Document:

ex4_1.htm

    EXHIBIT
      4.1

     

     

     

     

     

     

     

     

     

     

    XL
      CAPITAL LTD

     

    TO

     

    THE
      BANK OF NEW YORK,

     

    AS
      TRUSTEE

     

    FOURTH
      SUPPLEMENTAL INDENTURE

     

    DATED
      AS OF MAY 7, 2007

     

    SENIOR
      DEBT SECURITIES

     

    SUPPLEMENT
      TO INDENTURE DATED AS OF JUNE 2, 2004

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    FOURTH
      SUPPLEMENTAL INDENTURE, dated as of May 7, 2007 (the “Fourth Supplemental
      Indenture”), by and between XL CAPITAL LTD, a Cayman Islands exempted limited
      company (the “Company”), having its principal office at XL House, One Bermudiana
      Road, Hamilton HM11, Bermuda, and THE BANK OF NEW YORK, a New York banking
      corporation, having a Corporate Trust Office at 101 Barclay Street, Floor 8
      West, New York, New York 10286, as trustee (the “TRUSTEE”), under the
      Indenture.

     

    WHEREAS,
      the Company and the Trustee have as of June 2, 2004 entered into an Indenture
      (the “Base indenture”) providing for the issuance by the Company from time to
      time of its senior debt securities;

     

    WHEREAS,
      the Company and the Trustee have executed that certain First Supplemental
      Indenture, dated as of August 23, 2004, and that certain Second
      Supplemental Indenture, dated as of November 12, 2004, pursuant to which
      the Company issued a series of its 5.25% Senior Notes due 2014 (“2014
      Securities”) and a series of its 6.375% Senior Notes due 2024 (“2024
      Securities”) under the Base Indenture and provided for certain additional
      provisions of such 2014 Securities and 2024 Securities;

     

    WHEREAS,
      the Company and the Trustee have executed that certain Third Supplemental
      Indenture, dated as of December 9, 2005, pursuant to which the Company
      issued a series of its 5.25% Senior Notes due 2011 (the “Securities”) under the
      Base Indenture;

     

    WHEREAS,
      pursuant to Section 9.01(11) of the Base Indenture, the Company and the
      Trustee may enter into supplemental indentures to establish the form or terms
      of
      securities of any series as permitted by Sections 2.01 and 3.01 of the Base
      Indenture;

     

    WHEREAS,
      the Company desires to issue another series of senior debt securities under
      the
      Base Indenture, and has duly authorized the creation and issuance of such series
      of senior debt securities and the execution and delivery of this Fourth
      Supplemental Indenture to modify the Base Indenture and provide certain
      additional provisions as hereinafter described (the Base Indenture, as amended
      and supplemented by the First Supplemental Indenture, the Second Supplemental
      Indenture, the Third Supplemental Indenture and this Fourth Supplemental
      Indenture, is hereinafter referred to as the “Indenture”);

     

    WHEREAS,
      the Company and the Trustee deem it advisable to enter into this Fourth
      Supplemental Indenture for the purposes of establishing the terms of such series
      of senior debt securities and providing for the rights, obligations and duties
      of the Trustee with respect to such series of senior debt
      securities;

     

    WHEREAS,
      the execution and delivery of this Fourth Supplemental Indenture has been
      authorized by a resolution of the Board of Directors of the Company or a duly
      authorized committee thereof;

     

    WHEREAS,
      concurrently with the execution hereof, the Company has delivered an Officers’
Certificate and has caused its counsel to deliver to the Trustee an Opinion
      of
      Counsel; and

     

    WHEREAS,
      all conditions and requirements of the Base Indenture necessary to make this
      Fourth Supplemental Indenture a valid, binding and legal instrument in
      accordance with its terms have been performed and fulfilled by the parties
      hereto and the execution and delivery thereof have been in all respects duly
      authorized by the parties hereto.

     

    NOW,
      THEREFORE, THIS FOURTH SUPPLEMENTAL INDENTURE WITNESSETH:

     

    For
      and
      in consideration of the mutual premises and agreements herein contained, the
      Company and the Trustee covenant and agree, for the equal and proportionate
      benefit of all Holders of the 2027 Securities (as defined below), as
      follows:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.1                      Definition
      of Terms.

     

    Unless
      otherwise provided herein or unless the context otherwise requires:

     

    (a)           a
      term defined in the Base Indenture has the same meaning when used in this Fourth
      Supplemental Indenture;

     

    (b)           a
      term defined anywhere in this Fourth Supplemental Indenture has the same meaning
      throughout;

     

    (c)           the
      singular includes the plural and vice versa;

     

    (d)           headings
      are for convenience of reference only and do not affect interpretation;
      and

     

    (e)           the
      following terms have the meanings given to them in this Section
      1.1(e):

     

    “Additional
      Amounts” has the meaning set forth in Section 2.13(b).

     

    “Comparable
      Treasury Issue” means the United States Treasury security selected as
      having a maturity comparable to the remaining term of the 2027 Securities to
      be
      redeemed that would be used, at the time of selection and under customary
      financial practice, in pricing new issues of corporate debt securities of
      comparable maturity to the remaining term of the 2027 Securities.

     

    “Comparable
      Treasury Price” means, with respect to any Redemption Date, the average of
      the Reference Treasury Dealer Quotations for the Redemption Date, after
      excluding the highest and lowest Reference Treasury Dealer Quotations, or if
      the
      Trustee obtains fewer that four Reference Treasury Dealer Quotations, the
      average of all Reference Treasury Dealer Quotations.

     

    “Depositary”
      has the meaning set forth in Section 2.7.

     

    “Designated
      Subsidiary” means any present or future consolidated subsidiary of the
      Company that is a regulated insurance company, the assets of which constitute
      at
      least 20% of the Company’s consolidated assets.

     

    “Global
      Note” means a Global Security representing the 2027
      Securities.

     

    “Issue
      Date” means May 7, 2007.

     

    “Reference
      Treasury Dealer Quotations” means, with respect to each Reference Treasury
      Dealer and any Redemption Date, the average, as determined by the Trustee,
      of
      the bid and asked prices for the Comparable Treasury Issue (expressed in each
      case as a percentage of its principal amount) quoted in writing to the Trustee
      by the Reference Treasury Dealer at 5:00 p.m., New York City time, on the third
      Business Day before the Redemption Date.

     

    “Reference
      Treasury Dealers” means Goldman, Sachs & Co., with respect to the
      Senior Notes, and its respective successors and any other primary Treasury
      dealer the Company selects.  If any of the foregoing ceases to be a
      primary U.S. government securities dealer in New York City, the Company must
      substitute another primary Treasury dealer.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    “Relevant
      Date” means, in respect of any payment, the date on which such payment
      first becomes due and payable, but if the full amount of the moneys payable
      has
      not been received by the Trustee on or prior to such due date, it means the
      first date on which, the full amount of such moneys having been so received
      and
      being available for payment to Holders, notice to that effect shall have been
      duly given to the Holders of the 2027 Securities.

     

    “Tax
      Event” means if the Company determines that, as a result of (1) any change
      in, or amendment to, the law or treaties (or any regulations or rulings
      promulgated thereunder), including the enactment of any legislation or the
      publication of any regulatory determination, of the Cayman Islands, Bermuda
      or
      any other jurisdiction from or through which the Company makes a payment on
      the
      2027 Securities or in which the Company generally becomes subject to taxation;
      or (2) any change in, or amendment to, a position regarding the application,
      administration or interpretation of such laws, treaties, regulations or rulings
      (including a holding, judgment or order by a court of competent jurisdiction)
      (each of the foregoing in clauses (1) and (2), a “Change In Tax Law”), the
      Company is, or on the next Interest Payment Date in respect of the 2027
      Securities would be, required to pay Additional Amounts with respect to the
      2027
      Securities as described under Section 2.13(b), and such obligation cannot be
      avoided by taking commercially reasonable measures available to the
      Company.  The Change in Tax Law must become effective on or after May
      7, 2007.  In the case of a successor entity, the Change in Tax Law
      must become effective after the date that such successor entity first becomes
      an
      obligor on the 2027  Securities (unless the Change in Tax Law had
      already occurred prior to such date, but on or after May 7, 2007, with respect
      to the original entity).

     

    “Treasury
      Rate” means, with respect to any Redemption Date, the rate per year equal
      to the semi-annual equivalent yield to maturity of the Comparable Treasury
      Issue, assuming a price for the Comparable Treasury Issue (expressed as a
      percentage of its principal amount) equal to the Comparable Treasury Price
      for
      such Redemption Date.  The Treasury Rate shall be calculated on the
      third Business Day preceding the Redemption Date.

     

    ARTICLE
      II

     

    CREATION
      OF THE 2027 SECURITIES

     

    Section
      2.1                      Designation
      of Series.

     

    Pursuant
      to the terms hereof and Sections 2.01 and 3.01 of the Base Indenture, the
      Company hereby creates a series of its senior debt securities designated as
      the
      6.25% Senior Notes due 2027 (the “2027 Securities”), which 2027 Securities shall
      be deemed “Securities” for all purposes under the Indenture.

     

    Section
      2.2                      Form
      of 2027 Securities.

     

    The
      definitive form of the 2027 Securities shall be substantially in the form set
      forth in Exhibit A attached hereto, which is incorporated herein and made part
      hereof (and the 2027 Securities shall be referred to as the “Notes” in Exhibit
      A).

     

    The
      Final
      Maturity of the 2027 Securities shall be May 15, 2027.

     

    Section
      2.3                      Interest
      and Interest Rate Reset.

     

    (a)           The
      2027 Securities will bear interest from the Issue Date or from the most recent
      Interest Payment Date to which interest has been paid or duly provided for,
      as
      the case may be, to maturity or early redemption, as the case may be, at the
      rate of 6.25% per annum payable semi-annually on November 15 and May 15 of
      each
      year, commencing on November 15, 2007, to the persons in whose names the 2027
      Securities were registered at the close of business on the preceding November
      1
      and May 1, respectively.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b)           Interest
      on the 2027 Securities will be computed on the basis of a 360-day year comprised
      of twelve 30-day months.  The amount of interest payable for any
      period shorter than a full semi-annual period for which interest is computed
      will be computed on the basis of the actual number of days elapsed in the
      180-day period.

     

    Section
      2.4                      Limit
      on Amount of 2027 Securities.

     

    (a)           The
      2027 Securities initially will be limited in aggregate principal amount to
      $325,000,000 and may, upon execution of this Fourth Supplemental Indenture,
      be
      executed by the Company and delivered to the Trustee for authentication, and
      the
      Trustee shall thereupon authenticate and deliver said 2027 Securities in
      accordance with a Company Order.

     

    (b)           The
      Company may issue from time to time, without giving notice to or seeking the
      consent of the Holders of the 2027 Securities, additional notes having the
      same
      terms as the 2027 Securities (except for the initial public offering price,
      first Interest Payment Date and the Issue Date).  Any such additional
      notes, together with the 2027 Securities, will constitute a single series of
      Securities under the Indenture.

     

    Section
      2.5                      Nature
      of 2027 Securities/Minimum Denomination.

     

    (a)           The
      2027 Securities shall constitute senior, unsecured and unsubordinated
      obligations of the Company and shall rank pari passu with all other unsecured
      and unsubordinated indebtedness of the Company from time to time
      outstanding.

     

    (b)           The
      2027 Securities shall be issuable only in registered form and without coupons
      in
      denominations of $1,000 and any integral multiples thereof.

     

    Section
      2.6                      No
      Sinking Fund.

     

    The
      2027
      Securities do not have the benefit of any mandatory redemption or sinking fund
      obligation and are not redeemable at the option of the Holders.

     

    Section
      2.7                      Issuance
      of 2027 Securities and Payment.

     

    (a)           The
      2027 Securities, on original issuance, shall be issued in the form of one fully
      registered Global Note registered in the name of The Depository Trust Company,
      as Depositary (the “Depositary”), or its nominee, and deposited with the
      Trustee, as custodian for the Depositary, for credit by the Depositary to the
      respective accounts of beneficial owners of the 2027 Securities represented
      thereby (or such other accounts as they may direct).

     

    (b)           The
      payment of principal of and the interest on the 2027 Securities will be payable
      at the Corporate Trust Office or, at the option of the Company, by check mailed
      to each Holder at its address set forth in the Security Register; provided
      however, that if a Holder has given wire transfer instructions to the Company
      and the Paying Agent and Security Registrar at least ten Business Days prior
      to
      the applicable payment date, payment of principal of and the interest on the
      2027 Securities will be payable by wire transfer of immediately available funds
      to the account specified in such instructions.

     

    Section
      2.8                      2027
      Securities Not Convertible or Exchangeable.

     

    The
      2027
      Securities will not be convertible or exchangeable for other securities or
      property.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    Section
      2.9                      Redemption.

     

    Pursuant
      to Section 3.01(6) and Section 11.01 of the Base Indenture, so long as any
      of
      the 2027 Securities are Outstanding, the following provisions shall be
      applicable to the 2027 Securities:

     

    (a)           The
      2027 Securities will be redeemable, in whole at any time or in part from time
      to
      time, at the Company’s option, at a redemption price equal to accrued and unpaid
      interest on the principal amount of the 2027 Securities being redeemed to the
      Redemption Date plus the greater of:  (A) 100% of the principal
      amount of the 2027 Securities to be redeemed, and (B) the sum of the
      present values of the remaining scheduled payments of principal and interest
      on
      the 2027 Securities to be redeemed (not including any portion of such payments
      of interest accrued to the Redemption Date) discounted to the Redemption Date
      on
      a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
      at the Treasury Rate, plus 25 basis points.

     

    (b)           If
      a Tax Event occurs and is continuing, the Company may, at its option, redeem
      the
      2027 Securities in whole, but not in part, at any time at a redemption price
      equal to 100% of the principal amount of the 2027 Securities, plus accrued
      and
      unpaid interest, if any, to the Redemption Date and Additional Amounts, if
      any,
      then due or that will become due on the date fixed for redemption as a result
      of
      such redemption.  Installments of interest on 2027 Securities which
      are due and payable on or prior to a Redemption Date will be payable to Holders
      of the 2027 Securities registered as such at the close of business on the
      relevant record dates.

     

    (c)           (i)
      Notwithstanding Section 11.04 of the Base Indenture, any notice of redemption
      pursuant to Section 2.9(a) or (b) shall (i) be sufficient if instead of setting
      forth a specific price with respect to the Redemption Price, it sets forth
      the
      manner of calculation thereof and (ii) be mailed to the Holders not less than
      30
      nor more than 60 days prior to the Redemption Date.

     

    (ii)           Notwithstanding
      the foregoing, in case of a Tax Event redemption, no such notice of redemption
      will be given (a) earlier than 90 days prior to the earliest date on which
      the
      payor would be obliged to make such payment or withholding if a payment in
      respect of 2027 Securities by it were then due and (b) unless at the time such
      notice is given, such obligation to pay such Additional Amounts remains in
      effect.  Prior to the publication or mailing of any notice of
      redemption of 2027 Securities pursuant to the foregoing, the Company will
      deliver to the Paying Agent (a) an Officers’ Certificate stating that the
      Company is entitled to effect such redemption and setting forth a statement
      of
      facts showing that any factual conditions precedent to the Company’s right so to
      redeem have been satisfied and (b) a legal opinion of an outside nationally
      recognized tax counsel to the effect that the circumstances referred to in
      this
      clause (ii) and the circumstances described in the definition of “Tax Event”
exist.

     

    Section
      2.10                                Guarantees.

     

    The
      2027
      Securities will not be guaranteed by any third party.

     

    Section
      2.11                                Place
      of Payment.

     

    The
      Paying Agent for the 2027 Securities shall initially be the Trustee, and the
      Place of Payment for the 2027 Securities shall initially be the Corporate Trust
      Office, which as of the date hereof for such purpose is located at 101 Barclay
      Street, Floor 8 West, New York, New York 10286.  The Company may from
      time to time designate one or more additional offices or agencies where 2027
      Securities may be presented or surrendered for payment.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    Section
      2.12                                Events
      of Default.

     

    The
      following shall constitute additional Events of Default pursuant to Section
      5.01
      of the Base Indenture with respect to the 2027 Securities with the same effect
      as if expressly set forth in such Section 5.01:

     

    (a)           default
      by the Company under any instrument or instruments under which there is or
      may
      be secured or evidenced any of the Company’s indebtedness (other than the 2027
      Securities) having an outstanding principal amount of $50,000,000 (or its
      equivalent in any other currency or currencies) or more, individually or in
      the
      aggregate, that has caused the holders thereof to declare such indebtedness
      to
      be due and payable prior to its stated maturity, unless such declaration has
      been rescinded within 30 days;

     

    (b)           default
      by the Company in the payment when due of the principal of or premium, if any,
      on any bond, debenture, note or other evidence of the Company’s indebtedness, in
      each case for money borrowed, or in the payment of principal or premium, if
      any,
      under any mortgage, indenture, agreement or instrument under which there may
      be
      issued or by which there may be secured or evidenced any indebtedness of the
      Company for money borrowed, which default for payment of principal or premium,
      if any, is in an aggregate principal amount exceeding $50,000,000 (or its
      equivalent in any other currency or currencies), if such default shall continue
      unremedied or unwaived for more than 30 days after the expiration of any grace
      period or extension of the time for payment applicable thereto;

     

    (c)           default
      in the payment of any Additional Amounts payable with respect to interest on
      any
      2027 Securities, when such Additional Amounts become due and payable, and
      continuance of such default for a period of 30 days; and

     

    (d)           default
      in the payment of any Additional Amounts payable with respect to any principal
      of or premium, if any, on any 2027 Securities, when such Additional Amounts
      become due and payable either at maturity, upon any redemption, by declaration
      of acceleration or otherwise.

     

    In
      addition, with respect to the 2027 Securities, the reference to “60 days” in
      Section 5.01(1) of the Base Indenture shall be amended to be “30 days” with
      respect to the 2027 Securities.

     

    The
      Company shall deliver to the Trustee, within 30 days after the occurrence
      thereof, written notice of any Event of Default or any event which, after notice
      or lapse of time or both, would constitute an Event of Default.

     

    Section
      2.13                                Covenants.

     

    The
      2027
      Securities shall be entitled to the benefit of each of the covenants in Article
      Ten of the Base Indenture and the following additional covenants (each of which
      shall be deemed to be a provision of the Indenture and, when referred to as
      a
      provision of the Indenture, shall be identified by reference to the Section
      number that is set forth immediately preceding the covenant):

     

    (a)           SECTION
      10.09.  Limitation On Liens On Stock Of Designated
      Subsidiaries.  The Company covenants that, so long as any 2027
      Securities are outstanding, the Company will not, nor will the Company permit
      any Designated Subsidiary to, create, assume, incur, guarantee or otherwise
      permit to exist any indebtedness evidenced by notes, debentures, bonds or
      similar instruments that is secured by any mortgage, pledge, lien, security
      interest or other encumbrance upon any shares of Capital Stock of any Designated
      Subsidiary (whether such shares of stock are now owned or hereafter acquired)
      without effectively providing concurrently that the 2027 Securities will be
      secured equally and ratably with such indebtedness for at least the time period
      such other indebtedness is so secured.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    (b)           SECTION
      10.10.  Additional Amounts.  All amounts payable (whether in
      respect of principal, interest or otherwise) in respect of the 2027 Securities
      will be made free and clear of and without withholding or deduction for or
      on
      account of any present or future taxes, duties, levies, assessments or
      governmental charges of whatever nature imposed or levied by or on behalf of
      the
      Cayman Islands or Bermuda or any political subdivision thereof or any authority
      or agency therein or thereof having power to tax, unless the withholding or
      deduction of such taxes, duties, levies, assessments or governmental charges
      is
      required by law.  In that event, the Company will pay, or cause to be
      paid, such additional amounts as may be necessary in order that the net amounts
      receivable by a Holder after such withholding or deduction (including any
      withholding or deduction on such payment of additional amounts) shall equal
      the
      respective amounts that would have been receivable by such Holder had no such
      withholding or deduction been required (“Additional Amounts”), except that no
      such Additional Amounts shall be payable in relation to any payment (including
      a
      payment made in connection with a redemption) in respect of any of the 2027
      Securities (a) to, or to a third party on behalf of, a Person who would be
      able
      to avoid such withholding or deduction by complying with such Person’s statutory
      requirements or by making a declaration of non-residence or similar claim for
      exemption but, in either case, fails to do so, or is liable for such taxes,
      duties, levies, assessments or governmental charges in respect of such 2027
      Security by reason of his having some connection with (including, without
      limitation, being a citizen of, being incorporated or engaged in a trade or
      business in, or having a residence or principal place of business or other
      presence in) the Cayman Islands or Bermuda, as the case may be, other than
      (i)
      the mere holding of such 2027 Security; (ii) the receipt of principal, interest
      or other amount in respect of such 2027 Security; or (iii) the mere enforcement
      of rights with respect to such 2027 Security; (b) presented for payment more
      than 30 days after the Relevant Date, except to the extent that the relevant
      Holder would have been entitled to such Additional Amounts on presenting the
      same for payment on or before the expiration of such period of 30 days; (c)
      to a
      fiduciary, a partnership or person who is not the beneficial owner of a 2027
      Security, if and to the extent that, as a result of an applicable tax treaty,
      no
      Additional Amounts would have been payable had the beneficiary, partner or
      beneficial owner owned the 2027 Security directly; (d) on account of any
      inheritance, gift, estate, personal property, stamp, sales or transfer or
      similar taxes, duties, levies, assessments or similar governmental charges;
      or
      (e) on account of any taxes, duties, levies, assessments or governmental charges
      that are payable otherwise than by withholding from payments in respect of
      such
      2027 Security.

     

    In
      the
      event that payments in respect of the 2027 Securities are subject to withholding
      or deduction for or on account of any taxes, the Company will (i) make any
      required withholding or deduction and (ii) remit the full amount deducted or
      withheld to the relevant taxing jurisdiction in accordance with applicable
      law.  The Company will use commercially reasonable efforts to obtain
      certified copies of tax receipts evidencing the payment of any taxes so deducted
      or withheld from each relevant taxing jurisdiction imposing such taxes and
      will
      use commercially reasonable efforts to provide or make available such certified
      copies (or other documentary evidence establishing the payment of such taxes)
      to
      each Holder.

     

    If
      the
      Company becomes subject generally at any time to any taxing jurisdiction other
      than or in addition to the Cayman Islands or Bermuda, or makes a payment on
      the
      2027 Securities from any jurisdiction other than or in addition to the Cayman
      Islands or Bermuda, references in this Section 10.10 to the Cayman Islands
      and
      Bermuda shall be read and construed as references to such other jurisdiction(s)
      and/or to the Cayman Islands and Bermuda.

     

    Any
      reference in the Indenture to principal, premium or interest in respect of
      the
      2027 Securities, any redemption amount and any other amounts in the nature
      of
      principal shall be deemed also to refer to any Additional Amounts that may
      be
      payable under the Indenture, and the express mention of the payment of
      Additional Amounts (if applicable) in any provision hereof shall not be
      construed as excluding Additional Amounts in those provisions hereof where
      such
      express mention is not made.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    Except
      as
      otherwise provided in or pursuant to the Indenture, if the 2027 Securities
      require the payment of Additional Amounts, at least 30 days prior to each date
      on which any payments under or with respect to the 2027 Securities are due
      and
      payable (unless such obligation to pay Additional Amounts arises shortly before
      or after the 30th day prior to such date, in which case it shall be promptly
      thereafter) the Company or its designee shall furnish to the Trustee, the
      Registrar and the Paying Agent an Officers’ Certificate stating the fact that
      Additional Amounts will be payable, the amounts so payable, and any other
      information to enable the Trustee or such Paying Agent to pay such Additional
      Amounts to Holders on the payment date.

     

    The
      Company will pay any present or future stamp, court or documentary taxes or
      any
      other excise or property taxes, charges or similar levies that arise in any
      jurisdiction from the execution, delivery or registration of any 2027 Securities
      or any other document or instrument referred to therein (other than a transfer
      of the 2027 Securities), or the receipt of any payments with respect to the
      2027
      Securities, excluding any such taxes, charges or similar levies imposed by
      any
      jurisdiction outside the Cayman Islands or Bermuda in which a Paying Agent
      is
      located, other than those resulting from, or required to be paid in connection
      with, the enforcement of the 2027 Securities, the Indenture or any other such
      document or instrument following the occurrence of any Event of Default with
      respect to the 2027 Securities.

     

    Section
      2.14                                Non-Applicability
      of Certain Sections.

     

    Sections
      11.08, 11.09 and 11.10 of the Base Indenture shall not apply to the 2027
      Securities.

     

    ARTICLE
      III

     

    APPOINTMENT
      OF THE TRUSTEE FOR THE 2027 SECURITIES

     

    Section
      3.1                      Appointment
      of Trustee.

     

    Pursuant
      and subject to the Indenture, the Company and the Trustee hereby constitute
      the
      Trustee as trustee to act on behalf of the Holders of the 2027 Securities,
      and
      as the principal Paying Agent and Security Registrar for the 2027 Securities,
      effective upon execution and delivery of this Fourth Supplemental
      Indenture.  By execution, acknowledgment and delivery of this Fourth
      Supplemental Indenture, the Trustee hereby accepts appointment as Trustee,
      Paying Agent and Security Registrar with respect to the 2027 Securities, and
      agrees to perform such trusts upon the terms and conditions set forth in the
      Indenture and in this Fourth Supplemental Indenture.

     

    Section
      3.2                      Rights,
      Powers, Duties and Obligations of the Trustee.

     

    Any
      rights, powers, duties and obligations by any provisions of the Indenture
      conferred or imposed upon the Trustee shall, insofar as permitted by law, be
      conferred or imposed upon and exercised or performed by the Trustee with respect
      to the 2027 Securities.

     

    ARTICLE
      IV

     

    MISCELLANEOUS

     

    Section
      4.1                      Application
      of Fourth Supplemental Indenture.

     

    Each
      and
      every term and condition contained in this Fourth Supplemental Indenture that
      modifies, amends or supplements the terms and conditions of the Base Indenture
      with respect to the 2027 Securities shall apply only to the 2027 Securities
      created hereby and not to any past or future series of Securities issued under
      the Base Indenture.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    Section
      4.2                      Benefits
      of Fourth Supplemental Indenture.

     

    Nothing
      contained in this Fourth Supplemental Indenture shall or shall be construed
      to
      confer upon any person other than a Holder of the 2027 Securities, the Company
      and the Trustee any right or interest to avail itself or himself, as the case
      may be, of any benefit under any provision of the Base Indenture or this Fourth
      Supplemental Indenture.

     

    Section
      4.3                      Amendment
      of Fourth Supplemental Indenture.

     

    The
      Company and the Trustee, at any time and from time to time, may amend, modify
      or
      supplement this Fourth Supplemental Indenture in accordance with the provisions
      of Article Nine of the Base Indenture.

     

    Section
      4.4                      Effective
      Date.

     

    This
      Fourth Supplemental Indenture shall be effective as of the date first above
      written and upon the execution and delivery hereof by each of the parties
      hereto.

     

    Section
      4.5                      Governing
      Law; Waiver of Jury Trial; Submission to Jurisdiction; Judgment
      Currency.

     

    THIS
      FOURTH SUPPLEMENTAL INDENTURE AND EACH 2027 SECURITY SHALL BE GOVERNED BY,
      AND
      CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     

    EACH
      OF
      THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
      PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
      PROCEEDING ARISING OUT OF OR RELATING TO THIS FOURTH SUPPLEMENTAL INDENTURE,
      THE
      2027 SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

     

    The
      Company and the Trustee hereby submit to the nonexclusive jurisdiction of the
      United States District Court for the Southern District of New York and of any
      New York state court sitting in the Borough of Manhattan in New York City for
      the purposes of all legal proceedings arising out of or relating to the
      Indenture.  The Company and the Trustee irrevocably waive, to the
      fullest extent permitted by applicable law, any objection which they may now
      or
      hereafter have to the laying of the venue of any such proceeding brought in
      such
      a court and any claim that any such proceeding brought in such a court has
      been
      brought in an inconvenient forum.  The Company hereby designates and
      appoints CT Corporation System, 111 Eighth Avenue, New York, New York 10011,
      as
      its authorized agent upon which process may be served in any legal suit, action
      or proceeding arising out of or relating to the Indenture which may be
      instituted in any federal or state court in the Borough of Manhattan, The City
      of New York, New York, and agrees that service of process upon such agent,
      and
      written notice of said service to the Company by the Person serving the same,
      shall be deemed in every respect effective service of process upon the Company
      in any such suit, action or proceeding and further designates its domicile,
      the
      domicile of CT Corporation System specified above and any domicile CT
      Corporation System may have in the future as its domicile to receive any notice
      hereunder (including service of process).  If for any reason CT
      Corporation System (or any successor agent for this purpose) shall cease to
      act
      as agent for service of process as provided above, the Company will promptly
      appoint a successor agent for this purpose reasonably acceptable to the
      Trustee.  The Company agrees to take any and all actions as may be
      necessary to maintain such designation and appointment of such agent in full
      force and effect.

     

    The
      Company agrees, to the fullest extent that it may effectively do so under
      applicable law, that (a) if for the purpose of obtaining judgment in any court
      it is necessary to convert the sum due (the “Required Currency”) into a currency
      in which a judgment will be rendered (the “Judgment Currency”), the rate of
      exchange used shall be the rate at which in accordance with normal banking
      procedures the Trustee could purchase in The City of New York the requisite
      amount of the Required Currency with the Judgment Currency on the New
      York

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Banking
      Day preceding the day on which a final unappealable judgment is given and (b)
      its obligations under the Indenture to make payments in the Required Currency
      (i) shall not be discharged or satisfied by any tender, or any recovery pursuant
      to any judgment (whether or not entered in accordance with clause (a)), in
      any
      currency other than the Required Currency, except to the extent that such tender
      or recovery shall result in the actual receipt, by the payee, of the full amount
      of the Required Currency expressed to be payable in respect of such payments,
      (ii) shall be enforceable as an alternative or additional cause of action for
      the purpose of recovering in the Required Currency the amount, if any, by which
      such actual receipt shall fall short of the full amount of the Required Currency
      so expressed to be payable and (iii) shall not be affected by judgment being
      obtained for any other sum due under the Indenture.  For purpose of
      the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or
      a legal holiday in The City of New York or a day on which banking institutions
      in The City of New York are authorized or obligated by law, regulation or
      executive order to be closed.

     

    Section
      4.6                      Counterparts.

     

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

     

    Section
      4.7                      Ratification
      of Base Indenture.

     

    The
      Base
      Indenture, as supplemented by this Fourth Supplemental Indenture, is in all
      respects ratified and confirmed, and this Fourth Supplemental Indenture shall
      be
      deemed part of the Base Indenture in the manner and to the extent herein and
      therein provided.

     

    Section
      4.8                      Validity
      and Sufficiency.

     

    The
      Trustee shall not be responsible in any manner whatsoever for or in respect
      of
      the validity or sufficiency of this Fourth Supplemental Indenture or for or
      in
      respect of the recitals contained herein, all of which are made solely by the
      Company.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    

    
      	
              XL
                CAPITAL LTD, as Issuer

            
	
               

               

               

              By:  /s/
                Kirstin Romann Gould            

                     
                Name:  Kirstin Romann Gould

                     
                Title:    Executive Vice President, General

                                   Counsel
                Corporate Affairs and

                      
                            Secretary

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    
 

    

      
        	
                THE
                  BANK OF NEW YORK, as Trustee

                 

                 

              
	
                By: 
                  /s/ Franca Ferrera            

                       
                  Name:  Franca Ferrera

                       
                  Title:    Assistant Vice
                  President

              

      

    

     

     

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      A

     

    FORM
      OF NOTE

     

    [If
      the
      Note is a Global Note, insert - THIS NOTE IS A GLOBAL SECURITY WITHIN THE
      MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
      OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE
      COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS NOTE
      FOR
      ALL PURPOSES, INCLUDING THE PAYMENT OF PRINCIPAL AND INTEREST.

     

    UNLESS
      AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES
      REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
      WHOLE (I) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE
      OF THE DEPOSITARY OR THE DEPOSITARY TO A SUCCESSOR DEPOSITARY OR A NOMINEE
      OF
      SUCH SUCCESSOR DEPOSITARY.]

     

    [If
      the
      Depository is The Depository Trust Company, insert - UNLESS THIS NOTE IS
      PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
      WATER STREET, NEW YORK, NEW YORK) TO THE COMPANY OR ITS AGENT FOR REGISTRATION
      OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME
      OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE
      TO
      CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
      BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
 

    
      	
              No.

               

              CUSIP
                No.

              $_______________

            

    

     

     

     

    XL
      CAPITAL LTD

     

    6.25%
      SENIOR NOTES DUE 2027

     

    XL
      CAPITAL LTD, an exempted limited company duly organized and existing under
      the
      laws of the Cayman Islands (the “Company”, which term includes any successor
      Person under the Indenture hereinafter referred to), for value received, hereby
      promises to pay to __________________ the principal sum of ________________
      United States dollars (U.S.$______________) [If the Note is a Global Note,
      insert - , as such amount may be increased or decreased as set forth on the
      Schedule of Increases or Decreases in Global Note annexed hereto,] on May 15,
      2027 (such date is hereinafter referred to as the “Stated Maturity”), and to pay
      interest thereon, from May 7, 2007, or from the most recent Interest Payment
      Date (as defined below) to which interest has been paid or duly provided for,
      at
      the rate of 6.25% per annum to, but excluding, the relevant Interest Payment
      Date, until the Stated Maturity or early redemption.

     

    Interest
      on this Note initially shall be payable semi-annually in arrears on November
      15
      and May 15 of each year (each, an “Interest Payment Date”), commencing November
      15, 2007 through and including the Stated Maturity or early
      redemption.  The interest so payable, and punctually paid or duly
      provided for, on any Interest Payment Date will, as provided in the Indenture,
      be paid to the Person in whose name this Note (or one or more Predecessor
      Securities) is registered at the close of business on the Regular Record Date
      for such interest, which shall be the November 1 and May 1, respectively
      (whether or not a Business Day) preceding the relevant Interest Payment
      Date.

     

    Any
      such
      interest not so punctually paid or duly provided for will forthwith cease to
      be
      payable to the Holder on such Regular Record Date and may be paid to the Person
      in whose name this Note (or one or more Predecessor Securities) is registered
      at
      the close of business on a Special Record Date for the payment of such Defaulted
      Interest to be fixed by the Trustee, notice of which shall be given to Holders
      of Securities of this series not less than 10 days prior to such Special Record
      Date and shall otherwise be payable, all as more fully provided in the
      Indenture.

     

    Principal
      of and the interest on the Notes will be payable at the Corporate Trust Office,
      or, at the option of the Company, by check mailed to each Holder at its address
      set forth in the Security Register; provided however, that if a Holder has
      given
      wire transfer instructions to the Company and the Paying Agent and Security
      Registrar at least ten Business Days prior to the applicable payment date,
      principal of and the interest on the Notes will be payable by wire transfer
      of
      immediately available funds to the account specified in such
      instructions.

     

    Interest
      on the Notes will be computed on the basis of a 360-day year comprised of twelve
      30-day months.  The amount of interest payable for any period shorter
      than a full semi-annual period for which interest is computed will be computed
      on the basis of the actual number of days elapsed in the 180-day
      period.

     

    Reference
      is hereby made to the further provisions of this Note set forth on the reverse
      hereof, which further provisions shall for all purposes have the same effect
      as
      if fully set forth at this place.

     

    Unless
      the certificate of authentication hereon has been executed by the Trustee
      referred to on the reverse hereof by the manual signature of one of its
      authorized signatories, this Note shall not be entitled to any benefit under
      the
      Indenture or be valid or obligatory for any purpose.

     

    [Remainder
      of Page Intentionally Left Blank; Signature Pages Follow]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Company has caused this Note to be executed and delivered
      as a deed.

     

    Dated:

     

    
 

    
      	
              XL
                CAPITAL LTD

            
	
               

               

              By: 
                _____________________________

                     
                Name:

                     
                Title:

            
	
               

               

              By: 
                _____________________________

                     
                Name:

                    
                Title:

            

    

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

    

    
      	
              The
                Bank of New York, as Trustee

               

               

            
	
              By: 
                _________________________

                                  
                Authorized Officer

            

    

     

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    [FORM
      OF REVERSE]

     

    This
      Note
      is one of a duly authorized issue of securities of the Company designated as
      its
“6.25% Senior Notes due 2027” (herein sometimes referred to as the “Notes”),
      initially limited in aggregate principal amount to $325,000,000, issued under
      and pursuant to an Indenture, dated as of June 2, 2004 (the “Base Indenture”),
      duly executed and delivered, between the Company and The Bank of New York,
      as
      Trustee (the “Trustee”), and a Fourth Supplemental Indenture, dated as of May 7,
      2007 (the “Fourth Supplemental Indenture”), between the Company and the Trustee
      (such Base Indenture as amended and supplemented by the Fourth Supplemental
      Indenture, the “INDENTURE”), to which the Indenture and all subsequent
      indentures supplemental thereto relating to the Notes reference is hereby made
      for a statement of the respective rights, limitations of rights, duties and
      immunities thereunder of the Company, the Trustee and the Holders of the Notes
      and of the terms upon which the Notes are, and are to be, authenticated and
      delivered.

     

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

     

    The
      Notes
      will be redeemable, in whole at any time or in part from time to time, at the
      Company’s option, at a redemption price equal to the accrued and unpaid interest
      on the principal amount of the Notes being redeemed to the Redemption Date
      plus
      the greater of:  (A) 100% of the principal amount of the Notes to
      be redeemed, and (B) the sum of the present values of the remaining scheduled
      payments of principal and interest on the Notes to be redeemed (not including
      any portion of such payments of interest accrued to the Redemption Date)
      discounted to the Redemption Date on a semi-annual basis (assuming a 360-day
      year consisting of twelve 30-day months) at the Treasury Rate, plus 25 basis
      points, as provided in, and subject to the terms of, the Indenture.

     

    If
      a Tax
      Event occurs and is continuing, the Company may, at its option, redeem the
      Notes
      in whole, but not in part, at any time at a redemption price equal to 100%
      of
      the principal amount of the Notes, plus accrued and unpaid interest, if any,
      to
      the Redemption Date and Additional Amounts, if any, then due or that will become
      due on the Redemption Date as a result of the redemption, as provided in, and
      subject to the terms of, the Indenture.

     

    No
      sinking fund is provided for the Notes.

     

    The
      Notes
      shall constitute the senior, unsecured and unsubordinated obligations of the
      Company and shall rank equally in right of payment with all existing and future
      senior, unsecured and unsubordinated obligations of the Company.

     

    In
      the
      case of an Event of Default described in Section 5.01(5) or 5.01(6) of the
      Indenture, all unpaid principal of and accrued interest and Additional Amounts
      on the Notes then Outstanding shall be due and payable immediately without
      any
      declaration or other act on the part of the Trustee or the Holders of any
      Notes.  In the case of all other Events of Default, if any such Event
      of Default shall occur and be continuing, the principal of all of the Notes,
      together with accrued interest to the date of declaration, may be declared
      due
      and payable in the manner and with the effect provided in the
      Indenture.

     

    The
      Indenture permits, with certain exceptions as therein provided, the amendment
      thereof and the modification of the rights and obligations of the Company and
      the rights of the Holders of the Securities of each series to be affected under
      the Indenture at any time by the Company and the Trustee with the written
      consent of the Holders of not less than a majority in principal amount of the
      Securities at the time Outstanding and affected thereby.  The
      Indenture also contains, with certain exceptions as therein provided, provisions
      permitting Holders of not less than a majority in principal amount of the
      Securities of any series at the time Outstanding, on behalf of the Holders
      of
      all the Securities of such series, to waive compliance by the Company 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 in exchange herefor
      or in
      lieu hereof whether or not notation of such consent or waiver is made upon
      this
      Note or such other 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 (i) such Holder shall have previously given the
      Trustee written notice of a continuing Event of De-

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    fault,
      (ii) the Holders of not less than 25% in principal amount of the Notes that
      are
      Outstanding shall have made a written request to the Trustee to institute
      proceedings in respect of such Event of Default as Trustee and offered the
      Trustee indemnity satisfactory to it, (iii) the Trustee shall have failed to
      institute any such proceeding for 60 days after receipt of such notice, request
      and offer of indemnity, and (iv) the Trustee shall not have received from the
      Holders of a majority in principal amount of the Notes that are Outstanding
      a
      direction inconsistent with such written request during such 60-day
      period.  The foregoing shall not apply to any suit instituted by any
      Holder of this Note for the enforcement of any payment of principal hereof
      or
      any premium or interest hereon on or after the respective due dates expressed
      herein.

     

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

     

    As
      provided in the Indenture and subject to certain limitations therein set forth,
      the transfer of this Note is registrable on the Security Register upon surrender
      of this Note for registration of transfer at the Corporate Trust Office of
      the
      Trustee or at such other office or agency of the Company as may be designated
      by
      it for such purpose in the Borough of Manhattan, The City of New York (which
      shall initially be an office or agency of the Trustee), or at such other offices
      or agencies as the Company may designate, duly endorsed by, or accompanied
      by a
      written instrument of transfer in form satisfactory to the Security Registrar
      duly executed by, the Holder thereof or his attorney duly authorized in writing,
      and thereupon one or more new Notes, of authorized denominations and for the
      same aggregate principal amount, will be issued to the designated transferee
      or
      transferees by the Security Registrar.  No service charge shall be
      made for any such registration of transfer or exchange, but the Company may
      require payment of a sum sufficient to recover any tax or other governmental
      charge payable in connection therewith.

     

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

     

    No
      recourse for the payment of the principal of (and premium, if any on) or
      interest on this Note and no recourse under or upon any obligation, covenant
      or
      agreement of the Company in the Indenture or any indenture supplemental thereto
      or in any Note, or because of the creation of any indebtedness represented
      thereby, shall be had against any incorporator, stockholder, employee, agent,
      officer or director or subsidiary, as such, past, present or future, of the
      Company or of any successor corporation, either directly or through the Company
      or any successor corporation, whether by virtue of any constitution, statute
      or
      rule of law or by the enforcement of any assessment or penalty or otherwise,
      all
      such liability being, by the acceptance hereof and as part of consideration
      for
      the issue hereof, expressly waived and released.

     

    [If
      Note
      is a Global Note, insert - This Note is a Global Note and is subject to the
      provisions of the Indenture relating to Global Notes, including the limitations
      in Section 2.03 of the Base Indenture on transfers and exchanges of Global
      Notes.]

     

    THE
      INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
      THE LAWS OF THE STATE OF NEW YORK.

     

    All
      capitalized terms used in this Note which are defined in the Indenture shall
      have the meanings assigned to them in the Indenture.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ABBREVIATIONS

     

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

     

    

      

      
        	
                TEN
                  COM--as tenants in common

              	 	
                UNIF
                  GIFT MIN ACT-

              	
                ______
                  Custodian _______

              
	 	 	 	
                (Cust)                       (Minor)

              
	
                TEN
                  ENT--as tenants by the entireties

              	 	 	
                under
                  Uniform Gifts to

              
	
                JT
                  TEN--as joint tenants with rights of

              	 	 	 
	
                survivorship
                  and not as tenants in common

              	 	 	
                Minors
                  Act ________________

              
	 	 	 	
                (State)

              

      

    

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

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned assigns and transfers this Note to:

     

    ----------------------------------------------------------------------------------------

    ----------------------------------------------------------------------------------------

    ----------------------------------------------------------------------------------------

    (Insert
      assignee’s social security or tax identification number)

     

    ----------------------------------------------------------------------------------------

    ----------------------------------------------------------------------------------------

    ----------------------------------------------------------------------------------------

    (Insert
      address and zip code of assignee)

     

    and
      irrevocably appoints ________________ agent to transfer this Note on the
      Security Register.  The agent may substitute another to act for him or
      her.

     

    Dated:

     

    Signed:

     

    Signature
      Guarantee:

     

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

     

    Signatures
      must be guaranteed by an “eligible guarantor institution” meeting the
      requirements of the 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 Registrar in
      addition to, or in substitution for, STAMP, all in accordance with the
      Securities Exchange Act of 1934, as amended.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    [TO
      BE ATTACHED TO GLOBAL NOTE]

     

    SCHEDULE
      OF INCREASES OR DECREASES IN GLOBAL NOTE

     

    The
      following increases or decreases in this Global Note have been
      made:

     

    
 

    
      	
              
                Amount
                  of Decrease
 in Stated Amount of 
the Global
                  Note

              

            	
              
                Amount
                  of Increase 
in Stated Amount of 
the Global
                  Note

              

            	
              
                Stated
                  Amount of 
the Global Note 
Following Such

                Decrease/Increase

              

            	
              
                Signature
                  of Authorized 
Officer of Trustee

              

            	
              
                Dateex4_1.htm

    

     

    Exhibit
      4.1

     

    EXECUTION
      COPY

     

    

     

    

     

    

     

    FIRST
      INDUSTRIAL, L.P.

     

    Issuer

     

    to

     

    U.S.
      BANK
      NATIONAL ASSOCIATION

     

    Trustee

     

    Supplemental
      Indenture No. 11

     

    Dated
      as
      of May 7, 2007

     

    $150,000,000

    of

    5.95%
      Senior Notes due 2017

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SUPPLEMENTAL
      INDENTURE NO. 11, dated as of May 7, 2007 (the “Supplemental Indenture”),
      between FIRST INDUSTRIAL, L.P., a limited partnership duly organized and
      existing under the laws of the State of Delaware (herein called the
“Operating Partnership”), and U.S. BANK NATIONAL ASSOCIATION, a national
      banking association duly organized and existing under the laws of the United
      States of America, as Trustee (herein called the “Trustee”).

     

    RECITALS
      OF THE OPERATING PARTNERSHIP

     

    The
      Operating Partnership has heretofore delivered to the Trustee an Indenture
      dated
      as of May 13, 1997 (the “Indenture”), which has been filed with the
      Securities and Exchange Commission under the Securities Act of 1933, as amended,
      as an exhibit to the quarterly report on Form 10-Q of First Industrial Realty
      Trust, Inc. for the fiscal quarter ended March 31, 1997, as amended by Form
      10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102, providing
      for the issuance from time to time of Debt Securities of the Operating
      Partnership (the “Securities”).

     

    Section
      301 of the Indenture provides for various matters with respect to any series
      of
      Securities issued under the Indenture to be established in an indenture
      supplemental to the Indenture.

     

    Section
      901(7) of the Indenture provides for the Operating Partnership and the Trustee
      to enter into an indenture supplemental to the Indenture to establish the form
      or terms of Securities of any series as provided by Sections 201 and 301 of
      the
      Indenture.

     

    All
      the
      conditions and requirements necessary to make this Supplemental Indenture,
      when
      duly executed and delivered, a valid and binding agreement in accordance with
      its terms and for the purposes herein expressed, have been performed and
      fulfilled.

     

    NOW,
      THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

     

    For
      and
      in consideration of the premises and the purchase of the series of Securities
      provided for herein by the Holders thereof, it is mutually covenanted and
      agreed, for the equal and proportionate benefit of all Holders of the Notes,
      as
      follows:

     

    ARTICLE
      I

     

    RELATION
      TO INDENTURE; DEFINITIONS

     

    Section
      1.1.  Relation
      to Indenture.  This Supplemental Indenture constitutes an integral
      part of the Indenture.  THIS SUPP INDENTURE HEREIN INCORPORATES BY
      REFERENCE.

     

    Section
      1.2.  Definitions  For
      all purposes of this Supplemental Indenture, except as otherwise expressly
      provided for or unless the context otherwise requires:

     

    (a)  Capitalized
      terms used but not defined herein shall have the respective meanings assigned
      to
      them in the Indenture; and

     

    (b)  All
      references herein to Articles and Sections, unless otherwise specified, refer
      to
      the corresponding Articles and Sections of this Supplemental
      Indenture.

     

    Certain
      terms, used principally in Article II of this Supplemental Indenture, are
      defined in that Article.  In addition, the following terms shall have
      the following meanings to be equally applicable to both the singular and the
      plural forms of the terms defined:

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

     

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

     

    “Annual
      Service Charge” for any period means the aggregate interest expense
      for such period in respect of, and the amortization during such period of any
      original issue discount of, Indebtedness of the Operating Partnership and its
      Subsidiaries and the amount of dividends which are payable during such period
      in
      respect of any Disqualified Stock.

     

    “Business
      Day” means any day, other than a Saturday or Sunday, that is
      neither a legal holiday nor a day on which banks in New York City or in Chicago
      are authorized or required by law, regulation or executive order to
      close.

     

    “Capital
      Stock” means, with respect to any Person, any capital stock
      (including preferred stock), shares, interests, participations or other
      ownership interests (however designated) of such Person and any rights (other
      than debt securities convertible into or exchangeable for corporate stock),
      warrants or options to purchase any thereof.

     

    “Corporate
      Trust Office” means the office of the Trustee at which, at any
      particular time, its corporate trust business shall be administered, which
      office at the date hereof is located at 60 Livingston Avenue, St. Paul,
      Minnesota 55107 and, for purposes of the Place of Payment provisions of Sections
      305 and 1002 of the Indenture, is located at 100 Wall Street, Suite 2000, New
      York, New York 10005.

     

    “Disqualified
      Stock” means, with respect to any Person, any Capital Stock of such
      Person which by the terms of such Capital Stock (or by the terms of any security
      into which it is convertible or for which it is exchangeable or exercisable),
      upon the happening of any event or otherwise, (i) matures or is mandatorily
      redeemable, pursuant to a sinking fund obligation or otherwise (other than
      Capital Stock which is redeemable solely in exchange for Capital Stock which
      is
      not Disqualified Stock or the maturity price or redemption price of which may,
      at the option of such Person, be paid in Capital Stock which is not Disqualified
      Stock), (ii) is convertible into or exchangeable or exercisable for
      Indebtedness or Disqualified Stock or (iii) is redeemable at the option of
      the holder thereof, in whole or in part (other than Capital Stock which is
      redeemable solely in exchange for Capital Stock which is not Disqualified Stock
      or the redemption price of which may, at the option of such Person, be paid
      in
      Capital Stock which is not Disqualified Stock), in each case on or prior to
      the
      Stated Maturity of the Notes.

     

    “Encumbrance”
      means any mortgage, lien, charge, pledge, encumbrance or security interest
      of
      any kind; provided,however, that the term “Encumbrance”
shall not include any mortgage, lien, charge, pledge
      or security interest
      securing any indebtedness or any other obligation which has been defeased
      (whether a covenant defeasance or otherwise) pursuant to the terms of such
      indebtedness or other obligation or the terms of any instrument creating or
      evidencing it.

     

    “Exchange
      Act” means the Securities Exchange Act of 1934, as amended, and the
      rules and regulations promulgated thereunder by the Commission.

     

    “GAAP”
      means generally accepted accounting principles as used in the United States
      applied on a consistent basis as in effect from time to time; provided
      that solely for purposes of any calculation required by the financial covenants
      contained herein, “GAAP” shall mean generally accepted accounting
      principles as used in the United States on the date hereof, applied on a
      consistent basis.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

     

    “Indebtedness”
      of the Operating Partnership or any of its Subsidiaries means any indebtedness
      of the Operating Partnership or any of its Subsidiaries, whether or not
      contingent, in respect of (a) borrowed money or evidenced by bonds, notes,
      debentures or similar instruments whether or not such indebtedness is secured
      by
      any Encumbrance existing on property owned by the Operating Partnership or
      any
      of its Subsidiaries, (b) indebtedness for borrowed money of a Person other
      than the Operating Partnership or a Subsidiary of the Operating Partnership
      which is secured by any Encumbrance existing on property owned by the Operating
      Partnership or any of its Subsidiaries, to the extent of the lesser of
      (x) the amount of indebtedness so secured and (y) the fair market
      value of the property subject to such Encumbrance, (c) the reimbursement
      obligations, contingent or otherwise, in connection with any letters of credit
      actually issued or amounts representing the balance deferred and unpaid of
      the
      purchase price of any property or services, except any such balance that
      constitutes an accrued expense or trade payable, and all conditional sale
      obligations or obligations under any title retention agreement, (d) the
      principal amount of all obligations of the Operating Partnership or any of
      its
      Subsidiaries with respect to redemption, repayment or other repurchase of any
      Disqualified Stock, (e) any lease of property by the Operating Partnership
      or any of its Subsidiaries as lessee which is reflected on the Operating
      Partnership’s consolidated balance sheet determined in accordance with GAAP
      (except that for the purposes hereof, each Subsidiary of the Operating
      Partnership shall be treated as if such Subsidiary were a subsidiary under
      GAAP)
      as a capitalized lease, or (f) interest rate swaps, caps or similar agreements
      and foreign exchange contracts, currency swaps or similar agreements to the
      extent, in the case of items of indebtedness set forth above, that any such
      items (other than letters of credit) would appear as a liability on the
      Operating Partnership’s consolidated balance sheet determined in accordance with
      GAAP (except that for the purposes hereof, each Subsidiary of the Operating
      Partnership shall be treated as if such Subsidiary were a subsidiary under
      GAAP), and also includes, to the extent not otherwise included, any obligation
      by the Operating Partnership or any of its Subsidiaries to be liable for, or
      to
      pay, as obligor, guarantor or otherwise (other than for purposes of collection
      in the ordinary course of business), Indebtedness of another Person (other
      than
      the Operating Partnership or any of its Subsidiaries) (it being understood
      that
      Indebtedness shall be deemed to be incurred by the Operating Partnership or
      any
      of its Subsidiaries whenever the Operating Partnership or such Subsidiary shall
      create, assume, guarantee or otherwise become liable in respect thereof);
provided, however, that the term “Indebtedness” shall not
      include any indebtedness or any other obligation which has been defeased
      (whether through a covenant defeasance or otherwise) pursuant to the terms
      of
      such indebtedness or other obligation or the terms of any instrument creating
      or
      evidencing it.

     

    “Indenture”
      has the meaning specified in the recitals hereof.

     

    “Interest
      Payment Date” has the meaning specified in Section 2.3
      hereof.

     

    “Make-Whole
      Amount” means, in connection with any optional redemption of any
      Note, the excess, if any, of (i) the aggregate present value as of the date
      of such redemption of each dollar of principal being redeemed and the amount
      of
      interest (exclusive of interest accrued to the date of redemption) that would
      have been payable in respect of such dollar if such redemption had not been
      made, determined by discounting, on a semi-annual basis, such principal and
      interest at the Reinvestment Rate (determined on the third Business Day
      preceding the date such notice of redemption is given) from the date on which
      such principal and interest would have been payable if such redemption had
      not
      been made, over (ii) the aggregate principal amount of the Notes being
      redeemed.

     

    “Notes”
      has the meaning specified in Section 2.1 hereof.

     

    “Operating
      Partnership” has the meaning specified in the introductory
      paragraph hereof.

     

    “Prior
      Supplemental Indentures” has the meaning specified in Section 2.4
      hereof.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

     

    “Redemption
      Price” has the meaning specified in Section 2.5
      hereof.

     

    “Regular
      Record Date” has the meaning specified in Section 2.3
      hereof.

     

    “Required
      Filing Dates” has the meaning specified in Section 2.13
      hereof.

     

    “Reinvestment
      Rate” means 0.20% (twenty one-hundredths of one percent) plus the
      arithmetic mean of the yields under the respective headings “This Week” and
“Last Week” published in the Statistical Release under the caption “Treasury
      Constant Maturities” for the maturity (rounded to the nearest month)
      corresponding to the remaining life to maturity, as of the payment date of
      the
      principal being redeemed.  If no maturity exactly corresponds to such
      maturity, yields for the two published maturities most closely corresponding
      to
      such maturity shall be calculated pursuant to the immediately preceding sentence
      and the Reinvestment Rate shall be interpolated or extrapolated from such yields
      on a straight-line basis, rounding in each of such relevant periods to the
      nearest month.  For such purposes of calculating the Reinvestment
      Rate, the most recent Statistical Release published prior to the date of
      determination of the Make-Whole Amount shall be used.  If the format
      or content of the Statistical Release changes in a manner that precludes
      determination of the Treasury Yield in the above manner, then the Treasury
      Yield
      shall be determined in the manner that most closely approximates the above
      manner, as reasonably determined by the Operating Partnership.

     

    “REIT”
      means a “real estate investment trust” as defined under the Internal Revenue
      Code of 1986, as amended.

     

    “Securities”
      has the meaning specified in the recitals hereof.

     

    “Statistical
      Release” means the statistical release designated “H.15(519)” or
      any successor publication which is published weekly by the Federal Reserve
      System and which establishes yields on actively traded United States government
      securities adjusted to constant maturities or, if such statistical release
      is
      not published at the time of any determination of the Make-Whole Amount, then
      such other reasonably comparable index which shall be designated by the
      Operating Partnership.

     

    “Subsidiary”
      means, with respect to any Person, any corporation, partnership or other entity
      of which a majority of (i) the voting power of the voting equity securities
      or (ii) the outstanding equity interests are owned, directly or indirectly,
      by such Person.  For the purposes of this definition, “voting
      equity securities” means equity securities having voting power for the
      election of directors, whether at all times or only so long as no senior class
      of security has such voting power by reason of any contingency.

     

    “Supplemental
      Indenture” has the meaning specified in the introductory paragraph
      hereof.

     

    “Trustee”
      has the meaning set forth in the introductory paragraph hereof.

     

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

     

    ARTICLE
      II

     

    THE
      SERIES OF NOTES

     

    Section
      2.1.  Title
      of the Notes.  There shall be a series of Securities designated
      the “5.95% Senior Notes due 2017” (the “Notes”).

     

    Section
      2.2.  Limitation
      on Aggregate Principal Amount.  The Notes initially will be
      limited to an aggregate principal amount of $150,000,000.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

     

    Nothing
      contained in this Section 2.2 or elsewhere in this Supplemental Indenture,
      or in
      the Notes, is intended to or shall limit execution by the Operating Partnership
      or authentication or delivery by the Trustee of Notes under the circumstances
      contemplated by Sections 303, 304, 305, 306, 906, 1107 and 1305 of the
      Indenture.

     

    Section
      2.3.  Interest
      and Interest Rates; Maturity Date of Notes.  The Notes will bear
      interest at 5.95% per annum and will mature on May 15, 2017.  The
      Notes will bear interest from May 7, 2007 or from the immediately preceding
      Interest Payment Date to which interest has been paid, payable semi-annually
      in
      arrears on May 15 and November 15 of each year, commencing November 15, 2007
      (each, an “Interest Payment Date”), and, if not otherwise an Interest
      Payment Date, at the Stated Maturity, to the Persons in whose name the
      applicable Notes are registered in the Security Register at the close of
      business on the preceding May 1 or November 1 (whether or not a Business Day),
      as the case may be (each, a “Regular Record Date”).  Interest
      will be computed on the basis of a 360-day year comprised of twelve 30-day
      months.  The interest so payable on any Note which is not punctually
      paid or duly provided for on any Interest Payment Date shall forthwith cease
      to
      be payable to the Person in whose name such Note is registered on the relevant
      Regular Record Date, and such defaulted interest shall instead be payable to
      the
      Person in whose name such Note is registered on the Special Record Date or
      other
      specified date determined in accordance with the Indenture.

     

    If
      any
      Interest Payment Date or Stated Maturity falls on a day that is not a Business
      Day, the required payment shall be made on the next Business Day as if it were
      made on the date such payment was due and no interest shall accrue on the amount
      so payable for the period from and after such Interest Payment Date or Stated
      Maturity, as the case may be.

     

    Section
      2.4.  Limitations
      on Incurrence of Indebtedness.  In addition to the covenants set
      forth in Article Ten of the Indenture, the covenants contained in Section 2.4
      of
      Supplemental Indenture No. 1, dated as of May 13, 1997, between First
      Industrial, L.P. and First Trust National Association as Trustee, Supplemental
      Indenture No. 2, dated as of May 22, 1997, between First Industrial, L.P. and
      First Trust National Association as Trustee, Supplemental Indenture No. 3,
      dated
      as of October 28, 1997, between First Industrial, L.P. and First Trust National
      Association, Supplemental Indenture No. 5, dated as of July 14, 1998, between
      First Industrial, L.P. and the U.S. Bank Trust National Association,
      Supplemental Indenture No. 7, dated as of April 15, 2002, between First
      Industrial, L.P. and the U.S. Bank Trust National Association, Supplemental
      Indenture No. 8, dated as of May 17 2004, between First Industrial, L.P. and
      the
      U.S. Bank Trust National Association, Supplemental Indenture No. 9, dated as
      of
      June 14, 2004, between First Industrial, L.P. and the U.S. Bank National
      Association, Supplemental Indenture No. 10, dated as of January 10, 2006,
      between First Industrial, L.P. and the U.S. Bank National Association and the
      covenants contained in Section 2.5 of Supplemental Indenture No. 6, dated as
      of
      March 19, 2001, between First Industrial, L.P. and the U.S. Bank Trust National
      Association, which, subject to the proviso to this sentence set forth below,
      are
      hereby incorporated by reference, there are established pursuant to Section
      901(2) of the Indenture the following covenants (as well as the covenants set
      forth in Section 2.13 of this Supplemental Indenture) for the benefit of the
      Holders of the Notes and to which the Notes shall be subject; provided,
however, that the covenants respecting limitations on incurrence of
      Indebtedness set forth in Article II of any supplemental indenture to the
      Indenture dated prior to the date hereof (“Prior Supplemental
      Indentures”) as the same may be amended or modified, which amendments or
      modifications shall be automatically incorporated by reference herein, from
      time
      to time hereafter shall apply to the Notes only for so long as any Securities
      issued pursuant to any Prior Supplemental Indentures remain
      outstanding.

     

    (a)  The
      Operating Partnership will not, and will not permit any of its Subsidiaries
      to,
      incur any Indebtedness, other than intercompany Indebtedness (representing
      Indebtedness to which the only parties are the Operating Partnership and any
      of
      its Subsidiaries (but only so long as such 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Indebtedness
      is held solely by any of the Operating Partnership and any of its
      Subsidiaries)), if, immediately after giving effect to the incurrence of such
      additional Indebtedness and the application of the proceeds thereof, the
      aggregate principal amount of all outstanding Indebtedness of the Operating
      Partnership and its Subsidiaries on a consolidated basis determined in
      accordance with GAAP (except that for purposes hereof, each Subsidiary of the
      Operating Partnership shall be treated as if such Subsidiary were a subsidiary
      under GAAP) is greater than 65% of the sum of (without duplication) (i) the
      Total Assets as of the end of the calendar quarter covered in the Operating
      Partnership’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as
      the case may be, most recently filed with the Commission (or, if such filing
      is
      not permitted under the Exchange Act, with the Trustee) prior to the incurrence
      of such additional Indebtedness and (ii) the purchase price of any real
      estate assets or mortgages receivable acquired determined in accordance with
      GAAP (including any intangible assets in accordance with Statement of Financial
      Accounting Standards No. 141, “Business Combinations”), and the amount of any
      securities offering proceeds received (to the extent such proceeds were not
      used
      to acquire real estate assets or mortgages receivable or used to reduce
      Indebtedness), by the Operating Partnership or any of its Subsidiaries since
      the
      end of such calendar quarter, including those proceeds obtained in connection
      with the incurrence of such additional Indebtedness.

     

    (b)  The
      Operating Partnership will not, and will not permit any of its Subsidiaries
      to,
      incur Indebtedness secured by any Encumbrance upon any of the property of the
      Operating Partnership or any of its Subsidiaries if, immediately after giving
      effect to the incurrence of such additional Indebtedness and the application
      of
      the proceeds thereof, the aggregate principal amount of all outstanding
      Indebtedness of the Operating Partnership and its Subsidiaries on a consolidated
      basis determined in accordance with GAAP (except that for the purposes hereof,
      each Subsidiary of the Operating Partnership shall be treated as if such
      Subsidiary were a subsidiary under GAAP) which is secured by any Encumbrance
      on
      property of the Operating Partnership or any of its Subsidiaries is greater
      than
      40% of the sum of (without duplication) (i) the Total Assets as of the end
      of the calendar quarter covered in the Operating Partnership’s Annual Report on
      Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently
      filed with the Commission (or, if such filing is not permitted under the
      Exchange Act, with the Trustee) prior to the incurrence of such additional
      Indebtedness and (ii) the purchase price of any real estate assets or
      mortgages receivable acquired determined in accordance with GAAP (including
      any
      intangible assets in accordance with Statement of Financial Accounting Standards
      No. 141, “Business Combinations”), and the amount of any securities offering
      proceeds received (to the extent that such proceeds were not used to acquire
      real estate assets or mortgages receivable or used to reduce Indebtedness),
      by
      the Operating Partnership or any of its Subsidiaries since the end of such
      calendar quarter, including those proceeds obtained in connection with the
      incurrence of such additional Indebtedness.

     

    (c)  The
      Operating Partnership and its Subsidiaries may not at any time own Total
      Unencumbered Assets equal to less than 150% of the aggregate outstanding
      principal amount of the Unsecured Indebtedness of the Operating Partnership
      and
      its Subsidiaries on a consolidated basis determined in accordance with GAAP
      (except that for the purposes hereof, each Subsidiary of the Operating
      Partnership shall be treated as if such Subsidiary were a subsidiary under
      GAAP).

     

    (d)  The
      Operating Partnership will not, and will not permit any of its Subsidiaries
      to,
      incur any Indebtedness if the ratio of Consolidated EBITDA to the Annual Service
      Charge for the four consecutive fiscal quarters most recently ended prior to
      the
      date on which such additional Indebtedness is to be incurred shall have been
      less than 1.5, on a pro forma basis after giving effect thereto and to
      the application of the proceeds therefrom, and calculated on the assumption
      that
      (i) such Indebtedness and any other Indebtedness incurred by the Operating
      Partnership and its Subsidiaries since the first day of such four-quarter period
      and the application of the proceeds therefrom, including to refinance
      other

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    Indebtedness,
      had occurred at the beginning of such period; (ii) the repayment or
      retirement of any other Indebtedness by the Operating Partnership and its
      Subsidiaries since the first day of such four-quarter period had been repaid
      or
      retired at the beginning of such period (except that, in making such
      computation, the amount of Indebtedness under any revolving credit facility
      shall be computed based upon the average daily balance of such Indebtedness
      during such period); (iii) in the case of Acquired Indebtedness or
      Indebtedness incurred in connection with any acquisition since the first day
      of
      such four-quarter period, the related acquisition had occurred as of the first
      day of such period with the appropriate adjustments with respect to such
      acquisition being included in such pro forma calculation; (iv) any
      income earned as a result of any increase in Total Assets since the end of
      such
      four-quarter period had been earned, on an annualized basis, for such period;
      and (v) in the case of any acquisition or disposition by the Operating
      Partnership or its Subsidiaries of any asset or group of assets since the first
      day of such four-quarter period, whether by merger, stock purchase or sale,
      or
      asset purchase or sale, such acquisition or disposition or any related repayment
      of Indebtedness had occurred as of the first day of such period with the
      appropriate adjustments with respect to such acquisition or disposition being
      included in such pro forma calculation.

     

    (e)  For
      purposes of this Section 2.4, Indebtedness shall be deemed to be
“incurred” by the Operating Partnership or a Subsidiary of the Operating
      Partnership whenever the Operating Partnership or such Subsidiary shall create,
      assume, guarantee or otherwise become liable in respect thereof.

     

    (f)  As
      used
      herein:

     

    “Capitalization
      Rate” means: 7.75%.

     

    “Capitalized
      Property Value” means, as of any date, the aggregate sum of all
      Property EBITDA for each of the real estate assets of the Operating Partnership
      and its Subsidiaries for the prior four quarters and capitalized at the
      applicable Capitalization Rate; provided, however, that if the
      value of a particular real estate asset calculated pursuant to this clause
      is
      less than the undepreciated book value of such real estate asset determined
      in
      accordance with GAAP (including any intangible assets in accordance with
      Statement of Financial Accounting Standards No. 141, “Business Combinations”),
      such undepreciated book value shall be used in lieu thereof with respect to
      such
      real estate asset.

     

    “Consolidated
      EBITDA” means, for any period of time, without duplication, net
      earnings or losses, including the net incremental gains or losses on sales
      of
      non-depreciated real property and excluding net derivative gains or losses
      and
      gains or losses on dispositions of REIT depreciable real estate investments
      as
      reflected in the reports filed by the Operating Partnership under the Exchange
      Act, before deductions for the Operating Partnership and its Subsidiaries
      (including amounts reported in discontinued operations) for (i) interest expense
      (including prepayment penalties); (ii) provision for taxes based on income;
      (iii) depreciation, amortization and all other non-cash items, as determined
      in
      good faith by the Operating Partnership, deducted in arriving at net income
      (loss); (iv) extraordinary items; (v) non-recurring items, as determined in
      good
      faith by the Operating Partnership; and (vi) minority interest.  In
      each case for such period, the Operating Partnership will determine amounts
      in
      accordance with GAAP, except to the extent GAAP is not applicable with respect
      to the determination of non-cash and non-recurring
      items.  Consolidated EBITDA will be adjusted, without duplication, to
      give pro forma effect:  (x) in the case of any assets having been
      placed-in-service or removed from service since the beginning of the period
      and
      on or prior to the date of determination, to include or exclude, as the case
      may
      be, any Consolidated EBITDA earned or eliminated as a result of the placement
      of
      such assets in service or removal of such assets from service as if the
      placement of such assets in service or removal of such assets from service
      occurred at the beginning of the period; and (y) in the case of any acquisition
      or disposition of any asset or group of assets since the beginning of the period
      and on or prior to the date of

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    determination,
      including, without limitation, by merger, or share or asset purchase or sale,
      to
      include or exclude, as the case may be, any Consolidated EBITDA earned or
      eliminated as a result of the acquisition or disposition of those assets as
      if
      the acquisition or disposition occurred at the beginning of the
      period.

     

    “Property
      EBITDA” is defined as, for any period of time, without duplication
      net earnings (loss), excluding net derivative gains or losses and gains or
      losses on dispositions of real estate, before deductions by the Operating
      Partnership and its Subsidiaries (including amounts reported in discontinued
      operations) for (i) interest expense (including prepayment penalties); (ii)
      provision for taxes based on income; (iii) depreciation, amortization and all
      other non-cash items, as determined in good faith by the Operating Partnership,
      deducted in arriving at net income (loss); (iv) extraordinary items; (v)
      non-recurring items, as determined in good faith by the Operating Partnership;
      and (vi) minority interest.  In each case for such period, amounts
      will be as reasonably determined by the Operating Partnership in accordance
      with
      GAAP, except to the extent GAAP is not applicable with respect to the
      determination of non-cash and non-recurring items. For purposes of this
      definition, Property EBITDA will not include corporate level general and
      administrative expenses and other corporate expenses such as land holding costs,
      employee and director stock and stock option expense and pursuit cost write-offs
      as determined in good faith by the Operating Partnership.

     

    “Stabilized
      Property” means (i) with respect to an acquisition of an income
      producing real estate asset, a real estate asset becomes stabilized when the
      Operating Partnership or its Subsidiaries have owned the real estate asset
      for
      at least four (4) full quarters and (ii) with respect to new construction or
      redevelopment real estate asset, a real estate asset becomes stabilized four
      (4)
      full quarters after the earlier of (a) eighteen (18) months after substantial
      completion of construction or redevelopment, and (b) the quarter in which the
      physical occupancy level of the real estate asset is at least ninety-three
      percent (93%).

     

    “Total
      Assets” as of any date means the sum of: (i) for Stabilized
      Properties, Capitalized Property Value; and (ii) all other assets of the
      Operating Partnership and its Subsidiaries determined in accordance with GAAP
      (except that for the purposes hereof, each Subsidiary of the Operating
      Partnership shall be treated as if such Subsidiary were a subsidiary under
      GAAP), but excluding accounts receivable and intangibles other than intangibles
      arising as a result of the application of Statement of Financial Accounting
      Standards No. 141, “Business Combinations;” provided, however,
      that the term “Total Assets” shall not include any assets which have been
      deposited in trust to defease any indebtedness or any other obligation (whether
      through a covenant defeasance or otherwise) pursuant to the terms of such
      indebtedness or other obligation or the terms of any instrument creating or
      evidencing it.

     

    “Total
      Unencumbered Assets” means the sum of: (i) for Stabilized
      Properties not subject to an Encumbrance for borrowed money, Capitalized
      Property Value and (ii) all other assets of the Operating Partnership and its
      Subsidiaries not subject to an Encumbrance for borrowed money, determined in
      accordance with GAAP (except that for the purposes hereof, each Subsidiary
      of
      the Operating Partnership shall be treated as if such Subsidiary were a
      subsidiary under GAAP), but excluding accounts receivable and intangibles other
      than intangibles arising as a result of the application of Statement of
      Financial Accounting Standards No. 141, “Business Combinations;”
provided,however, that the term “Total Unencumbered Assets”
shall not include any assets which have been deposited
      in trust to defease any
      indebtedness or any other obligation (whether through a covenant defeasance
      or
      otherwise) pursuant to the terms of such indebtedness or other obligation or
      the
      terms of any instrument creating or evidencing it.

     

    Section
      2.5.  Optional
      Redemption.  No sinking fund shall be provided for the
      Notes.  The Notes may be redeemed at any time at the option of the
      Operating Partnership, in whole or in part (equal to $1,000 or an integral
      multiple thereof), at a redemption price (the “Redemption Price”) equal
      to the sum of (i) the principal amount of the Notes being redeemed plus
      accrued interest thereon to the Redemption Date and (ii) the Make-Whole
      Amount, if any, with respect to such Notes.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

     

    If
      notice
      of redemption has been given as provided in the Indenture and funds for the
      redemption of any Notes called for redemption shall have been made available
      on
      the Redemption Date referred to in such notice, such Notes will cease to bear
      interest on the Redemption Date and the only right of the Holders of the Notes
      from and after the Redemption Date will be to receive payment of the Redemption
      Price upon surrender of such Notes in accordance with such notice.

     

    Section
      2.6.  Places
      of Payment.  The Places of Payment where the Notes may be
      presented or surrendered for payment, where the Notes may be surrendered for
      registration of transfer or exchange and where notices and demands to and upon
      the Operating Partnership in respect of the Notes and the Indenture may be
      served shall be in (i) the Borough of Manhattan, The City of New York, New
      York, and the office or agency for such purpose shall initially be located
      at
      U.S. Bank National Association, 100 Wall Street, Suite 2000, New York, New
      York
      10005 and (ii) the City of St. Paul, Minnesota and the office or agency for
      such purpose shall initially be located at U.S. Bank National Association,
      60
      Livingston Avenue, St. Paul, Minnesota 55107.

     

    Section
      2.7.  Method
      of Payment.  Payment of the principal of and interest on the Notes
      not represented by a Global Security will be made at the Corporate Trust Office
      maintained for that purpose in the Borough of Manhattan, The City of New York,
      New York, in such coin or currency of the United States of America as at the
      time of payment is legal tender for payment of public and private debts;
provided,however, that at the option of the Operating Partnership,
      payments of interest on the Notes may be made (i) by check mailed to the
      address of the Person entitled thereto as such address shall appear in the
      Security Register or (ii) by wire transfer to an account maintained by the
      Person entitled thereto located within the United States.

     

    Section
      2.8.  Currency.  Principal
      and interest on the Notes shall be payable in United States Dollars or in such
      coin or currency of the United States of America as at the time of payment
      is
      legal tender for payment of public and private debts.

     

    Section
      2.9.  Registered
      Securities; Global.  The Notes shall be issuable and transferable
      in fully registered form as Registered Securities, without
      coupons.  The Notes shall be issued in the form of one Global
      Security.  The depository for the Notes shall be The Depository Trust
      Company (“DTC”).  The Notes shall not be issuable in definitive
      form except as provided in Section 305 of the Indenture.

     

    Section
      2.10.  Form
      of Notes.  The Notes shall be substantially in the form attached
      as Exhibit A hereto.

     

    Section
      2.11.  Registrar
      and Paying Agent.  The Trustee shall initially serve as Registrar
      and Paying Agent for the Notes.

     

    Section
      2.12.  Defeasance.  The
      provisions of Sections 1402 and 1403 of the Indenture, together with the other
      provisions of Article Fourteen of the Indenture, shall be applicable to the
      Notes.  The provisions of Section 1403 of the Indenture shall apply to
      the covenants set forth in Sections 2.4 and 2.13 of this Supplemental Indenture
      and to those covenants specified in Section 1403 of the Indenture.

     

    Section
      2.13.  Provision
      of Financial Information.  Whether or not the Operating
      Partnership is subject to Section 13 or 15(d) of the Exchange Act, the
      Operating Partnership will, to the extent permitted under the Exchange Act,
      file
      with the Commission the annual reports, quarterly reports and other documents
      which the Operating Partnership would have been required to file with the
      Commission pursuant to such Section 13 or 15(d) if the Operating
      Partnership were so subject, such documents to be filed with the Commission
      on
      or prior to the respective dates (the “Required Filing Dates”) by which
      the 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    Operating
      Partnership would have been required so to file such documents if the Operating
      Partnership were so subject.

     

    The
      Operating Partnership will also in any event (x) within 15 days of each
      Required Filing Date if the Operating Partnership is not then subject to Section
      13 or 15(d) of the Exchange Act, (i) transmit by mail to all Holders,
      as their names and addresses appear in the Security Register, without cost
      to
      such Holders, copies of the annual reports and quarterly reports which the
      Operating Partnership would have been required to file with the Commission
      pursuant to Section 13 or 15(d) of the Exchange Act if the Operating
      Partnership were subject to either such Section, and
      (ii) file with the Trustee copies of annual reports, quarterly reports and
      other documents that the Operating Partnership would have been required to
      file
      with the Commission pursuant to Section 13 or 15(d) of the Exchange Act if
      the Operating Partnership were subject to either such Section and (y) if
      filing such documents by the Operating Partnership with the Commission is not
      permitted under the Exchange Act, promptly upon written request and payment
      of
      the reasonable cost of duplication and delivery, supply copies of such documents
      to any prospective Holder.

     

    Section
      2.14.  Waiver
      of Certain Covenants.  Notwithstanding the provisions of Section
      1009 of the Indenture, the Operating Partnership may omit in any particular
      instance to comply with any term, provision or condition set forth in Sections
      1004 to 1008, inclusive, of the Indenture, with Sections 2.4 and 2.13 of this
      Supplemental Indenture and with any other term, provision or condition with
      respect to the Notes (except any such term, provision or condition which could
      not be amended without the consent of all Holders of the Notes), if before
      or
      after the time for such compliance the Holders of at least a majority in
      principal amount of all outstanding Notes by Act of such Holders, either waive
      such compliance in such instance or generally waive compliance with such
      covenant or condition.  Except to the extent so expressly waived, and
      until such waiver shall become effective, the obligations of the Operating
      Partnership and the duties of the Trustee in respect of any such term, provision
      or condition shall remain in full force and effect.

     

    Section
      2.15.  Other
      Terms and Conditions.  The Notes shall have such other terms and
      conditions as provided in the form thereof attached as Exhibit A
      hereto.

     

    Section
      2.16.  Further
      Issues.  The Operating Partnership may issue additional notes
      having identical terms and conditions to the notes being issued in this
      offering, except for issue date, issue price and first interest payment date,
      in
      an unlimited aggregate principal amount, subject to compliance with the covenant
      described in Section 2.4.  Any additional notes will be part of the
      same issue as the notes being issued in this offering and will be treated as
      one
      class with the notes being issued in this offering, including for purposes
      of
      voting and redemption.

     

    Section
      2.17.  Authorized
      Signatories.  For purposes of this Supplemental Indenture, the
      first sentence of Section 303 of the Indenture is replaced in its entirety
      with
      the following:  “The Securities and any coupons appertaining thereto
      shall be executed on behalf of the Issuer by the General Partner by its Chairman
      of the Board, its President, its Chief Executive Officer, its Chief Financial
      Officer or one of its Vice Presidents, under its corporate seal reproduced
      thereon, and attested by its Secretary or one of its Assistant
      Secretaries.”

     

    ARTICLE
      III

     

    MISCELLANEOUS
      PROVISIONS

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

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

    

     

    Section
      3.2.  Governing
      Law.  This Supplemental Indenture and the Notes shall be governed
      by and construed in accordance with the laws of the State of New
      York.  This Supplemental Indenture is subject to the provisions of the
      Trust Indenture Act of 1939, as amended, and shall, to the extent applicable,
      be
      governed by such provisions.

     

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

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

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

     

    
      	
              FIRST
                INDUSTRIAL, L.P.

               

               

            
	
              By:  First
                Industrial Realty Trust, Inc., as its general partner

            
	
               

               

              By:  ______________________________________

                     
                Name:  Michael J. Havala

                     
                Title:    Chief Financial Officer

            
	
               

               

              U.S.
                BANK NATIONAL ASSOCIATION, as Trustee

            
	
               

               

              By:  ______________________________________

                     
                Name:  Richard Prokosch

                     
                Title:    Vice
                President

            

    

    

     

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    Exhibit
      A to Supplemental Indenture

     

    Unless
      this Security is presented by an authorized representative of The Depository
      Trust Company (“DTC”), 55 Water Street, New York, New York, to the
      Operating Partnership (as defined below) 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 is requested by an authorized
      representative of DTC, any transfer, pledge, or other use hereof for value
      or
      otherwise by or to any person is wrongful inasmuch as the registered owner
      hereof, CEDE & CO., has an interest herein.

     

    Unless
      and until this certificate is exchanged in whole or in part for notes in
      certificated form, this certificate may not be transferred except as a whole
      by
      DTC to a nominee thereof or by a nominee thereof to DTC or another nominee
      of
      DTC or by DTC or any such nominee to a successor of DTC or a nominee of such
      successor.  This Security is a Global Security within the meaning set
      forth in the Indenture hereinafter referred to and is registered in the name
      of
      DTC or a nominee of DTC.  This Security is exchangeable for Securities
      registered in the name of a person other than DTC or its nominee only in the
      limited circumstances described in the Indenture, and may not be transferred
      except as a whole by DTC to a nominee of DTC or another nominee of DTC or by
      DTC
      or its nominee to a successor Depository or its nominee.

     

     

    

      
        	
                Registered
                  No. 1

              	
                PRINCIPAL
                  AMOUNT

              
	
                CUSIP
                  No.:  32055RAR8

              	
                $150,000,000

              

      

    

     

    GLOBAL
      SECURITY

    FIRST
      INDUSTRIAL, L.P.

     

    5.95%
      SENIOR NOTE DUE 2017

     

    FIRST
      INDUSTRIAL, L.P., a limited partnership duly organized and existing under the
      laws of the State of Delaware (herein referred to as the “Operating
      Partnership,” which term shall include any successor entity under the
      Indenture hereinafter referred to), for value received, hereby promises to
      pay
      to CEDE & CO., or registered assigns, upon presentation, the principal sum
      of 150,000,000 DOLLARS on May 15, 2017 and to pay interest on the outstanding
      principal amount thereon from May 7, 2007, or from the immediately preceding
      Interest Payment Date to which interest has been paid or duly provided for,
      semi-annually in arrears on May 15 and November 15 in each year, commencing
      November 15, 2007, at the rate of 5.95% per annum, until the entire principal
      hereof is paid or made available for payment.  The interest so payable
      and punctually paid or duly provided for on any Interest Payment Date will,
      as
      provided in the Indenture, be paid to the Person in whose name this Security
      is
      registered at the close of business on the Regular Record Date for such interest
      which shall be the May 1 or November 1 (whether or not a Business Day), as
      the
      case may be, next preceding such Interest Payment Date.  Any such
      interest not so punctually paid or duly provided for shall forthwith cease
      to be
      payable to the Holder on such Regular Record Date, and may either be paid to
      the
      Person in whose name this Security is registered at the close of business on
      a
      Special Record Date for the payment of such Defaulted Interest to be fixed
      by
      the Trustee, notice whereof shall be given to Holders of the Securities not
      less
      than 10 days prior to such Special Record Date, or may be paid at any time
      in
      any other lawful manner not inconsistent with the requirements of any securities
      exchange on which the Securities may be listed, and upon such notice as may
      be
      required by such exchange, all as more fully provided in the
      Indenture.  All payments of principal, Make-Whole Amount, if any, and
      interest in respect of this Global Security will be made by the Operating
      Partnership in immediately available funds.

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    

     

    Reference
      is hereby made to the further provisions of this Security set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    Unless
      the Certificate of Authentication hereon has been executed by the Trustee by
      manual signature of one of its authorized signatories, this Security shall
      not
      be entitled to any benefit under the Indenture, or be valid or obligatory for
      any purpose.

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, FIRST INDUSTRIAL, L.P. has caused this instrument to be duly
      executed under its corporate seal.

     

    Dated:  May
      7, 2007

    

    
      	
              FIRST
                INDUSTRIAL, L.P.

               

               

            
	
              By:  First
                Industrial Realty Trust, Inc., as its general partner

            
	
               

               

              ______________________________________________

              Name:
                Michael J. Havala

              Title:
                Chief Financial Officer

            

    

     

     

    [Seal]

     

    Attest:

     

    

    _________________________

    Name:  John
      Clayton

    Title:  Secretary

     

     

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION:

     

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

     

    
      	
              U.S.
                BANK NATIONAL ASSOCIATION, as Trustee

               

               

               

            
	
              By: 
                _____________________________________

              Name:  Richard
                Prokosch

              Title:  Vice
                President

            

    

    

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

     

     

    
      REVERSE
        OF SECURITY

    

     

    Securities
      of this series are one of a duly authorized issue of securities of the Operating
      Partnership (herein called the “Securities”), issued and to be issued in
      one or more series under an Indenture, dated as of May 13, 1997, as supplemented
      by Supplemental Indenture No. 11, dated as of May 7, 2007 (as so supplemented,
      herein called the “Indenture”), between the Operating Partnership and
      U.S. Bank National Association (herein called the “Trustee,” which term
      includes any successor trustee under the Indenture), to which Indenture and
      all
      indentures supplemental thereto reference is hereby made for a statement of
      the
      respective rights, limitations of rights, duties and immunities thereunder
      of
      the Operating Partnership, the Trustee and the Holders of the Securities and
      of
      the terms upon which the Securities are authenticated and
      delivered.  This Security is one of the series designated in the first
      page thereof, limited in aggregate principal amount to
      $150,000,000.

     

    Securities
      of this series may be redeemed at any time at the option of the Operating
      Partnership, in whole or in part, at a redemption price equal to the sum of
      (i) the principal amount of the Securities being redeemed plus accrued
      interest thereon to the Redemption Date and (ii) the Make-Whole Amount, if
      any, with respect to such Securities.

     

    Notice
      of
      redemption will be given by mail to Holders of Securities, not less than 30
      nor
      more than 60 days prior to the Redemption Date, all as provided in the
      Indenture.

     

    In
      the
      event of redemption of this Security in part only, a new Security or Securities
      for the unredeemed portion hereof shall be issued in the name of the Holder
      hereof upon the cancellation hereof.

     

    The
      Indenture contains provisions for defeasance at any time of (a) the entire
      indebtedness of the Operating Partnership on this Security and (b) certain
      restrictive covenants and the related defaults and Events of Default applicable
      to the Operating Partnership, in each case, upon compliance by the Operating
      Partnership with certain conditions set forth in the Indenture, which provisions
      apply to this Security.

     

    If
      an
      Event of Default with respect to the Securities shall occur and be continuing,
      the principal amount of the Securities may be declared due and payable in the
      manner and with the effect provided in the Indenture.

     

    As
      provided in and subject to the provisions of the Indenture, the Holder of this
      Security 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 written notice
      to the Trustee of a continuing Event of Default with respect to the Securities,
      the Holders of not less than 25% in principal amount of the Securities of this
      series 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 reasonable indemnity and the Trustee shall not have received from
      the Holders of a majority in principal amount of Securities of this series
      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 Security for the enforcement of
      any
      payment of the principal of, and Make-Whole Amount, if any, and interest on
      the
      Securities on or after the respective due dates expressed herein.

     

    The
      Indenture permits, with certain exceptions as therein provided, the amendment
      thereof and the modification of the rights and obligations of the Operating
      Partnership and the rights of the Holders of the

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

    Securities
      of each series to be affected under the Indenture at any time by the Operating
      Partnership and the Trustee with the consent of the Holders of not less than
      a
      majority in principal amount of the Outstanding Securities of each series of
      Securities then Outstanding affected thereby.  The Indenture also
      contains provisions permitting the Holders of specified percentages in principal
      amount of the Securities of each series at the time Outstanding, on behalf
      of
      the Holders of all Securities of such series, to waive compliance by the
      Operating Partnership 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 Security shall be conclusive and binding upon
      such Holder and upon all future Holders of this Security and of any Security
      issued upon the registration of transfer hereof or in exchange hereof or in
      lieu
      hereof, whether or not notation of such consent or waiver is made upon this
      Security.

     

    No
      reference herein to the Indenture and no provision of this Security or of the
      Indenture shall alter or impair the obligation of the Operating Partnership,
      which is absolute and unconditional, to pay the principal of (and Make-Whole
      Amount, if any) and interest on this Security at the times, place and rate,
      and
      in the coin or currency, herein prescribed.

     

    As
      provided in the Indenture and subject to certain limitations therein set forth,
      the transfer of this Security is registrable in the Security Register, upon
      surrender of this Security for registration of transfer at the office or agency
      of the Operating Partnership in any Place of Payment where the principal of
      (and
      Make-Whole Amount, if any) and interest on this Security are payable, duly
      endorsed by, or accompanied by a written instrument of transfer in form
      satisfactory, to the Operating Partnership and the Security Registrar duly
      executed by the Holder hereof or his attorney duly authorized in writing, and
      thereupon one or more new Securities of this series, of authorized denominations
      and for the same aggregate principal amount, will be issued to the designated
      transferee or transferees.

     

    The
      Securities of this series are issuable only in registered form without coupons
      in denominations of $2,000 and any integral multiple thereof.  As
      provided in the Indenture and subject to certain limitations therein set forth,
      Securities of this series are exchangeable for a like aggregate principal amount
      of Securities of this series of a different authorized denomination, as
      requested by the Holder surrendering the same.

     

    No
      service charge shall be made for any such registration of transfer or exchange,
      but the Operating Partnership may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection
      therewith.

     

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

     

    No
      recourse shall be had for the payment of the principal of, Make-Whole Amount,
      if
      any, or interest in respect of this Security, or for any claim based hereon,
      or
      otherwise in respect hereof, or based on or in respect of the Indenture or
      any
      indenture supplemental thereto, against any past, present or future stockholder,
      employee, officer, director, incorporator, limited or general partner, as such,
      of the Operating Partnership or the General Partner or of any successor, either
      directly or through the Operating Partnership or the General Partner or any
      successor, whether by virtue of any constitution, statute or rule of law or
      by
      the enforcement of any assessment or penalty or otherwise, all such liability
      being, by the acceptance hereof and as part of the consideration for the issue
      hereof, expressly waived and released.

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

    

     

    All
      capitalized terms used in this Security which are defined in the Indenture
      shall
      have the meanings assigned to them in the Indenture.

     

    THE
      INDENTURE AND THE SECURITIES, INCLUDING THIS SECURITY, SHALL BE GOVERNED BY
      AND
      CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     

    Pursuant
      to a recommendation promulgated by the Committee on Uniform Security
      Identification Procedures, the Operating Partnership has caused “CUSIP” numbers
      to be printed on the Securities of this series as a convenience to the Holders
      of such Securities.  No representation is made as to the correctness
      or accuracy of such CUSIP numbers as printed on the Securities, and reliance
      may
      be placed only on the other identification numbers printed
      hereon.

    
      
        
        

      

      
        A-6

        
          

        

      

      
        
        

      

    

    ASSIGNMENT
      FORM

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto

     

    PLEASE
      INSERT SOCIAL

    SECURITY
      OR OTHER IDENTIFYING

    NUMBER
      OF
      ASSIGNEE

     

    [                      ]

     

    

    .................................................................................................................................................................................................................................................

    (Please
      Print or Typewrite Name and Address including Zip Code of Assignee)

     

    

    
      .................................................................................................................................................................................................................................................

    

    the
      within Security of First Industrial, L.P. and hereby does irrevocably constitute
      and appoint

     

     

    .....................................................................................................................................................Attorney
      to transfer said Security on the books of First Industrial, L.P. with full
      power
      of substitution in the premises.

     

    Dated:

     

     

    NOTICE:  The
      signature to this assignment must correspond with the name as it appears on
      the
      first page of the within Security in every particular, without alteration or
      enlargement or any change whatever.

    

    
      
        
        

      

      
        A-7

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