exchange of the outstanding Common Stock solely into common stock of the surviving entity or (y) any sale or other disposition
in one transaction or a series of transactions of all or substantially all of the assets of the General Partner and its subsidiaries,
on a consolidated basis, to another person (other than any of the General Partner’s subsidiaries);

 

		(3)	Continuing Directors cease to constitute at least a majority of the Board of Directors; 

 

		(4)	the General Partner’s stockholders approve any plan or proposal for the liquidation or dissolution of the General Partner
(other than in a transaction described in clause (2) above);

 

		(5)	the Common Stock ceases to be listed on the NYSE, the NYSE American LLC or the Nasdaq Stock Market (or any of their respective
successors); or

 

		(6)	the General Partner (or any successor thereto permitted pursuant to the terms of this Indenture) ceases to be, either directly
or indirectly through one or more of its subsidiaries, the Issuer’s general partner or ceases to control the Issuer;

 

    	8

     

    

 

provided, however, that in the case of a transaction
or event described in clause (1) or (2) above, if at least 90% of the consideration received or to be received by holders of the
Common Stock (excluding cash payments for fractional shares) in the transaction or transactions that would otherwise constitute
a “Fundamental Change” consists of shares of common stock or common equity interests that are traded on the NYSE, the
NYSE American LLC or the Nasdaq Stock Market (or any of their respective successors) or that will be so traded when issued or exchanged
in connection with the transaction that would otherwise constitute a Fundamental Change under clause (1) or (2) of the definition
thereof (such common stock or common equity interests, “Publicly Traded Securities”), and as a result of such
transaction or transactions, the Notes become exchangeable into or by reference to such Publicly Traded Securities, excluding cash
payments for fractional shares, such event shall not be a Fundamental Change.

 

“Fundamental Change Issuer Notice” has the
meaning specified in Section 3.01(c).

 

“Fundamental Change Repurchase Date” has
the meaning specified in Section 3.01(a).

 

“Fundamental Change Repurchase Notice” has
the meaning specified in Section 3.01(b).

 

“Fundamental Change Repurchase Price” has
the meaning specified in Section 3.01(a).

 

"Funding Guarantor" has the meaning specified
in Section 15.04(a).

 

“General Partner” means the corporation named
as the “General Partner” in the first paragraph of this Indenture, and, subject to the provisions of Article 10,
shall include its successors and assigns.

 

“Global Note” has the meaning specified in
Section 2.02.

 

“Guarantee” means the Guarantee by each Guarantor
of the Issuer’s obligations under this Indenture and the Notes set forth in Article 15, including as a result of execution
of a supplemental indenture, pursuant to the provisions of this Indenture.

 

“Guarantor Obligations” has the meaning specified
in Section 15.01(a).

 

“Guarantors” means the General Partner and
each subsidiary of the Issuer that gives a Guarantee in accordance with the provisions of this Indenture, and their respective
successors and assigns, in each case, until the Guarantee of such Person has been released in accordance with the provisions of
this Indenture.

 

“Indemnified Person” has the meaning specified
in Section 7.06.

 

“Indenture” means this instrument as originally
executed or, if amended or supplemented as herein provided, as so amended or supplemented.

 

“Initial Notes” has the meaning specified
in Section 2.01.

 

“Initial Purchasers” mean BTIG, LLC, Compass
Point Research & Trading, LLC and Ladenburg Thalmann & Co. Inc.

 

“Interest” means, when used with reference
to the Notes, any interest payable in respect of the Notes. Unless the context otherwise requires, any reference to Interest on,
or in respect of, any Note in this Indenture shall be deemed to include Additional Interest if, in such context, Additional Interest
is, was or would be payable pursuant to any of Section 4.06(d), Section 4.06(e) and Section 6.09.

 

    	9

     

    

 

“Interest Payment Date” means, with respect
to the payment of interest on the Notes, subject to Section 2.03(b) and Section 16.06 of this Indenture, each March 15
and September 15 of each year, beginning on September 16, 2019.

 

“Issuer” means the limited partnership named
as the “Issuer” in the first paragraph of this Indenture, and, subject to the provisions of Article 10,
shall include its successors and assigns.

 

“Issuer Request” and “Issuer Order”
mean, respectively, a written request or order signed in the name of the Issuer by the General Partner by its Chairman of the Board
of Directors, the President, Chief Financial Officer or a Vice President, and by its Treasurer, an Assistant Treasurer, the Secretary
or an Assistant Secretary, of the General Partner, and delivered to the Trustee.

 

“Last Reported Sale Price” of the Common
Stock on any date means the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask
prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported
in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is traded.
If the Common Stock is not listed for trading on a U.S. national or regional securities exchange on the relevant date, the “Last
Reported Sale Price” shall be the last quoted bid price for the Common Stock in the over-the-counter market on the relevant
date as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted, the “Last
Reported Sale Price” shall be the average of the mid-point of the last bid and ask prices for the Common Stock on the
relevant date from each of at least three nationally recognized independent investment banking firms selected by the Issuer for
this purpose.

 

“Make-Whole Fundamental Change” means any
event that (i) is a Fundamental Change (after giving effect to any exceptions or exclusions to the definition thereof) or (ii)
would be a Fundamental Change, but for the exclusion in section (i) of clause (2) of the definition thereof.

 

“Market Disruption Event” means (i) a failure
by the primary exchange or quotation system on which the Common Stock trades or is quoted to open for trading during its regular
trading session or (ii) the occurrence or existence, prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the
Common Stock of an aggregate one half-hour period of any suspension or limitation imposed on trading (by reason of movements in
price exceeding limits permitted by the relevant stock exchange or otherwise) in shares of the Common Stock or in any options,
contracts or future contracts relating to the Common Stock.

 

“Maturity Date” means February 21, 2024.

 

“Merger Event” shall have the meaning specified
in Section 13.07(a).

 

“Note” or “Notes” means
any of the Issuer’s 3.75% Exchangeable Senior Notes due 2024, as the case may be, authenticated and delivered under this
Indenture, including the Initial Notes, any Additional Notes and any Global Note.

 

“Note Register” has the meaning specified
in Section 2.05(a).

 

“Note Registrar” has the meaning specified
in Section 2.05(a).

 

“Noteholder” or “Holder”
as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any Person
in whose name at the time a particular Note is registered on the Note Registrar’s books.

 

“NYSE” means the New York Stock Exchange.

 

    	10

     

    

 

“Offering Memorandum” means the Issuer’s
and the Guarantors’ offering memorandum dated February 15, 2019 relating to the Notes.

 

“Officer” means the Chairman of the Board
of Directors, the President, the Chief Financial Officer, one of the Vice Presidents, the Treasurer, the Assistant Treasurer, the
Secretary or an Assistant Secretary of the General Partner.

 

“Officers’ Certificate,” when used
with respect to the Issuer, means a certificate signed by the Chairman of the Board of Directors, the President, the Chief Financial
Officer or a Vice President and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the General
Partner, and delivered to the Trustee.

 

“Open of Business” means 9:00 a.m., New York
City time.

 

“Opinion of Counsel” means a written opinion
of counsel, who may be counsel for the Issuer or who may be an employee of or other counsel for the Issuer or any Guarantor and
who shall be satisfactory to the Trustee and delivered to the Trustee.

 

“outstanding,” when used with respect to
Notes, means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture, except:

 

		(1)	Notes theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

 

		(2)	Notes, or portions thereof, for whose payment (repurchase pursuant to Article 3) money in the necessary amount has been theretofore
deposited with the Trustee or any Paying Agent (other than the Issuer) in trust or set aside and segregated in trust by the Issuer
(if the Issuer shall act as its own Paying Agent) for the Holders of such Notes;

 

		(3)	Notes, which shall have been discharged in accordance with Article 11;

 

		(4)	Notes exchanged pursuant to Article 13, on and after their Exchange Date; and

 

		(5)	Notes which have been paid pursuant to Section 2.06 or in exchange for or in lieu of which other Notes have been authenticated
and delivered pursuant to this Indenture;

 

provided, however, that in determining whether
the Holders of the requisite principal amount of the outstanding Notes have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, Notes owned by the Issuer or any
other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor shall be disregarded and deemed not to be
outstanding, except that, in determining whether the Trustee shall be protected in making such calculation or in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only Notes which are identified as being so owned on
the Note Registrar shall be so disregarded. Notes owned which have been pledged in good faith may be regarded as outstanding if
the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that
the pledgee is not the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor. In case
of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in
accordance with such advice.

 

“Paying Agent” has the meaning specified
in Section 2.08.

 

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

 

    	11

     

    

 

“Physical Settlement” has the meaning set
forth in Section 13.03(a).

 

“Regular Record Date” has the meaning specified
in Section 2.03.

 

“Reference Property” has the meaning provided
in Section 13.07(a).

 

“REIT” means a real estate investment trust
for U.S. federal income tax purposes.

 

“Responsible Officer” when used with respect
to the Trustee, means any vice president, assistant vice president, any trust officer or assistant trust officer, 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 and who shall have direct responsibility for the administration of this
Indenture.

 

“Restricted Notes” has the meaning specified
in Section 2.05(c).

 

“Restricted Notes Legend” has the meaning
specified in Section 2.05(c).

 

“Rule 144A” means Rule 144A as promulgated
under the Securities Act as it may be amended from time to time hereafter.

 

“Scheduled Trading Day” means any day that
is scheduled to be a Trading Day.

 

“Securities Act” means the Securities Act
of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time.

 

“Settlement Amount” has the meaning specified
in Section 13.03(a).

 

“Settlement Method” means, with respect to
any exchange of Notes, Cash Settlement, Physical Settlement or Combination Settlement, as elected (or deemed to have been elected)
by the Issuer.

 

“Settlement Notice” has the meaning specified
in Section 13.03(a).

 

“Significant Subsidiary” means any Subsidiary
which is a “significant subsidiary” (as defined in Article I, Rule 1-02 of Regulation S-X, promulgated under the Securities
Act) of the Issuer.

 

“Specified Dollar Amount” means the maximum
cash amount per $1,000 principal amount of Notes to be received upon exchange as specified by the Issuer in the Settlement Notice.

 

“Spin-Off” has the meaning specified in Section
13.04(c).

 

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

 

“Stock Price” has the meaning specified in
Section 13.06(c).

 

“Subsidiary” means a Person (other than an
individual), a majority of the outstanding voting stock, partnership interests, membership interests or other equity interest,
as the case may be, of which is owned or controlled, directly or indirectly, by the Issuer or by one or more other Subsidiaries
of the Issuer, as the case may be. For the purposes of this definition, “voting stock” means stock having voting power
for the election of directors, trustees or managers, as the case may be, whether at all times or only so long as no senior class
of stock has such voting power by reason of any contingency.

 

    	12

     

    

 

“Subsidiary Guarantors” has the meaning specified
in the introduction of this Indenture.

 

“Trading Day” means a day on which (i) trading
in the Common Stock (or other security for which a closing sale price must be determined) generally occurs on the NYSE or, if the
Common Stock (or such other security) is not then listed on the NYSE, on the principal other U.S. national or regional securities
exchange on which the Common Stock (or such other security) is then listed or, if the Common Stock (or such other security) is
not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock (or
such other security) is then listed or admitted for trading, and (ii) a closing sale price for the Common Stock (or such other
security for which a closing sale price must be determined) is available on such securities exchange; provided that, for
purposes of determining amounts due under Section 13.02(b), “Trading Day” means a day during which (x) there is no
Market Disruption Event and (y) trading in the Common Stock generally occurs on the NYSE or, if the Common Stock is not then listed
on the NYSE, on the primary U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common
Stock is not then listed on a U.S. national or regional securities exchange, on the primary quotation system on which the Common
Stock then trades or is quoted. If the Common Stock (or such other security) is not so listed or traded, “Trading Day”
means a Business Day.

 

“transfer” has the meaning specified in Section
2.05(c).

 

“Trigger Event” has the meaning specified
in Section 13.04(c).

 

“Trustee” means GLAS Trust Company LLC, and
its successors and any legal entity resulting from or surviving any consolidation or merger to which it or its successors may be
a party and any successor trustee at the time serving as successor trustee hereunder.

 

“Trust Indenture Act” means the Trust Indenture
Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb, et seq.) and the implementing regulations promulgated thereunder, as may
be amended from time to time.

 

“unit of Reference Property” has the meaning
provided in Section 13.07(a).

 

ARTICLE 2

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION

AND EXCHANGE OF NOTES

 

Section 2.01. Designation Amount and Issue of Notes.

 

The Notes shall be designated as “3.75%
Exchangeable Senior Notes due 2024.” Upon the execution of this Indenture, the Initial Notes may be executed by the Issuer
and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver Notes upon a written
order of the Issuer (an “Authentication Order”), such order signed by one Officer, and an Opinion of Counsel
as to, among other things, the enforceability of this Indenture and the Initial Notes. At any time and from time to time thereafter,
the Trustee shall, upon receipt of an Authentication Order, authenticate and deliver any Additional Notes in an aggregate principal
amount specified in such Authentication Order for such Additional Notes issued hereunder and, in the case of any issuance of Additional
Notes pursuant to Section 2.01, such Authentication Order shall certify that such issuance is in compliance with this Indenture.

 

    	13

     

    

 

The aggregate principal amount of Notes which may be authenticated
and delivered under this Indenture is unlimited; provided that upon initial issuance, the aggregate principal amount of
Notes outstanding shall not exceed $125,000,000 (or $143,750,000 if the Initial Purchasers’ option to purchase additional
Notes is exercised in full) (the “Initial Notes”), except as provided in Section 2.06. The Issuer may, without
notice to or the consent of the Holders of Notes, issue additional Notes (the “Additional Notes”) under this
Indenture from time to time in the future with the same terms as the Initial Notes (other than differences in the issue date, the
issue price and interest accrued prior to the issue date of such Additional Notes) in an unlimited aggregate principal amount,
provided that if any such Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes,
such Additional Notes will have a separate CUSIP number. The Initial Notes and any such Additional Notes shall constitute a single
series of debt securities, and in circumstances in which this Indenture provides for the Holders of Notes to vote or take any action,
the Holders of Initial Notes and the Holders of any such Additional Notes will vote or take that action as a single class.

 

Section 2.02. Form of Notes.

 

The Notes and the Trustee’s certificate
of authentication to be borne by such Notes shall be substantially in the form set forth in Exhibit A hereto. The terms
and provisions contained in the form of Note attached as Exhibit A hereto shall constitute, and are hereby expressly made,
a part of this Indenture and, to the extent applicable, the Issuer and the Trustee, by their execution and delivery of this Indenture,
expressly agree to such terms and provisions and to be bound thereby.

 

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

 

So long as the Notes are eligible for book-entry
settlement with the Depositary, or unless otherwise required by law, or otherwise contemplated by Section 2.05(b), all of the Notes
will be represented by one or more Notes in global form registered in the name of the Depositary or the nominee of the Depositary
(a “Global Note”). The transfer and exchange of beneficial interests in any such Global Note shall be effected
through the Depositary in accordance with this Indenture and the applicable procedures of the Depositary. Except as provided in
Section 2.05(b), beneficial owners of a Global Note shall not be entitled to have certificates registered in their names, will
not receive or be entitled to receive physical delivery of certificates in definitive form, and will not be considered Holders
of such Global Note.

 

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

 

Section 2.03. Date and Denomination of Notes; Payments
of Interest and Defaulted Amounts.

 

(a)  The Notes shall be issuable in registered
form without coupons in minimum denominations of $1,000 principal amount and in integral multiples of $1,000 in excess thereof.
Each Note shall be dated the date of its authentication and shall bear cash Interest at a per annum rate equal to 3.75% from the
date specified on the face of the form of Note attached as Exhibit A hereto. Interest on the Notes shall be computed on
the basis of a 360-day year consisting of twelve 30-day months and, for a partial month, on the basis of the number of days actually
elapsed in a 30-day month.

 

    	14

     

    

 

(b)  The Person in whose name any Note is
registered on the Note Register at the Close of Business on any Regular Record Date with respect to any Interest Payment Date shall
be entitled to receive the Interest payable on such Interest Payment Date, subject to the provisions of Section 13.02(a) relating
to any Note or portion thereof surrendered for exchange during the period from the Close of Business on the Regular Record Date
for any Interest Payment Date to the Close of Business on the applicable Interest Payment Date. Interest on any Global Note shall
be paid by wire transfer of immediately available funds to the account of the Depositary or its nominee. Payment of the principal
of Notes not represented by a Global Note shall be made at the office or agency designated by the Issuer for such purpose. Interest
on Notes not represented by a Global Note shall be paid (i) if such Holder holds $2,000,000 or less aggregate principal amount
of Notes, by check mailed to such Holder’s registered address, and (ii) if such Holder holds more than $2,000,000 aggregate
principal amount of Notes, (A) by check mailed to such Holder’s registered address or, (B) if such Holder has previously
delivered to the Note Registrar a written instruction, that is satisfactory to the Note Registrar, requesting the Issuer make such
subsequent payments by wire transfer to an account of such Holder which is located within the United States, for each subsequent
interest payment until such Holder delivers to the Note Registrar a new written instruction to the contrary.

 

If a payment date is not a Business Day,
payment shall be made on the next succeeding Business Day, and no additional interest on such payment shall accrue in respect of
the delay. The term “Regular Record Date” means, with respect to any Interest Payment Date, March 1 (whether
or not a Business Day) or September 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest
Payment Date.

 

(c)  Any Defaulted Amounts shall forthwith
cease to be payable to the Holder on the relevant payment date but shall accrue interest per annum at the rate borne by the Notes
from, and including, such relevant payment date, and such Defaulted Amounts together with such interest thereon shall be paid by
the Issuer, at its election in each case, as provided in clause (1) or (2) below:

 

		(1)	The Issuer may elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes are registered at the
Close of Business on a special record date for the payment of such Defaulted Amounts, which shall be fixed in the following manner:
The Issuer shall notify the Trustee in writing of the amount of the Defaulted Amounts proposed to be paid on each Note and the
date of the proposed payment (which shall be not less than 20 calendar days after the receipt by the Trustee of such notice, unless
the Trustee shall consent to an earlier date), and at the same time the Issuer shall deposit with the Trustee an amount of money
equal to the aggregate amount to be paid in respect of such Defaulted Amounts or shall make arrangements satisfactory to the Trustee
for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit
of the Persons entitled to such Defaulted Amounts as in this clause provided. Thereupon the Issuer shall fix a special record date
for the payment of such Defaulted Amounts which shall be not more than 15 calendar days and not less than 10 calendar days prior
to the date of the proposed payment. At least 15 calendar days before the special record date, the Issuer (or, upon the written
request of the Issuer, the Trustee in the name and at the expense of the Issuer) shall deliver or cause to be delivered to Holders
a notice stating the special record date, the related payment date and the amount of such Defaulted Amounts to be paid to each
such Holder.

 

		(2)	The Issuer may make payment of any Defaulted Amounts in any other lawful manner not inconsistent with the requirements of any
securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice
as may be required by such exchange or automated quotation system, if, after notice given by the Issuer to the Trustee of the proposed
payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

    	15

     

    

 

Section 2.04. Execution of Notes.

 

The Notes shall be signed in the name and
on behalf of the Issuer by the manual or facsimile signature of one or more Officers. Only such Notes as shall bear thereon a certificate
of authentication substantially in the form set forth on the form of Note attached as Exhibit A hereto, executed manually
by the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 7.11), shall be entitled to the benefits
of this Indenture or be valid or obligatory for any purpose. A Note will not be valid or obligatory for any purpose until authenticated
by the manual signature of the Trustee (or such an authenticating agent). Such certificate by the Trustee (or such an authenticating
agent) upon any Note executed by the Issuer shall be conclusive evidence that the Note so authenticated has been duly authenticated
and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.

 

In case any Officer who shall have signed
any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered by the Trustee,
or disposed of by the Issuer, such Notes nevertheless may be authenticated and delivered or disposed of as though the person who
signed such Notes had not ceased to be such Officer, and any Note may be signed on behalf of the Issuer by such persons as, at
the actual date of the execution of such Note, shall be the proper Officers, although at the date of the execution of this Indenture
any such person was not such an Officer.

 

Section 2.05. Exchange and Registration of Transfer of
Notes; Restrictions on Transfer.

 

(a)  The Issuer shall cause to be kept initially
at the Corporate Trust Office a register (the register maintained in such office and in any other office or agency of the Issuer
designated pursuant to Section 4.02 being herein sometimes collectively referred to as the “Note Register”)
in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and
of transfers of Notes. The Trustee is hereby appointed “Note Registrar” for the purpose of registering Notes
and transfers of Notes as herein provided. The Issuer may appoint one or more co-registrars in accordance with Section 4.02.

 

Upon surrender for registration of transfer
of any Note to the Note Registrar or any co-registrar, and satisfaction of the requirements for such transfer set forth in this
Section 2.05, the Issuer shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing such
restrictive legends as may be required by this Indenture.

 

Notes may be transferred for other Notes
of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be transferred at any
such office or agency maintained by the Issuer pursuant to Section 4.02. Whenever any Notes are so surrendered for transfer, the
Issuer shall execute, and the Trustee shall authenticate and deliver, the Notes which the Noteholder making the transfer is entitled
to receive bearing registration numbers not contemporaneously outstanding.

 

All Notes issued upon any registration of
transfer of Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under
this Indenture, as the Notes surrendered upon such registration of transfer.

 

All Notes presented or surrendered for registration
of transfer shall (if so required by the Issuer or the Note Registrar) be duly endorsed, or be accompanied by a written instrument
or instruments of transfer in form satisfactory to the Issuer, and the Notes shall be duly executed by the Noteholder thereof or
its attorney duly authorized in writing.

 

    	16

     

    

 

No service charge shall be made to any Holder
for any registration of, transfer of Notes, but the Issuer may require payment by the Holder of a sum sufficient to cover any tax,
assessment or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes.

 

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

 

		(1)	Each Global Note authenticated under this Indenture shall be registered in the name of the Depositary or a nominee thereof
and delivered to such Depositary or a nominee thereof or Custodian therefor, and each such Global Note shall constitute a single
Note for all purposes of this Indenture.

 

		(2)	Notwithstanding any other provision in this Indenture, no Global Note may be transferred in whole or in part for Notes registered,
and no transfer of a Global Note in whole or in part may be registered, in the name of any Person other than the Depositary or
a nominee thereof unless (1) the Depositary (x) has notified the Issuer that it is unwilling or unable to continue as Depositary
for such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act, and a successor depositary has
not been appointed by the Issuer within ninety (90) calendar days, or (2) an Event of Default has occurred and is continuing. Any
Global Note exchanged pursuant to clause (1) or (2) above shall be so transferred in whole and not in part. Any Note issued in
exchange for a Global Note or any portion thereof shall be a Global Note; provided that any such Note so issued that is
registered in the name of a Person other than the Depositary or a nominee thereof shall not be a Global Note.

 

		(3)	Notes issued in exchange for a Global Note or any portion thereof pursuant to clause (2) above shall be issued in definitive,
fully registered form, without Interest coupons, shall have an aggregate principal amount equal to that of such Global Note or
portion thereof to be so exchanged, shall be registered in such names and be in such authorized denominations as the Depositary
shall designate and shall bear any legends required hereunder. Any Global Note to be transferred in whole shall be surrendered
by the Depositary to the Trustee, as Note Registrar. With regard to any Global Note to be transferred in part, either such Global
Note shall be so surrendered for transfer or, if the Trustee is acting as Custodian for the Depositary or its nominee with respect
to such Global Note, the principal amount thereof shall be reduced, by an amount equal to the portion thereof to be so transferred,
by means of an appropriate adjustment made on the records of the Note Registrar. Upon any such surrender or adjustment, the Trustee
shall authenticate and make available for delivery the Note issuable on such transfer to or upon the written order of the Depositary
or an authorized representative thereof.

 

		(4)	In the event of the occurrence of any of the events specified in clause (2) above, the Issuer will promptly make available
to the Trustee a reasonable supply of certificated Notes in definitive, fully registered form, without Interest coupons.

 

		(5)	Neither any members of, or participants in, the Depositary (“Agent Members”) nor any other Persons on whose
behalf Agent Members may act shall have any rights under this Indenture with respect to any Global Note registered in the name
of the Depositary or any nominee thereof, and the Depositary or such nominee, as the case may be, may be treated by the Issuer,
the Trustee and any agent of the Issuer or the Trustee as the absolute owner and Holder of such Global Note for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from
giving effect to any written certification, proxy or other authorization furnished by the Depositary or such nominee, as the case
may be, or impair, as between the Depositary, its Agent Members and any other Person on whose behalf an Agent Member may act, the
operation of customary practices of such Persons governing the exercise of the rights of a Holder of any Note.

 

    	17

     

    

 

 

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

 

(c)  Every Note (and all securities issued
in exchange therefor or in substitution thereof) that bears or is required under this Section 2.05(c) to bear the legend set forth
in this Section 2.05(c) (the “Restricted Notes Legend”), and any Common Stock that bears or is required under
this Section 2.05(c) to bear the Common Stock legend set forth in this Section 2.05(c) (the “Common Stock Legend”)
(collectively, the “Restricted Notes”) shall be subject to the restrictions on transfer set forth in this Section
2.05(c) (including those set forth in the legends below) unless such restrictions on transfer shall be waived by written consent
of the Issuer, and the Holder of each such Restricted Note, by such Holder’s acceptance thereof, agrees to be bound by all
such restrictions on transfer. As used in this Section 2.05(c), the term “transfer” means any sale, pledge,
loan, transfer or other disposition whatsoever of any Restricted Note or any interest therein.

 

Until the Maturity Date for the Notes, every
certificate evidencing the Notes shall bear a Restricted Notes Legend in substantially the following form unless otherwise determined
by the Issuer in writing, with written notice thereof delivered to the Trustee:

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.
NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT
TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)); (2) AGREES ON ITS OWN BEHALF AND ON
BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY PRIOR
TO THE EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES OF THIS SECURITY UNDER RULE 144 UNDER THE SECURITIES ACT (OR ANY SUCCESSOR
PROVISION), ONLY (A) TO IIP OPERATING PARTNERSHIP, LP (THE “ISSUER”), (B) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE
FOR RESALE UNDER RULE 144A, IN COMPLIANCE WITH RULE 144A TO A PERSON IT REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A OR (C) UNDER ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER UNDER CLAUSE (C) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM; AND (3) AGREES
THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

 

    	18

     

    

 

Until the date that is the later of (1)
the date that is one year after the date of issuance of shares of Common Stock upon exchange of a Note, or such other period of
time as permitted by Rule 144 under the Securities Act or any successor provision thereto, and (2) such later date, if any, as
may be required by applicable laws, any stock certificate evidencing shares of Common Stock issued upon exchange of such Note shall
bear legends referring to the restrictions on ownership and transfer set forth in the Charter and a Common Stock Legend in substantially
the following form unless such Common Stock has been sold pursuant to a registration statement that has been declared or become
effective under the Securities Act (and which continues to be effective at the time of such transfer) or pursuant to Rule 144 under
the Securities Act or any similar provision then in force, or unless otherwise determined by the Issuer in writing, with written
notice thereof to the Trustee:

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.
NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT
TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)); (2) AGREES ON ITS OWN BEHALF AND ON
BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY PRIOR
TO THE EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES OF THIS SECURITY UNDER RULE 144 UNDER THE SECURITIES ACT (OR ANY SUCCESSOR
PROVISION), ONLY (A) TO INNOVATIVE INDUSTRIAL PROPERTIES, INC. (THE “ISSUER”), (B) FOR SO LONG AS THE SECURITIES ARE
ELIGIBLE FOR RESALE UNDER RULE 144A, IN COMPLIANCE WITH RULE 144A TO A PERSON IT REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (C) UNDER ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER UNDER
CLAUSE (C) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM;
AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF
THIS LEGEND.

 

Any such shares of Common Stock as to which
such restrictions on transfer shall have expired in accordance with their terms or as to which the conditions for removal of the
Common Stock Legend set forth therein have been satisfied may, upon surrender of the certificates representing such shares of Common
Stock for exchange in accordance with the procedures of the transfer agent for the Common Stock, be exchanged for a new certificate
or certificates for a like number of shares of Common Stock, which shall not bear the Common Stock Legend required by this Section
2.05(c).

 

(d)  By its acceptance of any Note bearing
the Restricted Notes Legend, each Holder of such Note acknowledges the restrictions on transfer of such Note set forth in this
Indenture and in the Restricted Notes Legend and agrees that it will transfer such Note only as provided in this Indenture and
as permitted by applicable law.

 

(e)  Any Restricted Securities purchased
or owned by the Issuer or any Affiliate thereof may not be resold by the Issuer or such Affiliate unless registered under the Securities
Act or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction which results
in such Notes or Common Stock, as the case may be, no longer being “restricted securities” (as defined under Rule 144).

 

    	19

     

    

 

(f)  The Trustee in each of its various capacities
as designated from time to time hereunder shall have no responsibility or obligation to any Agent Members or any other Person with
respect to the accuracy of the books or records, or the acts or omissions, of the Depositary or its nominee or of any participant
or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any Agent Member or other
Person (other than the Depositary) of any notice or the payment of any amount, under or with respect to such Notes. All notices
and communications to be given to the Noteholders and all payments to be made to Noteholders under the Notes shall be given or
made only to or upon the order of the registered Noteholders (which shall be the Depositary or its nominee in the case of a Global
Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depositary subject to the customary
procedures of the Depositary. The Trustee in each of its various capacities as designated from time to time hereunder may rely
and shall be fully protected in relying upon any information furnished by the Depositary with respect to its Agent Members.

 

The Trustee in each of its various capacities
as designated from time to time hereunder shall have no obligation or duty to monitor, determine or inquire as to compliance with
any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest
in any Note (including any transfers between or among Agent Members in any Global Indenture) other than to require delivery of
such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes.

 

In case any Note shall become mutilated
or be destroyed, lost or stolen, the Issuer in its discretion may execute, and upon its written request the Trustee or an authenticating
agent appointed by the Trustee shall authenticate and make available for delivery, a new Note, bearing a number not contemporaneously
outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed,
lost or stolen. In every case, the applicant for a substituted Note shall furnish to the Issuer, to the Trustee and, if applicable,
to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss,
liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, the
applicant shall also furnish to the Issuer, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction
of the destruction, loss or theft of such Note and of the ownership thereof.

 

Following receipt by the Trustee or such
authenticating agent, as the case may be, of satisfactory security or indemnity and evidence, as described in the preceding paragraph,
the Trustee or such authenticating agent may authenticate any such substituted Note and make available for delivery such Note.
Upon the issuance of any substituted Note, the Issuer may require the payment by the Holder of a sum sufficient to cover any tax,
assessment or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In
case any Note which has matured or is about to mature or has been properly tendered for repurchase on a Fundamental Change Repurchase
Date (and not withdrawn) or is to be exchanged pursuant to this Indenture, shall become mutilated or be destroyed, lost or stolen,
the Issuer may, instead of issuing a substitute Note, pay or authorize the payment of or exchange or authorize the exchange of
the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment
or exchange shall furnish to the Issuer, to the Trustee and, if applicable, to such authenticating agent such security or indemnity
as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or in connection with
such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer, the Trustee
and, if applicable, any Paying Agent or Exchange Agent evidence to their satisfaction of the destruction, loss or theft of such
Note and of the ownership thereof.

 

    	20

     

    

 

Every substitute Note issued pursuant to
the provisions of this Section 2.06 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an additional
contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be
entitled to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally and proportionately
with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the
express condition that the foregoing provisions are exclusive with respect to the replacement or payment or exchange or repurchase
of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or
statute existing or hereafter enacted to the contrary with respect to the replacement or payment or exchange or repurchase of negotiable
instruments or other securities without their surrender.

 

Section 2.07. Temporary Notes.

 

Pending the preparation of Notes in certificated
form, the Issuer may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon the written request
of the Issuer, authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any authorized
denomination, and substantially in the form of the Notes in certificated form, but with such omissions, insertions and variations
as may be appropriate for temporary Notes, all as may be determined by the Issuer. Every such temporary Note shall be executed
by the Issuer and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same
manner, and with the same effect, as the Notes in certificated form. Without unreasonable delay, the Issuer will execute and deliver
to the Trustee or such authenticating agent Notes in certificated form and thereupon any or all temporary Notes may be surrendered
in exchange therefor, at each office or agency maintained by the Issuer pursuant to Section 4.02 and the Trustee or such authenticating
agent shall authenticate and make available for delivery in exchange for such temporary Notes an equal aggregate principal amount
of Notes in certificated form. Such exchange shall be made by the Issuer at its own expense and without any charge therefor. Until
so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under
this Indenture as Notes in certificated form authenticated and delivered hereunder.

 

Section 2.08. Cancellation of Notes.

 

All Notes surrendered for the purpose of
payment, repurchase, exchange or registration of transfer shall, if surrendered to the Issuer or any paying agent to whom Notes
may be presented for payment (the “Paying Agent”) or Exchange Agent, both of which shall initially be the Trustee,
or any Note Registrar, be surrendered to the Trustee and promptly canceled by it or, if surrendered to the Trustee, shall be promptly
canceled by it and no Notes shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture.
The Trustee shall dispose of such canceled Notes in accordance with its customary procedures. If the Issuer shall acquire any of
the Notes, such acquisition shall not operate as a repurchase or satisfaction of the indebtedness represented by such Notes unless
and until the same are delivered to the Trustee for cancellation.

 

Section 2.09. CUSIP Numbers.

 

The Issuer in issuing the Notes may use
“CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in all notices
issued to Holders as a convenience to such Holders; provided that any such notice may state that no representation is made
as to the correctness of such numbers either as printed on the Notes or on such notice and that reliance may be placed only on
the other identification numbers printed on the Notes. The Issuer shall promptly notify the Trustee in writing of any change in
the “CUSIP” numbers. 

 

    	21

     

    

 

ARTICLE 3

REPURCHASE OF NOTES

 

Section 3.01. Repurchases at Option of Holders upon a
Fundamental Change.

 

(a)  If a Fundamental Change occurs, then
each Holder shall have the right, at such Holder’s option, to require the Issuer to repurchase for cash any or all of such
Holder’s Notes, or any portion thereof such that the remaining principal amount that remains outstanding of each Note that
is not repurchased in full equals $1,000 or an integral multiple of $1,000 in excess thereof, on a date (the “Fundamental
Change Repurchase Date”) specified by the Issuer that is not less than 20 calendar days or more than 35 calendar days
following the date on which the Issuer delivers the Fundamental Change Repurchase Notice to the Holders, at a repurchase price
equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid Interest thereon, if any,
to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”); provided,
however, that if the Fundamental Change Repurchase Date falls after a Regular Record Date and on or prior to the Interest
Payment Date corresponding to such Regular Record Date, the Issuer shall instead pay the full amount of accrued and unpaid Interest
(to, but not including, such Interest Payment Date) to the Holder of record on such Regular Record Date and the Fundamental Change
Repurchase Price shall be equal to 100% of the principal amount of the Notes to be repurchased.

 

(b)  Repurchases of Notes under this Section
3.01 shall be made, at the option of the Holder thereof, upon:

 

		(1)	if the Notes to be repurchased are in definitive form, delivery to the Paying Agent by the Holder of a duly completed written
repurchase notice (the “Fundamental Change Repurchase Notice”), as set forth in the Form of Repurchase Notice
attached as Attachment 3 to the Form of Note attached as Exhibit A hereto, or if the Notes to be repurchased are Global
Notes, in compliance with the Depositary’s procedures for surrendering interests in Global Notes, in each case on or before
the Close of Business on the Business Day immediately preceding the Fundamental Change Repurchase Date, subject to extensions to
comply with applicable law; and

 

		(2)	if the Notes to be repurchased are in definitive form, delivery of the Notes, to the Paying Agent at any time after delivery
of the Fundamental Change Repurchase Notice (together with all necessary endorsements for transfer) at the office of the Paying
Agent, or if the Notes to be repurchased are Global Notes, book-entry transfer of the Notes in compliance with the procedures of
the Depositary, in each case such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price
therefor.

 

The Fundamental Change Repurchase Notice
in respect of any Notes to be repurchased shall state:

 

		(1)	if certificated, the certificate numbers of such Notes to be delivered for repurchase;

 

		(2)	the portion of the principal amount of such Notes, which must be such that the principal amount that remains outstanding of
each Note that is not to be repurchased in full equals $1,000 or an integral multiple of $1,000 in excess thereof; and

 

		(3)	that such Notes are to be repurchased by the Issuer pursuant to the applicable provisions of the Notes and this Indenture.

 

Notwithstanding anything herein to the contrary,
any Holder delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this Section 3.01 shall have
the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the Close of Business
on the third Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal
to the Paying Agent in accordance with Section 3.03.

 

The Paying Agent shall promptly notify the
Issuer of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal thereof.

 

    	22

     

    

 

(c)  On or before the 20th calendar day after
the occurrence of a Fundamental Change, the Issuer shall provide to all Holders of the Notes, the Trustee, the Exchange Agent and
the Paying Agent (in the case of any Paying Agent other than the Trustee) a written notice (the “Fundamental Change Issuer
Notice”) of the occurrence of such Fundamental Change and of the resulting repurchase right at the option of the Holders
arising as a result thereof. Such notice shall be sent by first class mail or overnight courier or, in the case of any Global Notes,
in accordance with the procedures of the Depositary for providing notices. Simultaneously with providing such Fundamental Change
Issuer Notice, the Issuer shall publish a notice containing this information in a newspaper of general circulation in The City
of New York or publish the information on the General Partner’s website or through such other public medium as the Issuer
may use at that time.

 

Each Fundamental Change Issuer Notice shall
state:

 

		(1)	the events causing the Fundamental Change;

 

		(2)	the date of the Fundamental Change;

 

		(3)	the last date on which a Holder of Notes may exercise the repurchase right pursuant to this Article 3;

 

		(4)	the Fundamental Change Repurchase Price;

 

		(5)	the Fundamental Change Repurchase Date;

 

		(6)	if applicable, the name and address of the Paying Agent and the Exchange Agent;

 

		(7)	if applicable, the applicable Exchange Rate and any adjustments to the applicable Exchange Rate;

 

		(8)	if applicable, that the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may
be exchanged only if the Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture;
and

 

		(9)	the procedures that Holders must follow to require the Issuer to repurchase their Notes.

 

No failure of the Issuer to give the foregoing notices and no
defect therein shall limit the repurchase rights of the Holders of Notes or affect the validity of the proceedings for the repurchase
of the Notes pursuant to this Section 3.01.

 

At the Issuer’s written request, the
Paying Agent shall give such notice in the Issuer’s name and at the Issuer’s expense; provided, however, that, in all
cases, the text of such Fundamental Change Issuer Notice shall be prepared by the Issuer and given to the Paying Agent at least
three business days prior to the date of such notification.

 

(d)  Notwithstanding the foregoing, there
shall be no repurchase of any Notes pursuant to this Section 3.01 if the principal amount of the Notes has been accelerated, and
such acceleration has not been rescinded, on or prior to the Fundamental Change Repurchase Date (except in the case of an acceleration
resulting from a default by the Issuer in the payment of the Fundamental Change Repurchase Price with respect to such Notes). The
Paying Agent will promptly return to the respective Holders thereof any Notes in definitive form held by it during the acceleration
of the Notes (except in the case of an acceleration resulting from a default by the Issuer in the payment of the Fundamental Change
Repurchase Price with respect to such Notes) and shall deem to be cancelled any instructions for book-entry transfer of the Notes
in compliance with the procedures of the Depositary, in which case, upon such return or cancellation, as the case may be, the Fundamental
Change Repurchase Notice with respect thereto shall be deemed to have been withdrawn.

 

    	23

     

    

 

(e)  Notwithstanding the other provisions
of this Article 3, the Issuer will not be required to make an offer to repurchase the Notes upon a Fundamental Change if a third
party makes such an offer to purchase in the manner, at the times and otherwise in compliance with the requirements set forth in
this Indenture applicable to an offer to repurchase made by the Issuer and such third party purchases all Notes properly tendered
and not validly withdrawn under its offer. Any third party that intends to make such an offer to purchase the Notes shall give
prior written notice to the Trustee.

 

Section 3.02 Effect of Fundamental Change Repurchase Notice.

 

Upon receipt by the Paying Agent of the
Fundamental Change Repurchase Notice, the Holder of the Note in respect of which such Fundamental Change Repurchase Notice was
given shall (unless such Fundamental Change Repurchase Notice is withdrawn in accordance with Section 3.03) thereafter be entitled
to receive solely the Fundamental Change Repurchase Price in cash with respect to such Note (and any previously accrued and unpaid
interest on such Note). Such Fundamental Change Repurchase Price shall be paid to such Holder, subject to receipt of funds by the
Paying Agent, on the later of (x) the applicable Fundamental Change Repurchase Date (provided the conditions in Section 3.01 have
been satisfied) and (y) the time of delivery or book-entry transfer of such Note to the Paying Agent by the Holder thereof in the
manner required by Section 3.01, subject in each case to extensions to comply with applicable law.

 

Section 3.03 Withdrawal of Fundamental Change Repurchase
Notice.

 

A Fundamental Change Repurchase Notice may
be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the Paying Agent prior to the Close
of Business on the third Business Day immediately preceding the Fundamental Change Repurchase Date. The notice of withdrawal shall
state:

 

		(1)	the principal amount of the Notes with respect to which such notice of withdrawal is being submitted;

 

		(2)	if Notes have been issued in definitive form, the certificate numbers of the withdrawn Notes; and

 

		(3)	the principal amount, if any, of each Note that remains subject to the Fundamental Change Repurchase Notice, which must be
such that the principal amount not to be repurchased equals $1,000 or an integral multiple of $1,000 in excess thereof;

 

provided, however, that if the Notes are Global
Notes, the notice must comply with applicable procedures of the Depositary.

 

The Paying Agent will promptly return to
the respective Holders thereof any Notes in definitive form with respect to which a Fundamental Change Repurchase Notice has been
withdrawn in compliance with the provisions of this Section 3.03.

 

Section 3.04 Deposit of Fundamental Change Repurchase
Price.

 

Prior to 10:00 a.m., New York City time,
on the Fundamental Change Repurchase Date, the Issuer shall deposit with the Paying Agent (or if the Issuer or a Subsidiary or
an Affiliate of the Issuer is acting as the Paying Agent, shall set aside, segregate and hold in trust as provided herein) an amount
of money (in immediately available funds if deposited on such Business Day) sufficient to pay the Fundamental Change Repurchase
Price of all the Notes or portions thereof that are to be repurchased as of the Fundamental Change Repurchase Date.

 

    	24

     

    

 

(b)  If by 10:00 a.m. New York City time,
on the Fundamental Change Repurchase Date, the Paying Agent holds money sufficient to pay the Fundamental Change Repurchase Price
of the Notes for which a Fundamental Change Repurchase Notice has been tendered and not withdrawn in accordance with this Indenture
on the Fundamental Change Repurchase Date, then as of such Fundamental Change Repurchase Date, (i) such Notes will cease to be
outstanding and interest will cease to accrue thereon (whether or not book-entry transfer of the Notes has been made or the Notes
have been delivered to the Paying Agent) and (iii) all other rights of the Holders in respect thereof will terminate (other than
the right to receive the Fundamental Change Repurchase Price and, if applicable, accrued and unpaid interest upon delivery or book-entry
transfer of such Notes).

 

Section 3.05 Notes Repurchased in Whole or in Part.

 

Any certificated Note that is to be repurchased,
whether in whole or in part, shall be surrendered at the office of the Paying Agent (with, if the Issuer or the Trustee so requires
in the case of Notes in definitive form, due endorsement by, or a written instrument of transfer in form satisfactory to the Issuer
and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing) and the Issuer
shall execute and the Trustee shall authenticate and deliver to the Holder of such Note, without service charge, a new Note or
Notes, of any authorized denomination as requested by such Holder in aggregate principal amount equal to, and in exchange for,
the portion of the principal amount of the Note so surrendered that is not purchased.

 

Section 3.06 Covenant To Comply with Applicable Laws upon
Repurchase of Notes. 

 

In connection with any offer to repurchase
Notes under Section 3.01, the Issuer shall, in each case if required by law, (i) comply with Rule 13e-4, Rule 14e-1 and any other
tender offer rules under the Exchange Act that may then be applicable, (ii) file a Schedule TO or any other required schedule under
the Exchange Act and (iii) otherwise comply with all federal and state securities laws applicable to the Issuer in connection with
such repurchase offer, in each case, so as to permit the rights and obligations under Article 3 to be exercised in the time and
in the manner specified in Article 3.

 

Section 3.07 Repayment to the Issuer.

 

To the extent that the aggregate amount
of cash deposited by the Issuer pursuant to Section 3.04 exceeds the aggregate Fundamental Change Repurchase Price of the Notes
or portions thereof that the Issuer is obligated to repurchase as of the Fundamental Change Repurchase Date, then, following the
Fundamental Change Repurchase Date, the Paying Agent shall promptly return any such excess to the Issuer.

 

ARTICLE 4

PARTICULAR COVENANTS OF THE ISSUER AND THE GENERAL PARTNER

 

Section 4.01. Payment of Principal and Interest.

 

The Issuer covenants and agrees that it
will duly and punctually pay or cause to be paid when due the principal of (including the repurchase price upon repurchase pursuant
to Article 3) and Interest on each of the Notes at the places, at the respective times and in the manner provided herein and in
the Notes.

 

    	25

     

    

 

Section 4.02. Maintenance of Office or Agency.

 

The Issuer will maintain an office or agency
where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or for exchange or
repurchase and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. As of
the date of this Indenture, such office shall be the Corporate Trust Office and, at any other time, at such other address as the
Trustee may designate from time to time by notice to the Issuer. The Issuer will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency not designated or appointed by the Trustee. If at any time the
Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby
appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.

 

The Issuer may also from time to time designate
co-registrars and one or more 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 shall in any
manner relieve the Issuer of its obligation to maintain an office or agency for such purposes . The Issuer 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 Issuer hereby initially designates the
Trustee as Paying Agent, Note Registrar, Custodian and Exchange Agent and the Corporate Trust Office shall be considered as one
such office or agency of the Issuer for each of the aforesaid purposes.

 

So long as the Trustee is the Note Registrar,
the Trustee agrees, at the expense of the Issuer, to deliver, or cause to be delivered, the notices set forth in Section 7.08(f),
if applicable, in accordance with the procedures of the Depositary. If co-registrars have been appointed in accordance with this
Section, the Trustee shall mail such notices only to the Issuer and the Holders of Notes it can identify from its records. 

 

Section 4.03. Appointments to Fill Vacancies in Trustee’s
Office.

 

The Issuer, whenever necessary to avoid
or fill a vacancy in the office of Trustee, will appoint, upon the terms and conditions and otherwise as provided in Section 7.08,
a Trustee, so that there shall at all times be a Trustee hereunder.

 

Section 4.04. Provisions as to Paying Agent.

 

(a)  If the Issuer shall appoint a Paying
Agent other than the Trustee, or if the Trustee shall appoint such a Paying Agent, the Issuer will cause such Paying Agent to execute
and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section
4.04:

 

		(1)	that it will hold all sums held by it as such agent for the payment of the principal of or Interest on the Notes (whether such
sums have been paid to it by the Issuer or by any other obligor on the Notes) in trust for the benefit of the Holders of the Notes;

 

		(2)	that it will give the Trustee notice of any failure by the Issuer (or by any other obligor on the Notes) to make any payment
of the principal of or Interest on the Notes when the same shall be due and payable; and

 

		(3)	that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee
all sums so held in trust.

 

    	26

     

    

 

The Issuer shall, on or before each due
date of the principal of or Interest on the Notes, deposit with the Paying Agent a sum (in funds which are immediately available
on the due date for such payment) sufficient to pay such principal or Interest and (unless such Paying Agent is the Trustee) the
Issuer will promptly notify the Trustee of any failure to take such action; provided that if such deposit is made on the
due date, such deposit shall be received by the Paying Agent by no later than 11:00 a.m. New York City time, on such date.

 

(b)  If the Issuer shall act as its own Paying
Agent, it will, on or before each due date of the principal of or Interest on the Notes, set aside, segregate and hold in trust
for the benefit of the Holders of the Notes a sum sufficient to pay such principal and Interest so becoming due and will promptly
notify the Trustee of any failure to take such action and of any failure by the Issuer (or any other obligor under the Notes) to
make any payment of the principal of or Interest on the Notes when the same shall become due and payable.

 

(c)  Anything in this Section 4.04 to the
contrary notwithstanding, the Issuer may, at any time, for the purpose of obtaining a satisfaction and discharge of this Indenture,
or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the Issuer or any Paying Agent hereunder
as required by this Section 4.04, such sums to be held by the Trustee upon the trusts herein contained and upon such payment by
the Issuer or any Paying Agent to the Trustee, the Issuer or such Paying Agent shall be released from all further liability with
respect to such sums.

 

(d)  Anything in this Section 4.04 to the
contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 4.04 is subject to Section 11.02.

 

The Trustee shall not be responsible for,
and shall have no liability for, the actions of any other Paying Agents (including the Issuer if acting as its own Paying Agent)
and shall have no control of any funds held by such other Paying Agents.

 

Section 4.05. Existence.

 

Subject to Article 10, each of the Issuer
and the General Partner will do or cause to be done all things necessary to preserve and keep in full force and effect its existence
and all material rights and material franchises; provided, however, that neither the Issuer nor the General Partner
shall be required to preserve any such right or franchise if the Board of Directors shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Issuer or the General Partner, as applicable.

 

Section 4.06. Rule 144A Information Requirement; Annual
Reports; Additional Interest. 

 

(a)  At any time that the General Partner
is not subject to Section 13 or 15(d) of the Exchange Act, the Issuer shall, so long as any of the Notes shall, at such time, constitute
“restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, upon written request, provide
to any Holder, beneficial owner or prospective purchaser of such Notes, the information required to be delivered pursuant to Rule
144A(d)(4) under the Securities Act to facilitate the resale of such Notes pursuant to Rule 144A.

 

(b)  The Issuer shall file with the Trustee,
within 15 days after the same are required to be filed with the Commission, copies of the quarterly and annual reports and of the
information, documents and other reports, if any, that the General Partner is required to file with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act (giving effect to any grace period provided by Rule 12b-25 under the Exchange Act). Any
such report, information or document that the General Partner files with the Commission through the Commission’s EDGAR system
(or any successor thereto) will be deemed to be filed with the Trustee for purposes of this Section 4.06(b) at the time of
such filing through the EDGAR system (or such successor thereto). The Trustee shall have no liability or responsibility for the
filing, timeliness or content of such reports.

 

    	27

     

    

 

(c)   Delivery of any such reports, information
and documents described in subsection (b) above to the Trustee shall be for informational purposes only, and the Trustee’s
receipt of such reports, information and documents shall not constitute constructive notice of any information contained therein
or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

(d)  If, at any time during the six-month
period beginning on, and including, the date that is six months after the last date of original issuance of the Notes, the General
Partner fails to timely file any document or report that it is required to file with the Commission pursuant to Section 13 or 15(d)
of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than reports on Form
8-K), or the Notes or any shares of Common Stock issuable upon exchange of the Notes are not otherwise freely tradable pursuant
to Rule 144 by Holders other than the Issuer’s Affiliates or Holders that were the Issuer’s Affiliates at any time
during the three months immediately preceding (as a result of restrictions pursuant to U.S. securities laws or the terms of this
Indenture or the Notes), the Issuer shall pay Additional Interest on the Notes. Such Additional Interest shall accrue on the Notes
at the rate of 0.50% per annum of the principal amount of the Notes outstanding for each day during such period for which the General
Partner’s failure to file has occurred and is continuing or the Notes or any shares of Common Stock issuable upon exchange
of the Notes are not otherwise freely tradable as described above by Holders other than the Issuer’s Affiliates (or Holders
that were the Issuer’s Affiliates at any time during the three months immediately preceding). As used in this Section 4.06(d),
documents or reports that the General Partner is required to “file” with the Commission pursuant to Section 13 or 15(d)
of the Exchange Act does not include documents or reports that the General Partner furnishes to the Commission pursuant to Section
13 or 15(d) of the Exchange Act.

 

(e)  If, and for so long as, the Restricted
Notes Legend on the Notes has not been removed, the Notes are assigned a restricted CUSIP number or the Notes and any shares of
Common Stock issuable upon exchange of the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the
Issuer’s Affiliates or Holders that were the Issuer’s Affiliates at any time during the three months immediately preceding
(without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes) as of the 365th day after the
last date of original issuance of the Notes, the Issuer shall pay Additional Interest on the Notes at a rate equal to 0.50% per
annum of the principal amount of Notes outstanding until the Restricted Notes Legend on the Notes has been removed in accordance
with Section 2.05(c), the Notes are assigned an unrestricted CUSIP number and the Notes and any shares of Common Stock issuable
upon exchange of the Notes are freely tradable as described above by Holders other than the Issuer’s Affiliates (or Holders
that were the Issuer’s Affiliates at any time during the three months immediately preceding) without restrictions pursuant
to U.S. securities laws or the terms of this Indenture or the Notes. The Restricted Notes Legend on the Notes shall be deemed removed
pursuant to the terms of this Indenture as provided in Section 2.05(c), and, at such time, the Notes will, pursuant to, and subject
to the provisions of, such Section, be deemed assigned an unrestricted CUSIP number. However, for the avoidance of doubt, the Global
Notes will continue to bear Additional Interest pursuant to this paragraph until such time as they are identified by an unrestricted
CUSIP number in the facilities of the Depositary therefor, as a result of completion of such Depositary’s mandatory exchange
process or otherwise.

 

(f)  Additional Interest will be payable
in arrears on each Interest Payment Date following accrual in the same manner as regular Interest on the Notes.

 

(g)  The Additional Interest that is payable
in accordance with Section 4.06(d) or Section 4.06(e) shall be in addition to, and not in lieu of, any Additional Interest that
may accrue at the Issuer’s election as the sole remedy relating to the failure to comply with the Issuer’s reporting
obligations pursuant to Section 6.09.

 

    	28

     

    

 

(h)  If Additional Interest is payable by
the Issuer pursuant to Section 4.06(d) or Section 4.06(e), the Issuer shall deliver to the Trustee (copied to the Paying Agent)
an Officers’ Certificate to that effect stating (i) the amount of such Additional Interest that is payable and (ii) the date
on which such Additional Interest is payable. Unless and until a Responsible Officer of the Trustee and the Paying Agent receives
at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such Additional Interest is payable.
In the case of any Notes in definitive form, if the Issuer has paid Additional Interest directly to the Persons entitled to it,
the Issuer shall deliver to the Trustee and the Paying Agent an Officers’ Certificate setting forth the particulars of such
payment.

 

(i)  Notwithstanding the foregoing, the Issuer
will not be required to pay Additional Interest with respect to any failure to remove the Restricted Notes Legend or assign an
unrestricted CUSIP number on the Notes or if the Notes and any shares of Common Stock issuable upon exchange of the Notes are not
freely tradable, for any date on which the following four conditions are satisfied: (1) the General Partner has filed a shelf registration
statement for the resale of the Notes and any shares of Common Stock issuable upon exchange of the Notes, as applicable, (2) such
shelf registration statement is effective and usable by Holders identified therein as selling security holders for the resale of
the Notes and any shares of Common Stock issued upon exchange of the Notes, as applicable, (3) the Holders may sell their Notes
and any shares of Common Stock issued upon exchange of the Notes, as applicable, under such shelf registration statement on terms
customary for the resale of convertible or exchangeable securities offered in reliance on Rule 144A and (4) the Notes and/or shares
of Common Stock sold pursuant to such shelf registration statement become freely tradable as a result of such sale.

 

Section 4.07. Stay, Extension and Usury Laws.

 

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

 

Section 4.08. Compliance Certificate.

 

The Issuer will deliver to the Trustee,
within 120 days after the end of each fiscal year, an Officers’ Certificate stating whether or not to the knowledge of the
signers thereof, the Issuer or the General Partner is in default in the performance and observance of any of the terms, provisions
and conditions under this Indenture (without regard to any period of grace or requirement of notice provided under the Indenture)
and, if the Issuer or the General Partner is in default, specifying all such defaults and the nature and the status thereof of
which they may have knowledge. The Issuer will promptly notify the Trustee if the Issuer changes its fiscal year end to a date
other than December 31. For purposes of this Section 4.08, such compliance shall be determined without regard to any period of
grace or requirement of notice under this Indenture.

 

The Issuer will deliver to the Trustee,
as soon as possible, and in any event within 30 days after the Issuer becomes aware of the occurrence of any Default or Event of
Default, an Officers’ Certificate specifying with particularity such Defaults or Event of Defaults, as applicable, their
status and what action the Issuer has taken, is taking or proposes to take with respect thereto.

 

Any notice required to be given under this
Section 4.08 shall be delivered to a Responsible Officer of the Trustee at its Corporate Trust Office.

 

    	29

     

    

 

Section 4.09. Reservation of Shares, Shares to Be Fully
Paid; Compliance with Governmental Requirements; Listing of Common Stock.

 

The General Partner shall provide, free
from preemptive rights, out of its authorized but unissued shares, sufficient shares of Common Stock to provide for the exchange
of the Notes as required by this Indenture from time to time as such Notes are presented for exchange.

 

The General Partner covenants that all shares
of Common Stock which may be issued upon exchange of Notes will upon issue be fully paid and non-assessable by the General Partner
and free from all taxes, liens and charges with respect to the issue thereof.

 

The General Partner covenants that, if any
shares of Common Stock to be provided for the purpose of exchange of Notes hereunder require registration with or approval of any
governmental authority under any federal or state law before such shares may be validly issued upon exchange, the General Partner
shall, as expeditiously as possible secure such registration or approval, as the case may be.

 

The General Partner further covenants that,
if at any time the Common Stock shall be listed on the NYSE or any other national or regional securities exchange or automated
quotation system, the General Partner will, if permitted by the rules of such exchange or automated quotation system, list and
keep listed, so long as the Common Stock shall be so listed on such exchange or automated quotation system, all the Common Stock
issuable upon exchange of the Notes; provided that if the rules of such exchange or automated quotation system permit the
General Partner to defer the listing of such the Common Stock until the first exchange of the Notes in accordance with the provisions
of this Indenture, the General Partner covenants to list such Common Stock issuable upon exchange of the Notes in accordance with
the requirements of such exchange or automated quotation system at such time.

 

ARTICLE 5

LIST OF HOLDERS AND REPORTS BY

THE ISSUER AND THE TRUSTEE

 

Section 5.01. List of Holders.

 

The Issuer covenants and agrees that it
will furnish or cause to be furnished to the Trustee, semi-annually, not more than 15 days after each March 1 and September 1 in
each year beginning with March 1, 2019, and at such other times as the Trustee may request in writing, within 30 days after receipt
by the Issuer of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide
any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and addresses
of the Holders as of a date not more than 15 days (or such other date as the Trustee may reasonably request in order to so provide
any such notices) prior to the time such information is furnished, except that no such list need be furnished so long as the Trustee
is acting as Note Registrar.

 

Section 5.02. Preservation and Disclosure of Lists.

 

The Trustee shall preserve, in as current
a form as is reasonably practicable, all information as to the names and addresses of the Holders contained in the most recent
list furnished to it as provided in Section 5.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting.
The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

    	30

     

    

 

ARTICLE 6

EVENTS OF DEFAULT; REMEDIES

 

Section 6.01. Events of Default.

 

(a) Events of Default. In case any
one or more of the following (each, an “Event of Default”) (whatever the reason for such Event of Default and
whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of
any court or any order, rule or regulation of any administrative or governmental body) shall have occurred and be continuing:

 

		(1)	default in the payment of any interest upon any Note when it becomes due and payable, and continuance of such default for a
period of 30 days;

 

		(2)	default in the payment of the principal of any Note (including the Fundamental Change Repurchase Price) when due and payable
on the Maturity Date, upon required repurchase, upon declaration of acceleration or otherwise;

 

		(3)	failure by the Issuer or the General Partner to comply with the obligation to exchange the Notes for cash, shares of Common
Stock or a combination of cash and shares of Common Stock, as the case may be, in accordance with this Indenture upon exercise
of a Holder’s exchange right, which failure continues for five Business Days;

 

		(4)	failure by the Issuer to comply with its obligations under Article 10;

 

		(5)	failure by the Issuer to issue a Fundamental Change Issuer Notice in accordance with Section 3.01(c) when due;

 

		(6)	failure by the Issuer for 60 days after written notice from the Trustee or the Holders of at least 25% in aggregate principal
amount of the Notes then outstanding (a copy of which notice, if given by Holders, must also be given to the Trustee) has been
received by the Issuer to comply with any of its other agreements contained in the Notes or this Indenture (other than a covenant
or warranty a default in whose performance or whose breach is elsewhere in this section specifically provided for or which does
not apply to the Notes), which notice shall state that it is a “Notice of Default” under this Indenture;

 

		(7)	default following the failure by the Issuer to pay beyond any applicable grace period, or resulting in the acceleration of,
indebtedness of the Issuer or any of its Subsidiaries where the aggregate principal amount with respect to which the default has
occurred is greater than $10 million (or its foreign currency equivalent at such time);

 

		(8)	the Issuer, the General Partner or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to the Issuer, the General Partner or any such Significant Subsidiary or its debts
under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver,
liquidator, custodian or other similar official of the Issuer, the General Partner or any such Significant Subsidiary or any substantial
part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in
an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors,
or shall fail generally to pay its debts as they become due; or

 

		(9)	an involuntary case or other proceeding shall be commenced against the Issuer, the General Partner, or any Significant Subsidiary
seeking liquidation, reorganization or other relief with respect to the Issuer, the General Partner or such Significant Subsidiary
or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of the Issuer, the General Partner or such Significant Subsidiary or
any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a
period of 30 consecutive days.

 

    	31

     

    

 

(b)  If one or more Events of Default shall
have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary
or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body), then, and in each and every such case (other than an Event of Default specified in Section
6.01(a)(8) or Section 6.01(a)(9) with respect to the Issuer, the General Partner or any Significant Subsidiary), unless the principal
of all of the Notes shall have already become due and payable, either the Trustee or the Holders of at least 25% in aggregate principal
amount of the Notes then outstanding, by notice in writing to the Issuer (and to the Trustee if given by Holders), may declare
100% of the principal of, and accrued and unpaid interest, if any, on, all then outstanding Notes to be due and payable immediately,
and upon any such declaration the same shall become and shall automatically be immediately due and payable, anything contained
in this Indenture or in the Notes to the contrary notwithstanding. If an Event of Default specified in Section 6.01(a)(8) or Section
6.01(a)(9) with respect to the Issuer, the General Partner or any Significant Subsidiary occurs and is continuing, 100% of the
principal of, and accrued and unpaid interest, if any, on, all then outstanding Notes shall become and shall automatically be immediately
due and payable.

 

(c)  The Holders of a majority in aggregate
principal amount of the Notes then outstanding on behalf of the Holders of all of the Notes then outstanding, by written notice
to the Issuer and to the Trustee, may waive (including, by way of consents obtained in connection with a repurchase of, or tender
or exchange offer for, the Notes) all past Defaults or Events of Default (except with respect to nonpayment of principal or Interest,
the failure to deliver the consideration due upon exchange or any other provision that requires the consent of each affected Holder
to amend) and rescind any acceleration with respect to the Notes and its consequences, subject in all respects to Section 6.07,
if (i) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (ii) all existing Events
of Default, other than the nonpayment of the principal of and Interest on the Notes that have become due solely by such declaration
of acceleration, have been cured or waived.

 

(b)  In case the Trustee shall have proceeded
to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of such waiver
or rescission and annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such
case the Issuer, the Holders of Notes, and the Trustee shall be restored respectively to their several positions and rights hereunder,
and all rights, remedies and powers of the Issuer, the Holders of Notes, and the Trustee shall continue as though no such proceeding
had been taken. Notwithstanding the foregoing, the Trustee shall retain all rights under this Indenture to be indemnified for expenses
incurred related to such proceeding.

 

Section 6.02. Payments of Notes on Default; Suit Therefor.

 

The Issuer covenants that in the case of
an Event of Default pursuant to Section 6.01(a)(1) or 6.01(a)(2), upon demand of the Trustee, the Issuer will pay to the Trustee,
for the benefit of the Holders of the Notes, (i) the whole amount that then shall be due and payable on all such Notes for principal
or Interest, as the case may be, with Interest upon the overdue principal and (to the extent that payment of such Interest is enforceable
under applicable law) upon the overdue installments of accrued and unpaid Interest at the rate borne by the Notes from the required
payment date and, (ii) in addition thereto, any amounts due the Trustee under this Indenture, including, but not limited to, Section
7.06. Until such demand by the Trustee, the Issuer may pay the principal of and Interest on the Notes to the registered Holders,
whether or not the Notes are overdue.

 

    	32

     

    

In case the Issuer shall fail forthwith to pay
such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered
to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute
any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Issuer
or any other obligor on the Notes and collect in the manner provided by law out of the property of the Issuer or any other obligor
on the Notes wherever situated the monies adjudged or decreed to be payable.

 

In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative
to the General Partner, the Issuer or any other obligor upon the Notes or the property of the General Partner, the Issuer or of
such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Notes shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Issuer
for the payment of overdue principal (including the repurchase price upon repurchase pursuant to Article 3)) shall be entitled
and empowered, by intervention in such proceeding or otherwise: (i) to file and prove a claim for the whole amount of principal
(including the repurchase price upon repurchase pursuant to Article 3) and Interest owing and unpaid in respect of the Notes and
to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the
Holders of Notes allowed in such judicial proceeding, and (ii) to collect and receive any moneys or other property payable or deliverable
on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or other
similar official) in any such judicial proceeding is hereby authorized by each Holder of Notes 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 of Notes, to pay to the
Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee and any predecessor
Trustee, their agents and counsel, and any other amounts due the Trustee or any predecessor Trustee under Section 7.06. Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder
of a Note any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof,
or to authorize the Trustee to vote in respect of the claim of any Holder of Notes in any such proceeding; provided, however,
that the Trustee may, on behalf of the Holders of Notes, vote for the election of a trustee in bankruptcy or similar official and
may be a member of the creditors’ committee.

 

All rights of action and of asserting claims
under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or
the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment
of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Notes.

 

In any proceedings brought by the Trustee (and
in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee
shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties
to any such proceedings.

 

Section 6.03. Application of Monies Collected by Trustee.

 

Any monies collected by the Trustee pursuant
to this Article 6 with respect to the Notes shall be applied, in the following order, at the date or dates fixed by the Trustee
for the distribution of such monies, upon presentation of the several Notes, and stamping thereon the payment, if only partially
paid, and upon surrender thereof, if fully paid:

 

First,
to the payment of all amounts due the Trustee, including its agents and counsel, under ‎Section
7.06;

 

Second, in case the principal
of the outstanding Notes shall not have become due and be unpaid, to the payment of interest on, and any cash due upon exchange
of, the Notes in default in the order of the date due of the payments of such interest and cash due upon exchange, as the case
may be, with interest (to the extent that such interest has been collected by the Trustee) upon such overdue payments at the rate
borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto;

 

    	33

     

    

 

Third, in case the principal
of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the whole amount (including,
if applicable, the payment of the Fundamental Change Repurchase Price and any cash due upon exchange) then owing and unpaid upon
the Notes for principal and interest, if any, with interest on the overdue principal and, to the extent that such interest has
been collected by the Trustee, upon overdue installments of interest at the rate borne by the Notes at such time, and in case such
monies shall be insufficient to pay in full the whole amounts so due and unpaid upon the Notes, then to the payment of such principal
(including, if applicable, the Fundamental Change Repurchase Price and any cash due upon exchange) and interest without preference
or priority of principal over interest, or of interest over principal or of any installment of interest over any other installment
of interest, or of any Note over any other Note, ratably to the aggregate of such principal (including, if applicable, the Fundamental
Change Repurchase Price and any cash due upon exchange) and accrued and unpaid interest; and

 

Fourth, to the payment of the
remainder, if any, to the Issuer.

 

Section 6.04. Proceedings by Noteholders.

 

Except to enforce the right to receive payment
of principal (including, if applicable, the Fundamental Change Repurchase Price) or interest when due, or the right to receive
payment or delivery of the consideration due upon exchange, no Holder of any Note shall have any right by virtue of or by availing
of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect
to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any other
remedy hereunder, unless:

 

		(1)	such Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof,
as herein provided;

 

		(2)	Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall have made written request upon the
Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder;

 

		(3)	such Holders shall have offered to the Trustee such security and/or indemnity satisfactory to the Trustee against any losses,
liabilities or expense to be incurred therein or thereby (including fees of the Trustee’s legal counsel);

 

		(4)	the Trustee for 60 days after its receipt of such notice, request and offer of such security and/or indemnity, shall have refused
to institute any such action, suit or proceeding; and

 

		(5)	no direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee
by the Holders of a majority of the aggregate principal amount of the Notes then outstanding in accordance with Section 6.07,

 

it being understood and intended, and being expressly covenanted
by the taker and Holder of every Note with every other taker and Holder and the Trustee that no one or more Holders shall have
any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice
the rights of any other Holder, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce
any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders
(except as otherwise provided herein). For the protection and enforcement of this ‎Section 6.04, each and every Holder and
the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

    	34

     

    

 

Notwithstanding any other provision of this
Indenture and any provision of any Note, each Holder shall have the right, which is absolute and unconditional, to receive payment
or delivery, as the case may be, of (x) the principal (including the Fundamental Change Repurchase Price, if applicable) of, (y)
accrued and unpaid interest, if any, on, and (z) the consideration due upon exchange of, such Note, on or after the respective
due dates expressed or provided for in such Note or in this Indenture, or to institute suit for the enforcement of any such payment
or delivery, as the case may be, and such rights shall not be impaired without the consent of such Holder.

 

Anything contained in this Indenture or the
Notes to the contrary notwithstanding, the Holder of any Note, without the consent of either the Trustee or the Holder of any other
Note, in its own behalf and for its own benefit, may enforce, and may institute and maintain any proceeding suitable to enforce,
its rights of exchange as provided herein.

 

Section 6.05. Proceedings by Trustee.

 

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

 

Section 6.06. Remedies Cumulative and Continuing. 

 

All powers and remedies given by this Article 6
to the Trustee or to the Noteholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof
or of any other powers and remedies available to the Trustee or the Holders of the Notes, by judicial proceedings or otherwise,
to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission
of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any Default or Event of Default
occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such Default
or Event of Default or any acquiescence therein, and, subject to the provisions of Section 6.04, every power and remedy given by
this Article 6 or by law to the Trustee or to the Noteholders may be exercised from time to time, and as often as shall be
deemed expedient, by the Trustee or by the Noteholders.

 

Section 6.07. Direction of Proceedings and Waiver of Defaults
by Majority of Noteholders.

 

The Holders of not less than a majority in aggregate
principal amount of the Notes at the time outstanding shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee; provided that
(a) such Holders shall have offered to the Trustee such security and/or indemnity satisfactory to the Trustee against any losses,
liabilities or expenses to be incurred therein or thereby (including fees of the Trustee’s legal counsel) (b) such direction
shall not be in conflict with any rule of law or with this Indenture, (c) the Trustee may take any other action deemed proper by
the Trustee which is not inconsistent with such direction, and (d) the Trustee need not take any action which might involve it
in personal liability, subject it to reputational harm, or be unduly prejudicial to the Holders of Notes not joining therein, it
being understood that (subject to Section 7.02) the Trustee shall have no duty to ascertain whether or not such actions or forbearance
are unduly prejudicial to such Holders.

 

    	35

     

    

 

The Holders of a majority in aggregate principal
amount of the Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past Default or Event
of Default hereunder and its consequences except (i) a default in the payment of the principal of or Interest on the Notes,
(ii) a failure by the Issuer to exchange any Notes as required by this Indenture, (iii) a default in the payment of the repurchase
price on the Fundamental Change Repurchase Date pursuant to Article 3 or (iv) a default in respect of a covenant or provisions
hereof, which under Article 9 cannot be modified or amended without the consent of the Holders of all Notes then outstanding
or each Note affected thereby.

 

Upon any such waiver, such Default shall cease
to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but
no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.

 

Section 6.08. Undertaking to Pay Costs.

 

All parties to this Indenture agree, and each
Holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may, in its discretion, require, in
any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken
or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and
that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against
any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
provided that the provisions of this Section 6.08 (to the extent permitted by law) shall not apply to any suit instituted
by the Trustee, to any suit instituted by any Noteholder, or group of Noteholders, holding in the aggregate more than ten percent
in principal amount of the Notes at the time outstanding determined in accordance with Section 8.04, or to any suit instituted
by any Noteholder for the enforcement of the payment of the principal of (including the repurchase price upon repurchase pursuant
to Article 3), or Interest on any Note on or after the due date expressed in such Note or to any suit for the enforcement of the
right to exchange any Note in accordance with the provisions of Article 13.

 

Section 6.09. Additional Interest.

 

Notwithstanding anything in this Indenture or
in the Notes to the contrary, to the extent the Issuer elects, the sole remedy for an Event of Default relating to the Issuer’s
failure to comply with its obligations as set forth in Section 4.06(b) shall, for the first 180 days after the occurrence of such
an Event of Default, consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to 0.50% per
annum of the principal amount of the Notes outstanding for each day during the 180-day period beginning on, and including, the
day on which such Event of Default occurs and during which such event is continuing (and neither waived nor cured). Additional
Interest payable pursuant to this Section 6.09 shall be in addition to, not in lieu of, any Additional Interest payable pursuant
to Section 4.06(d) or Section 4.06(e). If the Issuer so elects, such Additional Interest shall be payable in the same manner and
on the same dates as the stated interest payable on the Notes. On the 181st day after such Event of Default (if the Event of Default
relating to reporting obligations is not cured or waived prior to such 181st day), the Notes shall be immediately subject to acceleration
as provided in Section 6.01. The provisions of this paragraph will not affect the rights of Holders of Notes in the event of the
occurrence of any other Event of Default. In the event the Issuer does not elect to pay Additional Interest following an Event
of Default in accordance with this Section 6.09 or the Issuer elected to make such payment but does not pay the Additional Interest
when due, the Notes shall be immediately subject to acceleration as provided in Section 6.01.

 

In order to elect to pay Additional Interest
as the sole remedy during the first 180 days after the occurrence of any Event of Default described in the immediately preceding
paragraph, the Issuer must notify all Holders of the Notes of such election, and must deliver to the Trustee and the Paying Agent
an Officers’ Certificate (consistent with ‎Section 4.06(h)) prior to the beginning of such 180-day period. Upon the failure
to timely give such notice, the Notes shall be immediately subject to acceleration as provided in ‎Section 6.01.

 

    	36

     

    

 

ARTICLE 7

THE TRUSTEE

 

Section 7.01. Notice of Defaults.

 

Within ninety (90) calendar days after a Responsible
Officer of the Trustee has actual knowledge of the occurrence of any Default hereunder, the Trustee shall transmit a notice of
such Default to the Holders of Notes in accordance with the procedures of the Depositary, unless such Default shall have been cured
or waived pursuant to the terms of Section 6.07 hereof; provided, however, that, except in the case of a default in the
payment of the principal of (including the Fundamental Change Repurchase Price, if applicable) or Interest on any Note or in the
delivery of the consideration due upon exchange, the Trustee may withhold and shall be protected in withholding such notice if
and so long as the Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the
Notes.

 

Section 7.02. Certain Rights of Trustee.

 

Except as otherwise provided in Section 7.12:

 

		(1)	the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, Officers’
Certificate, certificate, statement, instrument, Opinion of Counsel, opinion, report, notice, request, direction, consent, order,
bond, debenture, note, coupon or other paper or document believed by it to be genuine and to have been signed or presented by the
proper party or parties. If presented with a non-conforming certificate or opinion, the Trustee may request the delivering party
to re-issue the certificate or opinion in the manner required by this Indenture before taking any action;

 

		(2)	any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order
(other than delivery of any Note to the Trustee for authentication and delivery pursuant to Sections 2.01 and 2.04, which shall
be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced to the
Trustee by a copy of a Board Resolution certified by the Secretary or Assistant Secretary of the General Partner;

 

		(3)	the Trustee may consult with counsel of its selection, and the written advice of such counsel or any Opinion of Counsel shall
be full and complete authorization and protection in respect of any action taken, suffered or omitted by the Trustee hereunder
in good faith and in reliance thereon;

 

		(4)	the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders of Notes pursuant to this Indenture, unless such Holders shall have offered to the Trustee security
or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance
with such request or direction, provided, however, that the Trustee shall be under no obligation to take any action
it believes to be unlawful, contrary to the terms of this Indenture, or that could subject the Trustee to reputational harm;

 

    	37

     

    

 

		(5)	the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine, either personally
or by agent or attorney, the books, records and premises of the Issuer relevant to the facts or matters that are the subject of
its inquiry, and the Trustee shall incur no liability of any kind by reason of such inquiry or investigation. Holders of not less
than a majority in aggregate principal amount of the outstanding Notes may request the Trustee, in its discretion, to undertake
such further inquiry or investigation, provided that payment of the costs, expenses, or liabilities likely to be incurred
in the making of such further inquiry or investigation within a reasonable time shall be reasonably assured to the Trustee by the
security afforded to it by the terms of this Indenture. The Trustee may require indemnity satisfactory to it against such expenses
or liabilities as a condition to proceeding with such further inquiry or investigation, and the reasonable expenses of every such
examination shall be paid by the Holders or, if paid by the Trustee, shall be repaid by the Holders upon demand;

 

		(6)	the Trustee may execute any of its trusts or powers hereunder, or perform any duties reserved to it hereunder, either directly
or by or through one or more agents, affiliates, custodians, nominees, or attorneys, and the Trustee shall not be responsible or
have any liability for any misconduct or negligence on the part of any agent, affiliate, custodian, nominee, or attorney by it
hereunder appointed with due care;

 

		(7)	the Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and reasonably believed by it
to be authorized or within the discretion conferred upon it by this Indenture;

 

		(8)	if any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice
to be sent to the Trustee, the Trustee (to the extent that a Responsible Officer of the Trustee does not have actual knowledge
of the existence of such event or fact ) may conclusively rely on its failure to receive such notice as reason to act as if no
such event occurred;

 

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

 

		(10)	the permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as duties;

 

		(11)	the Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless either
(1) a Responsible Officer shall have actual knowledge of such Default or Event of Default, or (2) unless specifically notified
in writing of such event by the Issuer or the Holders of not less than 25% in aggregate principal amount of the Notes then outstanding;
as used herein, the term “actual knowledge” means the actual fact or statement of knowing, without any duty
to make any investigation with regard thereto;

 

		(12)	the Trustee may request that the Issuer deliver a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture; and

 

		(13)	the Trustee may apply to the Issuer for written instructions, and any such application (other than with regard to any action
proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of Notes under the Indenture)
may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture
and the date on or after which such action shall be taken or such omission may be effected. In the absence of gross negligence
or willful misconduct on the part of the Trustee, the Trustee shall not be liable to the Issuer for any action taken by, or omission
of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which
date shall not be less than three (3) Business Days after the date on which any officer that the Issuer has designated to the Trustee
as the recipient of such application actually receives such application, unless such officer shall have consented in writing to
any earlier date), unless, prior to taking any action (or the effective date in the case of any omission), the Trustee shall have
received written instructions from the Issuer in accordance with this Indenture in response to such application specifying the
action to be taken or omitted.

 

    	38

     

    

 

In no event shall the Trustee be liable for
any consequential loss or damage of any kind whatsoever (including, but not limited to, lost profits), even if the Trustee has
been advised of the likelihood of such loss or damage and regardless of the form of action, other than any such loss or damage
caused by the Trustee’s gross negligence or willful misconduct.

 

The Trustee shall not be required to expend
or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it. The Trustee undertakes to perform only such duties as are specifically
set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee. The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, affiliate, custodian
and other Person employed by the Trustee in its various capacities to act hereunder.

 

Section 7.03. Not Responsible for Recitals or Issuance of
Notes.

 

The recitals contained herein and in the Notes,
except the Trustee’s certificate of authentication, shall be taken as the statements of the Issuer, and neither the Trustee
nor any authenticating agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity
or sufficiency of this Indenture or of the Notes except that the Trustee represents that it is duly authorized to execute and deliver
this Indenture, authenticate the Notes and perform its obligations hereunder. Neither the Trustee nor any authenticating agent
shall be accountable for the use or application by the Issuer of Notes or the proceeds thereof.

 

Section 7.04. May Hold Notes and Common Stock.

 

The Trustee, any Paying Agent, Exchange Agent,
Note Registrar, authenticating agent or any other agent of the Issuer, in its individual or any other capacity, may become the
owner or pledgee of Notes or Common Stock and may otherwise deal with the Issuer and the General Partner with the same rights it
would have if it were not Trustee, Paying Agent, Exchange Agent, Note Registrar, Custodian, authenticating agent or such other
agent.

 

Section 7.05. Money Held in Trust.

 

Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by law. The Trustee shall not be liable for interest on any
money received by it hereunder except as otherwise agreed with the Issuer.

 

    	39

     

    

 

Section 7.06. Compensation and Reimbursement.

 

The Issuer agrees:

 

		(1)	to pay to the Trustee from time to time, and the Trustee shall be entitled to, compensation for all services rendered by it
hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express
trust);

 

		(2)	except as otherwise expressly provided herein, to reimburse each of the Trustee and any predecessor Trustee upon its request
for all expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture
and as otherwise agreed in writing by the Issuer and the Trustee (including the compensation, expenses, and disbursements of its
agents and counsel), except any such expense, disbursement or advance as may be attributable to its gross negligence or willful
misconduct; and

 

		(3)	to indemnify each of the Trustee and any predecessor Trustee and their respective officers, directors, employees and agents
(each, an “Indemnified Person”) for, and to hold each such Indemnified Person harmless against, any loss, liability,
or expense incurred without gross negligence or willful misconduct on the part of such Indemnified Person, arising out of or in
connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending
itself against, or investigating any claim or liability in connection with, the exercise or performance of any of its powers or
duties hereunder.

 

When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Sections 6.01(a)(8) or 6.01(a)(9), the Trustee’s expenses (including
the charges and expenses of its counsel) and compensation for its services are intended to constitute expenses of administration
under any applicable Federal or state bankruptcy, insolvency, or other similar law.

 

The obligations of the Issuer under this Section
7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements, and advances shall
be secured by a senior lien to which the Notes are hereby made subordinate on all property and funds held or collected by the Trustee,
except, subject to the effect of Section 6.03, funds held in trust for the benefit of Holders of Notes. The obligations of the
Issuer under this Section 7.06 shall not be subordinate to any other liability or indebtedness of the Issuer. The provisions of
this Section 7.06 shall survive the discharge or termination of this Indenture and the earlier resignation or removal of the Trustee,
and the indemnification provided in this Section 7.06 shall extend to the affiliates, officers, directors, agents and employees
of the Trustee.

 

Section 7.07. Corporate Trustee Required; Eligibility; Conflicting
Interests.

 

There shall at all times be a Trustee hereunder
which shall be a Person that is eligible pursuant to the Trust Indenture Act (as if the Trust Indenture Act were applicable hereto)
with a combined capital and surplus of at least the minimum amount required by the Trust Indenture Act. If such Person publishes
reports of condition at least annually, pursuant to law or the requirements of Federal, state, territorial or District of Columbia
supervising or examining authority, then for the purposes of this Section 7.07, the combined capital and surplus of such Person
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at
any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.07, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article. Neither the Issuer nor any Person directly or indirectly
controlling, controlled by, or under common control with the Issuer shall serve as Trustee.

 

    	40

     

    

 

Section 7.08. Resignation and Removal; Appointment of Successor.

 

(a) No resignation or removal of the Trustee
and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by
the successor Trustee in accordance with the applicable requirements of Section 7.09.

 

(b) The Trustee may resign at any time by giving
written notice thereof to the Issuer and the Holders of Notes. Upon receiving such notice of resignation, the Issuer shall promptly
appoint a successor trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning
Trustee and one copy to the successor trustee. If an instrument of acceptance by a successor Trustee shall not have been delivered
to the resigning Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction, at the expense of the Issuer, for the appointment of a successor trustee. Such court may thereupon,
after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

(c) The Trustee may be removed at any time by
action of the Holders of a majority in principal amount of the outstanding Notes delivered to the Trustee and to the Issuer.

 

(d) If at any time:

 

		(1)	the Trustee shall cease to be eligible under Section 7.07 of this Indenture and shall fail to resign after written request
therefor by the Issuer or Holders of Notes in the manner required by Section 7.08(c); or

 

		(2)	the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of
its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation,

 

then, in either case, (A) the Issuer by or pursuant to a Board Resolution
may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor trustee, or (B) any Holder of a Note who has been a bona fide
Holder of a Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee or Trustees. Such court may thereupon, after
such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

(e) If the Trustee shall resign, be removed
or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, the Issuer, by or pursuant to
a Board Resolution, shall promptly appoint a successor Trustee or trustees. If, within one year after such resignation, removal
or incapability, or the occurrence of such vacancy, a different successor Trustee shall be appointed by action of the Holders of
a majority in principal amount of the outstanding Notes delivered to the Issuer and the retiring Trustee, the successor Trustee
appointed by the Holders of Notes shall, forthwith upon its acceptance of such appointment, become the successor Trustee and to
that extent supersede the successor trustee appointed by the Issuer. If no successor Trustee shall have been so appointed by the
Issuer or the Holders of Notes and accepted appointment in the manner hereinafter provided, any Holder of a Note who has been a
bona fide Holder of a Note for at least six months may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the appointment of a successor Trustee.

 

(f) The Issuer shall give notice of each resignation
and each removal of the Trustee and each appointment of a successor Trustee by delivering or causing to be delivered such notice
to the Holders of Notes as they appear on the Note Register. Each notice shall include the name of the successor Trustee and the
address of its Corporate Trust Office.

 

    	41

     

    

 

Section 7.09. Acceptance of Appointment By Successor Trustee.

 

(a) In case of the appointment hereunder of
a successor Trustee, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Issuer and to the
retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall
become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee; but, on request of the Issuer or the successor Trustee, such retiring Trustee
shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers
and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money
held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 7.06.

 

(b) In case of the appointment hereunder of
a successor Trustee, the Issuer, the retiring Trustee and each successor Trustee shall execute and deliver an indenture supplemental
hereto, pursuant to Article Ten hereof, wherein each successor Trustee shall accept such appointment and which (i) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights,
powers, trusts and duties of the retiring Trustee to which the appointment of such successor Trustee relates, (ii) if the retiring
Trustee is not retiring all Notes, shall contain such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the retiring Trustee as to which the retiring Trustee is not retiring shall continue to
be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee
shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other
such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee
shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee to which the appointment of such successor
Trustee relates; but, on request of the Issuer or any successor Trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor Trustee all property and money held by such retiring Trustee hereunder to which the appointment of such
successor Trustee relates.

 

(c) Upon request of any such successor Trustee,
the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee
all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section 7.09, as the case may be.

 

(d) No successor Trustee shall accept its appointment
unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article 7.

 

Section 7.10. Merger, Conversion, Consolidation or Succession
to Business.

 

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

 

    	42

     

    

 

Section 7.11. Appointment of Authenticating Agent.

 

At any time when any of the Notes remain outstanding,
the Trustee may appoint an authenticating agent or agents which shall be authorized to act on behalf of the Trustee to authenticate
Notes issued upon exchange, registration of transfer or partial repayment thereof, and Notes so authenticated shall be entitled
to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.
Any such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee, a copy of which
instrument shall be promptly furnished to the Issuer. Wherever reference is made in this Indenture to the authentication and delivery
of Notes by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication
and delivery on behalf of the Trustee by an authenticating agent and a certificate of authentication executed on behalf of the
Trustee by an authenticating agent. Each authenticating agent shall be acceptable to the Issuer and shall at all times be a bank
or trust company or other legal entity organized and doing business and in good standing under the laws of the United States of
America or of any state or the District of Columbia, authorized under such laws to act as authenticating agent which Person shall
be eligible to serve as Trustee pursuant to the Trust Indenture Act with a combined capital and surplus of at least the amount
required under the Trust Indenture Act, and subject to supervision or examination by Federal or state authorities. If such authenticating
agent publishes reports of condition at least annually, pursuant to law or the requirements of the aforesaid supervising or examining
authority, then for the purposes of this Section 7.11, the combined capital and surplus of such authenticating agent shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time an
authenticating agent shall cease to be eligible in accordance with the provisions of this Section 7.11, such authenticating agent
shall resign immediately in the manner and with the effect specified in this Section 7.11.

 

Any legal entity into which an authenticating
agent may be merged or converted or with which it may be consolidated, or any legal entity resulting from any merger, conversion
or consolidation to which such authenticating agent shall be a party, or any legal entity succeeding to the agency or trust business
of an authenticating agent, shall continue to be an authenticating agent, provided such legal entity shall be otherwise
eligible under this Section, without the execution or filing of any paper or further act on the part of the Trustee or the authenticating
agent.

 

An authenticating agent may at any time resign
by giving written notice of resignation to the Trustee and to the Issuer. The Trustee may at any time terminate the agency of an
authenticating agent by giving written notice of termination to such authenticating agent and to the Issuer. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such authenticating agent shall cease to be eligible
in accordance with the provisions of this Section 7.11, the Trustee may appoint a successor authenticating agent which shall be
acceptable to the Issuer and shall give notice of such appointment to all Holders of Notes by delivering or causing to be delivered
such notice to the Holders of Notes as they appear on the Note Register. Any successor authenticating agent upon acceptance of
its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect
as if originally named as an authenticating agent herein. No successor authenticating agent shall be appointed unless eligible
under the provisions of this Section.

 

The Issuer agrees to pay to each authenticating
agent from time to time reasonable compensation including reimbursement of its reasonable expenses for its services under this
Section.

 

If an appointment is made pursuant to this Section
7.11, the Notes may have endorsed thereon, in addition to or in lieu of the Trustee’s certificate of authentication, an alternate
certificate of authentication substantially in the following form:

 

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

 

    	43

     

    

 

	 	GLAS TRUST COMPANY LLC,
	 	as Trustee
	 	 
	 	By:	 
	 	 	as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

Dated: _____________ 

 

Section 7.12. Certain Duties and Responsibilities of the Trustee.

 

(a) With respect to the Notes, except during
the continuance of an Event of Default with respect to the Notes:

 

		(1)	the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

		(2)	the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions therein upon certificates
or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates
or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under
a duty to examine the same to determine whether or not they conform to the requirements of this Indenture, but shall not be under
any duty to verify the contents or accuracy thereof.

 

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

 

(c) No provision of this Indenture shall be
construed to relieve the Trustee from liability for its own gross negligence or willful misconduct, except that:

 

		(1)	this Subsection shall not be construed to limit the effect of Subsection (a) of this Section;

 

		(2)	the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved
that the Trustee was grossly negligent in ascertaining the pertinent facts;

 

		(3)	the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with
the written direction of the Holders of a majority in principal amount of the outstanding Notes relating to the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Indenture; and

 

		(4)	no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it. 

 

    	44

     

    

 

(d) Whether or not therein expressly so provided,
every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Section 7.12.

 

ARTICLE 8

THE NOTEHOLDERS

 

Section 8.01. Action by Noteholders.

 

Whenever in this Indenture it is provided that
the Holders of a specified percentage in aggregate principal amount of the Notes may take any action (including the making of any
demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of
taking any such action, the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or
any number of instruments of similar tenor executed by Noteholders in person or by agent or proxy appointed in writing, or (b)
by the record of the Holders of Notes voting in favor thereof at any meeting of Noteholders, or (c) by a combination of such instrument
or instruments and any such record of such a meeting of Noteholders. Whenever the Issuer or the Trustee solicits the taking of
any action by the Holders of the Notes, the Issuer or the Trustee may fix in advance of such solicitation a date as the record
date for determining Holders entitled to take such action. Such record date shall be the record date specified in or pursuant to
such Board Resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Noteholders generally
in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request,
demand, authorization, direction, notice, consent, waiver or other act may be given before or after such record date, but only
the Noteholders of record at the Close of Business on such record date shall be deemed to be Noteholders for the purposes of determining
whether Holders of the requisite proportion of outstanding Notes have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other act, and for that purpose the outstanding Notes shall be computed as
of such record date; provided that no such authorization, agreement or consent by the Noteholders on such record date shall
be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months
after the record date.

 

Section 8.02. Proof of Execution by Noteholders.

 

Subject to the provisions of Sections 7.02 and
7.12, proof of the execution of any instrument by a Noteholder or its agent or proxy shall be sufficient if made in accordance
with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the
Trustee. The holding of Notes shall be proved by the registry of such Notes or by a certificate of the Note Registrar.

 

Section 8.03. Absolute Owners.

 

The Issuer, the Trustee, any Paying Agent, any
Exchange Agent and any Note Registrar may deem the Person in whose name such Note shall be registered upon the Note Register to
be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation
of ownership or other writing thereon made by any Person other than the Issuer or any Note Registrar) for the purpose of receiving
payment of or on account of the principal of (including the repurchase price upon repurchase pursuant to Article 3) and Interest
on such Note, for exchange of such Note and for all other purposes; and neither the Issuer nor the Trustee nor any Paying Agent
nor any exchange agent nor any Note Registrar shall be affected by any notice to the contrary. All such payments so made to any
Holder for the time being, or upon its order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy
and discharge the liability for monies payable upon any such Note.

 

    	45

     

    

 

Section 8.04. Issuer-Owned Notes Disregarded.

 

In determining whether the Holders of the requisite
aggregate principal amount of Notes have given any request, demand, authorization, direction, notice, consent or waiver under this
Indenture or whether a quorum is present at a meeting of Noteholders, Notes which are owned by the Issuer or any other obligor
upon the Notes or any Affiliate of the Issuer or any other obligor on the Notes, as such ownership shall be reflected on the Note
Register, shall be disregarded and deemed not to be outstanding for the purpose of any such determination. Notes so owned which
have been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee shall establish
to the satisfaction of the Trustee the pledgee’s right to vote such Notes and that the pledgee is not the Issuer, any other
obligor on the Notes or any Affiliate of the Issuer or any such other obligor. In the case of a dispute as to such right, any decision
by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Issuer
shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Notes, if any, known by the Issuer
to be owned or held by or for the account of any of the above described Persons, and, subject to Section 7.12, the Trustee shall
be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that
all Notes not listed therein are outstanding for the purpose of any such determination.

 

Section 8.05. Revocation of Consents; Future Holders Bound.

 

At any time prior to (but not after) the evidencing
to the Trustee, as provided in Section 8.01, of the taking of any action by the Holders of the percentage in aggregate principal
amount of the Notes specified in this Indenture in connection with such action, any Holder of a Note which is shown by the evidence
to be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at
its Corporate Trust Office and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Note.
Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon
all future Holders and owners of such Note and of any Notes issued in exchange or substitution therefor, irrespective of whether
any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor.

 

ARTICLE 9

SUPPLEMENTAL INDENTURES

 

Section 9.01. Supplemental Indentures Without Consent of Noteholders.

 

Without the consent of any Holder, the Issuer
(when authorized by a Board Resolution) and the Trustee, at any time and from time to time, may enter into an indenture or indentures
supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

		(1)	to conform the terms of this Indenture or the Notes to the description thereof in the Offering Memorandum;

 

		(2)	to evidence the succession by a successor entity to the Issuer as obligor or the Guarantors as guarantors and to provide for
the assumption by a successor entity of the Issuer’s obligations under this Indenture;

 

		(3)	to add guarantees with respect to the Notes;

 

		(4)	to release a Subsidiary Guarantor from its obligations under the Guarantees or this Indenture in accordance with this Indenture;

 

		(5)	to secure the Notes;

 

		(6)	to issue additional Notes pursuant to Section 2.01;

 

    	46

     

    

 

		(7)	to add to the Issuer’s covenants or events of default such further covenants, events of default, restrictions or conditions
for the benefit of the Holders (or any other holders) or to otherwise make changes that would provide additional rights to the
Holders, or to surrender any right or power conferred upon the Issuer;

 

		(8)	to cure any ambiguity, defect or inconsistency in this Indenture or the Notes, or to make any other change that does not adversely
affect the legal rights of any Holder in any material respect as evidenced by an Officers’ Certificate;

 

		(9)	to provide for a successor Trustee;

 

		(10)	to comply with the applicable procedures of the Depositary; or

 

		(11)	in connection with any transaction described under Article 13, provide that the Notes are exchangeable for Reference Property,
subject to the provisions described under Section 13.07 and make certain related changes to the terms of the Notes to the extent
expressly required by this Indenture.

 

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

 

Any supplemental indenture authorized by the
provisions of this Section 9.01 may be executed by the Issuer and the Trustee without the consent of the Holders of any of the
Notes at the time outstanding, notwithstanding any of the provisions of Section 9.02.

 

Section 9.02. Supplemental Indenture With Consent of Noteholders.

 

With the consent (evidenced as provided in Article
8) of the Holders of not less than a majority in aggregate principal amount of the outstanding Notes affected by such supplemental
indenture, including without limitation consents obtained in connection with a purchase of, or tender or exchange offer for, Notes,
the Issuer, when authorized by a Board Resolutions, and the Trustee may enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or
of modifying in any manner the rights of the Holders under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each outstanding Note affected thereby:

 

		(1)	reduce the percentage in aggregate principal amount of Notes outstanding necessary to waive any past Default or Event of Default;

 

		(2)	reduce the rate of interest on any Note or change the time for payment of interest on any Note;

 

		(3)	reduce the principal of any Note or change the Maturity Date of any Note;

 

		(4)	change the place or currency of payment on any Note;

 

    	47

     

    

 

		(5)	make any change that impairs or adversely affects the exchange rights of any Notes;

 

		(6)	reduce the Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the rights of the Holders
of the Notes the Issuer’s obligation to pay the Fundamental Change Repurchase Price, whether through an amendment or waiver
of provisions in the covenants, definitions related thereto or otherwise;

 

		(7)	impair the right of any Holder of Notes to receive payment of principal of, and interest, if any, on, its Notes, or the right
to receive the consideration due upon exchange of its Notes on or after the due dates therefore or to institute suit for the enforcement
of any such payment or delivery, as the case may be, with respect to such Holder’s Notes;

 

		(8)	modify the ranking provisions of this Indenture in a manner that is adverse to the rights of the Holders of the Notes; or

 

		(9)	make any change to the provisions of this Article 9 that requires each Holder’s consent or in the waiver provisions if
such change is adverse to the rights of Holders of the Notes.

 

It shall not be necessary for any act or consent
of Holders under this Section 9.02 to approve the particular form of any proposed supplemental indenture, but it shall be
sufficient if such act or consent shall approve the substance thereof. The Issuer may, but shall not be obligated to, fix a record
date for the purpose of determining the Persons entitled to consent to any indenture supplemental hereto. If a record date is fixed,
the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such
supplemental indenture, whether or not such Holders remain Holders after such record date; provided that, unless
such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which is
90 days after such record date, any such consent previously given shall automatically and without further action by any Holder
be cancelled and of no further effect.

 

Upon the written request of the Issuer, accompanied
by an Officers’ Certificate and Opinion of Counsel stating that such amendment is authorized or permitted by the Indenture
and is legally valid, binding and enforceable against the Issuer and the Guarantors and a copy of the Board Resolution authorizing
the execution of any supplemental indenture, and upon the filing with the Trustee of evidence of the consent of the Holders as
aforesaid, the Trustee shall join with the Issuer in the execution of such supplemental indenture unless such supplemental indenture
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in
its discretion, but shall not be obligated to, enter into such supplemental indenture. 

 

Section 9.03. Notation on Notes.

 

Notes authenticated and delivered after the
execution of any supplemental indenture pursuant to the provisions of this Article 9 may bear a notation in form approved
by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the Trustee shall so determine, new
Notes so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture
contained in any such supplemental indenture may, at the Issuer’s expense, be prepared and executed by the Issuer, authenticated
by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 7.11) and delivered in exchange for
the Notes then outstanding, upon surrender of such Notes then outstanding.

 

    	48

     

    

 

Section 9.04. Evidence of Compliance of Supplemental Indenture
to Be Furnished to Trustee.

 

Prior to entering into any supplemental indenture
pursuant to this Article 9, the Trustee shall be provided with an Officers’ Certificate and an Opinion of Counsel as
conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this Article 9
and is otherwise authorized or permitted by this Indenture.

 

Section 9.05. Notice of Amendment or Supplement.

 

After an amendment or supplement under this
Article 9 becomes effective, the Issuer shall provide to the Holders a notice briefly describing such amendment or supplement.
However, the failure to give such notice to all the Holders, or any defect in the notice, shall not impair or affect the validity
of the amendment or supplement. In addition, any such amendment filed with the Commission through the EDGAR system (or any successor
thereto) shall be deemed to have been sent to the Holders for purposes of this Section 9.05.

 

ARTICLE 10

CONSOLIDATION, MERGER AND SALE OF ASSETS

 

Section 10.01. Issuer May Consolidate on Certain Terms.

 

Subject to the provisions of this Article 10,
the Issuer shall not amalgamate or consolidate with, merge with or into or convey, transfer or lease its properties and assets
substantially as an entirety to another Person, unless:

 

		(1)	the Issuer shall be the surviving Person or the resulting, surviving or transferee Person (the “Successor Company”),
if not the Issuer, shall be organized and existing under the laws of the United States of America, any State thereof or the District
of Columbia, and the Successor Company (if not the Issuer) shall expressly assume, by supplemental indenture, executed and delivered
to the Trustee, in form satisfactory to the Trustee, all of the obligations of the Issuer under the Notes and this Indenture as
applicable to the Notes; and

 

		(2)	immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing under
this Indenture.

 

Section 10.02. Issuer Successor to Be Substituted.

 

In case of any such amalgamation, consolidation,
merger, conveyance, transfer or lease and upon the assumption by the Successor Company, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of (including
any Fundamental Change Repurchase Price), accrued and unpaid interest and accrued and unpaid Additional Interest, if any, on all
of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon exchange of the Notes
and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Issuer under
this Indenture, such Successor Company shall succeed to and be substituted for, and may exercise every right and power of, the
Issuer under this Indenture, with the same effect as if it had been named herein as the party of the first part. Such Successor
Company thereupon may cause to be signed, and may issue either in its own name or in the name of the Issuer any or all of the Notes
issuable hereunder which theretofore shall not have been signed by the Issuer and delivered to the Trustee; and, upon the order
of such Successor Company instead of the Issuer and subject to all the terms, conditions and limitations in this Indenture prescribed,
the Trustee shall authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that previously shall have
been signed and delivered by the officers of the Issuer to the Trustee for authentication, and any Notes that such Successor Company
thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the
terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof. In the event of any such
amalgamation, consolidation, merger, conveyance or transfer (but not in the case of a lease), the Person named as the “Issuer”
in the first paragraph of this Indenture or any successor that shall thereafter have become such in the manner prescribed in this
Article 10 may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person shall
be released from its liabilities as obligor and maker of the Notes and from its obligations under this Indenture.

 

    	49

     

    

 

In case of any such amalgamation, consolidation,
merger, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter
to be issued as may be appropriate.

 

Section 10.03. Opinion of Counsel to be Given to Trustee.

 

In the case of any such amalgamation, merger,
consolidation, conveyance, transfer or lease the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel
stating that any such amalgamation, consolidation, merger, conveyance, transfer or lease and any such assumption and, if a supplemental
indenture is required in connection with such transaction, such supplemental indenture comply with the provisions of this Article
10 and constitutes the legal, valid and binding obligations of the Issuer (subject to customary exceptions and assumptions).

 

ARTICLE 11

SATISFACTION AND DISCHARGE OF INDENTURE

 

Section 11.01. Satisfaction and Discharge of Indenture.

 

This Indenture shall cease to be of further
effect (except as to (i) rights hereunder of Holders of the Notes to receive all amounts owing upon the Notes and the other rights,
duties and obligations of Holders of the Notes, as beneficiaries hereof with respect to the amounts, if any, so deposited with
the Trustee and (ii) the rights, obligations and immunities of the Trustee hereunder), and the Trustee, upon demand of and at the
expense of the Issuer, shall execute instruments in form and substance satisfactory to the Trustee and the Issuer acknowledging
satisfaction and discharge of this Indenture when:

 

(a) either

 

		(1)	all Notes theretofore authenticated and delivered (other than (A) Notes which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 2.06, and (B) Notes for whose payment money has theretofore been deposited in
trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided
in Section 11.03) have been delivered to the Trustee for cancellation; or

 

		(2)	all such Notes not theretofore delivered to the Trustee for cancellation have become due and payable, and the Issuer has irrevocably
deposited or caused to be deposited with the Trustee, a Paying Agent or the Exchange Agent (other than the Issuer or any of its
Affiliates), as applicable, as trust funds in trust cash and/or shares of Common Stock (as applicable under the terms of this Indenture)
in an amount sufficient to pay and discharge (without the necessity of investing such amount of cash deposited) the entire indebtedness
on such Notes not theretofore delivered to the Trustee for cancellation, for principal and Interest to the date of such deposit
(in the case of Notes which have become due and payable) or to the Stated Maturity or Fundamental Change Repurchase Date, as the
case may be;

 

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

 

    	50

     

    

 

(c) the Issuer has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture have been complied with.

 

Section 11.02. Application of Trust Funds.

 

All money deposited with the Trustee pursuant
to Section 11.01 shall be held in trust, uninvested, 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 Issuer acting as its own Paying Agent) as
the Trustee may determine, to the Persons entitled thereto, of the principal and any Interest for whose payment such money has
been deposited with or received by the Trustee, but such money need not be segregated from other funds except to the extent required
by law. All moneys deposited with the Trustee (and held by it or any Paying Agent) for the payment of Notes subsequently exchanged
shall be returned to the Issuer upon request.

 

Section 11.03. Return of Unclaimed Monies.

 

Subject to the restrictions of applicable law,
the Trustee and each Paying Agent shall pay to the Issuer upon request any money held by them for the payment of principal or Interest
that remains unclaimed for two years after a right to such money has matured; provided, however, that the Trustee
or such Paying Agent, before being required to make any such payment, may, at the expense of the Issuer, either publish in a newspaper
of general circulation in the City of New York, or cause to be mailed to each Holder entitled to such money, notice that such money
remains unclaimed and that after a date specified therein, which shall be at least thirty (30) calendar days from the date of such
mailing or publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. After payment to the Issuer,
Holders entitled to money must look to the Issuer for payment as general creditors unless an applicable abandoned property law
designates another person, and the Trustee and each Paying Agent shall be relieved of all liability with respect to such money.

 

Section 11.04. Reinstatement.

 

If the Trustee or the Paying Agent is unable
to apply any money in accordance with this Article 11 by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Issuer’s obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to this Article 11 until such time as the Trustee
or Paying Agent is permitted to apply all money held in trust with respect to the Notes; provided, however, that
if the Issuer makes any payment of principal of or Interest on any Notes following the reinstatement of its obligations, the Issuer
shall be subrogated to the rights of the Holders of the Notes to receive such payment from the money so held by the Trustee or
Paying Agent in trust.

 

ARTICLE 12

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

OFFICERS AND DIRECTORS

 

Section 12.01. Indenture and Notes Solely Corporate Obligations.

 

Except as otherwise expressly provided in Article
15, no recourse for the payment of the principal of (including the repurchase price upon repurchase pursuant to Article 3) or Interest
on any Note, or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant
or agreement of the Issuer (i) in this Indenture or in any supplemental indenture or (ii) in any Note, or because of the creation
of any indebtedness represented thereby, shall be had against any incorporator, stockholder, partner, member, manager, employee,
agent, officer, director or subsidiary, as such, past, present or future, of the General Partner, the Issuer or any of the General
Partner’s or Issuer’s subsidiaries or of any successor thereto, either directly or through the General Partner, the
Issuer or any of the General Partner’s or Issuer’s subsidiaries or of any successor thereto, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood
that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of
this Indenture, and the issue of the Notes.

 

    	51

     

    

 

ARTICLE 13

EXCHANGE OF NOTES

 

Section 13.01. Right to Exchange.

 

(a) Upon compliance with the provisions of this
Indenture, at any time prior to the Close of Business on the second Scheduled Trading Day immediately preceding the Maturity Date,
each Holder of a Note not previously repurchased shall have the right, at such Holder’s option, to exchange all or any portion
(if the portion to be exchanged is $1,000 principal amount or an integral multiple thereof) of such Note at the Exchange Rate per
$1,000 principal amount of Notes (subject to, and in accordance with, the settlement provisions of Section 13.03, the “Exchange
Obligation”).

 

(b) Notwithstanding any other provision of the
Notes or this Indenture, no Holder of Notes will be entitled to receive Common Stock following exchange of such Notes to the extent
that receipt of such Common Stock would cause such Holder (after application of certain constructive ownership rules) to exceed
the ownership limits contained in the General Partner’s charter. If any delivery of shares of Common Stock owed to a Holder
upon exchange of Notes is not made, in whole or in part, as a result of the limitations described in this Section 13.01(b), the
Issuer’s obligation to make such delivery shall not be extinguished and the Issuer shall deliver such shares as promptly
as practicable after any such exchanging Holder gives notice to the Issuer that such delivery would not result in it being the
beneficial or constructive owner of more than 9.8% (by value or number, whichever is more restrictive) of the shares of Common
Stock or of the General Partner’s Capital Stock, outstanding at such time.

 

(c) A Note in respect of which a Holder has
delivered a Fundamental Change Repurchase Notice exercising such Holder’s right to require the Issuer to repurchase such
Note pursuant to Section 3.02 may be exchanged only if such Fundamental Change Repurchase Notice is properly withdrawn in accordance
with, and within the time periods set forth in, this Indenture.

 

Section 13.02 Exchange Procedures. 

 

(a) Subject to this Section 13.02, before any
Holder of a Note shall be entitled to exchange a Note as set forth above, such Holder shall (1) in the case of a Global Note,
comply with the procedures of the Depositary in effect at that time and, if required, pay funds equal to interest payable on the
next Interest Payment Date to which such Holder is not entitled as set forth in Section 13.02(f) and (2) in the case of a
Note in definitive form (i) complete and manually sign an irrevocable notice as set forth in the Form of Exchange Notice attached
as Attachment 2 to the Form of Note attached as Exhibit A hereto (the “Exchange Notice”), (ii) deliver
the Exchange Notice at the office of the Exchange Agent and state in writing therein the principal amount of Notes to be exchanged
and the name or names (with addresses) in which such Holder wishes the certificate or certificates for any shares of Common Stock
to be delivered upon settlement of the Exchange Obligation to be registered, (iii) surrender such Notes, duly endorsed to
the Issuer or in blank (and accompanied by appropriate endorsement and transfer documents), at the office of the Exchange Agent,
(iv) if required, furnish appropriate endorsements and transfer documents (v) if required, pay funds equal to interest
payable on the next Interest Payment Date to which such Holder is not entitled as set forth in Section 13.02(f) and (vi) provide
a Form W-9 or such other appropriate tax withholding document. The Trustee (and if different, the Exchange Agent) shall notify
the Issuer of any exchange pursuant to this Article 13 on the Exchange Date for such exchange. No Exchange Notice with respect
to any Notes may be surrendered by a Holder thereof if such Holder has also delivered a Fundamental Change Repurchase Notice to
the Issuer in respect of such Notes and has not validly withdrawn such Fundamental Change Repurchase Notice in accordance with
Section 3.03.

 

    	52

     

    

 

If more than one Note shall be surrendered for
exchange at one time by the same Holder, the Exchange Obligation with respect to such Notes shall be computed on the basis of the
aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered.

 

(b) A Note shall be deemed to have been exchanged
immediately prior to the Close of Business on the date (the “Exchange Date”) that the Holder has complied with
the requirements set forth in subsection (a) above. Except as set forth in Section 13.03(a) and 13.05(a), the Issuer shall pay
or deliver, as the case may be, the consideration due in respect of the Exchange Obligation on the third Business Day immediately
following the relevant Exchange Date, if the Issuer elects Physical Settlement, or on the third Business Day immediately following
the last Trading Day of the Cash Settlement Averaging Period, in the case of any other Settlement Method. If any shares of Common
Stock are due to an exchanging Holder, the General Partner shall issue or cause to be issued, and deliver (if applicable) to the
Exchange Agent or to such Holder, or such Holder’s nominee or nominees, the full number of shares of Common Stock to which
such Holder shall be entitled, in book-entry format through the Depositary, in satisfaction of the Issuer’s Exchange Obligation.

 

Each exchange shall be deemed to have been effected
as to any such Notes (or portion thereof) surrendered for exchange at the Close of Business on the applicable Exchange Date; provided,
however, that the person in whose name any shares of Common Stock shall be deliverable upon exchange shall be treated as
a holder of record of such shares as of the Close of Business on (i) the relevant Exchange Date (in the case of Physical Settlement)
or (ii) the last Trading Day of the relevant Cash Settlement Averaging Period (in the case of Combination Settlement), as the case
may be. At the Close of Business on the Exchange Date for a Note, the exchanging Holder shall no longer be the Holder of such Note. 

 

(d) Physical Notes. If any Note in definitive
form in a denomination greater than $1,000 shall be surrendered for partial exchange, the Issuer shall execute and the Trustee
shall authenticate and deliver to or upon the written order of the Holder of the Notes so surrendered a new Note or Notes in definitive
form in authorized denominations in an aggregate principal amount equal to the unexchanged portion of the surrendered Note, without
payment of any service charge by the exchanging Holder, but, if required by the Issuer or the Trustee, with payment of a sum sufficient
to cover any documentary, stamp or similar issue or transfer tax or similar governmental charge required by law or that may be
imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange being different
from the name of the Holder of the old Notes surrendered for such exchange.

 

(e) Global Notes. Upon the exchange of
a beneficial interest in a Global Note, the Trustee or the Custodian at the direction of the Trustee, shall make a notation on
such Global Note in its records as to the reduction in the principal amount represented thereby. The Issuer shall notify the Trustee
in writing of any exchanges of Notes effected through any Exchange Agent other than the Trustee. 

 

(f) Interest Due Upon Exchange. Upon
exchange, a Holder shall not receive any separate cash payment or additional shares of Common Stock representing accrued and unpaid
Interest or Additional Interest, if any, except as set forth below. The Issuer’s settlement of the full Exchange Obligation
shall be deemed to satisfy in full its obligation to pay the principal amount of the Note and accrued and unpaid interest, if any,
on the Note, to, but not including, the relevant Exchange Date. As a result, accrued and unpaid interest, if any, to, but not including,
the relevant Exchange Date shall be deemed to be paid in full rather than cancelled, extinguished or forfeited. Upon exchange of
Notes into a combination of cash and shares of Common Stock, accrued and unpaid interest will be deemed to be paid first out of
the cash paid upon such exchange. Notwithstanding the foregoing, if Notes are exchanged after the Close of Business on a Regular
Record Date for the payment of Interest, but prior to the Open of Business on the immediately following Interest Payment Date,
Holders of such Notes as of the Close of Business on such Regular Record Date will receive the full amount of Interest payable
on such Notes on the corresponding Interest Payment Date notwithstanding the exchange. However, Notes surrendered for exchange
during the period from the Close of Business on any Regular Record Date to the Open of Business on the immediately following Interest
Payment Date must be accompanied by funds equal to the amount of interest payable on the Notes so exchanged on the corresponding
Interest Payment Date (regardless of whether the exchanging Holder was the holder of record on the corresponding Regular Record
Date); provided that no such payment shall be required (1) for exchanges following the Regular Record Date immediately preceding
the Maturity Date; (2) if the Issuer has specified a Fundamental Change Repurchase Date that is after a Regular Record Date and
on or prior to the Business Day immediately following the corresponding Interest Payment Date; or (3) to the extent of any Defaulted
Amounts, if any Defaulted Amounts exists at the time of exchange with respect to such Note. For the avoidance of doubt, all Holders
of record on the Regular Record Date immediately preceding the Maturity Date and any Fundamental Change Repurchase Date shall receive
the full Interest payment due on the Maturity Date or other applicable Interest Payment Date in cash regardless of whether their
Notes have been exchanged following such Regular Record Date.

 

    	53

     

    

 

In no event will a Holder be entitled to receive
any dividend or other distribution with respect to any Common Stock issued on exchange of such Holder’s Notes if the applicable
Exchange Date is after the record date for such dividend or distribution. Prior to the settlement of any exchange in accordance
with this Section 13.02, a Holder shall not be the owner of any Common Stock issuable upon exchange of such Holder’s Notes.

 

(g) Taxes Due upon Exchange. If a Holder
submits a Note for exchange, the Issuer shall pay any documentary, stamp or similar issue or transfer tax due on the issue of any
shares of Common Stock upon exchange on the Notes, unless the tax is due because the Holder requests such shares to be issued in
a name other than the Holder’s name, in which case the Holder shall pay that tax. The Exchange Agent may refuse to deliver
the certificates representing the shares of Common Stock being issued in a name other than the Holder’s name until the Trustee
receives a sum sufficient to pay any tax that is due by such Holder in accordance with the immediately preceding sentence.

 

Section 13.03 Settlement Upon Exchange.

 

(a) Settlement Amount. Subject to this
‎Section 13.03(a), ‎Section 13.03(b) and ‎Section 13.07(a), upon exchange of any Note, the Issuer shall pay or deliver,
as the case may be, to the exchanging Holder, in respect of each $1,000 principal amount of Notes being exchanged, cash (“Cash
Settlement”), shares of Common Stock, together with cash, if applicable, in lieu of delivering any fractional share of
Common Stock in accordance with subsection ‎(b) of this ‎Section 13.03 (“Physical Settlement”) or a
combination of cash and shares of Common Stock, together with cash, if applicable, in lieu of delivering any fractional share of
Common Stock in accordance with subsection ‎(b) of this ‎Section 13.03 (“Combination Settlement”), at
its election, as set forth in this ‎Section 13.03.

 

All exchanges for which the relevant Exchange
Date occurs on or after November 21, 2023, shall be settled using the same Settlement Method. Except for any exchanges for which
the relevant Exchange Date occurs on or after November 21, 2023, the Issuer shall use the same Settlement Method for all exchanges
occurring on the same Exchange Date, but the Issuer shall not have any obligation to use the same Settlement Method with respect
to exchanges with different Exchange Dates.

 

If, in respect of any Exchange Date, the Issuer elects a Settlement
Method, the Issuer will deliver a written notice (the “Settlement Notice”) to the Trustee and the Exchange Agent
(if other than the Trustee) and the exchanging Holders (through the Exchange Agent) of the relevant Settlement Method in respect
of such Exchange Date no later than the Close of Business on the second Trading Day immediately following the relevant Exchange
Date (or, in the case of any exchanges for which the relevant Exchange Date occurs on or after November 21, 2023, no later than
November 21, 2023). If the Issuer does not elect a Settlement Method prior to the deadline set forth in the immediately preceding
sentence, the Issuer shall no longer have the right to elect Cash Settlement or Physical Settlement with respect to that Exchange
Date and the Issuer shall be deemed to have elected Combination Settlement in respect of its Exchange Obligation, and the Specified
Dollar Amount per $1,000 principal amount of Notes shall be equal to $1,000. Such Settlement Notice shall specify the relevant
Settlement Method and in the case of an election of Combination Settlement, the relevant Settlement Notice shall indicate the Specified
Dollar Amount per $1,000 principal amount of Notes. If the Issuer delivers a Settlement Notice electing Combination Settlement
in respect of its Exchange Obligation but does not indicate a Specified Dollar Amount per $1,000 principal amount of Notes in such
Settlement Notice, the Specified Dollar Amount per $1,000 principal amount of Notes shall be deemed to be $1,000.

 

    	54

     

    

 

The cash, shares of Common Stock or combination
of cash and shares of Common Stock in respect of any exchange of Notes (the “Settlement Amount”) shall be computed
as follows:

 

		(1)	if the Issuer elects to satisfy its Exchange Obligation in respect of such exchange by Physical Settlement, the Issuer shall
deliver to the exchanging Holder a number of shares of Common Stock equal to (A)(i) the aggregate principal amount of Notes to
be exchanged divided by (ii) $1,000, multiplied by (B) the Exchange Rate in effect on the Exchange Date (plus cash
in lieu of any fractional share of Common Stock issuable on exchange as set forth in ‎Section 13.03(b));

 

		(2)	if the Issuer elects to satisfy its Exchange Obligation in respect of such exchange by Cash Settlement, the Issuer shall pay
to the exchanging Holder, in respect of each $1,000 principal amount of Notes being exchanged, cash in an amount equal to the sum
of the Daily Exchange Values for each of the 20 consecutive Trading Days during the related Cash Settlement Averaging Period; and

 

		(3)	if the Issuer elects (or is deemed to have elected) to satisfy its Exchange Obligation in respect of such exchange by Combination
Settlement, the Issuer shall pay or deliver, as the case may be, to the exchanging Holder, in respect of each $1,000 principal
amount of Notes being exchanged, a Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the 20 consecutive
Trading Days during the related Cash Settlement Averaging Period (plus cash in lieu of any fractional share of Common Stock issuable
upon exchange as set forth in ‎Section 13.03(b)).

 

In the case of Cash Settlement or Combination
Settlement, the Daily Settlement Amounts (if applicable) and the Daily Exchange Values (if applicable) shall be determined by the
Issuer promptly following the last day of the Cash Settlement Averaging Period. Promptly after such determination of the Daily
Settlement Amounts or the Daily Exchange Values, as the case may be, and the amount of cash payable in lieu of delivering any fractional
share of Common Stock, the Issuer shall notify the Trustee and the Exchange Agent (if other than the Trustee) in writing of the
Daily Settlement Amounts or the Daily Exchange Values, as the case may be, and the amount of cash payable in lieu of delivering
fractional shares of Common Stock. The Trustee and the Exchange Agent (if other than the Trustee) shall have no responsibility
for calculating the Daily Exchange Value or any other settlement calculations.

 

Notwithstanding the foregoing, if any information
required to calculate the Settlement Amount deliverable is not available as of the applicable settlement date, the Issuer will
deliver the additional shares of Common Stock resulting from such adjustment on the third Trading Day after the earliest Trading
Day on which such calculation can be made.

 

(b) Fractional Shares. Notwithstanding
the foregoing, the Issuer will not issue fractional shares of Common Stock as part of the Settlement Amount due with respect to
any exchanged Note in respect of which shares of Common Stock are deliverable. Instead, if any such Settlement Amount includes
a fraction of a share of Common Stock, the Issuer will, in lieu of delivering such fraction of a share of Common Stock, pay an
amount of cash equal to the product of (i) such fraction of a share and (ii) the Daily VWAP of the Common Stock on the relevant
Exchange Date (in the case of Physical Settlement) or on the last Trading Day of the applicable Cash Settlement Averaging Period
(in the case of Combination Settlement), subject in each case to the following paragraph. For each Note surrendered for Exchange,
if the Issuer has elected Combination Settlement, the full number of shares that shall be issued upon exchange thereof shall be
computed on the basis of the aggregate Daily Settlement Amounts for the relevant Cash Settlement Averaging Period and any fractional
shares remaining after such computation shall be paid in cash.

 

    	55

     

    

 

If a Holder surrenders more than one Note for
exchange on a single Exchange Date, the Issuer will calculate the amount of cash and the number of shares of Common Stock due with
respect to such Notes as if such Holder had surrendered for exchange one Note having an aggregate principal amount equal to the
sum of the principal amounts of each of the Notes surrendered for exchange by such Holder on such Exchange Date.

 

(d) Notices. Whenever an Exchange Date
occurs with respect to a Note, the Exchange Agent will (provided it has received an Exchange Notice from the Depositary or the
Holder), as promptly as possible, and in no event later than the second Business Day immediately following such Exchange Date,
deliver to the Issuer and the Trustee, if it is not then the Exchange Agent, notice that an Exchange Date has occurred, which notice
will state such Exchange Date, the principal amount of Notes exchanged on such Exchange Date and the names of the Holders that
exchanged Notes on such Exchange Date. 

 

Section 13.04. Adjustment of Exchange Rate.

 

The Exchange Rate will be adjusted as described
in this Section 13.04, except that the Issuer shall not make any adjustment to the Exchange Rate if Holders of the Notes participate
(other than in the case of (x) a share split or share combination or (y) a tender or exchange offer), at the same time and upon
the same terms as holders of the Common Stock and as a result of holding the Notes, in any of the transactions described below
without having to exchange their Notes, as if they held a number of shares of Common Stock equal to the applicable Exchange Rate,
multiplied by the principal amount (expressed in thousands) of Notes held by such Holder.

 

(a) If the General Partner exclusively issues
shares of Common Stock as a dividend or distribution on all or substantially all shares of the Common Stock, or if the General
Partner effects a share split or share combination, the Exchange Rate will be adjusted based on the following formula:

 

	 	 	 	 	 
	ER1	 	=	 	ER0 x  OS1 
	 	 	 	 	           OS0

 

where,

 

	ER0	 	=	 	the Exchange Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the Open of Business on the effective date of such share split or share combination, as applicable;
	 	 	 	 	 
	ER1	 	=	 	the Exchange Rate in effect immediately after the Open of Business on such Ex-Dividend Date or such effective date, as applicable;
	 	 	 	 	 
	OS0	 	=	 	the number of shares of Common Stock outstanding immediately prior to the Open of Business on such Ex-Dividend Date or such effective date, as applicable, before giving effect to such dividend, distribution, share split or share combination; and
	 	 	 	 	 
	OS1	 	=	 	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination, as applicable.

 

    	56

     

    

 

Any adjustment made under this Section 13.04(a)
shall become effective immediately after the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately
after the Open of Business on the effective date for such share split or share combination, as applicable. If any dividend or distribution
of the type described in this Section 13.04(a) is declared but not so paid or made, the Exchange Rate shall be immediately readjusted,
effective as of the date the Board of Directors determines not to pay such dividend or distribution, to the Exchange Rate that
would then be in effect if such dividend or distribution had not been declared.

 

(b) If the General Partner issues to all or
substantially all holders of the Common Stock any rights, options or warrants entitling them, for a period of not more than 45
calendar days after the announcement date of such issuance, to subscribe for or purchase shares of the Common Stock, at a price
per share that is less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading-Day
period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, the Exchange
Rate will be increased based on the following formula:

 

	
         ER1
	 	=	 	ER0 x  OS0 + X
	 	 	 	 	           OS0 + Y

 

where,

 

	ER0	 	=	 	the Exchange Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such issuance;
	 	 	 	 	 
	ER1	 	=	 	the Exchange Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
	 	 	 	 	 
	OS0	 	=	 	the number of shares of Common Stock outstanding immediately prior to the Open of Business on such Ex-Dividend Date;
	 	 	 	 	 
	X	 	=	 	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
	 	 	 	 	 
	Y	 	=	 	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants divided by the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading-Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 

Any increase made under this Section 13.04(b)
will be made successively whenever any such rights, options or warrants are issued and shall become effective immediately after
the Open of Business on the Ex-Dividend Date for such issuance. To the extent that such rights, options or warrants are not exercised
prior to their expiration or shares of Common Stock are not delivered upon the exercise of such rights, options or warrants, the
Exchange Rate shall be decreased to the Exchange Rate that would then be in effect had the increase with respect to the issuance
of such rights, options or warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered.
If such rights, options or warrants are not so issued, or if such rights, options or warrants are not exercised prior to their
expiration, the Exchange Rate shall be decreased to be the Exchange Rate that would then be in effect if such Ex-Dividend Date
for such issuance had not occurred.

 

For purposes of this Section 13.04(b), in determining
whether any rights, options or warrants entitle the holders of the Common Stock to subscribe for or purchase shares of the Common
Stock at a price per share less than such average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading-Day
period ending on, and including, the Trading Day immediately preceding the date of announcement for such issuance, and in determining
the aggregate offering price of such shares of the Common Stock, there shall be taken into account any consideration received by
the General Partner for such rights, options or warrants and any amount payable on exercise or exchange thereof, the value of such
consideration, if other than cash, to be determined by the Board of Directors.

 

    	57

     

    

 

(c) If the General Partner distributes shares
of its Capital Stock, evidences of its indebtedness, other assets or property of the General Partner or rights, options or warrants
to acquire its Capital Stock or other securities, to all or substantially all holders of the Common Stock, excluding:

 

		(1)	dividends, distributions, rights, options or warrants as to which an adjustment was effected pursuant to Section 13.04(a) or
(b) hereof;

 

		(2)	dividends or distributions paid exclusively in cash as to which the provisions set forth below in Section 13.04(d) hereof shall
apply; and

 

		(3)	Spin-Offs as to which the provisions set forth below in this Section 13.04(c) shall apply;

 

then the Exchange Rate shall be increased based on the following
formula:

 

	ER1	 	=	 	ER0 x      SP0
	 	 	 	 	           SP0 - FMV

where,

 

	ER0	 	=	 	the Exchange Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such distribution;
	 	 	 	 	 
	ER1	 	=	 	the Exchange Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
	 	 	 	 	 
	SP0	 	=	 	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading-Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and
	 	 	 	 	 
	FMV	 	=	 	the fair market value (as determined by the Board of Directors) of the shares of the General Partner’s Capital Stock, evidences of the General Partner’s indebtedness, other assets or property of the General Partner or rights, options or warrants to acquire the General Partner’s Capital Stock or other securities distributed with respect to each outstanding share of the Common Stock on the Ex-Dividend Date for such distribution.

 

Notwithstanding the foregoing, if “FMV”
(as defined above) is equal to or greater than the “SP0” (as defined above), in lieu of the foregoing increase,
each Holder of a Note shall receive, in respect of each $1,000 principal amount of Notes it holds, at the same time and upon the
same terms as holders of the Common Stock, the amount and kind of the General Partner’s Capital Stock, evidences of the General
Partner’s indebtedness, other assets or property of the General Partner or rights, options or warrants to acquire the General
Partner’s Capital Stock or other securities that such Holder would have received as if such Holder owned a number of shares
of Common Stock equal to the Exchange Rate in effect on the Ex-Dividend Date for the distribution.

 

    	58

     

    

 

Any increase made under the portion of this
Section 13.04(c) will become effective immediately after the Open of Business on the Ex-Dividend Date for such distribution. If
such distribution is not so paid or made, the Exchange Rate shall be decreased to be the Exchange Rate that would then be in effect
if such dividend or distribution had not been declared.

 

With respect to an adjustment pursuant to this
Section 13.04(c) where there has been a payment of a dividend or other distribution on the Common Stock of shares of Capital Stock
of any class or series, or similar equity interest, of or relating to a subsidiary or other business unit, that are listed or quoted
(or will be listed or quoted upon the consummation of the distribution) on a U.S. national securities exchange (a “Spin-Off”),
the Exchange Rate will be increased based on the following formula: 

 

	ER1	 	=	 	ER0 x  FMV0 + MP0 
	 	 	 	 	                  MP0

where,

 

	ER0	 	=	 	the Exchange Rate in effect immediately prior to the end of the Valuation Period (as defined below);
	 	 	 	 	 
	ER1	 	=	 	the Exchange Rate in effect immediately after the Open of Business on the end of the Valuation Period;
	 	 	 	 	 
	FMV0	 	=	 	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of Common Stock applicable to one share of Common Stock over the first 10 consecutive Trading-Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and
	 	 	 	 	 
	MP0	 	=	 	the average of the Last Reported Sale Prices of Common Stock over the Valuation Period.

 

The adjustment to the applicable Exchange Rate
under the preceding paragraph of this Section 13.04(c) will be made immediately after the Open of Business on the day after
the last Trading Day of the Valuation Period, but will be given effect as of the Open of Business on the Ex-Dividend Date for the
Spin-Off. If the Ex-Dividend Date for the Spin-Off is less than 10 Trading Days prior to, and including, the end of the Cash Settlement
Averaging Period in respect of any exchange, references within this Section 13.04(c) to 10 Trading Days shall be deemed replaced,
for purposes of calculating the affected Daily Exchange Values in respect of that exchange, with such lesser number of Trading
Days as have elapsed from, and including, the Ex-Dividend Date for the Spin-Off to, and including, the last Trading Day of such
Cash Settlement Averaging Period. For purposes of determining the applicable Exchange Rate, in respect of any exchange during the
10 Trading Days commencing on the Ex-Dividend Date for any Spin-Off, references within the portion of this Section 13.04(c)
related to “Spin-Offs” to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days as have
elapsed from, and including, the Ex-Dividend Date for such Spin-Off to, and including, the relevant Exchange Date.

 

    	59

     

    

 

For purposes of this ‎Section 13.04(c) (and
subject in all respects to ‎Section 13.04(g)), rights, options or warrants distributed by the General Partner to all holders
of the Common Stock entitling them to subscribe for or purchase shares of the General Partner’s Capital Stock, including
Common Stock (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified
event or events (“Trigger Event”): (i) are deemed to be transferred with such Common Stock; (ii) are not exercisable;
and (iii) are also issued in respect of future issuances of Common Stock, shall be deemed not to have been distributed for purposes
of this ‎Section 13.04(c) (and no adjustment to the Exchange Rate under this ‎Section 13.04(c) will be required) until
the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed
and an appropriate adjustment (if any is required) to the Exchange Rate shall be made under this ‎Section 13.04(c). If any
such right, option or warrant, including any such existing rights, options or warrants distributed prior to the date of this Indenture,
are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities,
evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the
date of distribution and Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case the existing
rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders thereof).
In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or
other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of
calculating a distribution amount for which an adjustment to the Exchange Rate under this ‎Section 13.04(c) was made, (1) in
the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders
thereof, upon such final redemption or purchase (x) the Exchange Rate shall be readjusted as if such rights, options or warrants
had not been issued and (y) the Exchange Rate shall then again be readjusted to give effect to such distribution, deemed distribution
or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price
received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such holder had retained
such rights, options or warrants), made to all holders of Common Stock as of the date of such redemption or purchase, and (2) in
the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof,
the Exchange Rate shall be readjusted as if such rights, options and warrants had not been issued.

 

For purposes of ‎Section 13.04(a), ‎Section
13.04(b) and this ‎Section 13.04(c), if any dividend or distribution to which this ‎Section 13.04(c) is applicable also
includes one or both of:

 

(A)       a
dividend or distribution of shares of Common Stock to which ‎Section 13.04(a) is applicable (the “Clause A Distribution”);
or

 

(B)       a
dividend or distribution of rights, options or warrants to which ‎Section 13.04(b) is applicable (the “Clause B Distribution”),

 

then, in either case, (1) such dividend or distribution, other than
the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend or distribution to which this ‎Section
13.04(c) is applicable (the “Clause C Distribution”) and any Exchange Rate adjustment required by this ‎Section
13.04(c) with respect to such Clause C Distribution shall then be made, and (2) the Clause A Distribution and Clause B Distribution
shall be deemed to immediately follow the Clause C Distribution and any Exchange Rate adjustment required by ‎Section 13.04(a)
and ‎Section 13.04(b) with respect thereto shall then be made, except that, if determined by the Issuer (I) the “Ex-Dividend
Date” of the Clause A Distribution and the Clause B Distribution shall be deemed to be the Ex-Dividend Date of the Clause
C Distribution and (II) any shares of Common Stock included in the Clause A Distribution or Clause B Distribution shall be deemed
not to be “outstanding immediately prior to the Open of Business on such Ex-Dividend Date or such effective date” within
the meaning of ‎Section 13.04(a) or “outstanding immediately prior to the Open of Business on such Ex-Dividend Date”
within the meaning of ‎Section 13.04(b).

 

(d) If the General Partner makes any cash dividend
or distribution to all or substantially all holders of the Common Stock, to the extent that the aggregate of all such cash dividends
or distributions paid in any quarter exceeds the Dividend Threshold Amount (as defined below) for such quarter, the Exchange Rate
shall be adjusted based on the following formula: 

 

	ER1	 	=	 	ER0 x  (SP0 - DTA) 
	 	 	 	 	           (SP0 – C)

 

where,

 

    	60

     

    

 

	ER0	 	=	 	the Exchange Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such dividend or distribution;
	 	 	 	 	 
	ER1	 	=	 	the Exchange Rate in effect immediately after the Open of Business on the Ex-Dividend Date for such dividend or distribution;
	 	 	 	 	 
	SP0	 	=	 	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution;
	 	 	 	 	 
	DTA	 	=	 	the “Dividend Threshold Amount,” which shall initially be $0.35 per share per quarter; and
	 	 	 	 	 
	C	 	=	 	the amount in cash per share that the General Partner distributes to all or substantially all holders of the Common Stock.

 

The Dividend Threshold Amount is subject to
adjustment on an inversely proportional basis whenever the Exchange Rate is adjusted other than adjustments made pursuant to this
Section 13.04(d). If an adjustment is required to be made as set forth in this Section 13.04(d) as a result of a distribution that
is not a regular quarterly dividend, the Dividend Threshold Amount will be deemed to be zero with respect to that particular adjustment.

 

If “C” (as defined above) is equal
to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note shall
receive, for each $1,000 principal amount of Notes it holds, at the same time and upon the same terms as holders of shares of the
Common Stock, the amount of cash that such Holder would have received if such Holder had owned a number of shares of Common Stock
equal to the Exchange Rate on the Ex-Dividend Date for such cash dividend or distribution.

 

Any increase made under this Section 13.04(d)
shall become effective immediately after the Open of Business on the Ex-Dividend Date for such dividend or distribution. If such
dividend or distribution is not so paid, the Exchange Rate shall be decreased, effective as of the date the Board of Directors
determines not to make or pay such dividend or distribution, to be the Exchange Rate that would then be in effect if such dividend
or distribution had not been declared.

 

(e) If the General Partner or any of its Subsidiaries
make a payment in respect of a tender offer or exchange offer for the Common Stock, to the extent that the cash and value of any
other consideration included in the payment per share of the Common Stock exceeds the Last Reported Sale Prices of the Common Stock
over the 10 consecutive Trading-Day period commencing on, and including, the Trading Day next succeeding the last date on which
tenders or exchanges may be made pursuant to such tender or exchange offer (the “Expiration Date”), the Exchange
Rate shall be increased based on the following formula: 

 

	ER1	 	=	 	ER0 x  AC + (SP1 x OS1) 
	 	 	 	 	                  OS0 x SP1

 

where,

 

	ER0	 	=	 	the Exchange Rate in effect immediately prior to the Close of Business on the Expiration Date;
	 	 	 	 	 
	ER1	 	=	 	the Exchange Rate in effect immediately after the Close of Business the Expiration Date;

 

    	61

     

    

 

	AC	 	=	 	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares of Common Stock purchased in such tender offer or exchange offer;
	 	 	 	 	 
	OS0	 	=	 	the number of shares of Common Stock outstanding immediately prior to the expiration time of the tender or exchange offer on the Expiration Date (prior to giving effect to the purchase of all shares accepted for purchase or exchange in such tender offer or exchange offer);
	 	 	 	 	 
	OS1	 	=	 	the number of shares of Common Stock outstanding immediately after the expiration time of the tender or exchange offer on the Expiration Date (after giving effect to the purchase of all shares accepted for purchase or exchange in such tender or exchange offer); and
	 	 	 	 	 
	SP1	 	=	 	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading-Day period commencing on, and including, the Trading Day next succeeding the Expiration Date.

 

The adjustment to the applicable Exchange Rate
under the preceding paragraph of this Section 13.04(e) will be given effect at the Open of Business on the Trading Day next succeeding
the Expiration Date. If the Trading Day next succeeding the Expiration Date is less than 10 Trading Days prior to, and including,
the end of the Cash Settlement Averaging Period in respect of any exchange, references within this Section 13.04(e) to 10 Trading
Days shall be deemed replaced, for purposes of calculating the affected Daily Exchange Values in respect of that exchange, with
such lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the Expiration Date to,
and including, the last Trading Day of such Cash Settlement Averaging Period. For purposes of determining the applicable Exchange
Rate, in respect of any exchange during the 10 Trading Days commencing on the Trading Day next succeeding the Expiration Date,
references within this Section 13.04(e) to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days as
have elapsed from, and including, the Trading Day next succeeding the Expiration Date to, and including, the relevant Exchange
Date.

 

(f) Special Settlement Provisions. Notwithstanding
anything to the contrary herein with respect to exchanged Notes as to which Combination Settlement is applicable, if a Holder exchanges
a Note and the Daily Settlement Amount for any Trading Day during the Cash Settlement Averaging Period applicable to such Note: 

 

		(1)	is calculated based on an Exchange Rate adjusted on account of any event described in Sections 13.04(a) through (e) hereof;
and

 

		(2)	includes any shares of Common Stock that, but for this provision, would entitle their holder to participate in such event;

 

then, although the Issuer will otherwise treat such Holder as the
holder of record of such shares of Common Stock on the last Trading Day of such Cash Settlement Averaging Period, the Issuer will
not permit such Holder to participate in such event on account of such shares of Common Stock.

 

In addition, if a Holder exchanges a Note to
which Cash Settlement or Combination Settlement is applicable and:

 

		(1)	the record date, effective date or Expiration Date for any event that requires an adjustment to the Exchange Rate under any
of Sections 13.04(a) through (e) hereof occurs:

 

    	62

     

    

 

		(A)	on or after the first Trading Day of such Cash Settlement
Averaging Period; and

 

		(B)	on or prior to the last Trading Day of such Cash Settlement
Averaging Period; and

 

		(2)	the Daily Settlement Amount for any Trading Day in such
Cash Settlement Averaging Period that occurs on or prior to such record date, effective date or Expiration Date:

 

		(A)	includes shares of the Common Stock that do not entitle
their holder to participate in such event; and

 

		(B)	is calculated based on an Exchange Rate that is not adjusted
on account of such event;

 

then, on account of such exchange, the Issuer will, on such
record date, effective date or Expiration Date, treat such Holder, as a result of having exchanged such Notes, as though it were
the record holder of a number of shares of Common Stock equal to the total number of shares of Common Stock that:

 

		(1)	are deliverable as part of the Daily Settlement Amount:

 

		(A)	for a Trading Day in such Cash Settlement Averaging Period
that occurs on or prior to such record date, effective date or Expiration Date; and

 

		(B)	is calculated based on an Exchange Rate that is not adjusted
for such event; and

 

		(2)	if not for this provision, would not entitle such Holder
to participate in such event.

 

Notwithstanding anything to the contrary
herein, if an Exchange Rate adjustment becomes effective on any Ex-Dividend Date as described above, and a Holder that has exchanged
its Notes on or after such Ex-Dividend Date and on or prior to the related Regular Record Date would be treated as the record holder
of shares of Common Stock as of the related Exchange Date in accordance with the provisions of Section 13.02(b) based on an adjusted
Exchange Rate for such Ex-Dividend Date, then, notwithstanding the foregoing Exchange Rate adjustment provisions, the Exchange
Rate adjustment relating to such Ex-Dividend Date will not be made for such exchanging Holder. Instead, such Holder will be treated
as if such Holder were the record owner of the shares of Common Stock on an unadjusted basis and participate in the related dividend,
distribution or other event giving rise to such adjustment.

 

(g) Poison Pill. Whenever a Holder
exchanges a Note, to the extent that the General Partner has a rights plan in effect, the Holder exchanging such Note will receive,
in addition to any shares of Common Stock received in connection with such exchange, if any, the rights under the rights plan.
However, if, prior to exchange, the rights have separated from the Common Stock in accordance with the provisions of the applicable
rights plan, the Exchange Rate will be adjusted at the time of separation as if the General Partner distributed to all or substantially
all holders of the Common Stock, shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants
as described in Section 13.04(c) hereof, subject to readjustment in the event of the expiration, termination or redemption of such
rights. 

 

(i) Deferral of Adjustments. Notwithstanding
anything to the contrary herein, except on and after the first Trading Day of any Cash Settlement Averaging Period with respect
to a Note and on or prior to the last Trading Day of such Cash Settlement Averaging Period, the Issuer will not be required to
adjust the Exchange Rate unless such adjustment would require an increase or decrease of at least one percent; provided,
however, that any such minor adjustments that are not required to be made will be carried forward and taken into account
in any subsequent adjustment, and provided, further, that any such adjustment of less than one percent that has not
been made shall be made upon the occurrence of (i) the Effective Date for any Make-Whole Fundamental Change, (ii) the first Trading
Day of any Cash Settlement Averaging Period and (iii) if the Issuer elects to satisfy its Exchange Obligation solely in shares
of Common Stock, upon any exchange of Notes. In addition, the Issuer shall not account for such deferrals when determining what
number of shares of Common Stock a Holder would have held on a given day had it exchanged its Notes.

 

    	63

     

    

 

(i) Limitation on Adjustments. Except
as stated in this Section 13.04, the Issuer will not adjust the Exchange Rate for the issuance of shares of Common Stock or any
securities convertible into or exchangeable for shares of Common Stock or the right to purchase shares of the Common Stock or such
convertible or exchangeable securities. If, however, the application of the formulas in Sections 13.04(a) through (e) hereof would
result in a decrease in the Exchange Rate, then, except to the extent of any readjustment to the Exchange Rate, no adjustment to
the Exchange Rate will be made (other than as a result of a reverse share split, share combination or readjustment). 

 

Notwithstanding anything to the contrary
herein, the Exchange Rate will not be adjusted:

 

		(1)	on account of stock repurchases that are not tender offers
referred to in Section 13.04(e) hereof, including structured or derivative transactions, or transactions pursuant to a stock repurchase
program approved by the Board of Directors or otherwise;

 

		(2)	upon the issuance of any shares of Common Stock pursuant
to any present or future plan providing for the reinvestment of dividends or interest payable on the Issuer’s or the General
Partner’s securities and the investment of additional optional amounts in shares of Common Stock under any plan;

 

		(3)	upon the issuance of any shares of Common Stock or options
or rights to purchase those shares pursuant to any present or future employee, director or consultant benefit plan, program or
agreement of or assumed by the Issuer, the General Partner or any of their subsidiaries;

 

		(4)	upon the issuance of any shares of Common Stock pursuant
to any option, warrant, right or exercisable, exchangeable or convertible security not described in the preceding clause (3) and
outstanding as of the date the Notes were first issued;

 

		(5)	for a change in the par value of the Common Stock;

 

		(6)	for accrued and unpaid interest on the Notes, if any; or

 

		(7)	for an event otherwise requiring an adjustment under this
Indenture if such event is not consummated.

 

(j) For purposes of this Section 13.04,
the number of shares of Common Stock at any time outstanding shall not include shares of Common Stock held in the treasury of the
General Partner so long as the General Partner does not pay any dividend or make any distribution on shares of Common Stock held
in the treasury of the General Partner.

 

(k) Whenever the Issuer is required to calculate
the Exchange Rate, or any adjustment thereto, the Issuer will do so to the nearest 1/10,000th of a share of Common Stock.

 

    	64

     

    

 

Section 13.05 Discretionary and Voluntary Adjustments.

 

(a) Discretionary Adjustments. Whenever
any provision of this Indenture requires the Issuer to calculate the Last Reported Sale Prices, the Daily VWAPs or any function
thereof over a span of multiple days (including, without limitation, during a Cash Settlement Averaging Period), the Board of Directors
will make appropriate adjustments to each to account for any adjustment to the Exchange Rate that becomes effective, or any event
requiring an adjustment to the Exchange Rate where the Effective Date, Ex-Dividend Date or Expiration Date of the event occurs,
at any time during the period when such Last Reported Sale Prices, the Daily VWAPs or function thereof is to be calculated. For
the avoidance of doubt, the trustee and exchange agent shall not be responsible for calculating any of the calculations specified
above.

 

(b) Voluntary Adjustments. In addition
to those adjustments required by Sections 13.04(a) through (e) hereof, and to the extent permitted by applicable law and subject
to the applicable rules of the NYSE or any other securities exchange or market on which the Common Stock is then listed, the Issuer
from time to time may increase the Exchange Rate by any amount for a period of at least 20 Business Days if the Board of Directors
determines that such increase would be in the Issuer’s best interest. In addition, to the extent permitted by applicable
law and subject to the applicable rules of the NYSE or any other securities exchange or market on which the Common Stock is then
listed, the Issuer may (but is not required to) increase the Exchange Rate to avoid or diminish any income tax to holders of Common
Stock or rights to purchase Common Stock in connection with a dividend or distribution of shares of Common Stock (or rights to
acquire shares of Common Stock) or similar event. Whenever the Exchange Rate is increased pursuant to either of the preceding two
sentences, the Issuer shall deliver to the Holder of each Note a notice of the increase at least 15 days prior to the date the
increased Exchange Rate takes effect, and such notice shall state the increased Exchange Rate and the period during which it will
be in effect. 

 

Section 13.06 Adjustment to Exchange Rate Upon Exchange
in Connection with a Make-Whole Fundamental Change. 

 

(a) Increase in the Exchange Rate.
If a Make-Whole Fundamental Change occurs and a Holder elects to exchange its Notes in connection with such Make-Whole Fundamental
Change, the Issuer shall, under certain circumstances, increase the Exchange Rate for the Notes so surrendered for exchange by
a number of additional shares of Common Stock (the “Additional Shares”), as described in this Section 13.06.
An exchange of Notes shall be deemed for these purposes to be “in connection with” a Make-Whole Fundamental Change
if the relevant Exchange Notice is received by the Exchange Agent during the period from, and including, the Effective Date of
the Make-Whole Fundamental Change up to, and including, the Close of Business on the Business Day immediately prior to the related
Fundamental Change Repurchase Date or, if such Make-Whole Fundamental Change is not a Fundamental Change, the 35th Business Day
immediately following the Effective Date for such Make-Whole Fundamental Change.

 

(b) Cash Mergers. Notwithstanding
anything to the contrary herein, if the consideration paid to holders of the Common Stock in any Make-Whole Fundamental Change
described in clause (2) of the definition of Fundamental Change is comprised entirely of cash, then, for any exchange of Notes
following the Effective Date of such Make-Whole Fundamental Change, the Settlement Amount shall be calculated based solely on the
Stock Price for the transaction and shall be deemed to be an amount of cash per $1,000 principal amount of exchanged Notes equal
to the applicable Exchange Rate (including any adjustment for Additional Shares as described in this Section 13.06), multiplied
by such Stock Price. In such event, the Issuer will pay such amount of cash to an exchanging Holder on the third Business Day
following the applicable Exchange Date. Otherwise, the Issuer will settle any exchange of Notes following the Effective Date for
a Make-Whole Fundamental Change in accordance with Section 13.04 hereof (but subject to Section 13.07 hereof). 

 

(c) Determining the Number of Additional
Shares. The number of Additional Shares, if any, by which the Exchange Rate will be increased for a Holder that exchanges its
Notes in connection with a Make-Whole Fundamental Change shall be determined by reference to the table attached as Schedule
A hereto, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (the “Effective
Date”) and the price (the “Stock Price”) paid (or deemed paid) per share of the Common Stock in the
Make-Whole Fundamental Change. If the holders of the Common Stock receive only cash in a Make-Whole Fundamental Change described
in clause (2) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share. Otherwise, the
Stock Price shall be the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period
ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change.

 

    	65

     

    

 

(d) Interpolation and Limits. The
exact Stock Prices and Effective Dates may not be set forth in the table attached as Schedule A, in which case: 

 

		(1)	if the Stock Price is between two Stock Prices in the table
or the Effective Date is between two Effective Dates in the table, the number of Additional Shares shall be determined by a straight-line
interpolation between the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later
Effective Dates, as applicable, based on a 365-day year;

 

		(2)	if the Stock Price is greater than $170.00 per share (subject
to adjustment in the same manner as the Stock Prices set forth in the column headings of the table attached as Schedule A
pursuant to subsection (e) below), no additional shares will be added to the Exchange Rate; or

 

		(3)	if the Stock Price is less than $60.50 per share (subject
to adjustment in the same manner as the Stock Prices set forth in the column headings of the table attached as Schedule A
pursuant to subsection (e) below), no additional shares will be added to the Exchange Rate.

 

Notwithstanding the foregoing, in no event
will the Exchange Rate be increased on account of a Make-Whole Fundamental Change to exceed 16.52888 shares of Common Stock per
$1,000 principal amount of Notes, subject to adjustments in the same manner as the Exchange Rate is required to be adjusted as
set forth in Section 13.05 hereof.

 

(e) Adjustments to Stock Prices. The
Stock Prices set forth in the column headings of the table attached as Schedule A hereto shall be adjusted as of any date
on which the Exchange Rate of the Notes is otherwise required to be adjusted. The adjusted Stock Prices shall equal the Stock Prices
applicable immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the Exchange Rate immediately
prior to such adjustment giving rise to the Stock Price adjustment and the denominator of which is the Exchange Rate as so adjusted.
The number of Additional Shares set forth in such table shall be adjusted in the same manner and at the same time as the Exchange
Rate is required to be adjusted as set forth in Section 13.04. The Trustee and the Exchange Agent shall not be responsible for
calculating any of the calculations set forth above.

 

Section 13.07. Effect of Recapitalization, Reclassification,
Consolidation, Merger or Sale.

 

(a) In the case of:

 

		(1)	any recapitalization, reclassification or change of the
Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a
result of a split, subdivision or combination for which an adjustment is made pursuant to Section 13.04(a));

 

		(2)	any consolidation, merger or combination involving the
Issuer or the General Partner;

 

		(3)	any sale, lease or other transfer to a third party of the
consolidated assets of the Issuer, the General Partner and their Subsidiaries substantially as an entirety; or

 

    	66

     

    

 

		(4)	any statutory share exchange;

 

and, in each case, as a result of which the Common Stock would
be converted into, or exchanged for, stock, other securities, other property or assets (including cash or any combination thereof)
(any such event, a “Merger Event”), then, at and after the effective time of the Merger Event, the right to
exchange each $1,000 principal amount of Notes shall be changed into a right to exchange such principal amount of Notes into the
kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that
a holder of a number of shares of Common Stock equal to the Exchange Rate immediately prior to such Merger Event would have owned
or been entitled to receive upon such Merger Event (the “Reference Property,” with each “unit of Reference
Property” meaning the kind and amount of Reference Property that a holder of one share of Common Stock is entitled to
receive) and, prior to or at the effective time of such Merger Event, the Issuer or the successor or purchasing Person, as the
case may be, shall execute with the Trustee a supplemental indenture permitted under ‎Section 9.01 providing for such change
in the right to exchange each $1,000 principal amount of Notes; provided, however, that at and after the effective
time of the Merger Event (A) the Issuer shall continue to have the right to determine the form of consideration to be paid or delivered,
as the case may be, upon exchange of Notes in accordance with ‎Section 13.02 and (B) (i) any amount payable in cash upon exchange
of the Notes in accordance with ‎Section 13.02 shall continue to be payable in cash, (ii) any shares of Common Stock that the
Issuer would have been required to deliver upon exchange of the Notes in accordance with ‎Section 13.02 shall instead be deliverable
in the amount and type of Reference Property that a holder of that number of shares of Common Stock would have been entitled to
receive in such Merger Event and (iii) the Daily VWAP shall be calculated based on the value of a unit of Reference Property.

 

If the Merger Event causes the Common Stock
to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part
upon any form of stockholder election), then (i) the Reference Property into which the Notes will be exchangeable shall be deemed
to be (x) the weighted average of the types and amounts of consideration received by the holders of Common Stock that affirmatively
make such an election or (y) if no holders of Common Stock affirmatively make such an election, the types and amounts of consideration
actually received by the holders of Common Stock, and (ii) the unit of Reference Property for purposes of the immediately preceding
paragraph shall refer to the consideration referred to in clause (i) attributable to one share of Common Stock. If the holders
of the Common Stock receive only cash in such Merger Event, then for all exchanges for which the relevant Exchange Date occurs
after the effective date of such Merger Event (A) the consideration due upon conversion of each $1,000 principal amount of
Notes shall be solely cash in an amount equal to the Exchange Rate in effect on the Exchange Date (as may be increased by any Additional
Shares pursuant to ‎Section 13.06), multiplied by the price paid per share of Common Stock in such Merger Event and (B) the
Issuer shall satisfy the Exchange Obligation by paying cash to exchanging Holders on the third Business Day immediately following
the relevant Exchange Date. The Issuer shall notify Holders, the Trustee and the Exchange Agent (if other than the Trustee) of
such weighted average as soon as practicable after such determination is made.

 

Such supplemental indenture described in
the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that shall be as nearly equivalent
as is possible to the adjustments provided for in this Article 13. If, in the case of any Merger Event, the Reference Property
includes shares of stock, securities or other property or assets (including cash or any combination of the foregoing) of a Person
other than the successor or purchasing Person, as the case may be, in such Merger Event, then such supplemental indenture shall
also be executed by such other Person and shall contain such additional provisions to protect the interests of the Holders of the
Notes as the Board of Directors shall reasonably consider necessary by reason of the foregoing.

 

    	67

     

    

 

(b) When the Issuer executes a supplemental
indenture pursuant to subsection ‎(a) of this ‎Section 13.07, the Issuer shall promptly file with the Trustee an Officers’
Certificate briefly stating the reasons therefor, the kind or amount of cash, securities or property or asset that will comprise
a unit of Reference Property after any such Merger Event, any adjustment to be made with respect thereto and that all conditions
precedent have been complied with, and shall promptly deliver notice thereof to all Holders. The Issuer shall cause notice of the
execution of such supplemental indenture to be delivered to each Holder within 20 days after execution thereof. Failure to deliver
such notice shall not affect the legality or validity of such supplemental indenture. Any such supplemental indenture filed with
the Commission through the EDGAR system (or any successor thereto) shall be deemed to have been sent to the Holders for purposes
of this Section 13.07.

 

(c) The Issuer shall not become a party
to any Merger Event unless its terms are consistent with this ‎Section 13.07. None of the foregoing provisions shall affect
the right of a holder of Notes to exchange its Notes into cash, shares of Common Stock or a combination of cash and shares of Common
Stock, as applicable, as set forth in ‎Section 13.01 and ‎Section 13.02 prior to the effective date of such Merger Event.

 

(d) The above provisions of this Section
shall similarly apply to successive Merger Events.

 

Section 13.08. Ownership Limit and Withholding.

 

(a) Notwithstanding any other provision
of the Notes or this Indenture, no Holder of Notes will be entitled to receive Common Stock following exchange of such Notes to
the extent that receipt of such Common Stock would cause such Holder (after application of certain constructive ownership rules)
to exceed the ownership limits contained in the General Partner’s charter. If any delivery of shares of Common Stock owed
to a Holder upon exchange of Notes is not made, in whole or in part, as a result of the limitations described in this Section 13.08(a),
the Issuer’s obligation to make such delivery shall not be extinguished and the Issuer shall deliver such shares as promptly
as practicable after any such exchanging Holder gives notice to the Issuer that such delivery would not result in it being the
beneficial or constructive owner of (i) more than 9.8% in value of the General Partner’s outstanding shares of Capital Stock,
or (ii) more than 9.8% in value or in number of shares, whichever is more restrictive, of the General Partner’s outstanding
Common Stock.

 

(b) At the Maturity Date, upon earlier repurchase
of the Notes or at any time a payment is made with respect to the Notes, and as otherwise required by law, the Issuer may deduct
and withhold from such amount otherwise deliverable to the Holder the amount required to be deducted and withheld under applicable
law, and such amount shall be deemed paid to such Holder for all purposes of this Indenture.

 

Section 13.09. Calculations in Respect of Notes.

 

Except as otherwise provided in this Indenture,
the Issuer shall be responsible for making all calculations called for under the Notes and this Indenture. These calculations include,
but are not limited to, determinations of the Last Reported Sale Prices of the Common Stock, accrued interest payable on the Notes
and the Exchange Rate of the Notes (including any adjustments thereto). The Issuer shall make all these calculations in good faith
and, absent manifest error, the Issuer’s calculations shall be final and binding on Holders of Notes. The Issuer shall provide
a schedule of its calculations to each of the Trustee and the Exchange Agent, and each of the Trustee and Exchange Agent is entitled
to rely conclusively upon the accuracy of the Issuer’s calculations without independent verification and neither shall have
any liability or responsibility for the calculations or any information used to make such calculations. The Trustee will forward
the Issuer’s calculations to any Holder of Notes upon the request of that Holder at the sole cost and expense of the Issuer.
Neither the Trustee nor the Exchange Agent shall be responsible for determining whether any event has occurred that would cause
an adjustment to the Exchange Rate. The Issuer shall deliver a notice to the Trustee and the Exchange Agent with respect to any
Exchange Rate adjustment, on which notice the Trustee and the Exchange Agent may conclusively rely.

 

    	68

     

    

 

ARTICLE 14

MEETINGS OF HOLDERS OF NOTES

 

Section 14.01. Purposes for Which Meetings May Be Called.

 

A meeting of Holders of Notes may be called
at any time and from time to time pursuant to this Article 14 to make, give or take any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Notes.

 

Section 14.02. Call, Notice and Place of Meetings.

 

(a) The Trustee may at any time call a meeting
of Holders of Notes for any purpose specified in Section 14.01, to be held at such time and at such place as the Trustee shall
determine. Notice of every meeting of Holders of Notes, setting forth the time and the place of such meeting and in general terms
the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 16.03, not less than 20 nor
more than 180 days prior to the date fixed for the meeting.

 

(b) In case at any time the Issuer, pursuant
to a Board Resolution, the General Partner, or the Holders of at least 25% in principal amount of the outstanding Notes shall have
requested the Trustee to call a meeting of the Holders of Notes for any purpose specified in Section 14.01, by written request
setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have made the first
publication of the notice of such meeting within 20 days after receipt of such request or shall not thereafter proceed to cause
the meeting to be held as provided herein, then the Issuer, the General Partner or the Holders of Notes in the amount above specified,
as the case may be, may determine the time and the place for such meeting and may call such meeting for such purposes by giving
notice thereof as provided in subsection (a) of this Section 14.02.

 

Section 14.03. Persons Entitled to Vote at Meetings.

 

To be entitled to vote at any meeting of
Holders of Notes, a Person shall be (a) a Holder of one or more outstanding Notes, or (b) a Person appointed by an instrument in
writing as proxy for a Holder or Holders of one or more outstanding Notes by such Holder or Holders. The only Persons who shall
be entitled to be present or to speak at any meeting of Holders of Notes shall be the Persons entitled to vote at such meeting
and their counsel, any representatives of the Trustee and its counsel and any representatives of the Issuer and the General Partner
and their respective counsel.

 

Section 14.04. Quorum; Action.

 

The Persons entitled to vote a majority
in principal amount of the outstanding Notes shall constitute a quorum for a meeting of Holders of Notes; provided, however,
that if any action is to be taken at such meeting with respect to a consent or waiver which this Indenture expressly provides may
be given by the Holders of not less than a specified percentage in principal amount of the outstanding Notes, the Persons entitled
to vote such specified percentage in principal amount of the outstanding Notes shall constitute a quorum. In the absence of a quorum
within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Notes,
be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman
of the meeting prior to the adjournment of such meeting. In the absence of a quorum at the reconvening of any such adjourned meeting,
such adjourned meeting may be further adjourned for a period of not less than 10 days; at the reconvening of any meeting adjourned
or further adjourned for lack of a quorum, the persons entitled to vote 25% in aggregate principal amount of the then outstanding
Notes shall constitute a quorum for the taking of any action set forth in the notice of the original meeting. Notice of the reconvening
of any adjourned meeting shall be given as provided in Section 14.02(a), except that such notice need be given only once not less
than five days prior to the date on which the meeting is scheduled to be reconvened.

 

    	69

     

    

 

Except as limited by the proviso to Section
9.02, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may
be adopted by the affirmative vote of the persons entitled to vote a majority in aggregate principal amount of the outstanding
Notes represented at such meeting; provided, however, that, except as limited by the proviso to Section 9.02, any
resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which this Indenture
expressly provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal
amount of the outstanding Notes may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present
as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the outstanding Notes.

 

Any resolution passed or decision taken
at any meeting of Holders of Notes duly held in accordance with this Section 14.04 shall be binding on all the Holders of Notes,
whether or not present or represented at the meeting.

 

Notwithstanding the foregoing provisions
of this Section 14.04, if any action is to be taken at a meeting of Holders of Notes with respect to any request, demand, authorization,
direction, notice, consent, waiver or other action that this Indenture expressly provides may be made, given or taken by the Holders
of a specified percentage in principal amount of all outstanding Notes affected thereby:

 

		(1)	there shall be no minimum quorum requirement for such meeting;
and

 

		(2)	the principal amount of the outstanding Notes that vote
in favor of such request, demand, authorization, direction, notice, consent, waiver or other action shall be taken into account
in determining whether such request, demand, authorization, direction, notice, consent, waiver or other action has been made,
given or taken under this Indenture.

 

Section 14.05. Determination of Voting Rights; Conduct
and Adjournment of Meetings. 

 

(a) Notwithstanding any provisions of this
Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Notes in regard
to proof of the holding of Notes and of the appointment of proxies and in regard to the appointment and duties of inspectors of
votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters
concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations,
the holding of Notes shall be proved in the manner specified in Section 8.01 and the appointment of any proxy shall be proved in
the manner specified in Section 8.01 or by having the signature of the Person executing the proxy witnessed or guaranteed by any
trust company, bank or banker authorized by Section 8.01 to certify to the holding of the Notes. Such regulations may provide that
written instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in
Section 8.01 or other proof.

 

(b) The Trustee shall, by an instrument
in writing appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Issuer, the General Partner
or by Holders of Notes as provided in Section 14.02(b), in which case the Issuer, the General Partner or the Holders of Notes calling
the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary
of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the outstanding Notes
represented at the meeting.

 

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

 

    	70

     

    

 

(d) Any meeting of Holders of Notes duly
called pursuant to Section 14.02 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a
majority in principal amount of the outstanding Notes represented at the meeting, and the meeting may be held as so adjourned without
further notice.

 

Section 14.06. Counting Votes and Recording Action of
Meetings.

 

The vote upon any resolution submitted to
any meeting of Holders of Notes shall be by written ballots on which shall be subscribed the signatures of the Holders of Notes
or of their representatives by proxy and the principal amounts and serial numbers of the outstanding Notes held or represented
by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting
for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate
of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Notes shall
be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of
votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the fact, setting forth a copy
of the notice of the meeting and showing that said notice was given as provided in Section 14.02 and, if applicable, Section 14.04.
Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy
shall be delivered to the Issuer and the General Partner and another to the Trustee to be preserved by the Trustee, the latter
to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the
matters therein stated.

 

ARTICLE 15

GUARANTEES

 

Section 15.01. Guarantees. 

 

(a) By its execution hereof, each Guarantor
acknowledges that it receives substantial benefits from the Issuer and that the Guarantors are providing their Guarantees for good
and valuable consideration, including, without limitation, such substantial benefits. Accordingly, subject to the provisions of
this Article 15, each Guarantor hereby fully, unconditionally and irrevocably guarantees, as primary obligor and not merely as
surety, jointly and severally with each other Guarantor, to each Holder of the Notes, to the extent lawful, and the Trustee the
full and punctual payment when due, whether at maturity, by acceleration, upon repurchase due to a Fundamental Change or otherwise,
of the principal of (including the repurchase price upon repurchase pursuant to Article 3), premium, if any, and Interest on the
Notes and all other obligations of the Issuer under this Indenture and the Notes (including, without limitation, interest accruing
after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating
to the Issuer or any Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such proceeding)
(all the foregoing being hereinafter collectively called the “Guarantor Obligations”). Each Guarantor agrees
(to the extent lawful) that the Guarantor Obligations may be extended or renewed, in whole or in part, without notice or further
assent from it, and that it shall remain bound under this Article 15 notwithstanding any extension or renewal of any Guarantor
Obligation.

 

(b) Each Guarantor waives (to the extent
lawful) presentation to, demand of, and protest to the Issuer of any of the Guarantor Obligations and also waives (to the extent
lawful) notice of protest for nonpayment. Each Guarantor waives (to the extent lawful) notice of any default under the Notes or
the Guarantor Obligations.

 

(c) Each Guarantor further agrees that its
Guarantee constitutes a guarantee of payment when due (and not a guarantee of collection) and waives any right to require that
any resort be had by any Holder to any security held for payment of the Guarantor Obligations.

 

    	71

     

    

 

(d) The obligations of each Guarantor hereunder
shall not be subject to any reduction, limitation, impairment or termination for any reason (other than payment of the Guarantor
Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not (to the extent
lawful) be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity,
illegality or unenforceability of the Guarantor Obligations or otherwise. Without limiting the generality of the foregoing, the
obligations of each Guarantor herein shall not (to the extent lawful) be discharged or impaired or otherwise affected by

 

		(1)	the failure of any Holder to assert any claim or demand
or to enforce any right or remedy against the Issuer or any other person under this Indenture, the Notes or any other agreement
or otherwise;

 

		(2)	any extension or renewal of any thereof;

 

		(3)	any rescission, waiver, amendment or modification of any
of the terms or provisions of this Indenture (other than the terms of this Guarantee), the Notes or any other agreement;

 

		(4)	the release of any security held by any Holder or the Trustee
for the Guarantor Obligations or any of them;

 

		(5)	the failure of any Holder to exercise any right or remedy
against any other Guarantor;

 

		(6)	any change in the ownership of the General Partner or the
Issuer;

 

		(7)	any default, failure or delay, willful or otherwise, in
the performance of the Guarantor Obligations; or

 

		(8)	any other act or thing or omission or delay to do any other
act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a
discharge of such Guarantor as a matter of law or equity.

 

(e) Each Guarantor agrees that its Guarantee
shall remain in full force and effect until payment in full of all the Guarantor Obligations or such Guarantor is released from
its Guarantee in compliance with Section 15.03. Each Guarantor further agrees that its Guarantee shall continue to be effective
or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of, premium, if any, or interest
on any of the Guarantor Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization
of the General Partner or the Issuer or otherwise.

 

(f) In furtherance of the foregoing and
not in limitation of any other right which any Holder has at law or in equity against any Guarantor by virtue hereof, upon the
failure of the Issuer to pay any of the Guarantor Obligations when and as the same shall become due, whether at maturity, by acceleration,
upon repurchase due to a Fundamental Change or otherwise, each Guarantor hereby promises to and shall, upon receipt of written
demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee or the Trustee on behalf of the Holders an amount
equal to the sum of (i) the unpaid amount of such Guarantor Obligations then due and owing and (ii) accrued and unpaid interest
on such Guarantor Obligations then due and owing (but only to the extent not prohibited by law) (including interest accruing after
the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the
Issuer or any Guarantor whether or not a claim for post-filing or post-petition interest is allowed in such proceeding).

 

    	72

     

    

 

(g) Each Guarantor further agrees that,
as between such Guarantor, on the one hand, and the Holders, on the other hand, (i) the maturity of the Guarantor Obligations guaranteed
hereby may be accelerated as provided in this Indenture for the purposes of its Guarantee, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the Guarantor Obligations guaranteed and (ii) in the event of any
such declaration of acceleration of such Guarantor Obligations, such Guarantor Obligations (whether or not due and payable) shall
forthwith become due and payable by the Guarantors for the purposes of such Guarantors’ Guarantee.

 

(h) Each Guarantor also agrees to pay any
and all reasonable costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or the Holders in enforcing
any rights under this Section 15.01.

 

(i) Neither the Issuer nor the Guarantors
shall be required to make a notation on the Notes to reflect any Guarantee or any release, termination or discharge thereof and
any such notation shall not be a condition to the validity of any Guarantee.

 

Section 15.02. Additional Guarantees.

 

If the Issuer or any Subsidiary Guarantor acquires or creates
a Subsidiary, then such Subsidiary shall become a Subsidiary Guarantor and execute a supplemental indenture in the form attached
as Attachment 1 to the Form of Note attached as Exhibit A hereto, and deliver (i) an Opinion of Counsel and (ii) an Officers’
Certificate satisfying the requirements of this Indenture within 45 days following the date on which it was acquired, created
or otherwise became a Subsidiary (or such longer period as may be required to obtain any necessary approvals under applicable laws
or other regulatory requirements). The General Partner and the Issuer shall use commercially reasonable efforts to obtain all approvals
necessary to permit any Subsidiary to become a Subsidiary Guarantor as promptly as practicable.

 

Section 15.03. Limitation on Liability; Termination, Release
and Discharge.

 

(a) Any term or provision of this Indenture
to the contrary notwithstanding, the obligations of each Guarantor hereunder shall be limited to the maximum amount as shall, after
giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or
payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee
or pursuant to its contribution obligations under this Indenture, result in the obligations of such Guarantor under its Guarantee
not constituting a fraudulent conveyance or fraudulent transfer under federal or state law and not otherwise being void or voidable
under any similar laws affecting the rights of creditors generally.

 

(b) A Guarantee of a Guarantor shall be
automatically and unconditionally released and discharged, and each Guarantor and its obligations under the Guarantee and this
Indenture shall be released and discharged:

 

		(1)	in connection with any sale or other disposition of all
or substantially all of the assets of that Guarantor (by way of merger, consolidation, or otherwise) to a Person that is not (either
before or after giving effect to such transaction) the General Partner, the Issuer or a Subsidiary Guarantor;

 

		(2)	in connection with any sale or other disposition of Capital
Stock of that Guarantor to a Person that is not (either before or after giving effect to such transaction) the General Partner,
the Issuer or a Subsidiary Guarantor; or

 

		(3)	satisfaction and discharge of this Indenture pursuant to
Article 11 of this Indenture.

 

    	73

     

    

 

Section 15.04. Right of Contribution. 

 

(a) Each Guarantor agrees that in the event
any payment or distribution is made by any Guarantor (a “Funding Guarantor”) in respect of the Guarantor Obligations,
such Funding Guarantor shall be entitled to a contribution from each other Guarantor in a pro rata amount based on the relative
net worth of each Guarantor (including the Funding Guarantor) as of the date of such payment or distribution for all payments,
damages and expenses incurred by that Funding Guarantor in discharging the Guarantor Obligations. The provisions of this Section 15.04
shall in no respect limit the obligations and liabilities of each Guarantor to the Trustee and the Holders and each Guarantor shall
remain liable to the Trustee and the Holders for the full amount guaranteed by such Guarantor hereunder.

 

(b) Any request, direction, order or demand
which by any provision of this Indenture is to be made by the Guarantors shall be sufficient if evidenced as described in Section
16.03 hereof as if references therein to the Issuer were references to the Guarantors.

 

(c) Any notice or demand which by any provision
of this Indenture is required or permitted to be given or served by the Trustee or by the Holders of Notes to or on the Guarantors
may be given or served as described in Section 16.03 hereof as if references therein to the Issuer were references to the Guarantors.

 

(d) Upon any demand, request or application
by the Guarantors to the Trustee to take any action under this Indenture, the Guarantors shall furnish to the Trustee such certificates
and opinions as are required in Section 16.05 hereof as if all references therein to the Issuer were references to the Guarantors.

 

Section 15.05. No Subrogation.

 

Notwithstanding any payment or payments
made by any Guarantor hereunder, no Guarantor shall be entitled to be subrogated to any of the rights of the Trustee or any Holder
against the Issuer or any other Guarantor or any collateral security or guarantee or right of offset held by the Trustee or any
Holder for the payment of the Guarantor Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement
from the Issuer or any other Guarantor in respect of payments made by such Guarantor hereunder, until the Guarantor Obligations
are paid in full. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the
Guarantor Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Trustee and
the Holders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over
to the Trustee in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Trustee, if required), to be
applied against the Guarantor Obligations.

 

ARTICLE 16

MISCELLANEOUS PROVISIONS

 

Section 16.01. Provisions Binding on Issuer’s and
Guarantors’ Successors. All the covenants, stipulations, promises and agreements by the Issuer or Guarantor contained
in this Indenture shall bind their respective successors and assigns whether so expressed or not.

 

Section 16.02. Official Acts by Successor Corporation.
Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee
or officer of the Issuer shall and may be done and performed with like force and effect by the like board, committee or officer
of any Person that shall at the time be the lawful sole successor of the Issuer or Guarantor.

 

Section 16.03. Addresses for Notices, etc. Any
notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the
Holders of Notes on the Issuer or Guarantor shall be in writing and shall be deemed to have been sufficiently given or made, for
all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box,
or sent by overnight courier, or sent by facsimile transmission addressed as follows:

 

    	74

     

    

 

To Issuer, General Partner and Subsidiary Guarantors:

 

c/o Innovative Industrial Properties, Inc.

11440 West Bernardo Court, Suite 220

San Diego, CA 92127

Attention: General Counsel

 

Any notice, direction, request or demand
hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, when received after
being given or served by being deposited, postage prepaid, by registered or certified mail in a post office letter box, or sent
by overnight courier, or sent by facsimile transmission addressed as follows:

 

GLAS Trust Company LLC

3 Second Street, Suite 206

Jersey City, NJ 07311

Attention: Adam Berman

 

The Trustee, by notice to the Issuer, may
designate additional or different addresses for subsequent notices or communications.

 

Notwithstanding anything to the contrary
in this Indenture, any notice or communication to a Noteholder shall be given through the facilities of the Depositary in accordance
with the Depositary’s customary procedures; provided, however, that notices to holders holding certificated
Notes shall be given by mail or overnight courier to the addresses of such Holders as they appear in the Note Register.

 

Failure to provide a notice or communication
to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Noteholders. If a notice or communication
is mailed or given in the manner provided above, it is duly given, whether or not the addressee receives it.

 

Section 16.04. Governing Law.

 

This Indenture and the Notes shall be governed
by, and construed in accordance with, the internal laws of the State of New York, including without limitation, sections 5-1401
and 5-1402 of the New York General Obligations Law and New York Civil Practice Laws and Rules 327(b).

 

Section 16.05. Evidence of Compliance with Conditions
Precedent, Certificates to Trustee.

 

Upon any application or demand by the Issuer
to the Trustee to take any action under any of the provisions of this Indenture, the Issuer shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have
been complied with, and, if requested by the Trustee, an Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent have been complied with, except that in the case of any such application or request as to which the furnishing
of such documents is specifically required by any provision of this Indenture relating to such particular application or request,
no additional certificate or opinion need be furnished.

 

Each certificate or opinion provided for
in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture
(excluding any certificate delivered pursuant to Section 4.08) shall 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 statement or opinion contained in such certificate or opinion is based; (3) a statement that,
in the opinion of such person, such person has made such examination or investigation as is necessary to enable such person to
express an informed opinion as to whether or not such covenant or condition has been complied with; and (4) a statement as
to whether or not, in the opinion of such person, such condition or covenant has been complied with; provided, however,
that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public
officials.

 

    	75

     

    

 

Section 16.06. Legal Holidays.

 

In any case where any Interest Payment Date,
Fundamental Change Repurchase Date, Stated Maturity or Maturity Date of any Note, or the last date on which a Holder has the right
to exchange a Note, shall not be a Business Day, then (notwithstanding any other provision of this Indenture or any Note other
than a provision in such Note which specifically states that such provision shall apply in lieu hereof), any such action relating
to the payment of Interest or principal or exchange of such security may be taken on the next succeeding Business Day with the
same force and effect as if taken on the Interest Payment Date, Fundamental Change Repurchase Date, Stated Maturity or Maturity
Date, or on such last day for exchange, provided that no Interest shall accrue on the amount so payable for the period from
and after such Interest Payment Date, Fundamental Change Repurchase Date, Stated Maturity or Maturity Date, as the case may be.

 

Section 16.07. No Security Interest Created.

 

Nothing in this Indenture or in the Notes,
expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation,
as now or hereafter enacted and in effect, in any jurisdiction in which property of the Issuer or its subsidiaries is located.

 

Section 16.08. Benefits of Indenture.

 

Nothing in this Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any authenticating agent, any Note
Registrar and their successors hereunder and the Holders of Notes any benefit or any legal or equitable right, remedy or claim
under this Indenture.

 

Section 16.09. Table of Contents, Headings, etc.

 

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

 

Section 16.10. Execution in Counterparts.

 

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

 

Section 16.11. Severability.

 

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

 

[Signature page follows.]

 

    	76

     

    

 

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

 

	 	INNOVATIVE INDUSTRIAL PROPERTIES, INC., as Guarantor
	 	 	 
	 	By:	/s/ Brian Wolfe
	 	 	Name:  Brian Wolfe
	 	 	Title: Vice President, General Counsel and Secretary

 

	 	IIP OPERATING PARTNERSHIP, LP, as Issuer
	 	 	 
	 	By:	Innovative Industrial Properties, Inc.,
	 	 	as the sole general partner
	 	 	 
	 	By:	/s/ Brian Wolfe
	 	 	Name:  Brian Wolfe
	 	 	Title:  Vice President, General Counsel and Secretary

 

	 	SUBSIDIARY GUARANTORS:
	 	 
	 	IIP-AZ 1 LLC
	 	IIP-CA 1 LLC
	 	IIP-CO 1 LLC
	 	IIP-IL 1 LLC
	 	IIP-MA 1 LLC
	 	IIP-MA 2 LLC
	 	IIP-MD 1 LLC
	 	IIP-MI 1 LLC
	 	IIP-MN 1 LLC
	 	IIP-OH 1 LLC
	 	IIP-NY 1 LLC
	 	IIP-NY 2 LLC
	 	IIP-PA 1 LLC
	 	 	 
	 	By:	IIP OPERATING PARTNERSHIP, LP,
	 	 	as the sole member
	 	 	 
	 	 	By:	Innovative Industrial Properties, Inc.,
	 	 	 	as the sole general partner
	 	 	 	 
	 	 	By:	/s/ Brian Wolfe
	 	 	 	Name: Brian Wolfe
	 	 	 	Title: Vice President, General Counsel and Secretary

 

     

     

    

 

	 	GLAS Trust Company LLC, as Trustee
	 	 	 
	 	By:	/s/ Adam Berman
	 	 	Name: Adam Berman
	 	 	Title: Vice President

 

     

     

    

 

Schedule A

 

The following table sets forth the number of Additional Shares
by which the Exchange Rate shall be increased pursuant to Section 13.04(c) based on the Stock Price and the Effective Date set
forth below.

 

	 	 	IIP Common Stock Price	 
	Effective Date	 	$60.50	 	 	$62.50	 	 	$65.00	 	 	$69.57	 	 	$75.00	 	 	$80.00	 	 	$90.00	 	 	$100.00	 	 	$120.00	 	 	$140.00	 	 	$170.00	 
	February 21, 2019	 	 	2.1559	 	 	 	1.9354	 	 	 	1.6980	 	 	 	1.3531	 	 	 	1.0559	 	 	 	0.8570	 	 	 	0.5947	 	 	 	0.4357	 	 	 	0.2580	 	 	 	0.1644	 	 	 	0.0938	 
	February 21, 2020	 	 	2.1559	 	 	 	1.8962	 	 	 	1.6380	 	 	 	1.2673	 	 	 	0.9547	 	 	 	0.7513	 	 	 	0.4926	 	 	 	0.3425	 	 	 	0.1796	 	 	 	0.0942	 	 	 	0.0311	 
	February 21, 2021	 	 	2.1559	 	 	 	1.8358	 	 	 	1.5529	 	 	 	1.1539	 	 	 	0.8296	 	 	 	0.6281	 	 	 	0.3890	 	 	 	0.2609	 	 	 	0.1275	 	 	 	0.0579	 	 	 	0.0089	 
	February 21, 2022	 	 	2.1559	 	 	 	1.7392	 	 	 	1.4222	 	 	 	0.9890	 	 	 	0.6592	 	 	 	0.4715	 	 	 	0.2744	 	 	 	0.1819	 	 	 	0.0889	 	 	 	0.0379	 	 	 	0.0022	 
	February 21, 2023	 	 	2.1559	 	 	 	1.6022	 	 	 	1.2191	 	 	 	0.7257	 	 	 	0.4025	 	 	 	0.2549	 	 	 	0.1384	 	 	 	0.0949	 	 	 	0.0486	 	 	 	0.0201	 	 	 	0.0000	 
	February 21, 2024	 	 	2.1559	 	 	 	1.5456	 	 	 	0.9123	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

 

    	Sch. A-1

     

    

 

EXHIBIT A

 

[Include only for Global Notes]

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (THE “DEPOSITARY,” WHICH TERM INCLUDES ANY SUCCESSOR
DEPOSITARY FOR THE CERTIFICATES) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY
(AND ANY PAYMENT HEREIN IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY), 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.]

 

[Include for all Notes]

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)); (2) AGREES ON ITS OWN BEHALF AND ON
BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY PRIOR
TO THE EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES OF THIS SECURITY UNDER RULE 144 UNDER THE SECURITIES ACT (OR ANY SUCCESSOR
PROVISION), ONLY (A) TO IIP OPERATING PARTNERSHIP, LP (THE “ISSUER”), (B) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE
FOR RESALE UNDER RULE 144A, IN COMPLIANCE WITH RULE 144A TO A PERSON IT REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A OR (C) UNDER ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER UNDER CLAUSE (C) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM; AND (3) AGREES
THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

 

	IIP OPERATING PARTNERSHIP, LP	 

 

	No.	[______]	 
	CUSIP:	[______]	 
	ISIN:	[______]	 

 

3.75% EXCHANGEABLE SENIOR NOTES DUE 2024

$[______]

 

    	Ex. A-1

     

    

 

Principal Amount $[   ]

[as revised by the Schedule of Increases

and Decreases in the Global Security attached hereto](1)

IIP Operating Partnership, LP

3.75% Exchangeable Senior Notes due 2024

IIP Operating Partnership, LP, a Delaware
limited partnership, promises to pay to [   ] [include “Cede & Co.” for Global Security] or registered assigns,
the principal amount of $[   ] on February 21, 2024 (the “Maturity Date”).

 

Interest Payment Dates: March 15 and September
15, beginning on September 16, 2019.

Regular Record Dates: March 1 and September 1,
beginning on September 1, 2019.

Additional provisions of this Note are set
forth on the other side of this Note.

 

IN WITNESS WHEREOF, the Issuer has caused this Note to be duly
executed.

 

	DATED:	IIP OPERATING PARTNERSHIP, LP
	 	 
	 	By:	Innovative Industrial Properties, Inc., as its sole general partner

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

	Dated:	GLAS Trust Company LLC, as Trustee

 

	 	By:	 
	 	Authorized Signatory

 

    	Ex. A-2

     

    

 

[FORM
OF REVERSE SIDE OF NOTE]

 

IIP
OPERATING PARTNERSHIP, LP

 

3.75%
EXCHANGEABLE SENIOR NOTES DUE 2024

 

This Note is one of a duly authorized issue of securities of
the Issuer (herein called the “Notes”), issued under an Indenture dated as of February 21, 2019 (herein
called the “Indenture”) by and among the Issuer, the guarantors party thereto and GLAS Trust Company LLC, herein
called the “Trustee”, and reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Notes and of the terms
upon which the Notes are, and are to be, authenticated and delivered. This Note is not subject to redemption at the option of the
Issuer prior to the Maturity Date and does not benefit from a sinking fund.

 

As provided in and subject to the provisions of the Indenture,
upon the occurrence of a Fundamental Change, the Holder of this Note will have the right, at such Holder’s option, to require
the Issuer to purchase this Note, or any portion of this Note such that the principal amount of this Note that is not purchased
equals $1,000 or an integral multiple of $1,000 in excess thereof, on the Fundamental Change Repurchase Date at a price equal to
the Fundamental Change Repurchase Price for such Fundamental Change Repurchase Date.

 

As provided in and subject to the provisions of the Indenture,
the Holder hereof has the right, at any time prior to the Close of Business on the second Scheduled Trading Day immediately preceding
the Maturity Date, to exchange this Note or a portion of this Note such that the principal amount of this Note that is not exchanged
equals $1,000 or an integral multiple of $1,000 in excess thereof, into shares of Common Stock in accordance with Article 13
of the Indenture.

 

As provided in and subject to the provisions of the Indenture,
the Issuer will make all payments in respect of the Fundamental Change Repurchase Price for, and the principal amount of, this
Note to the Holder that surrenders this Note to the Paying Agent to collect such payments in respect of this Note. The Issuer will
pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts.

 

The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes
to be effected under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of a majority in principal
amount of the Notes at the time outstanding. The Indenture also contains provisions permitting the Holders of specified percentages
in principal amount of the Notes at the time outstanding, on behalf of the Holders of all Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Note.

 

As provided in and subject to the provisions of the Indenture,
the Holder of this Note shall not have the right to institute any proceeding with respect to the Indenture, or for the appointment
of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written
notice of a continuing Event of Default with respect to the Note, the Holders of not less than 25% in principal amount of the Notes
at the time outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee indemnity, and the Trustee shall not have received from the Holders of a majority in principal
amount of Notes at the time outstanding a direction inconsistent with such request, and shall have failed to institute any such
proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit
instituted by the Holder of this Note for the enforcement of any payment of principal hereof or interest hereon or amounts due
upon exchange on or after the respective due dates expressed herein.

 

    	Ex. A-3

     

    

 

No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay or deliver,
as the case may be, the principal of (including the Fundamental Change Repurchase Price), interest on and the consideration due
upon exchange of, this Note at the time, place and rate, and in the coin and currency, herein prescribed.

 

As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Note is registrable in the Note Register, upon surrender of this Note for registration
of transfer at the office or agency of the Issuer in any place where the principal of and interest on this Note are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Note Registrar duly
executed by, the Holder hereof or its attorney duly authorized in writing, and thereupon one or more new Notes of this series and
of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee
or transferees.

 

The Notes are issuable only in registered form without coupons
in denominations of $1,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain
limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same.

 

Prior to due presentment of this Note for registration of transfer,
the Issuer, the Trustee and any agent of the Issuer or Trustee may treat the Person in whose name the Note is registered as the
owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall
be affected by notice to the contrary.

 

No service charge shall be made for any such registration of
transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith. All defined terms used in this Note that are defined in the Indenture shall have the meanings assigned
to them in the Indenture. If any provision of this Note limits, qualifies or conflicts with a provision of the Indenture, such
provision of the Indenture shall control.

 

This Note shall be governed by, and construed in accordance
with, the laws of the State of New York.

 

    	Ex. A-4

     

    

 

ABBREVIATIONS

 

The following abbreviations, when used in the inscription of
the face of this Note, shall be construed as though they were written out in full according to applicable laws or regulations.

 

	TEN–COM	as tenants in common
	 	 
	TEN–ENT	as tenant by the entireties
	 	 
	UNIF GIFT MIN ACT	Uniform Gifts to Minors Act
	 	 
	Cust	Custodian
	 	 
	JT–TEN	as joint tenants with right of survivorship and not under Uniform Gifts to Minors Act

 

	 	 
	 	(State)

 

Additional abbreviations may also be used though not in the
above list.

 

    	Ex. A-5

     

    

 

ATTACHMENT 1

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT

GUARANTORS

 

Supplemental Indenture (this “Supplemental
Indenture”) dated as of [ ], 20[ ] among Innovative Industrial Properties, Inc., a Maryland corporation (the “General
Partner”), IIP Operating Partnership, LP, a Delaware limited partnership (the “Issuer”), [ ], as a
Subsequent Guarantor (the “Subsequent Guarantor”), and GLAS Trust Company LLC, as trustee (the “Trustee”).

 

WITNESSETH

 

WHEREAS, the Issuer has heretofore executed
and delivered to the Trustee the Indenture (the “Indenture”), dated as of February 21, 2019 providing for the
issuance of an unlimited aggregate principal amount of 3.75% Exchangeable Senior Notes due 2024 (the “Notes”);

 

WHEREAS, pursuant to Section 15.02 of the
Indenture, the Subsequent Guarantor is required to execute a supplemental indenture to the Indenture;

 

WHEREAS, pursuant to this Supplemental Indenture,
the Subsequent Guarantor will unconditionally guarantee all of the Issuer’s obligations under the Notes and the Indenture
on the terms and conditions set forth herein and under the Indenture (the “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 parties mutually covenant and agree
for the equal and ratable benefit of the Holders as follows:

 

(a)          Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

(b)          Agreement.

 

(1)         The
Subsequent Guarantor acknowledges that it has received and reviewed a copy of the Indenture and all other documents it deems necessary
to review in order to enter into this Supplemental Indenture, and acknowledges and agrees to (i) join and become a party to the
Indenture as indicated by its signature below; (ii) be bound by the Indenture, as of the date hereof, as if made by, and with respect
to, the Subsequent Guarantor; and (iii) perform all obligations and duties required of a Guarantor pursuant to the Indenture;

 

(2)         Each
of the General Partner, the Issuer and the Subsequent Guarantor hereby represents and warrants to and agrees with the Trustee that
it has all the requisite corporate, limited liability company or other power and authority to execute, deliver and perform its
obligations under this Supplemental Indenture, that this Supplemental Indenture has been duly authorized, executed and delivered
by and on behalf of it and that the consummation of the transactions contemplated hereby has been duly and validly authorized on
behalf of it; and

 

(3)         The
General Partner, the Issuer and the Subsequent Guarantor will deliver to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that all conditions precedent provided for in the Indenture relating to the execution and delivery of
this Supplemental Indenture by it have been complied with.

 

     

     

    

 

(c)          Governing
Law. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE.

 

(d)          Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of such
executed copies together shall represent the same agreement. Delivery of an executed counterpart of a signature page of this Supplemental
Indenture by facsimile or other electronic means (e.g., “pdf” or “tif”) shall be effective as delivery
of a manually executed counterpart of this Supplemental Indenture.

 

(e)          Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

(f)          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.

 

(g)          Benefits
Acknowledged. Upon execution and delivery of this Supplemental Indenture, the Subsequent Guarantor will be subject to the terms
and conditions set forth in the Indenture. The Subsequent Guarantor acknowledges that it will receive direct and indirect benefits
from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the obligations of each
as a result of this Supplemental Indenture are knowingly made in contemplation of such benefits.

 

(h)          Successors.
All agreements of the Issuer and the Subsequent Guarantor in this Supplemental Indenture shall bind their respective successors,
except as otherwise provided in this Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall
bind its successors.

 

[Signature page follows.]

 

     

     

    

 

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

 

	 	INNOVATIVE INDUSTRIAL PROPERTIES, INC., as the General Partner
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	IIP OPERATING PARTNERSHIP, LP, as Issuer
	 	 	 
	 	By:	Innovative Industrial Properties, Inc.,
	 	 	as the sole general partner
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	[SUBSEQUENT GUARANTOR]
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	GLAS Trust Company LLC, as Trustee
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

     

     

    

 

ATTACHMENT 2

 

FORM OF EXCHANGE NOTICE

 

	TO:	IIP Operating Partnership, LP

GLAS Trust Company LLC, as Trustee

 

The undersigned Holder of this Note hereby irrevocably exercises
the option to exchange this Note, or a portion hereof (which is such that the principal amount of the portion of this Note that
will not be exchanged equals $1,000 or an integral multiple of $1,000 in excess thereof) below designated, for cash, shares of
Common Stock (and cash in lieu of fractional shares of Common Stock) or a combination thereof in accordance with the terms of the
Indenture referred to in this Note, and directs that any cash payable and any shares of Common Stock issuable and deliverable upon
such exchange, together with any Notes representing any unexchanged principal amount hereof, be paid and/or issued and/or delivered,
as the case may be, to the registered Holder hereof unless a different name is indicated below.

 

Subject to certain exceptions set forth in the Indenture, if
this notice is being delivered on a date after the Close of Business on a Regular Record Date and prior to the Open of Business
on the Interest Payment Date corresponding to such Regular Record Date, this notice must be accompanied by payment of an amount
equal to the interest payable on such Interest Payment Date on the principal amount of this Note to be exchanged. If any shares
of Common Stock are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes
payable with respect to such issuance and transfer as set forth in the Indenture.

 

Principal amount to be exchanged (in an integral multiple of
$1,000, if less than all).

 

	 	 

 

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

 

     

     

    

 

The following information must be provided to complete the exchange
of your Notes for Common Stock.

 

Please print name and address

 

	 	 
	(Name)	 
	 	 
	 	 
	(Street Address)	 
	 	 
	 	 
	(City, State and Zip Code)	 
	 	 

 

	Social Security or Other Taxpayer Identification Number:	 
	 	 
	 	 

 

NOTICE: The signature on this Exchange Notice must correspond
with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

 

     

     

    

 

ATTACHMENT 3

 

Form
of REPURCHASE NOTICE

 

	TO:	IIP Operating Partnership, LP

GLAS Trust Company LLC, as Trustee

 

The undersigned registered owner of this Note hereby acknowledges
receipt of a notice from IIP Operating Partnership, LP (the “Issuer”) as to the occurrence of a Fundamental
Change with respect to the Issuer and specifying the Fundamental Change Repurchase Date and requests and instructs the Issuer to
pay to the registered holder hereof in accordance with the applicable provisions of the Indenture referred to in this Note (i)
the entire principal amount of this Note, or the portion thereof (that is such that the portion not to be purchased has a principal
amount equal to $1,000 or an integral multiple of $1,000 in excess thereof) below designated, and (ii) if such Fundamental Change
Repurchase Date does not occur during the period after a Regular Record Date and on or prior to the Interest Payment Date corresponding
to such Regular Record Date, accrued and unpaid interest, if any, thereon to, but excluding, such Fundamental Change Repurchase
Date.

 

NOTICE: The above signatures of the holder(s) hereof must correspond
with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.
Note Certificate Number (if applicable): ______

 

Principal amount to be repurchased (if less than all, must be
$1,000 or whole multiples thereof): _____

 

Social Security or Other Taxpayer Identification Number: _

 

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

 

     

     

    

 

ATTACHMENT
4

 

Form
of ASSIGNMENT

 

For value received __________________ hereby sell(s) assign(s)
and transfer(s) unto ______________________ (Please insert social security or other Taxpayer Identification Number of assignee)
the within Note, and hereby irrevocably constitutes and appoints ____________________ attorney to transfer said Note on the books
of the Issuer, with full power of substitution in the premises.

 

In connection with any transfer of the Note, the undersigned
confirms that such Note is being transferred:

 

		 ̈	To
IIP Operating Partnership, LP, Innovative Industrial Properties, Inc.;

 

	 	 ̈	
        To a person whom the undersigned reasonably believes
is a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act of 1933, as amended
(the “Securities Act”)

 

	 	 ̈	
        Pursuant to an exemption from registration under the
Securities Act provided by Rule 144 thereunder (if available); or

 

	 	 ̈	
        Pursuant to an effective registration statement under the Securities
        Act, in each of the above cases, in accordance with any applicable securities laws of the United States.

         

 

Unless one of the boxes is checked, the Trustee will refuse
to register any of the Notes evidenced by this certificate in the name of any person other than the registered holder thereof.

 

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

 

NOTICE: The signature on this Assignment must correspond with
the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

 

     

     

    

 

[Include Schedule I only for a Global Note]

 

SCHEDULE
OF INCREASES OR DECREASES IN NOTE

 

The initial principal amount of this Global Note is [_______]
DOLLARS ($[_____]). The following increases or decreases in part of this Note have been made:

 

	Date	 	Amount
    of

    Increase in

    Principal

    Amount of this

    Note	 	Amount
    of

    Decrease in

    Principal

    Amount of this

    Note	 	Principal
    Amount

    of this Note

    following such

    Increase or

    Decrease	 	Signature
    of Authorized

    Officer or TrusteeExhibit

SECURITIES PURCHASE AGREEMENT 

This SECURITIES PURCHASE AGREEMENT (the “Agreement”), dated as of February 14, 2019, by and between Ascent Solar Technologies, Inc., a Delaware corporation, with its address at 12300 Grant Street, Thornton, CO 80241 (the “Company”), and POWER UP LENDING GROUP LTD., a Virginia corporation, with its address at 111 Great Neck Road, Suite 216, Great Neck, NY 11021 (the “Buyer”).

WHEREAS:

A.The Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “1933 Act”); and

B.    Buyer desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement a convertible note of the Company, in the form attached hereto as Exhibit A, in the aggregate principal amount of $54,500.00 (together with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the terms thereof, the “Note”), convertible into shares of common stock, $0.0001 par value per share, of the Company (the “Common Stock”), upon the terms and subject to the limitations and conditions set forth in such Note.

NOW THEREFORE, the Company and the Buyer severally (and not jointly) hereby agree as follows:

1.    Purchase and Sale of Note.

a.    Purchase of Note.  On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to purchase from the Company such principal amount of Note as is set forth immediately below the Buyer’s name on the signature pages hereto.

b.    Form of Payment.  On the Closing Date (as defined below), (1) the Buyer shall pay the purchase price for the Note to be issued and sold to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available funds to the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note in the principal amount equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature pages hereto, and (1) the Company shall deliver such duly executed Note on behalf of the Company, to the Buyer, against delivery of such Purchase Price. 

c.    Closing Date.  Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 6 and Section 7 below, the date and time of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall be 12:00 noon, Eastern Standard Time on or about February 15, 2019, or such other mutually agreed upon time.  The closing of the transactions contemplated by this Agreement (the “Closing”) shall occur on the Closing Date at such location as may be agreed to by the parties.

2.    Buyer’s Representations and Warranties.  The Buyer represents and warrants to the Company that:

a.    Investment Purpose.  As of the date hereof, the Buyer is purchasing the Note and the shares of Common Stock issuable upon conversion of or otherwise pursuant to the Note (such shares of Common Stock being collectively referred to herein as the “Conversion Shares” and, collectively with the Note, the “Securities”) for its own account and not with a present view towards the public sale or distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act.

b.    Accredited Investor Status.  The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D (an “Accredited Investor”).

c.    Reliance on Exemptions.  The Buyer understands that the Securities are being offered and sold to it in reliance upon specific exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of the Buyer to acquire the Securities.

d.    Information.  The Company has not disclosed to the Buyer any material nonpublic information and will not disclose such information unless such information is disclosed to the public prior to or promptly following such disclosure to the Buyer.
 
e.    Legends.  The Buyer understands that the Note and, until such time as the Conversion Shares have been registered under the 1933 Act; or may be sold pursuant to an applicable exemption from registration, the Conversion Shares may bear a restrictive legend in substantially the following form:

"THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (2) THE ISSUER OF SUCH SECURITIES RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE REASONABLY ACCEPTABLE TO THE ISSUER’S TRANSFER AGENT, THAT SUCH SECURITIES MAY BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS."

The legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security upon which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for sale under an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to an exemption from registration without any restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) such holder provides the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable transactions, to the effect that a public sale or transfer of such Security may be made without registration under the 1933 Act, which opinion shall be accepted by the Company so that the sale or transfer is effected.  The Buyer agrees to sell all Securities, including those represented by a certificate(s) from which the legend has been removed, in compliance with applicable prospectus delivery requirements, if any. In the event that the Company does not accept the opinion of counsel provided by the Buyer with respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144, at the Deadline, it will be considered an Event of Default pursuant to Section 3.2 of the Note.

f.    Authorization; Enforcement. This Agreement has been duly and validly authorized.  This Agreement has been duly executed and delivered on behalf of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance with its terms.

3.    Representations and Warranties of the Company.  The Company represents and warrants to the Buyer that:

a.    Organization and Qualification.  The Company and each of its Subsidiaries (as defined below), if any, is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate and other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated and conducted.  “Subsidiaries” means any corporation or other organization, whether incorporated or unincorporated, in which the Company owns, directly or indirectly, any equity or other ownership interest.

b.    Authorization; Enforcement.  (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement, the Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms hereof and thereof, (ii) the execution and delivery of this Agreement, the Note by the Company and the consummation by it of the transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance and reservation for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the Company’s Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its shareholders is required, (iii) this Agreement has been duly executed and delivered by the Company by its authorized representative, and such authorized representative is the true and official representative with authority to sign this Agreement and the other documents executed in connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery by the Company of the Note, each of such instruments will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

c.    Capitalization.  As of the date hereof, the authorized common stock of the Company consists of 20,000,000,000 authorized shares of Common Stock, $0.0001 par value per share, of which 42,523,847 shares are issued and outstanding; and 64,086,232 shares are reserved for issuance upon conversion of the Note.  All of such outstanding shares of capital stock are, or upon issuance will be, duly authorized, validly issued, fully paid and non-assessable.  .

d.    Issuance of Shares.  The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the Note in accordance with its respective terms, will be validly issued, fully paid and non-assessable, and free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Company and will not impose personal liability upon the holder thereof.

e.    No Conflicts.  The execution, delivery and performance of this Agreement, the Note by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the Certificate of Incorporation or By-laws, or (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event which with notice or lapse of time or both could become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture, patent, patent license or instrument to which the Company or any of its Subsidiaries is a party, or (iii)  result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations and regulations of any self-regulatory organizations to which the Company or its securities are subject) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect).  The businesses of the Company and its Subsidiaries, if any, are not being conducted, and shall not be conducted so long as the Buyer owns any of the Securities, in violation of any law, ordinance or regulation of any governmental entity.  “Material Adverse Effect” means any material adverse effect on the business, operations, assets, financial condition or prospects of the Company or its Subsidiaries, if any, taken as a whole, or on the transactions contemplated hereby or by the agreements or instruments to be entered into in connection herewith.   

f.    SEC Documents; Financial Statements.  The Company has filed all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “1934 Act”) (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial statements and schedules thereto and documents (other than exhibits to such documents) incorporated by reference therein, being hereinafter referred to herein as the “SEC Documents”).  Upon written request the Company will deliver to the Buyer true and complete copies of the SEC Documents, except for such exhibits and incorporated documents.  As of their respective dates or if amended, as of the dates of the amendments, the SEC Documents complied in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.  None of the statements made in any such SEC Documents is, or has been, required to be amended or updated under applicable law (except for such statements as have been amended or updated in subsequent filings prior the date hereof).  As of their respective dates or if amended, as of the dates of the amendments, the financial statements of the Company included in the SEC Documents complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto.  Such financial statements have been prepared in accordance with United States generally accepted accounting principles, consistently applied, during the periods involved  and fairly present in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments).  The Company is subject to the reporting requirements of the 1934 Act.

g.    Absence of Certain Changes.  Since September 30, 2018, except as set forth in the SEC Documents, there has been no material adverse change and no material adverse development in the assets, liabilities, business, properties, operations, financial condition, results of operations, prospects or 1934 Act reporting status of the Company or any of its Subsidiaries.

h.    Absence of Litigation.  Except as set forth in the SEC Documents, there is no action, suit, claim, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company or any of its Subsidiaries, threatened against or affecting the Company or any of its Subsidiaries, or their officers or directors in their capacity as such, that could have a Material Adverse Effect.  The Company and its Subsidiaries are unaware of any facts or circumstances which might give rise to any of the foregoing.

i.    No Integrated Offering.  Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances that would require registration under the 1933 Act of the issuance of the Securities to the Buyer.  The issuance of the Securities to the Buyer will not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes of any shareholder approval provisions applicable to the Company or its securities.

j.    No Brokers.  The Company has taken no action which would give rise to any claim by any person for brokerage commissions, transaction fees or similar payments relating to this Agreement or the transactions contemplated hereby. 

k.    No Investment Company.  The Company is not, and upon the issuance and sale of the Securities as contemplated by this Agreement will not be an “investment company” required to be registered under the Investment Company Act of 1940 (an “Investment Company”).  The Company is not controlled by an Investment Company.

l.    Breach of Representations and Warranties by the Company.  If the Company breaches any of the representations or warranties set forth in this Section 3, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered an Event of default under Section 3.4 of the Note.

4.    COVENANTS.

a.    Best Efforts.  The Company shall use its best efforts to satisfy timely each of the conditions described in Section 7 of this Agreement.  

b.    Form D; Blue Sky Laws.  The Company agrees to timely make any filings required by federal and state laws as a result of the closing of the transactions contemplated by this Agreement.
 
c.    Use of Proceeds.  The Company shall use the proceeds for general working capital purposes.

d.    Expenses.  At the Closing, the Company’s obligation with respect to the transactions contemplated by this Agreement is to reimburse Buyer’ expenses shall be $2,500.00 for Buyer’s legal fees and due diligence fee. 

e.    Corporate Existence.  So long as the Buyer beneficially owns any Note, the Company shall maintain its corporate existence and shall not sell all or substantially all of the Company’s assets, except with the prior written consent of the Buyer.

f.    Breach of Covenants.  If the Company breaches any of the covenants set forth in this Section 4, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered an event of default under Section 3.4 of the Note.

g.    Failure to Comply with the 1934 Act.  So long as the Buyer beneficially owns the Note, the Company shall comply with the reporting requirements of the 1934 Act; and the Company shall continue to be subject to the reporting requirements of the 1934 Act.

h.    Trading Activities.  Neither the Buyer nor its affiliates has an open short position in the common stock of the Company and the Buyer agrees that it shall not, and that it will cause its affiliates not to, engage in any short sales of or hedging transactions with respect to the common stock of the Company.

i.    Right of First Refusal.  Unless it shall have first delivered to the Buyer, at least forty eight (48) hours prior to the closing of such Future Offering (as defined herein), written notice describing the proposed Future Offering (“ROFR Notice”), including the terms and conditions thereof, identity of the proposed purchaser and proposed definitive documentation to be entered into in connection therewith, and providing the Buyer an option during the forty eight (48) hour period following delivery of such notice to purchase the securities being offered in the Future Offering on the same terms as contemplated by such Future Offering (the limitations referred to in this sentence and the preceding sentence are collectively referred to as the “Right of First Refusal”), the Company will not conduct any equity (or debt with an equity component) financing in an amount less than $150,000 (“Future Offering(s)”) during the period beginning on the Closing Date and ending nine (9) months following the Closing Date.  In the event the terms and conditions of a proposed Future Offering are amended in any respect after delivery of the notice to the Buyer concerning the proposed Future Offering, the Company shall deliver a new notice to the Buyer describing the amended terms and conditions of the proposed Future Offering and the Buyer thereafter shall have an option during the forty eight (48) hour period following delivery of such new notice to purchase its pro rata share of the securities being offered on the same terms as contemplated by such proposed Future Offering, as amended.  Notwithstanding anything contained herein to the contrary, any subsequent offer by an investor, or an affiliate of such investor, identified on an ROFR Notice is subject to this Section 4(h) and the Right of First Refusal.

5.    Transfer Agent Instructions.  The Company shall issue irrevocable instructions to its transfer agent to issue certificates, registered in the name of the Buyer or its nominee, for the Conversion Shares in such amounts as specified from time to time by the Buyer to the Company upon conversion of the Note in accordance with the terms thereof (the “Irrevocable Transfer Agent Instructions”).  In the event that the Company proposes to replace its transfer agent, the Company shall provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered pursuant to this Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved Amount as such term is defined in the Note) signed by the successor transfer agent to Company and the Company. Prior to registration of the Conversion Shares under the 1933 Act or the date on which the Conversion Shares may be sold pursuant to an exemption from registration, all such certificates shall bear the restrictive legend specified in Section 2(e) of this Agreement.  The Company warrants that: (i) no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section 5, will be given by the Company to its transfer agent and that the Securities shall otherwise be freely transferable on the books and records of the Company as and to the extent provided in this Agreement and the Note; (ii) it will not direct its transfer agent not to transfer or delay, impair, and/or hinder its transfer agent in transferring (or issuing)(electronically or in certificated form) any certificate for Conversion Shares to be issued to the Buyer upon conversion of or otherwise pursuant to the Note as and when required by the Note and this Agreement; and (iii) it will not fail to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any Conversion Shares issued to the Buyer upon conversion of or otherwise pursuant to the Note as and when required by the Note and/or this Agreement.  If the Buyer provides the Company and the Company’s transfer, at the cost of the Buyer, with an opinion of counsel in form, substance and scope customary for opinions in comparable transactions, to the effect that a public sale or transfer of such Securities may be made without registration under the 1933 Act, the Company shall permit the transfer, and, in the case of the Conversion Shares, promptly instruct its transfer agent to issue one or more certificates, free from restrictive legend, in such name and in such denominations as specified by the Buyer.  The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer, by vitiating the intent and purpose of the transactions contemplated hereby.  Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Section 5 may be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Section, that the Buyer shall be entitled, in addition to all other available remedies, to an injunction restraining any breach and requiring immediate transfer, without the necessity of showing economic loss and without any bond or other security being required.

6.    Conditions to the Company’s Obligation to Sell.  The obligation of the Company hereunder to issue and sell the Note to the Buyer at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions thereto, provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion:

a.    The Buyer shall have executed this Agreement and delivered the same to the Company.

b.    The Buyer shall have delivered the Purchase Price in accordance with Section 1(b) above.

c.    The representations and warranties of the Buyer shall be true and correct in all material respects as of the date when made and as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date), and the Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Buyer at or prior to the Closing Date. 

d.    No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

7.    Conditions to The Buyer’s Obligation to Purchase.  The obligation of the Buyer hereunder to purchase the Note at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided that these conditions are for the Buyer’s sole benefit and may be waived by the Buyer at any time in its sole discretion:

a.    The Company shall have executed this Agreement and delivered the same to the Buyer.

b.    The Company shall have delivered to the Buyer the duly executed Note (in such denominations as the Buyer shall request) in accordance with Section 1(b) above.

c.    The Irrevocable Transfer Agent Instructions, in form and substance satisfactory to the Buyer, shall have been delivered to and acknowledged in writing by the Company’s Transfer Agent.

d.    The representations and warranties of the Company shall be true and correct in all material respects as of the date when made and as of the Closing Date as though made at such time (except for representations and warranties that speak as of a specific date) and the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date.  The Buyer shall have received a certificate or certificates, executed by the chief executive officer of the Company, dated as of the Closing Date, to the foregoing effect and as to such other matters as may be reasonably requested by the Buyer including, but not limited to certificates with respect to the Board of Directors’ resolutions relating to the transactions contemplated hereby.

e.    No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

f.    No event shall have occurred which could reasonably be expected to have a Material Adverse Effect on the Company including but not limited to a change in the 1934 Act reporting status of the Company or the failure of the Company to be timely in its 1934 Act reporting obligations.

g.    The Conversion Shares shall have been authorized for quotation on an exchange or electronic quotation system and trading in the Common Stock on such exchange or electronic quotation system shall not have been suspended by the SEC or an exchange or electronic quotation system.

8.    Governing Law; Miscellaneous.

a.    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Virginia without regard to principles of conflicts of laws.  Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts located in the Eastern District of New York.  The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens.  The Company and Buyer waive trial by jury.  The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and costs.  In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law.  Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.   Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this Agreement, the Note or any related document or agreement by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

b.    Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party.  

c.    Headings.  The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation of, this Agreement.

d.    Severability.  In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law.  Any provision hereof which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision hereof.

e.    Entire Agreement; Amendments.  This Agreement and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters.  No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer.

f.    Notices.  All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice.  Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.  The addresses for such communications shall be as set forth in the heading of this Agreement with a copy by fax only to (which copy shall not constitute notice) to Naidich Wurman LLP, 111 Great Neck Road, Suite 214, Great Neck, NY 11021, Attn: Allison Naidich, facsimile: 516-466-3555, e-mail: allison@nwlaw.com.  Each party shall provide notice to the other party of any change in address.

g.    Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns.  Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other.  Notwithstanding the foregoing, the Buyer may assign its rights hereunder to any person that purchases Securities in a private transaction from the Buyer or to any of its “affiliates,” as that term is defined under the 1934 Act, without the consent of the Company.

h.    Survival.  The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer.  The Company agrees to indemnify and hold harmless the Buyer and all their officers, directors, employees and agents for loss or damage arising as a result of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they are incurred.

i.    Further Assurances.  Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

j.    No Strict Construction.  The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

k.    Remedies.  The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by vitiating the intent and purpose of the transaction contemplated hereby.  Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Agreement, that the Buyer shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing economic loss and without any bond or other security being required.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above written.

Ascent Solar Technologies, Inc.

By:___/s/Victor Lee___________________________
Victor Lee
Chief Executive Officer 

POWER UP LENDING GROUP LTD.

By:              /s/Curt Kramer    
Name: Curt Kramer 
Title:   Chief Executive Officer
111 Great Neck Road, Suite 216
Great Neck, NY  11021

AGGREGATE SUBSCRIPTION AMOUNT:

Aggregate Principal Amount of Note:    $54,500.00

Aggregate Purchase Price:    $54,500.00

1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00292-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00292-of-00352.parquet"}]]