Document:

Exhibit
4.6

 

Education
Realty OPERATING PARTNERSHIP, LP

 

Issuer

 

Education
Realty Trust, Inc.

 

Guarantor

 

– and –

 

U.S. BANK NATIONAL ASSOCIATION,

 

Trustee

 

INDENTURE

 

Dated as of November 7, 2014

 

Debt Securities

Guarantees of Debt Securities

 

    	 

    	 

    

 

Certain Sections of this Indenture

relating to the Trust Indenture Act of 1939

 

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

 

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

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	 	 	 
	Section 101.	Definitions	1
	 	 	 
	Section 102.	Compliance Certificates and Opinions	10
	 	 	 
	Section 103.	Form of Documents Delivered to Trustee	11
	 	 	 
	Section 104.	Acts of Holders; Record Dates	11
	 	 	 
	Section 105.	Notices, etc. to Trustee, Operating Partnership and the Guarantor	13
	 	 	 
	Section 106.	Notice to Holders of Securities; Waiver	14
	 	 	 
	Section 107.	Language of Notices	14
	 	 	 
	Section 108.	Conflict with Trust Indenture Act	14
	 	 	 
	Section 109.	Effect of Headings and Table of Contents	14
	 	 	 
	Section 110.	Successors and Assigns	14
	 	 	 
	Section 111.	Separability Clause	14
	 	 	 
	Section 112.	Benefits of Indenture	14
	 	 	 
	Section 113.	Governing Law; Waiver of Jury Trial	15
	 	 	 
	Section 114.	Legal Holidays	15
	 	 	 
	Section 115.	Counterparts	15
	 	 	 
	Section 116.	Judgment Currency	15
	 	 	 
	Section 117.	Extension of Payment Dates	16
	 	 	 
	Section 118.	Immunity of Partners, Stockholders, Directors, Officers and Agents of the Operating Partnership and the Guarantor	16
	 	 	 
	Section 119.	USA Patriot Act	16
	 	 	 
	Section 120.	Force Majeure	16
	 	 	 
	ARTICLE 2	SECURITIES FORMS	17
	 	 	 
	Section 201.	Forms Generally	17
	 	 	 
	Section 202.	Form of Trustee’s Certificate of Authentication	17
	 	 	 
	Section 203.	Securities in Global Form	18
	 	 	 
	ARTICLE 3	THE SECURITIES	18
	 	 	 
	Section 301.	Amount Unlimited; Issuable in Series	18
	 	 	 
	Section 302.	Currency; Denominations	23

 

 

    	 

    	 

    

  

	Section 303.	Execution, Authentication, Delivery and Dating	23
	 	 	 
	Section 304.	Temporary Securities	25
	 	 	 
	Section 305.	Registration, Transfer and Exchange	26
	 	 	 
	Section 306.	Mutilated, Destroyed, Lost and Stolen Securities	28
	 	 	 
	Section 307.	Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved	29
	 	 	 
	Section 308.	Persons Deemed Owners	30
	 	 	 
	Section 309.	Cancellation	31
	 	 	 
	Section 310.	Computation of Interest	31
	 	 	 
	Section 311.	CUSIP Numbers	31
	 	 	 
	ARTICLE 4	SATISFACTION AND DISCHARGE OF INDENTURE	32
	 	 	 
	Section 401.	Satisfaction and Discharge	32
	 	 	 
	Section 402.	Defeasance and Covenant Defeasance	34
	 	 	 
	Section 403.	Application of Trust Money	38
	 	 	 
	Section 404.	Reinstatement	39
	 	 	 
	ARTICLE 5	REMEDIES	39
	 	 	 
	Section 501.	Events of Default	39
	 	 	 
	Section 502.	Acceleration of Maturity; Rescission and Annulment	41
	 	 	 
	Section 503.	Collection of Indebtedness and Suits for Enforcement by Trustee	43
	 	 	 
	Section 504.	Trustee May File Proofs of Claim	44
	 	 	 
	Section 505.	Trustee May Enforce Claims without Possession of Securities	44
	 	 	 
	Section 506.	Application of Money Collected	44
	 	 	 
	Section 507.	Limitations on Suits	45
	 	 	 
	Section 508.	Unconditional Right of Holders to Receive Principal and any Premium, Interest and Additional Amounts	46
	 	 	 
	Section 509.	Restoration of Rights and Remedies	46
	 	 	 
	Section 510.	Rights and Remedies Cumulative	46
	 	 	 
	Section 511.	Delay or Omission Not Waiver	46
	 	 	 
	Section 512.	Control by Holders of Securities	47
	 	 	 
	Section 513.	Waiver of Continuing Defaults	47
	 	 	 
	Section 514.	Waiver of Usury, Stay or Extension Laws	47
	 	 	 
	Section 515.	Undertaking for Costs	48

 

 

    	 

    	 

    

  

	ARTICLE 6	THE TRUSTEE	48
	 	 	 
	Section 601.	Certain Rights of Trustee	48
	 	 	 
	Section 602.	Notice of Defaults	50
	 	 	 
	Section 603.	Not Responsible for Recitals or Issuance of Securities	51
	 	 	 
	Section 604.	May Hold Securities; Transactions with the Operating Partnership or the Guarantor	51
	 	 	 
	Section 605.	Money Held in Trust	51
	 	 	 
	Section 606.	Compensation and Reimbursement	51
	 	 	 
	Section 607.	Corporate Trustee Required; Eligibility	53
	 	 	 
	Section 608.	Resignation and Removal; Appointment of Successor	53
	 	 	 
	Section 609.	Acceptance of Appointment by Successor	54
	 	 	 
	Section 610.	Merger, Conversion, Consolidation or Succession to Business	56
	 	 	 
	Section 611.	Appointment of Authenticating Agent	56
	 	 	 
	ARTICLE 7	HOLDERS LISTS AND REPORTS BY TRUSTEE, OPERATING  PARTNERSHIP AND THE GUARANTOR	58
	 	 	 
	Section 701.	Operating Partnership to Furnish Trustee Names and Addresses of Holders	58
	 	 	 
	Section 702.	Preservation of Information; Communications to Holders	58
	 	 	 
	Section 703.	Reports by Trustee	59
	 	 	 
	Section 704.	Reports by the Operating Partnership and the Guarantor	59
	 	 	 
	ARTICLE 8	CONSOLIDATION, MERGER, SALES AND SUBSTITUTION	59
	 	 	 
	Section 801.	Operating Partnership May Consolidate, Etc., Only on Certain Terms	59
	 	 	 
	Section 802.	Guarantor May Consolidate, Etc., Only on Certain Terms	60
	 	 	 
	Section 803.	Successor Person Substituted for Operating Partnership or Guarantor	61
	 	 	 
	ARTICLE 9	SUPPLEMENTAL INDENTURES	62
	 	 	 
	Section 901.	Supplemental Indentures without Consent of Holders	62
	 	 	 
	Section 902.	Supplemental Indentures with Consent of Holders	63
	 	 	 
	Section 903.	Execution of Supplemental Indentures	65
	 	 	 
	Section 904.	Effect of Supplemental Indentures	65
	 	 	 
	Section 905.	Reference in Securities to Supplemental Indentures	66
	 	 	 
	Section 906.	Conformity with Trust Indenture Act	66

  

    	 

    	 

    

  

	ARTICLE 10	COVENANTS	66
	 	 	 
	Section 1001.	Payment of Principal, Premium, Interest and Additional Amounts	66
	 	 	 
	Section 1002.	Maintenance of Office or Agency	66
	 	 	 
	Section 1003.	Money for Securities Payments to Be Held in Trust	67
	 	 	 
	Section 1004.	Additional Amounts	68
	 	 	 
	Section 1005.	Corporate Existence	69
	 	 	 
	Section 1006.	Waiver of Certain Covenants	70
	 	 	 
	Section 1007.	Operating Partnership and the Guarantor Statement as to Compliance	70
	 	 	 
	Section 1008.	Calculation of Original Issue Discount	70
	 	 	 
	ARTICLE 11	REDEMPTION OF SECURITIES	71
	 	 	 
	Section 1101.	Applicability of Article	71
	 	 	 
	Section 1102.	Election to Redeem; Notice to Trustee	71
	 	 	 
	Section 1103.	Selection by Trustee of Securities to be Redeemed	71
	 	 	 
	Section 1104.	Notice of Redemption	72
	 	 	 
	Section 1105.	Deposit of Redemption Price	73
	 	 	 
	Section 1106.	Securities Payable on Redemption Date	74
	 	 	 
	Section 1107.	Securities Redeemed in Part	74
	 	 	 
	ARTICLE 12	SINKING FUNDS	75
	 	 	 
	Section 1201.	Applicability of Article	75
	 	 	 
	Section 1202.	Satisfaction of Sinking Fund Payments with Securities	75
	 	 	 
	Section 1203.	Redemption of Securities for Sinking Fund	76
	 	 	 
	ARTICLE 13	REPAYMENT AT THE OPTION OF HOLDERS	76
	 	 	 
	Section 1301.	Applicability of Article	76
	 	 	 
	ARTICLE 14	SECURITIES IN FOREIGN CURRENCIES	77
	 	 	 
	Section 1401.	Applicability of Article	77
	 	 	 
	Section 1402.	Monies of Different Currencies to be Segregated	77
	 	 	 
	ARTICLE 15	MEETINGS OF HOLDERS OF SECURITIES	77
	 	 	 
	Section 1501.	Purposes for Which Meetings May Be Called	77
	 	 	 
	Section 1502.	Call, Notice and Place of Meetings	77
	 	 	 
	Section 1503.	Persons Entitled to Vote at Meetings	78
	 	 	 
	Section 1504.	Quorum; Action	78

 

 

    	 

    	 

    

 

 

	Section 1505.	Determination of Voting Rights; Conduct and Adjournment of Meetings	79
	 	 	 
	Section 1506.	Counting Votes and Recording Action of Meetings	80
	 	 	 
	ARTICLE 16	GUARANTEE	80
	 	 	 
	Section 1601.	Guarantee Agreement; Form of Guarantee	80

 

    	 

    	 

    

 

INDENTURE, dated as
of November 7, 2014 (the “Indenture”), among: EDUCATION REALTY OPERATING PARTNERSHIP, LP, a Delaware limited
partnership (the “Operating Partnership”), having its principal executive office located at 999 South Shady
Grove Road, Suite 600, Memphis, Tennessee 38120, EDUCATION REALTY TRUST, INC., a Maryland corporation (the “Guarantor”)
having its principal executive office located at 999 South Shady Grove Road, Suite 600, Memphis, Tennessee 38120; and U.S. BANK
NATIONAL ASSOCIATION, as trustee, registrar, paying agent and transfer agent (the “Trustee,” “Registrar,”
“Paying Agent,” and “Transfer Agent,” respectively).

 

RECITALS

 

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

 

The Guarantor has duly
authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its guarantee in respect
of one or more series of the Securities issued hereunder.

 

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

 

NOW, THEREFORE, THIS
INDENTURE WITNESSETH:

 

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

 

ARTICLE
1

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 101.        Definitions.

 

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

 

(1)         the
terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular;

 

(2)         all
terms used but not defined herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the
meanings assigned to them therein;

 

    	-1-

    	 

    

 

(3)         all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

 

(4)         the
words “herein,” “hereof,” “hereto” and “hereunder” and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other subdivision;

 

(5)         the
word “or” is always used inclusively (for example, the phrase “A or B” means “A or B or both,”
not “either A or B but not both”);

 

(6)         provisions
apply to successive events and transactions;

 

(7)         the
term “merger” includes a statutory share exchange and the terms “merge” and “merged” have correlative
meanings;

 

(8)         the
masculine gender includes the feminine and the neuter; and

 

(9)         references
to agreements and other instruments include subsequent amendments and supplements thereto.

 

Certain terms used
principally in certain Articles hereof are defined in those Articles.

 

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

 

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

 

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

 

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

 

“Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 611 to act on behalf of the Trustee to authenticate
Securities of one or more series.

 

    	-2-

    	 

    

 

“Board of
Directors” means the board of directors of the Guarantor, on behalf of the Guarantor or the Operating Partnership, as
the sole owner of Education Realty OP GP, Inc., a Delaware corporation (the “General Partner”), as the sole
general partner of the Operating Partnership, as the case may be, or any committee of such board duly authorized to act generally
or in any particular respect for the Guarantor or the Operating Partnership, as the sole owner of the General Partner, as the sole
general partner of the Operating Partnership, as applicable, hereunder.

 

“Board Resolution”
means a copy of one or more resolutions, certified by the Secretary or an Assistant Secretary of the Guarantor, on behalf of the
Guarantor or the Operating Partnership, as the sole owner of the General Partner, as the sole general partner of the Operating
Partnership, as applicable, to have been duly adopted by the Board of Directors of the Guarantor, on behalf of the Guarantor or
the Operating Partnership, as the sole owner of the General Partner, as the sole general partner of the Operating Partnership,
as applicable, and to be in full force and effect on the date of such certification, delivered to the Trustee.

 

“Business
Day” means, unless otherwise specified with respect to the Securities of any series pursuant to Section 301, any day
other than a Saturday, Sunday or other day on which banking institutions in The City of New York are authorized or obligated by
law, regulation or executive order to close; provided that such term shall mean, when used with respect to any payment of principal
of, or premium or interest, if any, on, or Additional Amounts with respect to, the Securities of any series to be made at any Place
of Payment for such Securities, unless otherwise specified pursuant to Section 301 with respect to such Securities, any day other
than a Saturday, Sunday or other day on which banking institutions in such Place of Payment are authorized or obligated by law,
regulation or executive order to close.

 

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

 

“Common Equity”
includes any equity security of any class of the Operating Partnership or the Guarantor, as the context requires, which has no
preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution
or winding up of the Operating Partnership or the Guarantor, as applicable, and which is not subject to redemption by the Operating
Partnership or the Guarantor, as applicable.

 

“Conversion
Event” means the cessation of use of (i) a Foreign Currency both by the government of the country or the confederation
which issued such Foreign Currency and for the settlement of transactions by a central bank or other public institutions of or
within the international banking community or (ii) any currency unit or composite currency for the purposes for which it was established.

 

“Corporate
Trust Office” means either the principal corporate trust office of the Trustee at which at any particular time its corporate
trust business shall be administered, which office at the date of this Indenture is located at 6810 Crumpler Blvd., Suite 200,
Olive Branch, Mississippi 38654.

 

    	-3-

    	 

    

 

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

 

“Currency,”
with respect to any payment, deposit or other transfer in respect of the principal of or any premium or interest on or any Additional
Amounts with respect to any Security, means Dollars or the Foreign Currency, as the case may be, in which such payment, deposit
or other transfer is required to be made by or pursuant to the terms hereof or such Security and, with respect to any other payment,
deposit or transfer pursuant to or contemplated by the terms hereof or such Security, means Dollars.

 

“CUSIP number”
means the alphanumeric designation assigned to a Security by Standard & Poor’s, CUSIP Service Bureau.

 

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

 

“Depository”
means, with respect to any Security issuable or issued in the form of one or more global Securities, the Person designated as depository
by the Operating Partnership in or pursuant to this Indenture, and, unless otherwise provided with respect to any Security, any
successor to such Person. If at any time there is more than one such Person, “Depository” shall mean, with respect
to any Securities, the depository which has been appointed with respect to such Securities.

 

“Dollars”
or “$” means a dollar or other equivalent unit of legal tender for payment of public or private debts in the
United States of America.

 

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

 

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

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor thereto, in each case as amended from time
to time.

 

“Foreign Currency”
means any currency, currency unit or composite currency issued by the government of one or more countries other than the United
States of America or by any recognized confederation or association of such government.

 

“GAAP”
and “generally accepted accounting principles” means generally accepted accounting principles in the United
States of America as in effect on the date of any calculation or determination required hereunder. Except as otherwise set forth
in this Indenture, all ratios and calculations based on GAAP contained in this Indenture shall be computed in accordance with GAAP.

 

    	-4-

    	 

    

 

“Government
Obligations” means securities which are (i) direct obligations of the United States of America or the other government
or governments in the confederation which issued the Foreign Currency in which the principal of or any premium or interest on the
relevant Security or any Additional Amounts in respect thereof shall be payable, in each case where the payment or payments thereunder
are supported by the full faith and credit of such government or governments or (ii) obligations of a Person controlled or supervised
by and acting as an agency or instrumentality of the United States of America or such other government or governments, in each
case where the timely payment or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the
United States of America or such other government or governments, and which, in the case of (i) or (ii), are not callable or redeemable
at the option of the issuer or issuers thereof, and shall also include a depository receipt issued by a bank or trust company as
custodian with respect to any such Government Obligation or a specific payment of interest on or principal of or other amount with
respect to any such Government Obligation held by such custodian for the account of the holder of a depository receipt, provided
that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of
such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment
of interest on or principal of or other amount with respect to the Government Obligation evidenced by such depository receipt.

 

“Group Subsidiary”
means a company the financial statements of which are consolidated with the financial statements of the Guarantor.

 

“Guarantee”
means the guarantee of the Guarantor with respect to the Securities of any series issued hereunder, in the form set forth in Section
1601.

 

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

 

“Holder,”
means the Person in whose name such Security is registered in the Security Register.

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof and, with respect to any Security, by the terms and
provisions of such Security established pursuant to Section 301 (as such terms and provisions may be amended pursuant to the applicable
provisions hereof); provided, however, that, if at any time more than one Person is acting as Trustee under this instrument, “Indenture”
shall mean, with respect to any one or more series of Securities for which such Person is Trustee, this instrument as originally
executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant
to the applicable provisions hereof and shall include the terms of those particular series of Securities for which such Person
is Trustee established pursuant to Section 301, exclusive, however, of any provisions or terms which relate solely to other series
of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted.

 

    	-5-

    	 

    

 

“Indexed Security”
means a Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than
the principal face amount thereof at original issuance.

 

“interest,”
with respect to any Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable
after Maturity.

 

“Interest
Payment Date,” with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

“Judgment
Currency” has the meaning specified in Section 116.

 

“Maturity,”
with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due
and payable as provided in or pursuant to this Indenture or such Security, whether at the Stated Maturity, upon acceleration, upon
redemption at the option of the Operating Partnership, upon repayment at the option of the Holder or otherwise, and includes a
Redemption Date for such Security and a date fixed for the repurchase or repayment of such Security at the option of the Holder.

 

“New York
Banking Day” has the meaning specified in Section 116.

 

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

 

“Officers’
Certificate” means a certificate signed by the Chief Executive Officer, the President or a Vice President of the Guarantor,
and by the Chief Financial Officer, the Secretary or an Assistant Secretary of the Guarantor, on behalf of the Guarantor or as
the sole owner of the General Partner, as the sole general partner of the Operating Partnership, in each case as applicable, that
complies with the requirements of Section 314(e) of the Trust Indenture Act and is delivered to the Trustee.

 

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

 

“Operating
Partnership Request” and “Operating Partnership Order” mean, respectively, a written request or order,
as the case may be, signed in the name of the Guarantor, as the sole owner of the General Partner, as the sole general partner
of the Operating Partnership, by the Chief Executive Officer, the President or a Vice President of the Guarantor and by the Chief
Financial Officer, the Secretary or an Assistant Secretary, of the Guarantor and delivered to the Trustee.

 

    	-6-

    	 

    

 

“Opinion of
Counsel” means a written opinion of counsel, who may be an employee of or counsel for the Operating Partnership or the
Guarantor, as the case may be, or other counsel who shall be reasonably acceptable to the Trustee, that, if required by the Trust
Indenture Act, complies with the requirements of Section 314(e) of the Trust Indenture Act.

 

“Original
Issue Discount Security” means a Security, other than an Indexed Security, issued pursuant to this Indenture which provides
for an amount less than the principal amount thereof to be due and payable upon acceleration pursuant to Section 502.

 

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

 

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

 

		(b)	any such Security for whose payment at the Maturity thereof
money in the necessary amount (or, to the extent that such Security is payable at such Maturity in shares of Common Equity or
other securities or property, Common Equity or such other securities or property in the necessary amount, together with, if applicable,
cash in lieu of fractional shares or securities) has been theretofore deposited pursuant hereto (other than pursuant to Section
402) with the Trustee or any Paying Agent (other than the Operating Partnership, the Guarantor or any Affiliate of the Operating
Partnership or the Guarantor) in trust or set aside and segregated in trust by the Operating Partnership, the Guarantor or any
Affiliate of the Operating Partnership or the Guarantor (if it shall act as Paying Agent) for the Holders of such Securities;
provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture
or provision therefor satisfactory to the Trustee has been made;

 

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

 

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

 

    	-7-

    	 

    

 

		(e)	any such Security converted or exchanged as contemplated
by this Indenture into Common Equity or other securities or property, if the terms of such Security provide for such conversion
or exchange pursuant to Section 301; provided, however, that in determining whether the Holders of the requisite aggregate principal
amount of Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder
or are present at a meeting of Holders of Securities for quorum purposes, (i) the principal amount of an Original Issue Discount
Security that may be counted in making such determination and that shall be deemed to be Outstanding for such purposes shall be
equal to the amount of the principal thereof that pursuant to the terms of such Original Issue Discount Security would be due
and payable upon acceleration thereof pursuant to Section 502 at the time of such determination, and (ii) the principal amount
of any Indexed Security that may be counted in making such determination and that shall be deemed Outstanding for such purpose
shall be equal to the principal amount of such Indexed Security at original issuance, unless otherwise provided in or pursuant
to this Indenture, and (iii) the principal amount of a Security denominated in a Foreign Currency that may be counted in making
such determination and that shall be deemed Outstanding for such purposes shall be the Dollar equivalent, determined on the date
of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar
equivalent on the date of original issuance of such Security of the amount determined as provided in (i) above) of such Security,
and (iv) Securities owned by the Operating Partnership, the Guarantor or any other obligor upon the Securities or any Affiliate
of the Operating Partnership, the Guarantor or such other obligor shall be disregarded and deemed not to be Outstanding, except
that, in determining whether the Trustee shall be protected in making any such determination or relying upon any such request,
demand, authorization, direction, notice, consent or waiver, the Trustee shall be entitled to conclusively rely on any such request,
demand, authorization, direction, notice, consent or waiver, but only to the extent the Responsible Officer of the Trustee making
such determination does not have actual knowledge that such Securities are not so owned. Securities so owned which shall have
been pledged in good faith may be regarded as Outstanding if the pledgee establishes in writing to the satisfaction of the Trustee
(A) the pledgee’s right so to act with respect to such Securities and (B) that the pledgee is not the Operating Partnership,
the Guarantor or any other obligor upon the Securities or an Affiliate of the Operating Partnership, the Guarantor or such other
obligor.

 

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

 

“Person”
and “person” mean any individual, Corporation, joint venture, joint-stock company, trust, unincorporated organization
or government or any agency or political subdivision thereof.

 

“Place of
Payment,” with respect to any Security, means the place or places where the principal of, or any premium or interest
on, or any Additional Amounts with respect to such Security are payable as provided in or pursuant to this Indenture or such Security.

 

    	-8-

    	 

    

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same indebtedness
as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered
under Section 306 in exchange for or in lieu of a lost, destroyed, mutilated or stolen Security shall be deemed to evidence the
same indebtedness as the lost, destroyed, mutilated or stolen Security.

 

“Redemption
Date,” with respect to any Security or portion thereof to be redeemed, means the date fixed for such redemption by or
pursuant to this Indenture or such Security.

 

“Redemption
Price,” with respect to any Security or portion thereof to be redeemed, means the price at which it is to be redeemed
as determined by or pursuant to this Indenture or such Security.

 

“Registered
Security” means any Security established pursuant to Section 201 which is registered in the Security Register.

 

“Regular Record
Date” for the interest payable on any Registered Security on any Interest Payment Date therefor means the date, if any,
specified in or pursuant to this Indenture or such Security as the regular record date for the payment of such interest.

 

“Required
Currency” has the meaning specified in Section 116.

 

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

 

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

 

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

 

“Security
Register” and “Security Registrar” have the respective meanings specified in Section 305.

 

“Special Record
Date” for the payment of any Defaulted Interest on any Registered Security means a date fixed therefor by the Trustee
pursuant to Section 307.

 

“Stated Maturity,”
with respect to any Security or any installment of principal thereof or interest thereon or any Additional Amounts with respect
thereto, means the date established by or pursuant to this Indenture or such Security as the fixed date on which the principal
of such Security or such installment of principal or interest is, or such Additional Amounts are, due and payable.

 

    	-9-

    	 

    

 

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

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939 as in force at the date as of which this Indenture was executed; provided,
however, that in the event that the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means
the Trust Indenture Act of 1939 as so amended.

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have
become such with respect to one or more series of Securities pursuant to the applicable provisions of this Indenture, and thereafter
“Trustee” shall mean each Person who is then a Trustee hereunder; provided, however, that if at any time there is more
than one such Person, “Trustee” shall mean each such Person and as used with respect to the Securities of any series
shall mean the Trustee with respect to the Securities of such series.

 

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

 

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

 

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

 

Section 102.        Compliance
Certificates and Opinions.

 

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

 

    	-10-

    	 

    

 

Section 103.        Form
of Documents Delivered to Trustee.

 

In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other
matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or
opinion of an officer of the Operating Partnership or the Guarantor may be based, insofar as it relates to legal matters, upon
an Opinion of Counsel, unless such officer knows, or in the exercise of reasonable care should know, that the Opinion of Counsel
with respect to the matters upon which his certificate or opinion is based is erroneous. Any such Opinion of Counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the
Operating Partnership or the Guarantor, a governmental official or officers or any other Person or Persons, stating that the information
with respect to such factual matters is in the possession of the Operating Partnership or the Guarantor unless counsel rendering
the Opinion of Counsel knows, or in the exercise of reasonable care should know, that the certificate, opinion or representations
with respect to such matters are erroneous.

 

Where any Person is
required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments
under this Indenture or any Security, they may, but need not, be consolidated and form one instrument.

 

Section 104.        Acts
of Holders; Record Dates.

 

(1)         Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by or pursuant to this Indenture to
be made, given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed
by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby
expressly required, to the Operating Partnership and the Guarantor. Such instrument or instruments and any such record (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders
signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing
appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture
and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee, the Operating Partnership, the Guarantor
and any agent of the Trustee, the Operating Partnership or the Guarantor, if made in the manner provided in this Section. The record
of any meeting of Holders of Securities shall be proved in the manner provided in Section 1506.

 

    	-11-

    	 

    

 

Without limiting
the generality of this Section 104, unless otherwise provided in or pursuant to this Indenture, a Holder, including a Depository
that is a Holder of a global Security, may make, give or take, by a proxy or proxies, duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other Act provided in or pursuant to this Indenture or the Securities to be
made, given or taken by Holders, and a Depository that is a Holder of a global Security may provide its proxy or proxies to the
beneficial owners of interests in any such global Security through such Depository’s standing instructions and customary
practices.

 

(2)         The
fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner which the
Trustee deems sufficient and in accordance with such reasonable rules as the Trustee may determine; and the Trustee may in any
instance require further proof with respect to any of the matters referred to in this Section.

 

(3)         The
ownership, principal amount and serial numbers of Registered Securities held by any Person, and the date of the commencement and
the date of the termination of holding the same, shall be proved by the Security Register.

 

(4)         If
the Operating Partnership or the Guarantor shall solicit from the Holders of any Registered Securities any request, demand, authorization,
direction, notice, consent, waiver or other Act, the Operating Partnership may at its option (but is not obligated to), by Board
Resolution, fix in advance a record date for the determination of Holders of Registered Securities entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other Act. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of Registered
Securities of record at the close of business on such record date shall be deemed to be Holders for the purpose of determining
whether Holders of the requisite proportion of Outstanding Securities have authorized, agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed
as of such record date; provided that no such authorization, agreement or consent by the Holders of Registered Securities shall
be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after
the record date.

 

(5)         Any
request, demand, authorization, direction, notice, consent, waiver or other Act by the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done or suffered to be done by the Trustee, any Security Registrar, any Paying
Agent, the Operating Partnership or the Guarantor in reliance thereon, whether or not notation of such Act is made upon such Security.

 

    	-12-

    	 

    

 

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

 

Any request, demand,
authorization, direction, notice, consent, waiver or other Act of Holders or other document provided or permitted by this Indenture
to be made upon, given or furnished to, or filed with,

 

(1)         the
Trustee by any Holder or the Operating Partnership shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing to or with the Trustee at its Corporate Trust Office, or

 

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

 

(3)         the
Guarantor by the Trustee or any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to the Guarantor addressed to the attention of its Legal Department at the
address of its principal office specified in the first paragraph of this instrument or at any other address furnished in writing
to the Trustee by the Guarantor for such purpose.

 

Section 106.        Notice
to Holders of Securities; Waiver.

 

Except as otherwise
expressly provided in or pursuant to this Indenture, where this Indenture provides for notice to Holders of Securities of any event,
such notice shall be sufficiently given to Holders of Registered Securities if in writing and mailed, first-class postage prepaid,
or if delivered electronically pursuant to the applicable procedures of the Depository, to each Holder of a Registered Security
affected by such event, at his address as it appears in the Security Register, not later than the latest date, and not earlier
than the earliest date, prescribed for the giving of such notice.

 

In any case where notice
to Holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so
mailed, to any particular Holder of a Registered Security shall affect the sufficiency of such notice with respect to other Holders
of Registered Securities given as provided herein. Any notice which is mailed in the manner herein provided shall be conclusively
presumed to have been duly given or provided. In the case by reason of the suspension of regular mail service or by reason of any
other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of
the Trustee in its sole discretion shall constitute a sufficient notification for every purpose hereunder.

 

    	-13-

    	 

    

 

Where this Indenture
provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders of Securities shall be
filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon
such waiver.

 

Section 107.        Language
of Notices.

 

Any request, demand,
authorization, direction, notice, consent, waiver or other action required or permitted under this Indenture shall be in the English
language, except that, if the Operating Partnership or the Guarantor so elects, any published notice may be in an official language
of the country of publication.

 

Section 108.        Conflict
with Trust Indenture Act.

 

If any provision of
this Indenture limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be
a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes
any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to
this Indenture as so modified or to be excluded, as the case may be.

 

Section 109.        Effect
of Headings and Table of Contents.

 

The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section 110.        Successors
and Assigns.

 

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

 

Section 111.        Separability
Clause.

 

In case any provision
in this Indenture or any Security shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not, to the fullest extent permitted by law, in any way be affected or impaired thereby.

 

Section 112.        Benefits
of Indenture.

 

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

 

    	-14-

    	 

    

 

Section 113.        Governing
Law; Waiver of Jury Trial.

 

This Indenture, the
Guarantee and the Securities shall be governed by, and construed in accordance with, the laws of the State of New York without
regard to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401. EACH OF THE OPERATING
PARTNERSHIP, THE GUARANTOR, THE TRUSTEE AND THE HOLDERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION, SUIT OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS INDENTURE,
THE SECURITIES, THE GUARANTEE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 114.        Legal
Holidays.

 

Unless otherwise specified
in or pursuant to this Indenture or any Securities, in any case where any Interest Payment Date, Stated Maturity or Maturity of,
or any other day on which a payment is due with respect to, any Security shall be a day which is not a Business Day, then payment
need not be made on such day, but such payment may be made on the next succeeding day that is a relevant Business Day with the
same force and effect as if made on the Interest Payment Date, at the Stated Maturity or Maturity or on any such other payment
date, as the case may be, and no interest shall accrue or be payable on such succeeding Business Day for the period from and after
such Interest Payment Date, Stated Maturity, Maturity or other payment date, as the case may be, to such succeeding Business Day.

 

Section 115.        Counterparts.

 

This Indenture may
be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same
instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective
execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes.
Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

Section 116.        Judgment
Currency.

 

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

 

    	-15-

    	 

    

 

Section 117.        Extension
of Payment Dates.

 

In the event that (i)
the terms of any Security established in or pursuant to this Indenture permit the Operating Partnership or any Holder thereof to
extend the date on which any payment of principal of, or premium, if any, or interest, if any, on, or Additional Amounts, if any,
with respect to such Security is due and payable and (ii) the due date for any such payment shall have been so extended, then all
references herein to the Stated Maturity of such payment (and all references of like import) shall be deemed to refer to the date
as so extended.

 

Section 118.        Immunity
of Partners, Stockholders, Directors, Officers and Agents of the Operating Partnership and the Guarantor.

 

No recourse under or
upon any obligation, covenant or agreement contained in this Indenture, or in any Security, or because of any indebtedness evidenced
thereby, shall be had against any past, present or future partner, stockholder, employee, officer or director, as such, of the
Operating Partnership or the Guarantor or of any of the Operating Partnership’s or the Guarantor’s predecessors or
successors, either directly or through the Operating Partnership or the Guarantor, as applicable, or any predecessor or successor,
under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable
proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Securities by the Holders
and as part of the consideration for the issue of the Securities.

 

Section 119.        USA
Patriot Act.

 

The parties hereto
acknowledge that, in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in
order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies
each person or legal entity that establishes a relationship or opens an account with the Trustee. Each of the Operating Partnership
and the Guarantor agrees that it will provide the Trustee with such information as it may request in order for the Trustee to satisfy
the requirements of the U.S.A. Patriot Act.

 

    	-16-

    	 

    

 

Section 120.        Force
Majeure.

 

In no event shall the
Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused
by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts
of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware) services.

 

ARTICLE
2

SECURITIES FORMS

 

Section 201.        Forms
Generally.

 

Each Registered Security
and temporary or permanent global Security issued pursuant to this Indenture shall be in the form established by or pursuant to
a Board Resolution of the Operating Partnership and set forth in an Officers’ Certificate of the Operating Partnership, or
established in one or more indentures supplemental hereto, shall have such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by or pursuant to this Indenture or any indenture supplemental hereto and may have
such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith,
be determined by an officer of the Guarantor, as the sole owner of the General Partner, as the sole general partner of the Operating
Partnership, executing such Security as evidenced by the execution of such Security.

 

Unless otherwise provided
in or pursuant to this Indenture, the Securities shall be issuable in registered form without coupons.

 

Definitive Securities
shall be printed, lithographed or engraved or produced by any combination of these methods or in any other manner, all as determined
by an officer of the Guarantor, as the sole owner of the General Partner, as the sole general partner of the Operating Partnership,
executing such Securities, as evidenced by the execution of such Securities.

 

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

 

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

 

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

  

	 	U.S. BANK NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	 
	 	 	 
	 	Authorized Signatory	 

 

    	-17-

    	 

    

 

Section 203.        Securities
in Global Form.

 

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

 

Notwithstanding the
provisions of Section 307, payment of principal of, any premium and interest on, and any Additional Amounts in respect of any Security
in temporary or permanent global form shall be made to the Person in whose name such Security is registered.

 

Notwithstanding anything
to the contrary, the Operating Partnership, the Guarantor, the Trustee and any agent of the Operating Partnership, the Guarantor
or the Trustee shall treat as the Holder of the principal amount of Outstanding Securities represented by a global Security as
the Holder of such global Security.

 

ARTICLE
3

THE SECURITIES

 

Section 301.        Amount
Unlimited; Issuable in Series.

 

    	-18-

    	 

    

 

The aggregate principal
amount of Securities which may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in
one or more series.

 

With respect to any
Securities to be authenticated and delivered hereunder, there shall be established in or pursuant to one or more Board Resolutions
of the Operating Partnership and set forth in an Officers’ Certificate of the Operating Partnership, or established in one
or more indentures supplemental hereto, prior to the issuance of any Securities of a series,

 

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

 

(2)         any
limit upon the aggregate principal amount of the Securities of such series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Securities of such series pursuant to Section 304, 305, 306, 905 or 1107, upon repayment in part of any Security of such
series pursuant to Article Thirteen or upon surrender in part of any Security for conversion or exchange into Common Equity or
other securities or property pursuant to its terms);

 

(3)         if
any of such Securities are to be issuable in global form, when any of such Securities are to be issuable in global form and (i)
whether such Securities are to be issued in temporary or permanent global form or both, (ii) whether beneficial owners of interests
in any such global Security may exchange such interests for Securities of the same series and of like tenor and of any authorized
form and denomination, and the circumstances under which any such exchanges may occur, if other than in the manner specified in
Section 305, (iii) the name of the Depository with respect to any such global Security and (iv) if applicable and in addition to
the Persons specified in Section 305, the Person or Persons who shall be entitled to make any endorsements on any such global Security
and to give the instructions and take the other actions with respect to such global Security contemplated by the first paragraph
of Section 203;

 

(4)         the
date or dates, or the method or methods, if any, by which such date or dates shall be determined, on which the principal and premium,
if any, of such Securities is payable;

 

(5)         the
rate or rates at which such Securities shall bear interest, if any, or the method or methods, if any, by which such rate or rates
are to be determined, the date or dates, if any, from which such interest shall accrue or the method or methods, if any, by which
such date or dates are to be determined, the Interest Payment Dates, if any, on which such interest shall be payable and the Regular
Record Date, if any, for the interest payable on Registered Securities on any Interest Payment Date, the notice, if any, to Holders
regarding the determination of interest on a floating rate Security and the manner of giving such notice, and the basis upon which
interest shall be calculated if other than that of a 360-day year of twelve 30-day months;

 

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(6)         if
in addition to or other than the Corporate Trust Office, the place or places where the principal of, any premium and interest on
or any Additional Amounts with respect to such Securities shall be payable, any of such Securities that are Registered Securities
may be surrendered for registration of transfer or exchange, any of such Securities may be surrendered for conversion or exchange
and notices or demands to or upon the Operating Partnership or the Guarantor in respect of such Securities, the Guarantee and this
Indenture may be served;

 

(7)         whether
any of such Securities are to be redeemable at the option of the Operating Partnership and, if so, the date or dates on which,
the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities
may be redeemed, in whole or in part, at the option of the Operating Partnership;

 

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

 

(9)         the
denominations in which any of such Securities shall be issuable if other than minimum denominations of $2,000 and any integral
multiple of $1,000 in excess thereof;

 

(10)        whether
such Securities will be convertible into and/or exchangeable for Common Equity or other securities or property, and if so, the
terms and conditions upon which such Securities will be so convertible or exchangeable, and any deletions from or modifications
or additions to this Indenture to permit or to facilitate the issuance of such convertible or exchangeable Securities or the administration
thereof;

 

(11)        if
other than the principal amount thereof, the portion of the principal amount of any of such Securities that shall be payable upon
acceleration of the Maturity thereof pursuant to Section 502 or the method by which such portion is to be determined;

 

(12)        if
other than Dollars, the Foreign Currency in which purchases of such Securities must be made and the Foreign Currency in which payment
of the principal of, any premium or interest on or any Additional Amounts with respect to any of such Securities shall be payable;

 

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

 

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(14)        if
the amount of payments of principal of, any premium or interest on or any Additional Amounts with respect to such Securities may
be determined with reference to an index, formula or other method or methods (which index, formula or method or methods may be
based, without limitation, on one or more Currencies, commodities, equity indices or other indices), and, if so, the terms and
conditions upon which and the manner in which such amounts shall be determined and paid or payable;

 

(15)        any
deletions from, modifications of or additions to the Events of Default or covenants of the Operating Partnership or the Guarantor
with respect to any of such Securities or the Guarantee (whether or not such Events of Default or covenants are consistent with
the Events of Default or covenants set forth herein);

 

(16)        if
any one or more of Section 401 relating to satisfaction and discharge, Section 402(2) relating to defeasance or Section 402(3)
relating to covenant defeasance shall not be applicable to such Securities, and any covenants in addition to or other than those
specified in Section 402(3) relating to such Securities which shall be subject to covenant defeasance, and, if such Securities
are subject to repayment at the option of the Holders thereof pursuant to Article Thirteen, if the Operating Partnership’s
obligation to repay such Securities will be subject to satisfaction and discharge pursuant to Section 401 or to defeasance or covenant
defeasance pursuant to Section 402, and, if the Holders of such Securities have the right to convert or exchange such Securities
into Common Equity or other securities or property, if the right to effect such conversion or exchange will be subject to satisfaction
and discharge pursuant to Section 401 or to defeasance or covenant defeasance pursuant to Section 402, and any deletions from,
or modifications or additions to, the provisions of Article Four (including any modification which would permit satisfaction and
discharge, defeasance or covenant defeasance to be effected with respect to less than all of the outstanding Securities of such
series) in respect of such Securities;

 

(17)        if
any of such Securities are to be issuable upon the exercise of warrants, and the time, manner and place for such Securities to
be authenticated and delivered;

 

(18)        if
any of such Securities are issuable in global form and are to be issuable in definitive form (whether upon original issue or upon
exchange of a temporary Security) only upon receipt of certain certificates or other documents or satisfaction of other conditions,
then the form and terms of such certificates, documents or conditions;

 

(19)        the
circumstances under which the Operating Partnership will pay Additional Amounts on such Securities in respect of any tax, assessment
or other government charge and whether the Operating Partnership will have the option to redeem such Securities rather than pay
such Additional Amounts;

 

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

 

(21)        the
Person to whom any interest on any Registered Security of such series shall be payable, if other than the Person in whose name
such Registered Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest, the manner in which, or the Person to whom, and the extent to which, or the manner in which, any interest payable
on a temporary global Security will be paid if other than in the manner provided in this Indenture; and

 

(22)        any
other terms of such Securities and any deletions from or modifications or additions to this Indenture in respect of such Securities.

 

All Securities of any
one series shall be substantially identical except as to Currency of payments due thereunder, denomination and the rate of interest,
or method of determining the rate of interest, if any, Maturity, and the date from which interest, if any, shall accrue and except
as may otherwise be provided by the Operating Partnership in or pursuant to the Board Resolution of the Operating Partnership and
set forth in the Officers’ Certificate of the Operating Partnership or in any indenture or indentures supplemental hereto
pertaining to such series of Securities. The terms of the Securities of any series may provide, without limitation, that the Securities
shall be authenticated and delivered by the Trustee on original issue from time to time upon written order of persons designated
in the Board Resolutions of the Operating Partnership or the Guarantor (with respect to the Guarantee), Officers’ Certificate
of the Operating Partnership or supplemental indenture, as the case may be, pertaining to such series of Securities and that such
persons are authorized to determine, consistent with such Board Resolutions, Officers’ Certificate or supplemental indenture,
such terms and conditions of the Securities of such series as are specified in such Board Resolutions, Officers’ Certificate
or supplemental indenture.

 

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

 

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

 

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Section 302.        Currency;
Denominations.

 

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

 

Section 303.        Execution,
Authentication, Delivery and Dating.

 

Securities shall be
executed on behalf of the Operating Partnership by the Chief Executive Officer, President or one of the Vice Presidents of the
Guarantor and by the Chief Financial Officer, the Secretary or one of the Assistant Secretaries of the Guarantor, in each case
as the sole owner of the General Partner, the sole general partner of the Operating Partnership. The signature of any of these
officers on the Securities may be manual or facsimile.

 

The Guarantee shall
be executed on behalf of the Guarantor by any authorized signatory of the Guarantor. The signature of any authorized signatory
on the Guarantee may be manual or facsimile.

 

Securities and the
Guarantee bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Guarantor,
on behalf of the Guarantor or as the sole owner of the General Partner, as the sole general partner of the Operating Partnership,
as applicable, shall, to the fullest extent permitted by law, bind the Operating Partnership and the Guarantor, as the case may
be, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery
of such Securities or did not hold such offices at the date of such Securities or the Guarantee.

 

At any time and from
time to time after the execution and delivery of this Indenture, the Operating Partnership may deliver Securities executed by the
Guarantor, as the sole owner of the General Partner, as the sole general partner of the Operating Partnership, to the Trustee for
authentication and, provided that the Board Resolutions and Officers’ Certificate of the Operating Partnership or supplemental
indenture or indentures with respect to such Securities referred to in Section 301 and an Operating Partnership Order for the authentication
and delivery of such Securities have been delivered to the Trustee, the Trustee in accordance with the Operating Partnership Order
and subject to the provisions hereof and of such Securities shall authenticate and deliver such Securities. The delivery of any
Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee on behalf of
the Guarantor. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation
to such Securities, the Trustee shall receive, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall
be fully protected in conclusively relying upon, an Opinion of Counsel to the following effect, which Opinion of Counsel may contain
such assumptions, qualifications and limitations as such counsel and Trustee shall deem appropriate:

 

(a)          the
form or forms and terms of such Securities have been established in conformity with Sections 201 and 301 of this Indenture;

 

    	-23-

    	 

    

 

(b)          all
conditions precedent set forth in this Indenture to the authentication and delivery of such Securities have been complied with
and that such Securities, when completed by appropriate insertions (if applicable), executed by duly authorized officers of the
Guarantor, as the sole owner of the General Partner, as the sole general partner of the Operating Partnership, delivered by duly
authorized officers of the Guarantor, as the sole owner of the General Partner, as the sole general partner of the Operating Partnership,
to the Trustee for authentication pursuant to this Indenture, and authenticated and delivered by the Trustee and issued by the
Operating Partnership in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and
binding obligations of the Operating Partnership, enforceable against the Operating Partnership in accordance with their terms,
and that the Guarantee, when executed by duly authorized signatories of the Guarantor and issued by the Guarantor in the manner
and subject to any conditions specified in such Opinion of Counsel and when such Securities have been completed, executed and delivered
by duly authorized officers of the Guarantor, as the sole owner of the General Partner, as the sole general partner of the Operating
Partnership, and authenticated and delivered by the Trustee, will constitute valid and binding obligations of the Guarantor, except,
in each case, as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other
similar laws relating to or affecting creditors’ rights generally or by general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law) and subject to such other exceptions as shall be acceptable to the Trustee;
provided, that such Opinion of Counsel need express no opinion as to whether a court in the United States would render a money
judgment in a currency other than that of the United States; and

 

(c)          that
all applicable laws and requirements in respect of the execution and delivery by the Operating Partnership of such Securities and
by the Guarantor of the Guarantee have been complied with.

 

If all the Securities
of any series are not to be issued at one time, it shall not be necessary to deliver an Opinion of Counsel at the time of issuance
of each Security, but such opinion, with such modifications as counsel shall deem appropriate, shall be delivered at or before
the time of issuance of the first Security of such series. After any such first delivery, any separate request by the Operating
Partnership that the Trustee authenticate Securities of such series for original issue will be accompanied by (i) a certification
by the Operating Partnership that all conditions precedent provided for in this Indenture relating to authentication and delivery
of such Securities continue to have been complied with and (ii) an Operating Partnership Order for the authentication and delivery
of such Securities.

 

The Trustee shall not
be required to authenticate or to cause an Authenticating Agent to authenticate any Securities if the issue of such Securities
pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture
or will otherwise be in a manner which is not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken.

 

Each Registered Security
shall be dated the date of its authentication.

 

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No Security shall be
entitled to any benefit under this Indenture or the Guarantee or be valid or obligatory for any purpose, unless there appears on
such Security a certificate of authentication substantially in the form provided for in Section 202 or 611 executed by or on behalf
of the Trustee or by the Authenticating Agent by the manual signature of one of its authorized signatories. Such certificate upon
any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered
hereunder.

 

Section 304.        Temporary
Securities.

 

Pending the preparation
of definitive Securities, the Guarantor, as the sole owner of the General Partner, as the sole general partner of the Operating
Partnership, may execute and deliver to the Trustee and, upon Operating Partnership Order, the Trustee or Authenticating Agent
shall authenticate and deliver, in the manner provided in Section 303, temporary Securities in lieu thereof which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the
definitive Securities in lieu of which they are issued, in registered form with such appropriate insertions, omissions, substitutions
and other variations as the officers of the Operating Partnership executing such Securities may determine, as conclusively evidenced
by their execution of such Securities. Such temporary Securities may be in global form.

 

Except in the case
of temporary Securities in global form, which shall be exchanged in accordance with the provisions set forth in this Indenture
or the provisions established pursuant to Section 301, if temporary Securities are issued, the Operating Partnership shall cause
definitive Securities to be prepared without unreasonable delay. Except as otherwise provided in or pursuant to this Indenture,
after the preparation of definitive Securities of the same series and containing terms and provisions that are identical to those
of any temporary Securities, such temporary Securities shall be exchangeable for such definitive Securities upon surrender of such
temporary Securities at an Office or Agency for such Securities, without charge to any Holder thereof. Except as otherwise provided
in or pursuant to this Indenture, upon surrender for cancellation of any one or more temporary Securities, the Guarantor, as the
sole owner of the General Partner, as the sole general partner of the Operating Partnership, shall execute and, upon Operating
Partnership Order, the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities
of authorized denominations of the same series and containing identical terms and provisions. Unless otherwise provided in or pursuant
to this Indenture with respect to a temporary global Security, until so exchanged the temporary Securities of any series shall
in all respects be entitled to the same benefits under this Indenture and the Guarantee as definitive Securities of such series.

 

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Section 305.        Registration,
Transfer and Exchange.

 

(1)         With
respect to the Registered Securities of each series, if any, the Operating Partnership shall cause to be kept a register (each
such register being herein sometimes referred to as the “Security Register”) at an Office or Agency for such
series in which, subject to such reasonable regulations as it may prescribe, the Operating Partnership shall provide for the registration
of the Registered Securities of such series and of transfers of the Registered Securities of such series. Such Office or Agency
shall be the “Security Registrar” for that series of Securities. Unless otherwise specified in or pursuant to
this Indenture or the Securities, the initial Security Registrar for each series of Securities shall be as specified in the last
paragraph of Section 1002. The Operating Partnership shall have the right to remove and replace from time to time the Security
Registrar for any series of Securities; provided that no such removal or replacement shall be effective until a successor Security
Registrar with respect to such series of Securities shall have been appointed by the Operating Partnership and shall have accepted
such appointment. In the event that the Trustee shall not be or shall cease to be Security Registrar with respect to a series of
Securities, it shall have the right to examine the Security Register for such series at all reasonable times. There shall be only
one Security Register for each series of Securities.

 

Except as otherwise
provided in or pursuant to this Indenture, upon surrender for registration of transfer of any Registered Security of any series
at any Office or Agency for such series, the Guarantor, as the sole owner of the General Partner, as the sole general partner of
the Operating Partnership, shall execute, and, upon Operating Partnership Order, the Trustee shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new Registered Securities of the same series denominated as authorized
in or pursuant to this Indenture, of a like aggregate principal amount bearing a number not contemporaneously outstanding and containing
identical terms and provisions.

 

Except as otherwise
provided in or pursuant to this Indenture, at the option of the Holder, Registered Securities of any series may be exchanged for
other Registered Securities of the same series containing identical terms and provisions, in any authorized denominations, and
of a like aggregate principal amount, upon surrender of the Securities to be exchanged at any Office or Agency for such series.
Whenever any Registered Securities are so surrendered for exchange, the Guarantor, as the sole owner of the General Partner, as
the sole general partner of the Operating Partnership, shall execute, and, upon Operating Partnership Order, the Trustee shall
authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to receive.

 

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

 

    	-26-

    	 

    

 

If the beneficial owners
of interests in a global Security are entitled to exchange such interests for definitive Securities as the result of an event described
in clause (i), (ii) or (iii) of the preceding paragraph, then without unnecessary delay but in any event not later than the earliest
date on which such interests may be so exchanged, the Operating Partnership shall deliver to the Trustee definitive Securities
in such form and denominations as are required by or pursuant to this Indenture, and of the same series, containing identical terms
and in aggregate principal amount equal to the principal amount of such global Security, executed by the Guarantor, as the sole
owner of the General Partner, as the sole general partner of the Operating Partnership. On or after the earliest date on which
such interests may be so exchanged, such global Security shall be surrendered from time to time by the Depository (or its custodian)
as shall be specified in the Operating Partnership Order with respect thereto (which the Operating Partnership agrees to deliver),
and in accordance with instructions given to the Trustee and the Depository as shall be specified in the Operating Partnership
Order with respect thereto to the Trustee, as the Operating Partnership’s agent for such purpose, to be exchanged, in whole
or in part, for definitive Securities as described above without charge. The Trustee shall authenticate and make available for
delivery, in exchange for each portion of such surrendered global Security, a like aggregate principal amount of definitive Securities
of the same series of authorized denominations and of like tenor as the portion of such global Security to be exchanged; provided,
however, that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection of
Securities of the same series to be redeemed and ending on the relevant Redemption Date. Promptly following any such exchange in
part, such global Security shall be returned by the Trustee to such Depository (or its custodian) or such other Depository (or
its custodian) referred to above in accordance with the instructions of the Operating Partnership referred to above, and the Trustee
shall endorse such global Security to reflect the decrease in the principal amount thereof resulting from such exchange. If a Registered
Security is issued in exchange for any portion of a global Security after the close of business at the Office or Agency for such
Security where such exchange occurs on or after (i) any Regular Record Date for such Security and before the opening of business
at such Office or Agency on the next Interest Payment Date, or (ii) any Special Record Date for such Security and before the opening
of business at such Office or Agency on the related proposed date for payment of interest or Defaulted Interest, as the case may
be, interest shall not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of
such Registered Security, but shall be payable on such Interest Payment Date or proposed date for payment, as the case may be,
only to the Person to whom interest in respect of such portion of such global Security shall be payable in accordance with the
provisions of this Indenture.

 

All Securities issued
upon any registration of transfer or exchange of Securities shall be the valid obligations of the Operating Partnership evidencing
the same debt and entitling the Holders thereof to the same benefits under this Indenture and the Guarantee as the Securities surrendered
upon such registration of transfer or exchange.

 

    	-27-

    	 

    

 

Every Registered Security
presented or surrendered for registration of transfer or for exchange shall (if so required by the Operating Partnership or the
Security Registrar for such Security) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory
to the Operating Partnership and the Security Registrar for such Security duly executed by the Holder thereof or his attorney duly
authorized in writing.

 

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

 

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

 

Section 306.        Mutilated,
Destroyed, Lost and Stolen Securities.

 

If any mutilated Security
is surrendered to the Trustee, subject to the provisions of this Section 306, the Guarantor, as the sole owner of the General Partner,
as the sole general partner of the Operating Partnership, shall execute and, upon Operating Partnership Order, the Trustee shall
authenticate and deliver in exchange therefor a new Security of the same series containing identical terms and of like principal
amount and bearing a number not contemporaneously outstanding.

 

If there be delivered
to the Operating Partnership and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security,
and (ii) such security or indemnity as may be reasonably required by them to save each of them and any agent of either of them
harmless, then, in the absence of notice to the Operating Partnership or the Trustee that such Security has been acquired by a
bona fide purchaser, the Guarantor, as the sole owner of the General Partner, as the sole general partner of the Operating Partnership,
shall execute and, upon the Operating Partnership’s written request the Trustee shall authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Security, a new Security of the same series containing identical
terms and of like principal amount and bearing a number not contemporaneously outstanding.

 

    	-28-

    	 

    

 

Notwithstanding the
foregoing provisions of this Section 306, in case any mutilated, destroyed, lost or stolen Security has become or is about to become
due and payable, the Operating Partnership in its discretion may, instead of issuing a new Security, pay such Security.

 

Upon the issuance of
any new Security under this Section, the Operating Partnership may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the
Trustee and its legal counsel) connected therewith.

 

Every new Security
issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute a separate obligation of the
Operating Partnership, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall
be entitled to all the benefits of this Indenture and the Guarantee equally and proportionately with any and all other Securities
of such series duly issued hereunder.

 

The provisions of this
Section, as amended or supplemented pursuant to this Indenture with respect to particular Securities or generally, shall (to the
extent lawful) be exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities.

 

Section 307.        Payment
of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved.

 

Unless otherwise provided
in or pursuant to this Indenture, any interest on and any Additional Amounts with respect to any Registered Security which shall
be payable, and are punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name
such Security (or one or more Predecessor Securities) is registered as of the close of business on the Regular Record Date for
such interest.

 

Unless otherwise provided
in or pursuant to this Indenture, any interest on and any Additional Amounts with respect to any Registered Security which shall
be payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date for such Registered Security (herein
called “Defaulted Interest”) shall forthwith cease to be payable to the Holder thereof on the relevant Regular
Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Operating Partnership, at its
election in each case, as provided in clause (1) or (2) below:

 

    	-29-

    	 

    

 

(1)         The
Operating Partnership may elect to make payment of any Defaulted Interest to the Person in whose name such Registered Security
(or a Predecessor Security thereof) shall be registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Operating Partnership shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on such Registered Security and the date of the proposed payment, and at
the same time the Operating Partnership shall deposit with the Trustee an amount of money equal to the aggregate amount proposed
to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or
prior to the date of the proposed payment, such money when so deposited to be held in trust for the benefit of the Person entitled
to such Defaulted Interest as in this clause provided. Thereupon, the Trustee shall fix a Special Record Date for the payment of
such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment
and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify
the Operating Partnership of such Special Record Date and, in the name and at the expense of the Operating Partnership shall cause
notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage
prepaid, to the Holder of such Registered Security (or a Predecessor Security thereof) at his address as it appears in the Security
Register not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and
the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Person in whose
name such Registered Security (or a Predecessor Security thereof) shall be registered at the close of business on such Special
Record Date and shall no longer be payable pursuant to the following clause (2); or

 

(2)         The
Operating Partnership may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements
of any securities exchange on which such Security may be listed, and upon such notice as may be required by such exchange, if,
after written notice given by the Operating Partnership to the Trustee of the proposed payment pursuant to this clause, such payment
shall be deemed practicable by the Trustee.

 

Unless otherwise provided
in or pursuant to this Indenture or the Securities of any particular series, at the option of the Operating Partnership, interest
on Registered Securities on any Interest Payment Date may be paid by mailing a check to the address of the Person entitled thereto
as such address shall appear in the Security Register or by transfer to an account maintained by the payee with a bank located
in the United States of America.

 

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

 

Section 308.        Persons
Deemed Owners.

 

Prior to due presentment
of a Registered Security for registration of transfer, the Operating Partnership, the Guarantor, the Trustee and any agent of the
Operating Partnership, the Guarantor or the Trustee may treat the Person in whose name such Registered Security is registered in
the Security Register as the owner of such Registered Security for the purpose of receiving payment of principal of, any premium
and (subject to Sections 305 and 307) interest on and any Additional Amounts with respect to such Registered Security and for all
other purposes whatsoever, whether or not any payment with respect to such Registered Security shall be overdue, and none of the
Operating Partnership, the Guarantor, the Trustee or any agent of the Operating Partnership, the Guarantor or the Trustee shall
be affected by notice to the contrary.

 

    	-30-

    	 

    

 

No owner of any beneficial
interest in any global Security held on its behalf by a Depository shall have any rights under this Indenture with respect to such
global Security, and such Depository may be treated by the Operating Partnership, the Guarantor, the Trustee and any agent of the
Operating Partnership, the Guarantor or the Trustee as the owner of such global Security for all purposes whatsoever. None of the
Operating Partnership, the Guarantor, the Trustee or any agent of the Operating Partnership, the Guarantor or the Trustee will
have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership
interests of a global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

 

Notwithstanding the
foregoing, nothing herein shall prevent the Operating Partnership, the Guarantor, the Trustee or any agent of the Operating Partnership,
the Guarantor or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the applicable
Depository, as a Holder, with respect to a global Security or impair, as between such Depository and the owners of beneficial interests
in such global Security, the operation of customary practices governing the exercise of the rights of such Depository (or its nominee)
as the Holder of such global Security.

 

Section 309.        Cancellation.

 

All Securities surrendered
for payment, redemption, registration of transfer, exchange or conversion or for credit against any sinking fund payment shall,
if surrendered to any Person other than the Trustee, be promptly delivered to the Trustee, and any such Securities, as well as
Securities surrendered directly to the Trustee for any such purpose, shall be cancelled promptly by the Trustee. The Operating
Partnership may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder
which the Operating Partnership may have acquired in any manner whatsoever, and all Securities so delivered shall be cancelled
promptly by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided
in this Section, except as expressly permitted by or pursuant to this Indenture. All cancelled Securities held by the Trustee shall
be disposed of by the Trustee in accordance with its customary procedures, unless by an Operating Partnership Order the Operating
Partnership directs their return to it.

 

Section 310.        Computation
of Interest.

 

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

 

Section 311.        CUSIP
Numbers.

 

The Operating Partnership
in issuing the Securities may use CUSIP numbers (if then generally in use), and, if so, the Trustee shall use CUSIP numbers in
notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to
the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected
by any defect in or omission of such numbers. The Operating Partnership will promptly notify the Trustee in writing of any change
in the CUSIP numbers.

 

    	-31-

    	 

    

 

ARTICLE
4

SATISFACTION AND DISCHARGE OF INDENTURE

 

Section 401.        Satisfaction
and Discharge.

 

Unless, pursuant to
Section 301, the provisions of this Section 401 shall not be applicable with respect to the Securities of any series, upon the
direction of the Operating Partnership by an Operating Partnership Order, this Indenture shall cease to be of further effect with
respect to any series of Securities specified in such Operating Partnership Order, and the Guarantee, and the Trustee, on receipt
of an Operating Partnership Order, at the expense of the Operating Partnership, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture as to such series, when

 

(1)         either

 

(a)          all
Securities of such series theretofore authenticated and delivered (other than (i) Securities of such series which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 306, and (ii) Securities of such series for whose payment
money has theretofore been deposited in trust or segregated and held in trust by the Operating Partnership, the Guarantor or any
Affiliate of the Operating Partnership or the Guarantor and thereafter repaid to the Operating Partnership or discharged from such
trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or

 

(b)          all
Securities of such series not theretofore delivered to the Trustee for cancellation

 

(i)          have
become due and payable, or

 

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

 

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

 

    	-32-

    	 

    

 

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

 

(2)         the
Operating Partnership has paid or caused to be paid all other sums payable hereunder by the Operating Partnership with respect
to the Outstanding Securities of such series (including amounts payable to the Trustee pursuant to Section 606); and

 

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

 

In the event there
are Securities of two or more series Outstanding hereunder, the Trustee shall be required to execute an instrument acknowledging
satisfaction and discharge of this Indenture only if requested to do so with respect to Securities of such series as to which it
is Trustee, if in form and content reasonably acceptable to the Trustee and if the other conditions thereto are met.

 

Notwithstanding the
satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations of the Operating Partnership
and the Guarantor to the Trustee under Section 606 and, if money shall have been deposited with the Trustee pursuant to subclause
(b) of clause (1) of this Section, the obligations of the Operating Partnership and the Trustee with respect to the Securities
of such series under Sections 305, 306, 403, 404, 1002, 1003 and, if applicable to the Securities of such series, 1004 (including,
without limitation, with respect to the payment of Additional Amounts, if any, with respect to such Securities as contemplated
by Section 1004, but only to the extent that the Additional Amounts payable with respect to such Securities exceed the amount deposited
in respect of such Additional Amounts pursuant to Section 401(1)(b)), the obligations of the Guarantor under the Guarantee in respect
of Additional Amounts, any rights of Holders of the Securities of such series (unless otherwise provided pursuant to Section 301
with respect to the Securities of such series) to require the Operating Partnership to repurchase or repay, and the obligations
of the Operating Partnership to repurchase or repay, such Securities at the option of the Holders pursuant to Article Thirteen
hereof, and any rights of Holders of the Securities of such series (unless otherwise provided pursuant to Section 301 with respect
to the Securities of such series) to convert or exchange, and the obligations of the Operating Partnership to convert or exchange,
such Securities into Common Equity or other securities or property, shall survive.

 

    	-33-

    	 

    

 

Section 402.        Defeasance
and Covenant Defeasance.

 

(1)         Unless,
pursuant to Section 301, either or both of (i) defeasance of the Securities of or within a series under clause (2) of this Section
402 or (ii) covenant defeasance of the Securities of or within a series under clause (3) of this Section 402 shall not be applicable
with respect to the Securities of such series, then such provisions, together with the other provisions of this Section 402 (with
such modifications thereto as may be specified pursuant to Section 301 with respect to any Securities), shall be applicable to
such Securities, and the Operating Partnership may at its option by Board Resolution, at any time, with respect to the Securities
of or within such series, elect to have Section 402(2) or Section 402(3) be applied to such Outstanding Securities upon compliance
with the conditions set forth below in this Section 402. Unless otherwise specified pursuant to Section 301 with respect to the
Securities of any series, defeasance under clause (2) of this Section 402 and covenant defeasance under clause (3) of this Section
402 may be effected only with respect to all, and not less than all, of the Outstanding Securities of any series. To the extent
that the terms of any Security established in or pursuant to this Indenture permit the Operating Partnership or any Holder thereof
to extend the date on which any payment of principal of, or premium, if any, or interest, if any, on, or Additional Amounts, if
any, with respect to such Security is due and payable, then unless otherwise provided pursuant to Section 301, the right to extend
such date shall terminate upon defeasance or covenant defeasance, as the case may be.

 

(2)         Upon
the Operating Partnership’s exercise of the above option applicable to this Section 402(2) with respect to any Securities
of or within a series, the Operating Partnership shall be deemed to have been discharged from its obligations with respect to such
Outstanding Securities on the date the conditions set forth in clause (4) of this Section 402 are satisfied (hereinafter, “defeasance”).
For this purpose, such defeasance means that the Operating Partnership shall be deemed to have paid and discharged the entire indebtedness
represented by such Outstanding Securities, which shall thereafter be deemed to be “Outstanding” only for the purposes
of clause (5) of this Section 402 and the other Sections of this Indenture referred to in subclauses (i) through (iv) of this clause
(2), and to have satisfied all of its other obligations under such Securities and this Indenture insofar as such Securities are
concerned (and the Trustee, at the expense of the Operating Partnership, shall execute proper instruments acknowledging the same),
except for the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of such
Outstanding Securities to receive, solely (except as provided in subclause (ii) below) from the trust fund described in clause
(4)(a) of this Section 402 and as more fully set forth in this Section 402 and 403, payments in respect of the principal of (and
premium, if any) and interest, if any, on, and Additional Amounts, if any, with respect to, such Securities when such payments
are due, (ii) the obligations of the Operating Partnership and the Trustee with respect to such Securities under Sections 305,
306, 1002, 1003 and, if applicable to the Securities of such series, 1004 (including, without limitation, with respect to the payment
of Additional Amounts, if any, with respect to such Securities as contemplated by Section 1004, but only to the extent that the
Additional Amounts payable with respect to such Securities exceed the amount deposited in respect of such Additional Amounts pursuant
to clause (4)(a) of this Section 402)), the obligations of the Guarantor under the Guarantee in respect of Additional Amounts,
any rights of Holders of such Securities (unless otherwise provided pursuant to Section 301 with respect to the Securities of such
series) to require the Operating Partnership to repurchase or repay, and the obligations of the Operating Partnership to repurchase
or repay, such Securities at the option of the Holders pursuant to Article Thirteen hereof, and any rights of Holders of such Securities
(unless otherwise provided pursuant to Section 301 with respect to the Securities of such series) to convert or exchange, and the
obligations of the Operating Partnership to convert or exchange, such Securities into Common Equity or other securities or property,
(iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (iv) this Section 402 and Sections 403 and
404. The Operating Partnership may exercise its option under this Section 402(2) notwithstanding the prior exercise of its option
under Section 402(3) with respect to such Securities.

 

    	-34-

    	 

    

 

(3)         Upon
the Operating Partnership’s exercise of the above option applicable to this Section 402(3) with respect to any Securities
of or within a series, each of the Operating Partnership and the Guarantor shall be released from its obligations under clause
(ii) of Section 1005 and, to the extent specified pursuant to Section 301, any other covenant applicable to such Securities with
respect to such Securities shall cease to be applicable to such Securities on and after the date the conditions set forth in clause
(4) of this Section 402 are satisfied (hereinafter, “covenant defeasance”), and such Securities shall thereafter
be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders
(and the consequences of any thereof) in connection with any such covenant, but shall continue to be deemed “Outstanding”
for all other purposes hereunder. For this purpose, such covenant defeasance means, with respect to such Outstanding Securities,
each of the Operating Partnership and the Guarantor may omit to comply with, and shall have no liability in respect of, any term,
condition or limitation set forth in any such Section or any such other covenant, whether directly or indirectly, by reason of
any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such
other covenant to any other provision herein or in any other document and such omission to comply shall not constitute a default
or an Event of Default under Section 501(5) or otherwise, as the case may be, but, except as specified above, the remainder of
this Indenture and such Securities shall be unaffected thereby.

 

    	-35-

    	 

    

 

(4)         The
following shall be the conditions to application of clause (2) or (3) of this Section 402 to any Outstanding Securities of or within
a series:

 

(a)          The
Operating Partnership shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying
the requirements of Section 607 who shall agree to comply with the provisions of this Section 402 applicable to it) as trust funds
in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit
of the Holders of such Securities, (1) an amount in Dollars or in such Foreign Currency in which such Securities are then specified
as payable at Stated Maturity or, if such defeasance or covenant defeasance is to be effected in compliance with subsection (f)
below, on the relevant Redemption Date, as the case may be, or (2) Government Obligations applicable to such Securities (determined
on the basis of the Currency in which such Securities are then specified as payable at Stated Maturity or, if such defeasance or
covenant defeasance is to be effected in compliance with subsection (f) below, on the relevant Redemption Date, as the case may
be) which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide,
not later than one day before the due date of any payment of principal of (and premium, if any) and interest, if any, on such Securities,
money in an amount, or (3) a combination thereof, in any case, in an amount, sufficient, without consideration of any reinvestment
of such principal and interest, in the written opinion of a nationally recognized firm of independent public accountants delivered
to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge,
(y) the principal of (and premium, if any) and interest, if any, on, and, to the extent that such Securities provide for the payment
of Additional Amounts thereon and the amount of any such Additional Amounts which are or will be payable with respect to the Securities
of such series is at the time of deposit reasonably determinable by the Operating Partnership (in the exercise by the Operating
Partnership of its reasonable discretion), any Additional Amounts with respect to, such Outstanding Securities on the Maturity
or Stated Maturity of such principal or interest, and (z) any mandatory sinking fund payments or analogous payments applicable
to such Outstanding Securities on the day on which such payments are due and payable in accordance with the terms of this Indenture
and of such Securities .

 

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

 

(c)          No
Event of Default or event which, with notice or lapse of time or both, would become an Event of Default with respect to such Securities
shall have occurred and be continuing on the date of such deposit, and, solely in the case of defeasance under Section 402(2),
no Event of Default with respect to such Securities under clause (7) or (8) of Section 501 or event which with notice or lapse
of time or both would become an Event of Default with respect to such Securities under clause (7) or (8) of Section 501 shall have
occurred and be continuing at any time during the period ending on and including the 91st day after the date of such deposit (it
being understood that this condition to defeasance under Section 402(2) shall not be deemed satisfied until the expiration of such
period).

 

    	-36-

    	 

    

 

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

 

(e)          The
Operating Partnership shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent to the defeasance or covenant defeasance, as the case may be, under this Indenture have been complied
with.

 

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

 

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

 

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

 

    	-37-

    	 

    

 

Unless otherwise specified
in or pursuant to this Indenture or any Securities, if, after a deposit referred to in Section 402(4)(a) has been made, (a) the
Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 301 or the terms
of such Security to receive payment in a Currency other than that in which the deposit pursuant to Section 402(4)(a) has been made
in respect of such Security, or (b) a Conversion Event occurs in respect of the Foreign Currency in which the deposit pursuant
to Section 402(4)(a) has been made, the indebtedness represented by such Security shall be deemed to have been, and will be, fully
discharged and satisfied through the payment of the principal of (and premium, if any), and interest, if any, on, and Additional
Amounts, if any, with respect to, such Security as the same becomes due out of the proceeds yielded by converting (from time to
time as specified below in the case of any such election) the amount or other property deposited in respect of such Security into
the Currency in which such Security becomes payable as a result of such election or Conversion Event based on (x) in the case of
payments made pursuant to subclause (a) above, the applicable market exchange rate for such Currency in effect on the second Business
Day prior to each payment date, or (y) with respect to a Conversion Event, the applicable market exchange rate for such Foreign
Currency in effect (as nearly as feasible) at the time of the Conversion Event.

 

The Operating Partnership
shall pay and indemnify the Trustee against any tax, fee or other charge, imposed on or assessed against the Government Obligations
deposited pursuant to this Section 402 or the principal or interest received in respect thereof other than any such tax, fee or
other charge which by law is for the account of the Holders of such Outstanding Securities .

 

Anything in this Section
402 to the contrary notwithstanding, the Trustee shall deliver or pay to the Operating Partnership from time to time upon Operating
Partnership Request any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in
clause (4)(a) of this Section 402 which, in the written opinion of a nationally recognized firm of independent public accountants
delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance
or covenant defeasance, as applicable, in accordance with this Section 402.

 

Section 403.        Application
of Trust Money.

 

Subject to the provisions
of the last paragraph of Section 1003, all money and Government Obligations deposited with the Trustee pursuant to Section 401
or 402 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the
payment, either directly or through any Paying Agent (including the Operating Partnership acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal, premium, interest and Additional Amounts for whose payment
such money has or Government Obligations have been deposited with or received by the Trustee; but such money and Government Obligations
need not be segregated from other funds except to the extent required by law.

 

    	-38-

    	 

    

 

Section 404.        Reinstatement.

 

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

 

ARTICLE
5

REMEDIES

 

Section 501.        Events
of Default.

 

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

 

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

 

(2)         default
in the payment of any principal of or premium, if any, on, or any Additional Amounts payable in respect of any principal of or
premium, if any, on, any of the Securities of such series when due (whether at Maturity or otherwise and whether payable in cash
or in shares of Common Equity or other securities or property); or

 

    	-39-

    	 

    

 

(3)         default
for three Business Days in the deposit of any sinking fund payment, if applicable, or payment under any analogous provision when
due with respect to any of the Securities of such series; or

 

(4)         the
Guarantee is not (or is claimed by the Guarantor not to be) in full force and effect with respect to the Securities of such series;
or

 

(5)         default
in the performance, or breach, of any covenant or warranty of the Operating Partnership or the Guarantor, as the case may be, in
this Indenture or any of the Securities of such series or the Guarantee (other than a covenant or warranty for which the consequences
of breach or nonperformance are addressed elsewhere in this Section 501 or a covenant or warranty which has expressly been included
in this Indenture, whether or not by means of a supplemental indenture, solely for the benefit of Securities of a series other
than such series), and continuance of such default or breach (without such default or breach having been waived in accordance of
the provisions of this Indenture) for a period of 60 days after there has been given, by registered or certified mail, to the Operating
Partnership or the Guarantor, as applicable, by the Trustee or to the Operating Partnership or the Guarantor, as applicable, and
the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of such series a written
notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder; or

 

(6)         default
under any bond, debenture, promissory note, mortgage, indenture or debt instrument of the Operating Partnership or any of its Group
Subsidiaries with an aggregate principal amount outstanding of at least $35 million, which default has resulted in such indebtedness
becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such
indebtedness having been discharged or such acceleration having been rescinded or annulled within a period of 60 days after
there has been given, by registered or certified mail, to the Operating Partnership by the Trustee or to the Operating Partnership
and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of such series a written
notice specifying such default and stating that such notice is a “Notice of Default” hereunder; or

 

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

 

    	-40-

    	 

    

 

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

 

(9)         any
other Event of Default provided in or pursuant to this Indenture with respect to Securities of such series.

 

Section 502.        Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of Default
(other than an Event of Default specified in clause (7) or (8) of Section 501) with respect to Securities of any series occurs
and is continuing, then either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding
Securities of such series may declare the principal of and any premium due on all the Securities of such series, or such lesser
amount as may be provided for in the Securities of such series, and accrued and unpaid interest, if any, thereon to be due and
payable immediately, by a notice in writing to the Operating Partnership and the Guarantor (and to the Trustee if given by the
Holders), and upon any such declaration such principal or such lesser amount, as the case may be, and such accrued and unpaid interest
shall become immediately due and payable. If an Event of Default specified in clause (7) or (8) of Section 501 with respect to
the Securities of any series occurs, then the principal of and any premium due on all of the Securities of such series, or such
lesser amount as may be provided for in the Securities of such series, and accrued and unpaid interest, if any, thereon shall ipso
facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder of
the Securities of such series.

 

At any time after Securities
of any series have been accelerated by declaration of the Trustee or the Holders and before a judgment or decree for payment of
the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in aggregate
principal amount of the Outstanding Securities of such series, by written notice to the Operating Partnership, the Guarantor and
the Trustee, may rescind and annul such declaration and its consequences if:

 

    	-41-

    	 

    

 

(1)         the
Operating Partnership or the Guarantor has paid or deposited, or cause to be paid or deposited, with the Trustee a sum of money
sufficient to pay (or, to the extent that the terms of the Securities of such series established pursuant to Section 301 expressly
provide for payment to be made in shares of Common Equity or other securities or property, shares of Common Equity or other securities
or property, together with cash in lieu of fractional shares or securities, sufficient to pay):

 

(a)          all
overdue installments of any interest on any Securities of such series which have become due otherwise than by such declaration
of acceleration and any Additional Amounts with respect thereto,

 

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

 

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

 

(d)          all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel and all other amounts due the Trustee under Section 606; and

 

(2)         all
Events of Default with respect to Securities of such series other than the non-payment of the principal of, any premium and interest
on, and any Additional Amounts with respect to Securities of such series which shall have become due solely by such declaration
of acceleration, shall have been waived as provided in Section 513 or cured.

 

No such rescission
shall affect any subsequent default or impair any right consequent thereon.

 

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Section 503.        Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

The Operating Partnership
covenants that if:

 

(1)         default
is made in the payment of any interest on, or any Additional Amounts payable in respect of any interest on, any Security when such
interest or Additional Amounts, as the case may be, shall have become due and payable and such default continues for a period of
30 days, or

 

(2)         default
is made in the payment of any principal of or premium, if any, on, or any Additional Amounts payable in respect of any principal
of or premium, if any, on, any Security at its Maturity, and such default continues for three Business Days, or

 

(3)         default
is made in the deposit of any sinking fund payment, if applicable, when due, and such default continues for three Business Days,

 

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

 

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

 

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

 

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Section 504.        Trustee
May File Proofs of Claim.

 

In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Operating Partnership, the Guarantor or any other obligor upon the Securities of a series or the property
of the Operating Partnership, the Guarantor or such other obligor or their creditors, the Trustee (irrespective of whether the
principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand on the Operating Partnership or the Guarantor for the payment of any overdue
principal, premium, interest or Additional Amounts) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

(1)         to
file and prove a claim for the whole amount, or such lesser amount as may be provided for in the Securities of such series, of
the principal and any premium, interest and Additional Amounts owing and unpaid in respect of the Securities and to file such other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents or counsel) and of the Holders of Securities allowed
in such judicial proceeding, and

 

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

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder
of Securities to make such payments to the Trustee and, in the event that the Trustee shall consent in writing in its sole discretion
to the making of such payments directly to the Holders of Securities, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee (acting in any capacity hereunder), its agents and counsel and
any other amounts due the Trustee hereunder.

 

Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security any
plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or
to authorize the Trustee to vote in respect of the claim of any Holder of a Security in any such proceeding.

 

Section 505.        Trustee
May Enforce Claims without Possession of Securities.

 

All rights of action
and claims under this Indenture or any of the Securities may be prosecuted and enforced by the Trustee without the possession of
any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery or judgment, after provision for the payment
of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, shall be for the ratable
benefit of each and every Holder of a Security in respect of which such judgment has been recovered.

 

Section 506.        Application
of Money Collected.

 

Any money collected
by the Trustee pursuant to this Article Five with respect to the Securities of any series shall be applied in the following order,
at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal, or any premium,
interest or Additional Amounts, upon presentation of such Securities, and the notation thereon of the payment if only partially
paid and upon surrender thereof if fully paid:

 

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FIRST: To the payment
of all amounts due the Trustee (acting in any capacity hereunder) and any predecessor Trustee under the Indenture;

 

SECOND: To the payment
of the amounts then due and unpaid upon the Securities for principal and any premium, interest and Additional Amounts in respect
of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according
to the aggregate amounts due and payable on such Securities for principal and any premium, interest and Additional Amounts; and

 

THIRD: The balance,
if any, to the Person or Persons entitled thereto.

 

Section 507.        Limitations
on Suits.

 

No Holder of any Security
of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless:

 

(1)         such
Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of such
series;

 

(2)         the
Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(3)         such
Holder or Holders have offered to the Trustee indemnity or security reasonably satisfactory to it against the losses, damages,
costs, expenses and liabilities, including reasonable attorneys’ fees, costs and expenses and court costs, to be incurred
in compliance with such request;

 

(4)         the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and

 

(5)         no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in aggregate principal amount of the Outstanding Securities of such series;

 

it being understood and intended that no
one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this
Indenture or any Security to affect, disturb or prejudice the rights of any other such Holders or Holders of Securities of any
other series, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders.

 

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Section 508.        Unconditional
Right of Holders to Receive Principal and any Premium, Interest and Additional Amounts.

 

Notwithstanding any
other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive
payment of the principal of, and premium, if any, and (subject to Sections 305 and 307) interest, if any, on and any Additional
Amounts with respect to such Security on the respective Stated Maturity or Maturities therefor specified in such Security (or,
in the case of redemption, on the Redemption Date or, in the case of repayment pursuant to Article Thirteen hereof at the option
of such Holder if provided in or pursuant to this Indenture, on the date such repayment is due) and, in the case of any Security
which is convertible into or exchangeable for other securities or property, to convert or exchange, as the case may be, such Security
in accordance with its terms, and to institute suit for the enforcement of any such payment and any such right to convert or exchange,
and such right shall not be impaired without the consent of such Holder.

 

Section 509.        Restoration
of Rights and Remedies.

 

If the Trustee or any
Holder of a Security has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has
been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every
such case the Operating Partnership, the Guarantor (if applicable), the Trustee and each such Holder shall, subject to any determination
in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies
of the Trustee and each such Holder shall continue as though no such proceeding had been instituted.

 

Section 510.        Rights
and Remedies Cumulative.

 

To the extent permitted
by applicable law and except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Securities in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or
to each and every Holder of a Security is intended to be exclusive of any other right or remedy, and every right and remedy, to
the extent permitted by law, shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not,
to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 511.        Delay
or Omission Not Waiver.

 

No delay or omission
of the Trustee or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall, to the
extent permitted by applicable law, impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein. Every right and remedy given by this Article or by law to the Trustee or to any Holder of a Security may, to the extent
permitted by applicable law, be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by such
Holder, as the case may be.

 

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Section 512.        Control
by Holders of Securities.

 

The Holders of a majority
in aggregate principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee
with respect to the Securities of such series; provided that

 

(1)         such
direction shall not be in conflict with any rule of law or with this Indenture or with the Securities of any series,

 

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

 

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

 

Section 513.        Waiver
of Continuing Defaults.

 

The Holders of a majority
in aggregate principal amount of the Outstanding Securities of any series on behalf of the Holders of all the Securities of such
series may waive any continuing default hereunder with respect to such series and its consequences, except

 

(1)         a
continuing default in the payment of the principal of, any premium or interest on, or any Additional Amounts with respect to, any
Security of such series, or

 

(2)         in
the case of any Securities which are convertible into or exchangeable for Common Equity or other securities or property, a continuing
default in any such conversion or exchange, or

 

(3)         a
continuing default in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without
the consent of the Holder of each Outstanding Security of such series affected.

 

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

 

Section 514.        Waiver
of Usury, Stay or Extension Laws.

 

Each of the Operating
Partnership and the Guarantor covenants that (to the extent that it may lawfully do so) it will not at any time insist upon, or
plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or any
other law wherever enacted, now or at any time hereafter in force, which would prohibit or forgive the Operating Partnership or
the Guarantor from paying all or any portion of the principal of or premium, if any, or interest, if any on or Additional Amounts,
if any, as contemplated in this Indenture, the Guarantee and the Securities or which may affect the covenants or the performance
of this Indenture or the Securities; and each of the Operating Partnership and the Guarantor (to the extent that it may lawfully
do so) expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution
of any power herein granted to the Trustee or the Holders, but will suffer and permit the execution of every such power as though
no such law had been enacted.

 

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Section 515.        Undertaking
for Costs.

 

All parties to this
Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in
its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the
Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of any undertaking to pay
the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’
fees and disbursements, against any party litigant in such suit having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this Section 515 shall not apply to any suit instituted by the Trustee,
to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in aggregate principal amount
of Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal
of (or premium, if any) or interest, if any, on or Additional Amounts, if any, with respect to any Security on or after the respective
Stated Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date, and, in the case
of repayment at the option of the Holder pursuant to Article Thirteen hereof, on or after the date for repayment) or for the enforcement
of the right, if any, to convert or exchange any Security into Common Equity or other securities or property in accordance with
its terms.

 

ARTICLE
6

THE TRUSTEE

 

Section 601.        Certain
Rights of Trustee.

 

In connection with
this Indenture and any Securities issued hereunder, subject to Sections 315(a) through 315(d) of the Trust Indenture Act:

 

(1)         the
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper
or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(2)         any
request or direction of the Operating Partnership or the Guarantor mentioned herein shall be sufficiently evidenced by an Operating
Partnership Request or an Operating Partnership Order (in each case, other than delivery of any Security to the Trustee for authentication
and delivery pursuant to Section 303 which shall be sufficiently evidenced as provided therein) and any resolution of the Board
of Directors may be sufficiently evidenced by a Board Resolution;

 

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

 

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

 

(5)         the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by or pursuant to this Indenture at the
request or direction of any of the Holders of Securities of any series pursuant to this Indenture, unless such Holders shall have
offered to the Trustee indemnity or security satisfactory to the Trustee against the losses, damages, costs, expenses and liabilities,
including reasonable attorneys’ fees, costs and expenses and court costs, which might be incurred by it in compliance with
such request or direction;

 

(6)         the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, coupon or other paper or document, but
the Trustee, in its sole discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records
and premises of the Operating Partnership, personally or by agent or attorney and shall incur no liability or additional liability
of any kind by reason of such inquiry or investigation;

 

(7)         the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder;

 

(8)         the
Trustee need perform only those duties that are specifically set forth in this Indenture, and no implied covenants or obligations
shall be read into this Indenture against the Trustee. The Trustee shall not be liable for any action it takes or omits to take
in good faith that it believes to be authorized or within its rights or powers. The Trustee is not required to give any bond or
surety with respect to the performance of its duties or the exercise of its powers under this Indenture. The permissive right of
the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty to do so;

 

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(9)         the
Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail (PDF only),
facsimile transmission or other similar unsecured electronic methods; provided, however, that the Operating Partnership and the
Guarantor, respectively, shall provide to the Trustee an incumbency certificate listing designated persons with the authority to
provide such instructions, which incumbency certificate shall be amended whenever a person is to be added or deleted from the listing.
If the Operating Partnership or the Guarantor elects to give the Trustee e-mail or facsimile transmission instructions (or instructions
by a similar electronic method) and the Trustee in its sole and absolute discretion elects to act upon such instructions, the Trustee’s
understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, damages, costs,
fees or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding
such instructions conflict or inconsistency with a subsequent written instruction. The Operating Partnership and the Guarantor,
as applicable, agree to assume all risks arising out of the use of such electronic methods to submit instructions and directions
to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized instructions, and the risk of interception
by third parties;

 

(10)        the
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other
Person employed to act hereunder;

 

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

 

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

 

Section 602.        Notice
of Defaults.

 

Within 60 days after
the Trustee has actual knowledge of the occurrence of any default hereunder with respect to the Securities of any series, the Trustee
shall transmit by mail to all Holders of Securities of such series, notice of such default hereunder actually known to the Trustee,
unless such default shall have been cured or waived; provided, however, that in the case of any default of the character specified
in Section 501(5) with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after
the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after
notice or lapse of time or both would become, an Event of Default with respect to Securities of such series; provided that any
default that results solely from the taking of an action that would have been permitted but for the continuation of a previous
default will be deemed to be cured if such previous default is cured prior to becoming an Event of Default. The Trustee shall not
be charged with knowledge of any default or Event of Default under this Indenture or related documents unless (i) a Responsible
Officer of the Trustee shall have actual knowledge of such Default or Event of Default or (ii) the Trustee shall have received
notice in writing of such default or Event of Default by the Operating Partnership or by the Holders of at least 25% in aggregate
principal amount of the Securities then Outstanding of the affected series, and such notice is received by the Trustee at the Corporate
Trust Office of the Trustee, and such notice references the Securities and this Indenture.

 

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Section 603.        Not
Responsible for Recitals or Issuance of Securities.

 

The recitals contained
herein and in the Securities, except the Trustee’s certificate of authentication, shall be taken as the statements of the
Operating Partnership or the Guarantor, as the case may be, and neither the Trustee nor any Authenticating Agent assumes any responsibility
for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities
or the Guarantee, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate
the Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on Form T-1
supplied to the Operating Partnership are true and accurate, subject to the qualifications set forth therein. Neither the Trustee
nor any Authenticating Agent shall be accountable for the use or application by the Operating Partnership of the Securities or
the proceeds thereof.

 

Section 604.        May
Hold Securities; Transactions with the Operating Partnership or the Guarantor.

 

The Trustee, any Authenticating
Agent, any Paying Agent, any Security Registrar or any other Person that may be an agent of the Trustee or the Operating Partnership,
in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 310(b) and 311
of the Trust Indenture Act, may otherwise deal with the Operating Partnership and the Guarantor with the same rights it would have
if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other Person; provided, however, that if
the Trustee acquires any conflicting interest relating to any of its duties with respect to the Securities, it must either eliminate
such conflict or resign as Trustee.

 

Section 605.        Money
Held in Trust.

 

Except as provided
in Section 403 and Section 1003, money held by the Trustee in trust hereunder need not be segregated from other funds except to
the extent required by law and shall be held uninvested. The Trustee shall be under no liability for interest on any money received
by it hereunder except as otherwise agreed in writing with the Operating Partnership.

 

Section 606.        Compensation
and Reimbursement.

 

The Operating Partnership
and, in the event that the Operating Partnership fails to perform the following obligations and indemnities, the Guarantor, agrees:

 

(1)         to
pay to the Trustee from time to time such compensation as agreed in writing for all services rendered by the Trustee (in any capacity)
hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express
trust);

 

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

 

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

 

The foregoing payment obligations and indemnities
shall survive the termination of this Indenture and the resignation or removal of the Trustee.

 

As security for the
performance of the obligations of the Operating Partnership and the Guarantor under this Section, the Trustee shall have a lien
prior to the Securities of any series upon all property and funds held or collected by the Trustee as such, except funds held in
trust for the payment of principal of, or premium or interest on or any Additional Amounts with respect to Securities.

 

Any compensation or
expense incurred by the Trustee after a default specified by Section 501(7) or (8) is intended to constitute an expense of administration
under any then applicable bankruptcy or insolvency law. “Trustee” for purposes of this Section 606 shall include
any predecessor Trustee but the gross negligence or willful misconduct of any Trustee shall not affect the rights of any other
Trustee under this Section 606. The provisions of this Section 606 shall, to the extent permitted by law, survive any termination
or expiration of this Indenture (including, without limitation, termination pursuant to any bankruptcy or insolvency laws) and
the resignation or removal of the Trustee.

 

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Section 607.        Corporate
Trustee Required; Eligibility.

 

There shall at all
times be a Trustee hereunder that is a Corporation, organized and doing business under the laws of the United States of America,
any state thereof or the District of Columbia, eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee under
an indenture qualified under the Trust Indenture Act and that has a combined capital and surplus (computed in accordance with Section
310(a)(2) of the Trust Indenture Act) of at least $50,000,000 subject to supervision or examination by federal or state authority.
If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article.

 

Section 608.        Resignation
and Removal; Appointment of Successor.

 

(1)         No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee pursuant to Section 609.

 

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

 

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

 

(4)         If
at any time:

 

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

 

(b)          the
Trustee shall cease to be eligible under Section 607 and shall fail to resign after written request therefor by the Operating Partnership
or any such Holder, or

 

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

 

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then, in any such case, (i) the
Operating Partnership, by or pursuant to a Board Resolution, may remove the Trustee with respect to all Securities or the Securities
of such series, or (ii) subject to Section 315(e) of the Trust Indenture Act, any Holder of a Security who has been a bona fide
Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee with respect to all Securities of such series and the appointment
of a successor Trustee or Trustees.

 

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

 

(6)         The
Operating Partnership shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any
series and each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such
event by first-class mail, postage prepaid, to the Holders of Registered Securities, if any, of such series as their names and
addresses appear in the Security Register.

 

Section 609.        Acceptance
of Appointment by Successor.

 

(1)         Upon
the appointment hereunder of any successor Trustee with respect to all Securities, such successor Trustee so appointed shall execute,
acknowledge and deliver to the Operating Partnership and the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties hereunder of the retiring Trustee; but,
on the request of the Operating Partnership or such successor Trustee, such retiring Trustee, upon payment of its charges, shall
execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee
and, subject to Section 1003, shall duly assign, transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 606.

 

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

 

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(3)         Upon
request of any Person appointed hereunder as a successor Trustee, the Guarantor, on behalf of itself and as the sole owner of the
General Partner, as the sole general partner of the Operating Partnership, shall execute any and all instruments for more fully
and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (1)
or (2) of this Section, as the case may be.

 

(4)         No
Person shall accept its appointment hereunder as a successor Trustee unless at the time of such acceptance such successor Person
shall be qualified and eligible under this Article.

 

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

 

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

 

Section 611.        Appointment
of Authenticating Agent.

 

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

 

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

 

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Any Corporation into
which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Corporation resulting from
any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Corporation succeeding to all
or substantially all of the corporate agency or corporate trust business of an Authenticating Agent, shall be the successor of
such Authenticating Agent hereunder; provided that such Corporation shall be otherwise eligible under this Section, without the
execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent
may resign at any time by giving written notice thereof to the Trustee and the Operating Partnership. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Operating
Partnership. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Operating Partnership and shall mail written notice of such appointment by first-class mail,
postage prepaid, to all Holders of Registered Securities, if any, of the series with respect to which such Authenticating Agent
shall serve, as their names and addresses appear in the Security Register. Any successor Authenticating Agent, upon acceptance
of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder, with like
effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible
under the provisions of this Section.

 

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

 

The provisions of Sections
308, 603 and 604 shall be applicable to each Authenticating Agent.

 

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

 

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

 

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

 

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

 

ARTICLE
7

HOLDERS LISTS AND REPORTS BY TRUSTEE, OPERATING

PARTNERSHIP AND THE GUARANTOR

 

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

 

In accordance with
Section 312(a) of the Trust Indenture Act, the Operating Partnership shall furnish or cause to be furnished to the Trustee

 

(1)         semi-annually
with respect to Securities of each series not later than June 1 and December 1 of each year or upon such other dates as are set
forth in or pursuant to the Board Resolution or indenture supplemental hereto authorizing such series, a list, in each case in
such form as the Trustee may reasonably require, of the names and addresses of Holders as of the applicable date, and

 

(2)         at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Operating Partnership of any such
request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished;

 

provided, however, that so long as the
Trustee is the Security Registrar no such list shall be required to be furnished.

 

Section 702.        Preservation
of Information; Communications to Holders.

 

(1)         The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the
most recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee
in its capacity as Security Registrar. The Trustee shall comply with the obligations imposed upon it pursuant to Section 312 of
the Trust Indenture Act.

 

(2)         Every
Holder of Securities, by receiving and holding the same, agrees with the Operating Partnership, the Guarantor and the Trustee that
none of the Operating Partnership, the Guarantor or the Trustee or any agent of any of them shall be held accountable by reason
of the disclosure of any such information as to the names and addresses of the Holders of Securities in accordance with the Trust
Indenture Act, regardless of the source from which such information was derived.

 

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Section 703.        Reports
by Trustee.

 

(1)         Within
60 days after May 15 of each year commencing with the first May 15 following the first issuance of Securities pursuant to Section
301, if required by Section 313(a) of the Trust Indenture Act, the Trustee shall transmit, pursuant to Section 313(c) of the Trust
Indenture Act, a brief report dated as of such May 15 with respect to any of the events specified in said Sections 313(a) and 313(b)(2)
which may have occurred since the later of the immediately preceding May 15 and the date of this Indenture.

 

(2)         The
Trustee shall transmit the reports required by the Trust Indenture Act, including Sections 313(a), (c) and (d), at the times, in
the manner and to the Persons specified therein.

 

(3)         A
copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon
which any Securities are listed, with the Commission and the Operating Partnership.

 

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

 

Each of the Operating
Partnership and the Guarantor shall file with the Trustee and the Commission, and transmit to Holders, such information, documents
and other reports, and such summaries thereof, as may be required pursuant to the Section 314(a) of the Trust Indenture Act at
the times and in the manner provided pursuant to such Act; provided, that any such information, documents or reports filed with
the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same
is so required to be filed with the Commission.

 

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

 

ARTICLE
8

CONSOLIDATION, MERGER, SALES AND SUBSTITUTION

 

Section 801.        Operating
Partnership May Consolidate, Etc., Only on Certain Terms.

 

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The Operating Partnership
shall not, in any transaction or series of related transactions, consolidate or amalgamate with or merge into any Person or sell,
assign, transfer, lease or otherwise convey all or substantially all its assets to any Person unless:

 

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

 

(2)         immediately
after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time, or both, would
become an Event of Default, shall have occurred and be continuing; and

 

(3)         the
Operating Partnership shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that such consolidation, amalgamation, merger, sale, assignment, transfer, lease or other conveyance and, if a supplemental indenture
is required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent
herein provided for relating to such transaction have been complied with.

 

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

 

Section 802.        Guarantor
May Consolidate, Etc., Only on Certain Terms.

 

The Guarantor shall
not, in any transaction or series of related transactions, consolidate or amalgamate with or merge into any Person or sell, assign,
transfer, lease or otherwise convey all or substantially all its assets to any Person, in each case, unless:

 

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(1)         either
(A) the Guarantor shall be the continuing, successor or surviving Person, or (B) the successor Person (if other than the Guarantor)
formed by or resulting from such consolidation, amalgamation or merger, or to which such sale, assignment, transfer, lease or other
conveyance of all or substantially all of the assets of the Guarantor is made, (i) shall be a corporation, limited liability company,
partnership or other entity organized and existing under the laws of the United States of America, any state thereof or the District
of Columbia or any territory thereof; and (ii) shall, by an indenture (or indentures, if at such time there is more than one Trustee)
supplemental hereto, executed by such successor Person and delivered to the Trustee, in form satisfactory to the Trustee, expressly
assume the due and punctual performance and observance of every obligation in this Indenture and the Guarantee on the part of the
Guarantor to be performed or observed;

 

(2)         immediately
after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time, or both, would
become an Event of Default, shall have occurred and be continuing; and

 

(3)         the
Guarantor shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, amalgamation, merger, sale, assignment, transfer, lease or other conveyance and, if a supplemental indenture is
required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent
herein provided for relating to such transaction have been complied with.

 

For purposes of the
foregoing, any sale, assignment, transfer, lease or other conveyance of all or any of the assets of one or more Subsidiaries of
the Guarantor to any Person other than to the Guarantor or another Subsidiary, whether directly or as a part of any consolidation,
amalgamation or merger, which, if such assets were owned by the Guarantor would constitute all or substantially all of the Guarantor’s
assets, shall be deemed to be the conveyance of all or substantially all of the assets of the Guarantor to any Person.

 

Section 803.        Successor
Person Substituted for Operating Partnership or Guarantor.

 

If the Operating Partnership
or the Guarantor shall, in any transaction or series of related transactions, consolidate or amalgamate with or merge into any
Person or sell, assign, transfer, lease or otherwise convey all or substantially all its assets to any Person, in accordance with
Section 801 or 802, as applicable, the successor Person formed by or resulting from such consolidation, amalgamation or merger
or to which such sale, assignment, transfer, lease or other conveyance of all or substantially all of the assets of the Operating
Partnership or the Guarantor, as applicable, is made, shall succeed to, and be substituted for, and may exercise every right and
power of, the Operating Partnership or the Guarantor, as applicable, under this Indenture, with respect to the Outstanding Securities
of the applicable series, with the same effect as if such successor Person had been named as the Operating Partnership or the Guarantor,
as applicable, herein; and thereafter, except in the case of a lease, the predecessor Person shall be released from all obligations
and covenants under this Indenture, the applicable Securities or the Guarantee, as applicable.

 

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ARTICLE
9

SUPPLEMENTAL INDENTURES

 

Section 901.        Supplemental
Indentures without Consent of Holders.

 

Without the consent
of any Holders of Securities, the Operating Partnership (when authorized by or pursuant to a Board Resolution), the Guarantor (when
authorized by or pursuant to a Board Resolution) and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto for any of the following purposes:

 

(1)         to
evidence the succession of another Person to the Operating Partnership or the Guarantor, as the case may be, and the assumption
by any such successor of the covenants of the Operating Partnership or the Guarantor, as the case may be, contained herein and
in the Securities or the Guarantee, as applicable; or

 

(2)         to
add to the covenants of the Operating Partnership or the Guarantor for the benefit of the Holders of all or any series of Securities
(as shall be specified in such supplemental indenture or indentures) or to surrender any right or power herein conferred upon the
Operating Partnership or the Guarantor with respect to all or any series of Securities issued under this Indenture (as shall be
specified in such supplemental indenture or indentures); or

 

(3)         to
change or eliminate any restrictions on the payment of principal of or any premium or interest on or any Additional Amounts with
respect to any Securities or the Guarantee or to permit or facilitate the issuance of Securities in uncertificated or global form;
provided that any such action shall not adversely affect the interests of the Holders of Securities of any series appertaining
thereto; or

 

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

 

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

 

(6)         to
cure any mistake, ambiguity or to correct or supplement any provision herein which may be defective or which may be inconsistent
with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture,
or to make any change necessary to comply with any requirement of the Commission in connection with the Indenture under the Trust
Indenture Act, in each case which shall not adversely affect the interests of the Holders of Securities of any series then Outstanding;
or

 

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(7)         to
add any additional Events of Default with respect to all or any series of Securities (as shall be specified in such supplemental
indenture); or

 

(8)         to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance,
covenant defeasance and/or satisfaction and discharge of any series of Securities pursuant to Article Four, provided that any such
action shall not adversely affect the interests of any Holder of a Security of such series or any other Security; or

 

(9)         to
secure the Securities or to add guarantees for the benefit of the Securities of all or any series; or

 

(10)        to
amend or supplement any provision contained herein or in any supplemental indenture or in any Securities (which amendment or supplement
may apply to one or more series of Securities or to one or more Securities within any series as specified in such supplemental
indenture or indentures); provided that such amendment or supplement does not apply to any Outstanding Security issued prior to
the date of such supplemental indenture and entitled to the benefits of such provision; or

 

(11)        in
the case of any series of Securities which are convertible into or exchangeable for Common Equity or other securities or property,
to safeguard or provide for the conversion or exchange rights, as the case may be, of such Securities in the event of any reclassification
or change of outstanding shares of Common Equity or any merger, consolidation, statutory share exchange or combination of the Operating
Partnership with or into another Person or any sale, lease, assignment, transfer, disposition or other conveyance of all or substantially
all of the assets of the Operating Partnership to any other Person or other similar transactions, if expressly required by the
terms of such series of Securities established pursuant to Section 301; or

 

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

 

Section 902.        Supplemental
Indentures with Consent of Holders.

 

With the consent of
the Holders of a majority in aggregate principal amount of the Outstanding Securities of each series affected by such supplemental
indenture (voting as separate classes) by Act of said Holders delivered to the Operating Partnership and the Trustee, the Operating
Partnership (when authorized by or pursuant to a Board Resolution), the Guarantor and the Trustee may enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of the Securities of such series or of modifying in any manner the rights of the Holders of Securities
of such series under this Indenture; provided, that no such supplemental indenture, without the consent of the Holder of each Outstanding
Security affected thereby, shall

 

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(1)         change
the Stated Maturity of the principal of, or premium, if any, or any installment of interest, if any, on, or any Additional Amounts,
if any, with respect to, any Security, or reduce the principal amount thereof or the premium, if any, thereon or the rate (or modify
the calculation of such rate) of interest thereon, or reduce the amount payable upon a mandatory or optional redemption thereof
by the Operating Partnership or repayment thereof at the option of the Holder, or reduce any Additional Amounts payable with respect
to any Security or the Guarantee, or change the obligation of the Operating Partnership to pay Additional Amounts pursuant to Section
1004 (except as contemplated by Section 801and permitted by Section 901(1)) or the obligation of the Guarantor to pay Additional
Amounts under the Guarantee, or reduce the amount of the principal of any Original Issue Discount Security that would be due and
payable upon acceleration of the Maturity thereof pursuant to Section 502 or the amount thereof provable in bankruptcy pursuant
to Section 504, or adversely affect the right of repayment at the option of any Holder as contemplated by Article Thirteen, or
change any Redemption Date or any period in which any Security is subject to redemption or otherwise alter the provisions with
respect to the redemption of any Security in a manner that is adverse to the interests of the Holder thereof, or change the Place
of Payment where or the Currency in which the principal of, any premium or interest on, or any Additional Amounts with respect
to any Security is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof (or, in the case of redemption, on or after the Redemption Date or, in the case of repayment pursuant to Article
Thirteen at the option of the Holder, on or after the date for repayment) in each case as such Stated Maturity, Redemption Date
or date for repayment may, if applicable, be extended in accordance with the terms of such Security, or in the case of any Security
which is convertible into or exchangeable for shares of Common Equity or other securities or property, impair the right to institute
suit to enforce the right to convert or exchange such Security in accordance with its terms, or release the Guarantor from any
of the obligations under the Guarantee, or

 

(2)         reduce
the percentage in aggregate principal amount of the Outstanding Securities of any series, the consent of whose Holders is required
for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided for in Section 513 or 1006 of this Indenture,
or reduce the requirements of Section 1504 for quorum or voting, or

 

(3)         modify
any of the provisions of this Section, Section 513 or Section 1006 except to increase any such percentage or to provide that certain
other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby, or

 

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(4)         make
any change that adversely affects the right, if any, to convert or exchange any Security for shares of Common Equity or other securities
or property in accordance with its terms.

 

Other than as set forth
above, a supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which shall have
been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders
of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.

 

Anything in this Indenture
to the contrary notwithstanding, if more than one series of Securities is Outstanding, the Operating Partnership and the Guarantor
shall be entitled to enter into a supplemental indenture under this Section 902 with respect to any one or more series of Outstanding
Securities without entering into a supplemental indenture with respect to any other series of Outstanding Securities.

 

It shall not be necessary
for any Act of Holders of Securities under this Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof.

 

Section 903.        Execution
of Supplemental Indentures.

 

As a condition to executing,
or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trust created by this Indenture, the Trustee shall receive, and (subject to Sections 315(a) through 315(d) of the Trust
Indenture Act) shall be fully protected in conclusively relying upon, an Officers’ Certificate and an Opinion of Counsel
of each of the Operating Partnership and the Guarantor to the effect that the execution of such supplemental indenture is authorized
or permitted by this Indenture and that such supplemental indenture has been duly authorized, executed and delivered by the Guarantor,
on behalf of itself and as the sole owner of the General Partner, as the sole general partner of the Operating Partnership, and
is a valid, binding and enforceable obligation of each of the Operating Partnership and the Guarantor, subject to customary exceptions.
The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise.

 

Section 904.        Effect
of Supplemental Indentures.

 

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

 

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Section 905.        Reference
in Securities to Supplemental Indentures.

 

Securities of any series
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required
by the Trustee, bear a notation as to any matter provided for in such supplemental indenture. If the Operating Partnership shall
so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Operating Partnership,
to any such supplemental indenture may be prepared and executed by the Guarantor, as the sole owner of the General Partner, as
the sole general partner of the Operating Partnership, and authenticated and delivered by the Trustee, upon Operating Partnership
Order, in exchange for Outstanding Securities of such series. In addition, if the supplemental indenture relates to the Guarantee,
the Guarantor may prepare and execute a new Guarantee reflecting the original terms and the modification resulting from such supplemental
indenture in exchange for the then existing Guarantee.

 

Section 906.        Conformity
with Trust Indenture Act.

 

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

 

ARTICLE
10

COVENANTS

 

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

 

The Operating Partnership
covenants and agrees for the benefit of the Holders of the Securities of each series that it will duly and punctually pay the principal
of, and any premium and interest on and any Additional Amounts with respect to, the Securities of such series, whether payable
in cash, shares of Common Equity or other securities or property, in accordance with the terms thereof, and this Indenture.

 

Section 1002.        Maintenance
of Office or Agency.

 

The Operating Partnership
shall maintain in each Place of Payment for any series of Securities an Office or Agency where Securities of such series may be
presented or surrendered for payment, where Securities of such series may be surrendered for registration of transfer or exchange,
where Securities of such series that are convertible or exchangeable may be surrendered for conversion or exchange, and where notices
and demands to or upon the Operating Partnership and the Guarantor in respect of the Securities of such series relating thereto
and this Indenture may be served. The Operating Partnership will give prompt written notice to the Trustee of the location, and
any change in the location, of such Office or Agency. If at any time the Operating Partnership shall fail to maintain any such
required Office or Agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices
and demands may be made or served at the Corporate Trust Office of the Trustee, and each of the Operating Partnership and the Guarantor
hereby appoints the Trustee as Registrar, Paying Agent, Transfer Agent and as its agent to receive all such presentations, surrenders,
notices and demands.

 

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The Operating Partnership
may also from time to time designate one or more other Offices or Agencies where the Securities of one or more series may be presented
or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Operating Partnership of its obligation to maintain an Office or Agency
in each Place of Payment for Securities of any series for such purposes. The Operating Partnership shall give prompt written notice
to the Trustee of any such designation or rescission and of any change in the location of any such other Office or Agency.

 

Unless otherwise provided
in or pursuant to this Indenture, the Operating Partnership hereby designates The City of New York as a Place of Payment for each
series of Securities, initially appoints the Corporate Trust Office of the Trustee in The City of New York as the Operating Partnership’s
Office or Agency in The City of New York for such purpose and initially appoints the Trustee as the Security Registrar for each
series of Securities and, if the Securities of any series are convertible into or exchangeable for Common Equity or other securities
or property, initially appoints the Trustee as conversion or exchange agent, as the case may be, for the Securities of such series.
The Operating Partnership may subsequently appoint a different Office or Agency in The City of New York and, as provided in Section
305, may remove and replace from time to time the Security Registrar.

 

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

 

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

 

Whenever there shall
be one or more Paying Agents for any series of Securities, it shall, on or prior to each due date of the principal of, or any premium
or interest on, or any Additional Amounts with respect to, any Securities of such series, deposit with any Paying Agent a sum (in
the Currency or Currencies described in the preceding paragraph) sufficient to pay the principal, premium, interest and Additional
Amounts, as the case may be, so becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto, and
(unless such Paying Agent is the Trustee) the Operating Partnership will promptly notify the Trustee of its action or failure so
to act.

 

The Operating Partnership
shall cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument
in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent shall:

 

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(1)         hold
all sums held by it for the payment of the principal of, or any premium or interest on, or any Additional Amounts with respect
to, Securities of such series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons
or otherwise disposed of as provided in or pursuant to this Indenture;

 

(2)         give
the Trustee written notice of any default by the Operating Partnership (or any other obligor upon the Securities of such series)
in the making of any payment of principal of, or any premium or interest on, or any Additional Amounts with respect to, the Securities
of such series; and

 

(3)         at
any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all
sums so held in trust by such Paying Agent.

 

To the extent that
the terms of any Securities established pursuant to Section 301 provide that any principal of, or premium or interest, if any,
on, or any Additional Amounts with respect to, any such Securities is or may be payable in shares of Common Equity or other securities
or property, then the provisions of this Section 1003 shall apply, mutatis mutandis, to such shares of Common Equity or other securities
or property.

 

The Operating Partnership
may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or
by Operating Partnership Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Operating Partnership
or such Paying Agent, such sums to be held by the Trustee upon the same terms as those upon which such sums were held by the Operating
Partnership or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released
from all further liability with respect to such sums.

 

Except as otherwise
provided herein or pursuant hereto, any money deposited with the Trustee or any Paying Agent, or then held by the Operating Partnership,
in trust for the payment of the principal of, or any premium or interest on, or any Additional Amounts with respect to, any Security
of any series and remaining unclaimed for two years after such principal, premium, interest or Additional Amounts shall have become
due and payable shall be paid to the Operating Partnership on Operating Partnership Request, or (if then held by the Operating
Partnership) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor,
look only to the Operating Partnership for payment thereof, and all liability of the Trustee or such Paying Agent with respect
to such trust money, and all liability of the Operating Partnership as trustee thereof, shall thereupon cease.

 

Section 1004.        Additional
Amounts.

 

If any Securities of
a series provide for the payment of Additional Amounts by the Operating Partnership, the Operating Partnership agrees to pay to
the Holder of any such Securities Additional Amounts as provided in or pursuant to this Indenture or such Securities. Whenever
in this Indenture there is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect
of, any Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided by
the terms of such series established hereby or pursuant hereto and, unless the context otherwise specifies or requires, by the
Guarantee, in each case to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof
pursuant to such terms, and express mention of the payment of Additional Amounts (if applicable) in any provision hereof shall
not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made.

 

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Except as otherwise
provided in or pursuant to this Indenture or the Securities of any series, if the Securities of a series provide for the payment
of Additional Amounts by the Operating Partnership, at least 10 days prior to the first Interest Payment Date with respect to such
series of Securities (or if the Securities of such series shall not bear interest prior to Maturity, the first day on which a payment
of principal is made), and at least 10 days prior to each date of payment of principal or interest if there has been any change
with respect to the matters set forth in the below-mentioned Officers’ Certificate, the Operating Partnership shall furnish
to the Trustee and the Paying Agent or Paying Agents, if other than the Trustee, an Officers’ Certificate instructing the
Trustee and such Paying Agent or Paying Agents whether such payment of principal of and premium, if any, or interest, if any, on
the Securities of such series shall be made to Holders of Securities of such series without withholding or deduction for or on
account of any tax, assessment or other governmental charge described in the Securities of such series or pursuant to Section 301
with respect to the Securities of such series. If any such withholding or deduction shall be required, then such Officers’
Certificate shall specify by country the amount, if any, required to be withheld on or deducted from such payments to such Holders
of Securities, and the Operating Partnership agrees to pay to the Trustee or such Paying Agent the Additional Amounts required
by the terms of such Securities. The Operating Partnership covenants to indemnify the Trustee and any Paying Agent for, and to
hold them harmless against, any loss, damage, liability, cost or expense, including attorneys’ fees, costs and expenses,
reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted
by any of them in reliance on any Officers’ Certificate furnished pursuant to this Section. Nothing in this Section 1004
or elsewhere in this Indenture shall limit the obligation of the Operating Partnership to pay Additional Amounts with respect to
the Securities of any series pursuant to the terms, if any, established pursuant to Section 301 with respect to the Securities
of such series. The Trustee shall not at any time be under any duty or responsibility to any Holder to determine the Additional
Amounts owed, or with respect to the nature, extent, or calculation of the Additional Amounts owed, or with respect to the method
employed in such calculation of the Additional Amounts.

 

Section 1005.        Corporate
Existence.

 

Subject to Article
Eight, each of the Operating Partnership and the Guarantor shall do or cause to be done all things necessary to preserve and keep
in full force and effect (i) its partnership or corporate existence, as applicable, and (ii) its rights (charter and statutory),
licenses and franchises if the failure to maintain such rights, licenses or franchises could reasonably be expected to have a material
adverse effect on the business of the Operating Partnership or the Guarantor; provided, however, that neither the Operating Partnership
nor the Guarantor shall be required to preserve any such right, license or franchise if the Board of Directors of the Guarantor,
on behalf of itself, or as the sole owner of the General Partner, as the sole general partner of the Operating Partnership, as
the case may be, determines that the preservation thereof is no longer desirable in the conduct of its business.

 

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Section 1006.        Waiver
of Certain Covenants.

 

The Operating Partnership
and the Guarantor may omit in any particular instance to comply with any term, provision or condition set forth in Sections 1005(ii)
with respect to the Securities of any series and, if expressly provided pursuant to Section 301(16), any additional covenants applicable
to the Securities of such series if, before the time for such compliance, the Holders of a majority in aggregate principal amount
of the Outstanding Securities of such series, by Act of such Holders, either shall waive such compliance in such instance or generally
shall have waived compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision
or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Operating
Partnership and the Guarantor, as applicable and the duties of the Trustee in respect of any such term, provision or condition
shall remain in full force and effect.

 

Section 1007.        Operating
Partnership and the Guarantor Statement as to Compliance.

 

Each of the Operating
Partnership and the Guarantor shall deliver to the Trustee, within 150 days after the end of each fiscal year, a written statement
(which need not be contained in or accompanied by an Officers’ Certificate) signed by the principal executive officer, the
principal financial officer or the principal accounting officer of the Operating Partnership or the Guarantor, as applicable, stating
whether or not, to the best of his or her knowledge, (i) there is a default by the Operating Partnership or the Guarantor, as applicable,
in the performance and observance of any of the terms, provisions and conditions of this Indenture, the Securities and the Guarantee
(without regard to notice requirements or periods of grace) or (ii) there is a default which, with notice or the lapse of time
or both, would become an Event of Default or an Event of Default has occurred or is continuing, and specifying all such defaults
and Events of Default and the nature and status thereof of which he or she may have knowledge; provided that any default that results
solely from the taking of an action that would have been permitted but for the continuation of a previous default will be deemed
to be cured if such previous default is cured prior to becoming an Event of Default.

 

Section 1008.        Calculation
of Original Issue Discount.

 

So long as there is
any Outstanding Original Issue Discount Security, the Operating Partnership shall file with the Trustee promptly at the end of
each calendar year a written notice specifying the amount of original issue discount (including daily rates and accrual periods)
accrued on Outstanding Original Issue Discount Securities as of the end of such year.

 

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ARTICLE
11

REDEMPTION OF SECURITIES

 

Section 1101.        Applicability
of Article.

 

Redemption of Securities
of any series at the option of the Operating Partnership as permitted or required by the terms of such Securities shall be made
in accordance with the terms of such Securities and (except as otherwise provided herein or pursuant hereto) this Article.

 

Section 1102.        Election
to Redeem; Notice to Trustee.

 

The election of the
Operating Partnership to redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In case of any redemption
at the election of the Operating Partnership of all of the Outstanding Securities of any series, the Operating Partnership shall,
not less than 30 and not more than 60 days prior to the Redemption Date fixed by the Operating Partnership, notify the Trustee
of such Redemption Date and of the principal amount of Securities of such series to be redeemed and, in the event that the Operating
Partnership shall determine that the Securities of any series to be redeemed shall be selected from Securities of such series having
the same issue date, interest rate or interest rate formula, Stated Maturity and other terms (the “Equivalent Terms”),
the Operating Partnership shall notify the Trustee of such Equivalent Terms.

 

If less than all of
the Securities of any series are to be redeemed or if less than all of the Securities of any series with Equivalent Terms are to
be redeemed, the Operating Partnership shall, at least five days prior to giving notice of redemption to the Holders (unless a
shorter notice shall be satisfactory to the Trustee and agreed upon in writing by the Trustee), notify the Trustee of such Redemption
Date, the principal amount of Securities of such series to be redeemed and, if applicable, the Equivalent Terms.

 

In the case of any
redemption of Securities (i) prior to the expiration of any restriction on such redemption provided in the terms of such Securities
or elsewhere in this Indenture or (ii) pursuant to an election of the Operating Partnership which is subject to a condition specified
in the terms of such Securities or elsewhere in this Indenture, the Operating Partnership shall furnish to the Trustee an Officers’
Certificate and Opinion of Counsel evidencing compliance with such restriction or condition.

 

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

 

If less than all of
the Securities of any series are to be redeemed or if less than all of the Securities of any series with Equivalent Terms are to
be redeemed, the particular Securities to be redeemed shall be selected not less than 30 days and not more than 60 days prior to
the Redemption Date by the Trustee from the Outstanding Securities of such series or from the Outstanding Securities of such series
with Equivalent Terms, as the case may be, not previously called for redemption, by such method as the Trustee shall deem fair
and appropriate and in accordance with the Depository’s procedures, and which may provide for the selection for redemption
of portions of the principal amount of Registered Securities of such series; provided, however, that no such partial redemption
shall reduce the portion of the principal amount of a Security of such series not redeemed to less than the minimum denomination
for a Security of such series established herein or pursuant hereto.

 

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The Trustee shall promptly
notify the Operating Partnership and the Security Registrar (if other than itself) in writing of the Securities selected for redemption
and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.

 

For all purposes of
this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in
the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal of such Securities which has
been or is to be redeemed.

 

Unless otherwise specified
in or pursuant to this Indenture or the Securities of any series, if any Security selected for partial redemption is converted
or exchanged for Common Equity or other securities or property in part before termination of the conversion or exchange right with
respect to the portion of the Security so selected, the converted or exchanged portion of such Security shall be deemed (so far
as may be) to be the portion selected for redemption. Securities which have been converted or exchanged during a selection of Securities
to be redeemed shall be treated by the Trustee as Outstanding for the purpose of such selection.

 

Section 1104.        Notice
of Redemption.

 

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

 

Any notice that is
mailed to the Holder of any Registered Securities in the manner herein provided shall be conclusively presumed to have been duly
given, whether or not such Holder receives the notice.

 

All notices of redemption
shall state:

 

(1)         the
Redemption Date,

 

(2)         the
Redemption Price,

 

(3)         if
less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption,
the principal amount) of the particular Security or Securities to be redeemed,

 

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(4)         that,
in case any Security is to be redeemed in part only, on and after the Redemption Date, upon surrender of such Security, the Holder
of such Security will receive, without charge, a new Security or Securities of authorized denominations for the principal amount
thereof remaining unredeemed,

 

(5)         that,
on the Redemption Date, the Redemption Price shall become due and payable upon each such Security or portion thereof to be redeemed,
together (if applicable) with accrued and unpaid interest, if any, thereon (subject, if applicable, to the provisos to the first
paragraph of Section 1106), and, if applicable, that interest thereon shall cease to accrue on and after said date,

 

(6)         the
place or places where such Securities, if any, maturing after the Redemption Date are to be surrendered for payment of the Redemption
Price and any accrued interest and Additional Amounts pertaining thereto,

 

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

 

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

 

(9)         the
CUSIP number, Common Code or ISIN number of such Securities, if any (or any other numbers used by a Depository to identify such
Securities), and

 

(10)        if
the Redemption Price or any portion thereof shall be payable, at the option of the Operating Partnership or any Holders, in shares
of Common Equity, cash or in other securities or property (or a combination thereof), a statement as to whether the Operating Partnership
has elected to pay the Redemption Price in shares of Common Equity, cash or in other securities or property (or a combination thereof)
and, if applicable, the portion of the Redemption Price that is to be paid in shares of Common Equity, cash or in other securities
or property.

 

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

 

Section 1105.        Deposit
of Redemption Price.

 

At or prior to 10:00
am (local time in New York City) on any Redemption Date, the Operating Partnership shall deposit, with respect to the Securities
of any series called for redemption pursuant to Section 1104, with the Trustee or with a Paying Agent (or, if the Operating Partnership,
the Guarantor or any Affiliate of the Operating Partnership or the Guarantor is acting as Paying Agent, segregate and hold in trust
as provided in Section 1003) an amount of money in the applicable Currency sufficient to pay the Redemption Price of, and (except
if the Redemption Date shall be an Interest Payment Date, unless otherwise specified pursuant to Section 301 for or in the Securities
of such series) any accrued interest on and Additional Amounts with respect to, all such Securities or portions thereof which are
to be redeemed on that date.

 

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Section 1106.        Securities
Payable on Redemption Date.

 

Notice of redemption
having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption
Price therein specified, together with (unless otherwise provided with respect to the Securities of such series pursuant to Section
301) accrued and unpaid interest, if any, thereon and from and after such date (unless the Operating Partnership shall default
in the payment of the Redemption Price and accrued interest, if any) such Securities shall cease to bear interest and, except to
the extent provided below, shall be void. Upon surrender of any such Security for redemption in accordance with said notice, such
Security shall be paid by the Operating Partnership at the Redemption Price, together with, unless otherwise provided in or pursuant
to this Indenture, any accrued and unpaid interest thereon and Additional Amounts with respect thereto to but excluding the Redemption
Date; provided, however, that except as otherwise specified in or pursuant to this Indenture or the Registered Securities of such
series, installments of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on
the Regular Record Dates therefor according to their terms and the provisions of Section 307.

 

If any Security called
for redemption shall not be so paid, or funds set aside for payment, on the Redemption Date, the principal and any premium, until
paid, shall bear interest from the Redemption Date at the rate prescribed therefor in the Security or, if no rate is prescribed
therefor in the Security, at the rate of interest, if any, borne by such Security.

 

Section 1107.        Securities
Redeemed in Part.

 

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

 

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ARTICLE
12

SINKING FUNDS

 

Section 1201.        Applicability
of Article.

 

The provisions of this
Article shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise permitted or
required in or pursuant to this Indenture or any Security of such series issued pursuant to this Indenture.

 

The minimum amount
of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory
sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of such
series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities
of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking
fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such
series and this Indenture.

 

Section 1202.        Satisfaction
of Sinking Fund Payments with Securities.

 

The Operating Partnership
may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any series to be made pursuant
to the terms of such Securities (1) deliver Outstanding Securities of such series (other than any of such Securities previously
called for redemption or any of such Securities in respect of which cash shall have been released to the Operating Partnership),
and (2) apply as a credit Securities of such series which have been redeemed either at the election of the Operating Partnership
pursuant to the terms of such series of Securities or through the application of permitted optional sinking fund payments pursuant
to the terms of such Securities; provided that such Securities have not been previously so credited. Such Securities shall be received
and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation
of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or
credit of Securities of any series in lieu of cash payments pursuant to this Section 1202, the principal amount of Securities of
such series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call
Securities of such series for redemption, except upon Operating Partnership Request, and such cash payment shall be held by the
Trustee or a Paying Agent and applied to the next succeeding sinking fund payment; provided, however, that the Trustee or such
Paying Agent shall at the written request of the Operating Partnership from time to time pay over and deliver to the Operating
Partnership any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Operating Partnership to the
Trustee of Securities of that series purchased by the Operating Partnership having an unpaid principal amount equal to the cash
payment requested to be released to the Operating Partnership.

 

    	-75-

    	 

    

 

Section 1203.        Redemption
of Securities for Sinking Fund.

 

Not less than 75 days
prior to each sinking fund payment date for any series of Securities, the Operating Partnership shall deliver to the Trustee an
Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that series pursuant to
the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if
any, which is to be satisfied by delivering and crediting of Securities of that series pursuant to Section 1202, and the optional
amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any
Securities to be so credited and not theretofore delivered. If such Officers’ Certificate shall specify an optional amount
to be added in cash to the next ensuing mandatory sinking fund payment, the Operating Partnership shall thereupon be obligated
to pay the amount therein specified. Not less than 60 days before each such sinking fund payment date the Trustee shall select
the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the
redemption thereof to be given in the name of and at the expense of the Operating Partnership in the manner provided in Section
1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated
in Sections 1106 and 1107.

 

ARTICLE
13

REPAYMENT AT THE OPTION OF HOLDERS

 

Section 1301.        Applicability
of Article.

 

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

 

    	-76-

    	 

    

 

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

 

ARTICLE
14

SECURITIES IN FOREIGN CURRENCIES

 

Section 1401.        Applicability
of Article.

 

Whenever this Indenture
provides for (i) any action by, or the determination of any of the rights of, Holders of Securities of any series in which not
all of such Securities are denominated in the same Currency or (ii) any distribution to Holders of Securities of any series in
which not all of such Securities are denominated in the same Currency, in the absence of any provision to the contrary in or pursuant
to this Indenture or the Securities of such series and in accordance with the Depository’s procedures, any amount in respect
of any Security denominated in a Currency other than Dollars shall be treated for any such action, determination or distribution
as that amount of Dollars that could be obtained for such amount on such reasonable basis of exchange and as of the record date
with respect to Registered Securities of such series (if any) for such action, determination or distribution (or, if there shall
be no applicable record date, such other date reasonably proximate to the date of such distribution) as the Operating Partnership
may specify in a written notice to the Trustee or, in the absence of such written notice, as the Trustee may determine.

 

Section 1402.        Monies
of Different Currencies to be Segregated.

 

The Trustee shall segregate
monies, funds and accounts held by the Trustee hereunder in one currency from any monies, funds or accounts in any other currencies,
notwithstanding any provision herein which would otherwise permit the Trustee to commingle such accounts.

 

ARTICLE
15

MEETINGS OF HOLDERS OF SECURITIES

 

Section 1501.        Purposes
for Which Meetings May Be Called.

 

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

 

Section 1502.        Call,
Notice and Place of Meetings.

 

(1)         The
Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 1501, to be
held at such time and at such place in The City of New York. Notice of every meeting of Holders of Securities of any series, setting
forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given,
in the manner provided in Section 106, not less than 21 nor more than 180 days prior to the date fixed for the meeting.

 

    	-77-

    	 

    

 

(2)         In
case at any time the Operating Partnership or the Guarantor (by or pursuant to a Board Resolution) or the Holders of at least 10%
in aggregate principal amount of the Outstanding Securities of any series shall have requested the Trustee to call a meeting of
the Holders of Securities of such series for any purpose specified in Section 1501, by written request setting forth in reasonable
detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed notice of or shall not thereafter
proceed to cause the meeting to be held as provided herein, then the Operating Partnership, the Guarantor or the Holders of Securities
of such series in the amount above specified, as the case may be, may determine the time and the place in The City of New York,
and may call such meeting for such purposes by giving notice thereof as provided in clause (1) of this Section.

 

Section 1503.        Persons
Entitled to Vote at Meetings.

 

To be entitled to vote
at any meeting of Holders of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of
such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding
Securities of such series by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting
of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives
of the Trustee and its counsel and any representatives of the Operating Partnership, the Guarantor and their respective counsel.

 

Section 1504.        Quorum;
Action.

 

The Persons entitled
to vote a majority in aggregate principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting
or duly reconvened meeting of Holders of Securities of such series; provided, however, that if any action is to be taken at such
meeting with respect to a consent or waiver which this Indenture expressly provides may be given by the Holders of a supermajority
in aggregate principal amount of the Outstanding Securities of a series, the Persons entitled to vote the specified supermajority
in aggregate principal amount of the Outstanding Securities of such series shall constitute a quorum. In the absence of a quorum
within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities
of such series, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined
by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting,
such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided
in Section 1502(1), except that such notice need be given only once not less than five days prior to the date on which the meeting
is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided
above, of the aggregate principal amount of the Outstanding Securities of such series which shall constitute a quorum.

 

    	-78-

    	 

    

 

Except as limited by
the proviso to Section 902, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present
as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in aggregate principal amount of the Outstanding
Securities of that series; provided, however, that, except as limited by the proviso to Section 902, any resolution with respect
to any request, demand, authorization, direction, notice, consent, waiver or other Act which this Indenture expressly provides
may be made, given or taken by the Holders of a supermajority in aggregate principal amount of the Outstanding Securities of a
series may be adopted at a meeting or an adjourned meeting duly convened and at which a quorum is present as aforesaid only by
the affirmative vote of the Holders of the specified supermajority in aggregate principal amount of the Outstanding Securities
of that series; and provided, further, that, except as limited by the proviso to Section 902, any resolution with respect to any
request, demand, authorization, direction, notice, consent, waiver or other Act which this Indenture expressly provides may be
made, given or taken by the Holders of a specified percentage, which is less than a majority, in aggregate principal amount of
the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum
is present as aforesaid by the affirmative vote of the Holders of such lesser specified percentage in aggregate principal amount
of the Outstanding Securities of such series.

 

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

 

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

 

(1)         Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting
of Holders of Securities of such series in regard to proof of the holding of Securities of such series and of the appointment of
proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate.
Except as otherwise permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified
in Section 104 and the appointment of any proxy shall be proved in the manner specified in Section 104. Such regulations may provide
that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified
in Section 104 or other proof.

 

(2)         The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called
by the Operating Partnership, the Guarantor or the Holders of Securities as provided in Section 1502, in which case the Operating
Partnership, the Guarantor or the Holders of Securities of the series calling the meeting, as the case may be, shall in like manner
appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons
entitled to vote a majority in aggregate principal amount of the Outstanding Securities of such series represented at the meeting.

 

    	-79-

    	 

    

 

(3)         At
any meeting, each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount of
Securities of such series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in
respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. If the Securities
of such series are issuable in minimum denominations of less than $1,000, then a Holder of such a Security in a principal amount
of less than $1,000 shall be entitled to a fraction of one vote which is equal to the fraction that the principal amount of such
Security bears to $1,000. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series
or proxy.

 

(4)         Any
meeting of Holders of Securities of any series duly called pursuant to Section 1502 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities of such series
represented at the meeting; and the meeting may be held as so adjourned without further notice.

 

Section 1506.        Counting
Votes and Recording Action of Meetings.

 

The vote upon any resolution
submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures
of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of
the Outstanding Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two
inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with
the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting. A record, at least
in triplicate, of the proceedings of each meeting of Holders of Securities of any series shall be prepared by the secretary of
the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken
thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and
showing that said notice was given as provided in Section 1502 and, if applicable, Section 1504. Each copy shall be signed and
verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to each
of the Operating Partnership and the Guarantor, and another to the Trustee to be preserved by the Trustee, the latter to have attached
thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein
stated.

 

ARTICLE
16

GUARANTEE

 

Section 1601.        Guarantee
Agreement; Form of Guarantee

 

    	-80-

    	 

    

 

The Guarantor by its
execution of this Indenture hereby agrees with each Holder of a Security authenticated and delivered by the Trustee, and with the
Trustee on behalf of such Holder, that the Guarantee in the form set forth below shall apply to such Security:

 

FORM OF GUARANTEE

 

This guarantee (this
“Guarantee”) dated as of _____________ is entered into by Education Realty Trust, Inc., 999 South Shady Grove
Road, Suite 600, Memphis, Tennessee 38120 (the “Guarantor”).

 

Whereas

 

		(A)	Education Realty Operating Partnership, LP, a Delaware
limited partnership (the “Issuer”), is the issuer under an indenture, dated as of November __, 2014 (as may
be amended or supplemented from time to time, the “Indenture”), among the Issuer, the Guarantor and U.S. Bank
National Association, as trustee, which provides for the issuance from time to time of the Issuer’s senior debentures, notes
or other evidences of indebtedness (hereinafter called the “Securities”), unlimited as to principal amount
and which will be guaranteed by the Guarantor.

 

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

 

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

 

Now, therefore the
Guarantor undertakes as follows:

 

		1.	Definitions

 

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

 

    	-81-

    	 

    

 

		2.	Guarantee

 

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

 

		3.	Status

 

The obligations
of the Guarantor under this Guarantee constitute direct, unsecured and unsubordinated obligations of the Guarantor and the Guarantor
undertakes that its obligations hereunder will rank pari passu with all other present or future direct, unsecured and unsubordinated
obligations of the Guarantor.

 

		4.	Duration

 

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

 

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

 

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

 

Until all principal,
premium (if any) and interest and all other monies payable by the Issuer in respect of any Securities shall be paid in full, (i)
no right of the Guarantor, by reason of the performance of any of its obligations under this Guarantee, to be indemnified by the
Issuer or to take the benefit of or enforce any security or other guarantee or indemnity against the Issuer in connection with
the Securities shall be exercised or enforced and (ii) the Guarantor shall not (a) by virtue of this Guarantee or any other reason
be subrogated to any rights of any Holder or (b) claim in competition with the Holders against the Issuer. If the Guarantor receives
any benefit, payment or distribution in relation to such rights, it shall hold that benefit, payment or distribution to the extent
necessary to enable all amounts which may be or become payable to the Holders by the Issuer under or in connection with the Securities
to be paid in full on behalf and for the benefit of the Holders and shall promptly pay or transfer the same to the Holders as they
may direct to the extent such amount shall be due and unpaid by the Issuer to the Holders.

 

    	-82-

    	 

    

 

		6.	Notices

 

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

 

Education Realty
Trust, Inc.

999 South Shady Grove Road, Suite 600

Memphis, Tennessee 38120

Attention: Chief Financial Officer

Fax: (901) 259-2594

 

		7.	Assignment

 

The Guarantor
shall not be entitled to assign or transfer any or all of its rights, benefits or obligations under this Guarantee, except in connection
with an assignment or transfer permitted by Article 8 of the Indenture. Each Holder shall be entitled to assign all or any of its
rights and benefits under this Guarantee.

 

		8.	Severability

 

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

 

		9.	Subsequent Guarantees

 

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

 

		10.	Governing Law

 

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

 

Guarantor:

 

    	-83-

    	 

    

 

Guarantor:

 

	 	EDUCATION REALTY TRUST, INC.
	 	 	 
	 	By: 	          
	 	 	Name:
	 	 	Title:

 

    	-84-

    	 

    

 

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

 

	 	EDUCATION REALTY OPERATING
	 	PARTNERSHIP, LP, as Issuer
	 	 	 
	 	By: 	EDUCATION REALTY OP GP, INC.,
	 	 	its general partner
	 	 	 
	 	By:	EDUCATION REALTY TRUST, INC.,
	 	 	its sole owner
	 	 	 
	 	By:	/s/ Edwin B. Brewer, Jr.
	 	 	Name: Edwin B. Brewer, Jr.
	 	 	Title: Executive Vice President and Chief  Financial Officer
	 	 	 
	 	EDUCATION REALTY TRUST, INC.,
	 	as Guarantor
	 	 	 
	 	By: 	/s/ Edwin B. Brewer, Jr.
	 	 	Name: Edwin B. Brewer, Jr.
	 	 	Title: Executive Vice President and Chief Financial Officer

 

    	-85-

    	 

    

 

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

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee, Registrar, Paying Agent and Transfer Agent
	 	 	 
	 	By: 	/s/ Gail Wilson
	 	 	Name: Gail Wilson
	 	 	Title: Vice President
	 	 	 

 

    	-86-ex101.htm

Exhibit 10.1

FIRST AMENDMENT TO SUBLEASE AGREEMENT

(770 & 790 Komas Drive, Salt Lake City, Utah 84108)

THIS FIRST AMENDMENT TO SUBLEASE AGREEMENT (this “First Amendment”) is made and entered into as of November 1, 2014, by and between WASATCH RESEARCH PARK 1, LLC, a Utah limited liability company, as master tenant (“Landlord”); and EVANS & SUTHERLAND COMPUTER CORPORATION, a Utah corporation, as tenant (“Tenant”), (collectively, the “Parties” and individually, a “Party”).

R E C I T A L S:

A.           Pursuant to that certain Sublease Agreement dated as of November 13, 2009 (the “Sublease”), Landlord leased to Tenant three (3) structures located on approximately 5.9 acres of land (“Property”) in Salt Lake County, Salt Lake City, Utah commonly known as 770 & 790 Komas Drive, Salt Lake City, Utah 84108 as set forth in the Sublease.  Subsequently, the 3,360 rentable square foot (“RSF”) Substation as defined in the Sublease was conveyed to Rocky Mountain Power under a separate agreement and is no longer a part of the Premises.  Capitalized terms used, but not specifically defined herein, shall have the meanings given them under the Sublease.

B.           Landlord and Tenant are parties to that certain Repurchase Option Agreement dated November 13, 2009 as amended by the First Amendment to Repurchase Option Agreement dated May 13, 2011 (the “Repurchase Agreement”).  Although Tenant provided notice of its intention to exercise its right to repurchase the Buildings and Leasehold Interest in the Real Property (all as defined in the Repurchase Agreement), Tenant has determined not to close any such transaction and to allow its rights under the Repurchase Agreement to expire.

C.           The Parties wish to amend the Sublease in accordance with the terms of this First Amendment.

A G R E E M E N T:

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree, notwithstanding anything to the contrary contained in the Sublease, as follows:

1.           Recitals.  The Parties acknowledge and agree that the above Recitals are true and accurate and are incorporated in this First Amendment agreement by this reference.

2.           Termination of the Repurchase Options Agreement.  The Parties acknowledge and agree that as of October 31, 2014, the Repurchase Agreement has expired on its terms and is hereby terminated and has no further effect and that Tenant no longer has any rights to repurchase the Buildings and Leasehold Interest in the Real Property (all as defined in the Repurchase Agreement).

  

1

  

3.           Effective Date.  The Effective Date of this First Amendment is November 1, 2014.

4.           Term.  Section 3 of the Sublease is hereby amended to add five (5) additional years to the Term of the Sublease (“Additional Term”) commencing on November 1, 2014 (the “Additional Term Commencement Date”) and expiring on October 31, 2019, unless further extended or earlier terminated in accordance with the terms of the Sublease, as amended by this First Amendment.  The Parties hereby acknowledge that Tenant’s option to renew described in Section 3 of the Sublease has expired and shall not continue to apply to these adjusted Premises.

5.           Rent Commencement Date:  The “Rent Commencement Date” for the Additional Term shall be November 1, 2014.

6.           Rent:  Section 4(a) of the Sublease is hereby amended to add Base Rent for the Additional Term as follows:

	
  

	
(a)

	
Base Rent. The triple net, base rent shall be FIVE HUNDRED FORTY-EIGHT THOUSAND SEVEN HUNDRED NINETEEN AND 00/100 DOLLARS ($548,719.00) per annum (the "Base Rent"). The Base Rent consists of the following and/or shall be paid in this manner:

	
  

	
(i)

	
FORTY FIVE THOUSAND SEVEN HUNDRED TWENTY-SIX AND 58/100 DOLLARS ($45,726.58) per month from November 1, 2014 to October 31, 2019 (with the Base Rent prorated for any partial months).

	
  

	
(ii)

	
The amount of the Base Rent consists of the following components:

 

	
Space

	 	
Monthly Rent

	 	 	
Annual Rent:

	 
	
Office Space Rent:

	 	$	31,763.33	 	 	$	381,160.00	 
	
Warehouse Space Rent:

	 	$	11,977.58	 	 	$	143,731.00	 
	
Shop Rent:

	 	$	1,985.67	 	 	$	23,828.00	 
	
TOTAL

	 	$	45,726.58	 	 	$	548,719.00	 

 

	
  

	
(iii)

	
One twelfth (1/12) of the Base Rent shall be payable in advance each month on or before the 1st day of each month during the duration of this Sublease. Any partial months shall be prorated accordingly. All Base Rent and Additional Rent defined in the Sublease (collectively, the "Rents") shall be paid to the following address, unless otherwise directed in writing: Wasatch Research Park I, LLC, 299 South Main Street, Suite 2400, Salt Lake City, Utah 84111.

7.           Section 4(c): The Parties hereby acknowledge that Section 4(c) of the Sublease continues to apply.

  

2

  

8.           First Right to Provide New Lease Space.  The Parties agree that if Tenant intends to relocate to a new lease space at the end of the Additional Term, then before executing any listing or agency agreement with a Utah real estate broker to find new lease space for Tenant, Tenant shall give Landlord at least thirty (30) days prior written notice of the same.  Likewise, if Tenant intends to relocate to a new lease space at the end of the Additional Term but Tenant intends to avoid engaging a Utah real estate broker and instead plans on using its own personnel to find such new space, then before making a written offer on any new lease space Tenant shall give Landlord at least thirty (30) days prior written notice of the same.  During either of these 30-day periods, Landlord will have the opportunity to present to Tenant other lease spaces that Tenant might choose to rent directly from Landlord or Landlord’s affiliates.  After listening to Landlord’s presentation, Tenant may choose, in its sole and absolute discretion, to (i) enter into lease negotiations with Landlord for any of Landlord’s (or Landlord’s affiliates’) lease spaces that Tenant prefers or (ii) decline to participate in any lease negotiations with Landlord.  At the conclusion of the thirty (30) day period, Tenant may engage a Utah real estate broker to find new lease space for Tenant, make a written offer for any new lease space, or take any other actions regarding its new space needs that Tenant desires to take.  Notwithstanding anything else contained herein, Tenant shall not be obligated to lease any new lease space from Landlord nor be restricted from engaging in market research concerning potential new lease spaces.

 

9.           Binding Effect.  The terms and conditions of this First Amendment shall be binding upon and inure to the benefit of Tenant and Landlord and their respective successors, transferees and assigns.

 

10.           Sublease Terms Apply; Amendment Controls.   Except as specifically provided herein, the terms and conditions of the Sublease shall remain in full force and effect.  If any provision of the Sublease is in conflict with any provisions of this First Amendment, the terms of this First Amendment shall control.

 

11.           Authority.  The parties represent to each other that this First Amendment has been fully authorized, that all persons signing for each party below have authority to bind the respective party, and that any approvals, if required, including, but not limited to the approval of third parties, have been obtained.

 

12.           Counterparts; Facsimile & Emailed Signatures.  This First Amendment may be signed in any number of counterparts with the same effect as if the signatures upon any counterpart were upon the same instrument, and all signed counterparts shall be deemed to be part of the original First Amendment.  Facsimile and emailed signatures shall bind the party transmitting such signature to the same extent as an original.

[Signature page follows.]

  

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IN WITNESS WHEREOF, this First Amendment has been executed to be effective as of the last date written below.

	 	LANDLORD:
	 	 
	 	WASATCH RESEARCH PARK 1, LLC, a Utah limited liability company
	 	 
	 	 
	 	
By: /s/ Ryan Peterson

	 	
Printed Name: Ryan Peterson

	 	
Title: Manager

	 	
Date: November 1, 2014

	 	  
	 	  
	 	
TENANT:

	 	  
	 	
EVANS & SUTHERLAND COMPUTER CORPORATION, a Utah corporation

	 	  
	 	  
	 	
By: /s/ David H. Bateman

	 	
Printed Name: David H. Bateman

	 	
Title: President & CEO

	 	
Date: 4 November 2014

[First Amendment to Sublease Agreement – 770 & 790 Komas Drive, Salt Lake City, UT 84108]

  

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