Document:

cgc-ex1018_1096.htm

Exhibit 10.18

 

SERVICE DELIVERY AGREEMENT

 

THIS SERVICES AGREEMENT is made as of the 5th day of October, 2020 B E T W E E N:

 

Canopy Growth USA, LLC

35715 US-40 STE D102

Evergreen, CO 80439

 

(hereinafter referred to as the "Company")

 

and -

 

Brand House Group, N.A. Corporation 151 N. Nob Hill Road Ste 392 Plantation, FL. 33324

 

(hereinafter referred to as the "Contractor")

 

and -

 

Julious Grant

 

(hereinafter referred to as the "Principal")

 

RECITALS:

 

WHEREAS Company is a wholly owned subsidiary of Canopy Growth Corporation

("Growth"), a corporation, incorporated pursuant to the laws of Canada;

 

AND WHEREAS Contractor and Growth are parties to a Service Delivery Agreement made as of the 14th day of June, 2020 (the "First Service Delivery Agreement");

 

AND WHEREAS Company, Contractor, and the Principal (together the "Parties") wish to enter into an agreement pursuant to which Contractor will provide services to Company as hereinafter set forth;

 

AND WHEREAS the Contractor is in the business of providing commercial leadership and other consulting services to third parties;

 

2
 
 

NOW THEREFORE in consideration of the premises and the mutual covenants and agreements hereinafter contained, the parties hereto hereby mutually covenant and agree as follows:

 

	
 
	
1.
	
SCOPE OF SERVICES

	
 
	
a.
	
In consideration of Contractor's agreement hereto and the Contractor's performance in accordance herewith, the Company retains the Contractor to provide "Services" as its Chief Commercial Officer, generally consisting of assisting the Company in commercializing strategic opportunities and such other tasks as reasonably assigned by the CEO.
	
 

 

	
 
	
b.
	
Contractor agrees to perform and carry out faithfully the Services and to comply with all lawful and reasonable instructions as may from time to time be given by the Company with respect to the same.
	
 

 

	
 
	
c.
	
Contractor shall provide the services contemplated herein in a professional manner in accordance with the highest industry standards and in accordance and compliance with all applicable laws.
	
 

 

	
 
	
d.
	
Contractor covenants that the only personnel of the Contractor who shall provide Contractor's Services to Company on behalf of the Contractor will be the Principal, or such other personnel of Contractor as may be agreed to by Company, in its sole discretion.
	
 

 

	
 
	
e.
	
Company agrees that Contractor may provide services to companies other than Company or Growth. Company consents to such fact, provided that Contractor adheres to the provisions of this Agreement concerning CONFIDENTIALITY, NON- DISCLOSURE, NON-COMPETITION, and INTELLECTUAL PROPERTY, and so long as such activity does not conflict or interfere either directly or indirectly with the performance of Principal's delivery of the Services.
	
 

 

For the avoidance of doubt, Contractor's first obligation, including the supply of Principal, is to Company. While Contractor may render services to others, especially including but not limited to Constellation Brands, Inc., Company has the unreserved power to limit the amount of time Contractor allocates to such competing interests.

 

	
 
	
2.
	
TERM OF AGREEMENT

By accepting the terms of this Agreement, Contractor and Principal warrant and attest that the First Service Delivery Agreement is terminated by mutual agreement.

 

While this Agreement replaces the First Service Delivery Agreement in its entirety, the Company confirms that any Directors and Officers Indemnification Agreement, signed by you and Growth, continues in full force and effect.

 

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The term of this Agreement shall commence on September 26, 2020, and shall continue thereafter for an indefinite duration until terminated in accordance with the terms of this Agreement or by operation of law.

 

	
 
	
3.
	
COMPENSATION

	
 
	
a.
	
Company shall pay Contractor a fixed fee (the "Monthly Fee") of $41,666.67, exclusive of all applicable taxation, for every whole month in which Contractor provides Services, or is otherwise permitted to abstain from providing Services, to Company. The Monthly Fee shall be prorated for partial months. Company shall pay Contractor each Monthly Fee within ten (10) days of receiving Contractor's invoice.
	
 

 

	
 
	
b.
	
Contractor shall be permitted to abstain from providing Services to Company, without reduction to the Monthly Fee, for a period of no more than five weeks per year. The periods of time during which Contractor shall be permitted to abstain from providing Services shall be pre-approved by Company.
	
 

 

	
 
	
c.
	
Contractor shall be eligible to receive an annual short-term incentive ("STI") performance bonus of 75% of the total Monthly Fees received in the previous eligibility period (the "Target Award"), with a payout range of 0-2x the Target Award based on the achievement of certain mutually developed financial/operational/strategic and individual performance objectives which have been: (a) developed jointly with the Chief Executive Officer and Chief Financial Officer, and (b) approved by the Board.
	
 

 

	
 
	
d.
	
Principal shall be eligible to participate in Growth's Amended and Restated Omnibus Incentive Plan, as approved by the Board and as amended from time to time (the "Incentive Plan").
	
 

 

Principal shall be eligible to receive a long-term incentive ("LTI") award equal to 36x the Monthly Fee, which utilizes the Fair Market Value share price (as defined in the Incentive Plan) ("FMV price") on the grant date, 50% of which shall be in the form of stock options ("Options") and 50% of which shall be performance share units ("PSUs"). Any PSUs granted shall be granted as "Performance Awards", as such term is defined in the Incentive Plan. LTI shall vest based on the achievement of certain mutually developed financial/operational/strategic and individual performance objectives which have been approved by the Board.

 

	
 
	
e.
	
Principal shall be entitled to receive a grant of Options equal to $750,000 USD using the FMV price on the Date of Grant (which shall be set based on the closing price of the Company stock on the effective date of grant), which shall, subject to meeting the conditions set out in i, ii and iii, vest in three equal portions on the 2nd, 3rd and 4th anniversaries of the Date of Grant and have a six-year term (the "Term"). The number of stock options to be granted will be determined by dividing the grant value by the FMV and multiplied by 2 (i.e. each option is worth 50% of the FMV
	
 

 

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price). In addition to the aforementioned time-based vesting, the Options shall also

require the following performance objectives to be met in order to vest:

 

	
 
	
i.
	
US $250,000 of the Options shall only vest if during any 90-day period during the Term, the Company's average closing stock price on the TSX is equal to or greater than $37.08.
	
 

	
 
	
ii.
	
US $250,000 of the Options shall only vest if as at the end of any fiscal year of the Company during the Term, Audited Annual Revenue of $2.50 billion is achieved by the Company for such fiscal year ended, as confirmed by the auditors of the Company ; and
	
 

	
 
	
iii.
	
US $250,000 of the Options shall only vest if as at the end of any fiscal year of the Company during the Term, a CAD$100M CAET, as defined below is achieved for such fiscal year ended, as confirmed by the auditors of the Company.
	
 

 

Comparable Adjusted EBITDA (CAET) means, for any fiscal year of the Company, Adjusted EBITDA for such fiscal year further adjusted to remove any individual non- core market with negative Adjusted EBITDA outside of the Company's core markets, which for greater certainty are Canada, UK, Germany, Spain, Denmark, Chile and Brazil, as long as the negative Adjusted EBITDA is in-line with the Board approved plan such removed market.

 

For greater certainty, when used herein Adjusted EBITDA means, for any fiscal year of the Company, earnings before interest, tax, depreciation and amortization of the Company as set forth in the financial statements for the Company for such fiscal year then ended, adjusted to exclude share-based compensation expense, acquisition related costs including SBC, and other non-cash items pursuant to past practices and approved by the Audit Committee of the Board.

 

	
 
	
4.
	
EXPENSES

 

	
 
	
a.
	
The Contractor shall be responsible for all expenses incurred in the provision of the services contemplated herein with the exception of those pre-approved, as prescribed in the paragraph immediately following.
	
 

 

	
 
	
b.
	
No expenses will be reimbursed by the Company unless approved in writing by the Supervising Employee in advance (e-mailed acceptable). If approved in advance by the Supervising Employee, any and all requests for reimbursement must be accompanied by receipts. All expenses must be accrued in accordance with the Company's policies in order to qualify for reimbursement. Travel expenses that have been incurred by the Contractor in performance of the Services, which have been approved by the Company and incurred in accordance with Company policy, shall be reimbursed by the Company.
	
 

 

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5.
	
TERMINATION

Notwithstanding anything herein contained to the contrary, this agreement may be terminated in the following manner:

 

	
 
	
a.
	
Termination by the Contractor for Convenience

Contractor may terminate this Agreement for convenience by providing Company

not less four (4) weeks' written notice.

 

At Company's sole option, Company may waive the obligation for Contractor to actively provide Services to Company during the period following the tendering of such notice. If Company elects to exercise its option to waive the obligation to provide Services during the notice period, then Contractor shall only be entitled to the prorated Monthly Fees earned by it through to the date on which Company elects to terminate this Agreement and no more.

 

	
 
	
b.
	
Termination by the Company for Convenience

Company shall be permitted to terminate this Agreement for convenience, at will, by providing Contractor with all of, but no more than, the following:

 

	
 
	
(a)
	
18x the Monthly Fee;

	
 
	
(b)
	
1.5x the average actual amounts paid as STI during the prior two years; and

	
 
	
(c)
	
in addition to (b), pro-rated STI for the year worked to the date on which notice of termination is provided, as calculated in accordance with section 5 of this Agreement.
	
 

 

Contractor and Principal warrant that as a condition of receiving any payments pursuant to the above paragraph 5(b) both shall be required to (a) execute a release in favour of Company, (b) immediately execute written resignations from any position as officer or director of Company, Growth or any of its subsidiaries and affiliates, as well as (c) immediately comply with section 7 of the Intellectual Property and Confidential Information Agreement.

 

Incentive compensation owing will be calculated and paid out in the usual manner and at the usual time in accordance with the terms of the applicable plan/program then in effect, but subject to the terms and conditions of the applicable plan on termination of this Agreement.

 

	
 
	
c.
	
Termination by the Company for Cause

Company may immediately terminate this Agreement for Cause, as hereinafter defined, and provide Contractor with no more than the prorated Monthly Fee accrued through the date of termination. For the purposes of this Agreement, Cause for termination means:

	
 
	
•
	
failure to devote sufficient time or resources to the delivery of the Services, after being given written notice and thirty (30) days to cure same;
	
 

	
 
	
•
	
a material breach of this Agreement or Company policies;

 

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•
	
unacceptable performance standards;

	
 
	
•
	
theft, dishonesty or falsifying record;

	
 
	
•
	
intentional destruction, improper use or abuse of Growth property;

	
 
	
•
	
violence in the workplace;

	
 
	
•
	
obscene conduct at any Growth premises, on any Growth property, or during Company-related functions at other locations;
	
 

	
 
	
•
	
harassment of co-workers, supervisors, managers, customers, suppliers or other individuals associated with Growth;
	
 

	
 
	
•
	
insubordination or willful refusal to take directions;

	
 
	
•
	
repeated, unwarranted lateness, absenteeism or failure to report for work; or

	
 
	
•
	
personal conduct that prejudices Growth's reputation, services or morale.

 

	
 
	
d.
	
Termination by Operation of Law

This Agreement may also be terminated by operation of law, in which case Contractor shall be entitled to the receipt of any accrued Monthly Fees through to the date of termination.

 

	
 
	
e.
	
Termination by Mutual Agreement

This agreement may be terminated by mutual agreement of the Parties hereto in writing, in which event the Contractor shall continue to accrue and receive compensation through to the date of termination reached pursuant to such mutual agreement and no more.

 

	
 
	
f.
	
Duty to Mitigate

None of the provisions of this agreement shall relieve either party from any duty to mitigate any and all damages resulting from the termination of this agreement.

 

	
 
	
6.
	
CONFIDENTIALITY, NON-DISCLOSURE AND NON-COMPETITION

 

	
 
	
a.
	
Contractor and Principal each agrees to hold in strict confidence the business and affairs of the Company and each of its customers/clients and all information relating thereto. Contractor and Principal each agrees that during the term of this Agreement or any renewal thereof or at any time thereafter, neither Contractor nor Principal will directly or indirectly disclose to any third party or use for any other purpose than that of the Company, the following:
	
 

 

	
 
	
i.
	
information disclosed to Contractor by or on behalf of Growth;

 

	
 
	
ii.
	
information respecting the identity of any customer/client of Growth;

 

	
 
	
iii.
	
information otherwise disclosed to Growth on a confidential basis by third parties;
	
 

 

	
 
	
iv.
	
information disclosed to Contractor with respect to technical requirements, pricing or timing of any contracts;
	
 

 

CONFIDENTIAL
 

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v.
	
information disclosed to Contractor with respect to Growth's techniques, programs, present or contemplated developments, trade secrets or marketing strategies;
	
 

 

	
 
	
vi.
	
information otherwise identified to Contractor as confidential information of Growth;
	
 

 

	
 
	
vii.
	
information which in the reasonable judgment of a person working in the industry would be considered to be confidential; and
	
 

 

	
 
	
viii.
	
information on the business operations of Growth.

 

	
 
	
b.
	
The obligations of confidence described above include, without limiting the generality of the foregoing:
	
 

 

	
 
	
i.
	
taking every reasonable step to prevent third parties from obtaining, examining and/or making copies of any information, documents or papers (whether in electronic or hard copy form) relating to Growth or its business, prepared by Contractor or that come into Contractor's possession or under Contractor's control by reason of the contract herein;
	
 

 

	
 
	
ii.
	
using Contractor's best efforts to follow all confidentiality, security and information technology policies of Company; and
	
 

 

	
 
	
iii.
	
upon termination of this agreement, turning over to the Company all documents or papers (whether in electronic or hard copy form) and any other property or materials in Contractor's possession or under Contractor's control that relate to the business of Growth or its customers/clients.
	
 

 

	
 
	
c.
	
The obligations of confidence described above do not apply to information which is:
	
 

 

	
 
	
i.
	
widely and generally available to the public other than by breach of obligations of confidence owned by Contractor;
	
 

 

	
 
	
ii.
	
rightfully received by Contractor, outside of the course of this agreement, from a third party without confidentiality limitations (as can be demonstrated by Contractor by reference to Company's records);
	
 

 

	
 
	
iii.
	
independently developed by Contractor without recourse to any confidential information of Company or its customers/clients; (as can be demonstrated by the Contractor by reference to Company's records);
	
 

 

	
 
	
iv.
	
known to Contractor prior to first receipt of the same in the course of this Agreement (as can be demonstrated by Contractor by reference to Company's records);
	
 

 

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v.
	
required to be disclosed by law or court order (provided that Contractor used Contractor's best efforts to immediately advise the Company of the demand to disclose such information so that Company can seek appropriate protective orders).
	
 

 

The mingling of confidential information with information that falls within one or more of the exceptions above shall not impair the status of, or obligations of confidence and non-use respecting, the confidential parts.

 

	
 
	
d.
	
In light of the nature of Contractor's position and the close relationship that Contractor and Principal will have with Growth's clients, it is important for Company to limit interference with Company's business. Therefore, by their execution of this agreement, Contractor and Principal each agrees that, during the Term and for a period of eighteen (18) months after the engagement of the Contractor ends, however it ends, neither Contractor nor Principal will not work at, work for, be employed by, provide services to, engage with, or assist in any way, whether or not for remuneration, recognition, or reward any person, corporation, or organization, whether or not such organization is operated for profit, that sells or intends to sell cannabis, hemp or CBD or provides cannabis-related, hemp- related, or CBD-related services or products to the Canadian or American public pursuant to a license granted by any government of Canada, United States of America or any province, state, or territory thereof.
	
 

 

It is not Growth's intention to unduly restrict Contractor's employment prospects. Accordingly, Company may agree to waive this provision if Company is able to establish appropriate safeguards to minimize the impact any proposed employment with a competitor will have on the Company and its affiliates' business interests. Any such waiver must be in writing and signed by an authorized representative of the Company.

	
 
	
e.
	
In recognition of the access Contractor and Principal will have to Growth's processes, employees and clients, Contractor and Principal each agree that during the Term and for a period of eighteen (18) months after the engagement of the Contractor ends, however it ends, they will not, either directly or indirectly, communicate with Growth's employees, clients, or customers for the purpose of inducing them to end their relationship with Growth.
	
 

 

	
 
	
7.
	
INTELLECTUAL PROPERTY

Company maintains exclusive ownership rights, including copyrights, patents, trademarks, trade names, services, marks, industrial designs, trade secrets and other intellectual property rights, in all software, hardware, technology, business plans, documentation, inventions, copyrightable materials, designs, processes, techniques, works of authorship, and related know-how and any other material or developments that Contractor may conceive of, invent, design, create, author, write, make or reduce to practice while under contract with Company, that relate to or are

 

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connected with areas of existing or reasonably foreseeable business interests of Company. Contractor acknowledges that all original works of authorship which are made by Contractor (solely or jointly with others) within the scope of the consulting services and which are protectable by copyright are "works made for hire," pursuant to United States Copyright Act (17 U.S.C., Section 101).

 

Contractor agrees to promptly disclose to Company in writing, all patent applications, inventions or improvements that relate to or are connected with areas of existing or reasonably foreseeable business interests of Company that Contractor makes during the Term of this Agreement and within one year after it ends. Any patent applications Contractor files or inventions or improvements Contractor makes within a year after the termination of this Agreement are presumed to relate to existing or reasonably foreseeable business interests of Company, unless Contractor can provide sufficient evidence to the contrary. All such inventions or improvements are the exclusive property of Company and Contractor agrees to assign all rights to them.

 

Contractor agrees to waive any moral rights it may have in relation to any copyrightable material it creates during the Term of this Agreement and within one year after it ends.

 

Upon request by Company, either during or after the Term of this Agreement, Contractor agrees to execute any applications, assignments, waivers and other instruments that Company deems necessary to obtain all applicable proprietary rights, without additional compensation.

 

Contractor's obligations with respect to inventions and improvements are binding on all of its employees, agents, heirs, executors, successors and assigns.

 

	
 
	
8.
	
ACKNOWLEDGEMENT AND SURVIVAL

 

	
 
	
a.
	
Contractor and Principal acknowledge that a breach of any of the provisions of paragraphs 6 and 7 by Contractor will give rise to irreparable harm and injury non- compensable in damages. Accordingly, Company or such other party may seek and obtain injunctive relief against the breach or threatened breach of the foregoing provision, in addition to any other legal remedies which may be available.
	
 

 

	
 
	
b.
	
The provisions of this Agreement shall survive the termination of the contractual relationship herein and shall be enforceable notwithstanding the existence of any claim or cause of action of Contractor against Company whether predicated upon this Agreement or otherwise.
	
 

 

	
 
	
c.
	
If a court of competent jurisdiction would otherwise declare any portions of this paragraph void or unenforceable in the circumstances, such portions of this paragraph shall be reduced in scope, territory and/or duration of time to such an extent that such court would hold the same to be enforceable in the circumstances.
	
 

 

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The portions of this paragraph with respect to scope, territory and duration shall be separate and distinct and fully severable without affecting the enforceability of the entire paragraph.

 

	
 
	
9.
	
INDEMNITIES

Contractor will act solely as an independent contractor in the performance of Services hereunder and shall not be deemed by performing the Services to be a partner or employee of, or joint venture participant or in any other relationship with (other than as independent contractor to), Company or any of its affiliates. Neither Company nor any of its affiliates shall control the day-to-day activities of Contractor. Contractor acknowledges that Contractor and Contractor's agents are independent contractors and not employees of Company or any of its affiliates for all purposes, including taxes and labor laws, and that Contractor and Contractor's agents shall not be entitled to any rights or benefits to which employees of Company or its affiliates may be entitled. Except as herein expressly provided, Contractor will be responsible for the payment of all taxes, fees, expenses and other charges arising out of Contractor's activities in connection with this Agreement and the delivery of the Services including, without limitation, federal, state and local income taxes, workers' compensation coverage, unemployment insurance and similar obligations and shall indemnify and hold Company and its affiliates harmless from and against all losses, claims, damages and expenses (including legal fees and expenses) arising out of or relating to any claim or action asserting that Contractor is not an independent contractor or that arises out of or relates to Contractor's breach of any provision of this section.

 

	
 
	
10.
	
REPRESENTATIONS AND WARRANTIES

Contractor represents and warrants to Company that:

	
 
	
(a)
	
all work performed by Contractor for Company shall be original and Contractor is the sole and exclusive owner of deliverables provided by the Contractor in providing the Contractor's Services, subject only to the rights herein assigned;
	
 

	
 
	
(b)
	
Contractor has not previously granted and will not grant any rights or encumbrances to the deliverables provided by the Contractor in providing the Contractor's Services to any third party which are inconsistent with the rights assigned to Company herein;
	
 

	
 
	
(c)
	
each of the Contractor's employees, representatives, partners or agents (if any) who have been or will be involved in the delivery of Contractor's Services, or who will have access to any Confidential Information of Company, including for greater certainty the Principal, will have signed, before beginning such involvement, an agreement with Contractor with respect to proprietary rights, moral rights and confidentiality in a the form of the Confidentiality and Assignment of Property Rights Agreement attached as Schedule "A" hereto, or such other form that is acceptable to Company;
	
 

 

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(d)
	
entering into and performance of this Agreement does not and will not violate, conflict with or result in a material default under any contract, agreement or encumbrance to which Contractor or any of the Contractor's employees is a party or may become subject or bound, and there are no demands, claims, suits, actions, arbitrations or other proceedings pending or threatened which challenge the ability or right of Contractor or the Principal to perform any of Contractor's obligations hereunder;
	
 

	
 
	
(e)
	
the performance of Contractor's Services and any work product to be furnished hereunder do not misappropriate or violate the intellectual property or contractual rights of any third party, and the use by the Company of the work product to be furnished hereunder for any purpose will not infringe, misappropriate or violate the intellectual property or contractual rights of any third party;
	
 

	
 
	
(f)
	
Contractor has full power to enter into this Agreement and to carry out Contractor's obligations hereunder and to grant the rights herein granted to Company;
	
 

	
 
	
(g)
	
Contractor and Principal are each competent to perform the Contractor's Services contemplated herein and has the necessary qualifications including the knowledge, skill and ability to render such services;
	
 

	
 
	
(h)
	
neither this Agreement nor Contractor's Services are subject to any union or

collective bargaining agreement, and will not become so subject;

	
 
	
(i)
	
Contractor is solely responsible for and shall pay all sums due any and all parties engaged by Contractor (including, for greater certainty, the Principal) in connection with the Contractor's Services to be provided under this Agreement.; and
	
 

	
 
	
(j)
	
Neither the Contractor nor any of its directors, officers or employees or agents, consultants or representatives, including the Principal:
	
 

	
 
	
i.
	
has violated, and the Contractor's execution and delivery of and performance of its obligations under this Agreement will not violate, any laws related to money laundering or government guidance regarding anti-money laundering and international anti-money laundering principles or procedures of an intergovernmental group or organization and any executive order, directive or regulation under the authority of any of the foregoing, or any orders or licences issued thereunder in each case to which either Company or the Contractor is subject;
	
 

	
 
	
ii.
	
has, in the course of its actions for, or on behalf of, Company (A) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity, (B) paid or received any bribe or otherwise unlawfully offered or provided, directly or indirectly, anything of value to (or received anything of value from) any foreign or domestic government employee or official or any other Person, (C) violated or taken any act that would violate any provision of the Corruption of Foreign Public
	
 

 

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Officials Act (Canada) ("CFPOA"), the Foreign Corrupt Practices Act of 1977 (United States) ("FCPA") or other similar laws of other jurisdictions, (D) violated or taken any act that would violate any provision of the Bribery Act (U.K.) or other similar laws of other jurisdictions, (E) violated or taken any act that would violate the Special Economic Measures Act (Canada) ("SEMA") or other similar laws of other jurisdictions, or (F) violated or taken any act that would violate the Freezing Assets of Corrupt Foreign Public Officials Act (Canada) ("FACFOA") or other similar laws of other jurisdictions, in each case to which the Contractor is subject;

	
 
	
iii.
	
has, directly or indirectly, taken any action in violation of any export restrictions, anti-boycott regulations, embargo regulations or other similar applicable Canadian, United States or other foreign laws;
	
 

	
 
	
iv.
	
is a "specially designated national" or "blocked person" under United States sanctions administered by the Office of Foreign Assets Control of the United States Department of the Treasury ("OFAC"), a person identified under SEMA, FACFOA or any United Nations resolution or regulation or otherwise a target of economic sanctions under other similar applicable Canadian,
	
 

United States or foreign laws; or

	
 
	
v.
	
has engaged in any business with any person with whom, or in any country in which it is prohibited for a Person to engage under SEMA, FACFOA, any United Nations resolution or regulation or any other Law or it is prohibited for a United States Person to engage under Law or under applicable United States sanctions administered by OFAC.
	
 

 

	
 
	
11.
	
RESPONSIBILITY FOR TAXES, FILINGS AND PAYMENTS

Contractor shall be responsible to pay all taxes whatsoever, (other than those payable by Company in respect of fees for services provided), related to premiums, levies, customs, duties, excise, value added assessments and all other taxes which may become payable to any taxing authority in respect of the payments made under this Agreement. Without limiting the generality of the foregoing, Contractor will be wholly responsible for complying with, and submitting the requisite filings and payments under applicable federal, state, municipal or local law, including but not limited to income tax, workers compensation, and health insurance legislation, and local taxing legislation; and including but not limited to equivalent or similar applicable legislation of any government entity, agency, ministry or collecting body having jurisdiction in relation to Contractor.

 

	
 
	
12.
	
NOTICES

Any consent, approval, notice, request, or demand required or permitted to be given by one party to the other shall be in writing (including, without limitation, facsimile communications) to be effective and shall be deemed to have been given upon receipt (in the case of personal delivery) or upon delivery when emailed as follows:

 

	
 
	
a)
	
If to the Company, to it at:

 

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Kelly D. Fair, Esq US General Counsel

35715 US-40 STE D102

Evergreen, CO 80439 contracts@canopygrowth.com

 

	
 
	
b)
	
If to the Contractor, at:

151 N. Nob Hill Road Ste 392 Plantation, FL. 33324 jgrant@thebrandhousegroup.com

 

or such other address or email address as may have been designated by written notice.

 

Any consent, approval, notice, request or demand aforesaid if delivered or emailed shall be deemed to have been given on the date of such delivery or email transmission. Any such delivery shall be sufficient, inter alia, if left with an adult person at the above address of the Contractor in the case of the Contractor, and if left with the receptionist at the above address of the Company in the case of the Company. The Company or the Contractor may change its or the Contractor's address for service, from time to time, by notice given in accordance with the foregoing.

 

	
 
	
13.
	
ASSIGNMENT/SUBCONTRACTING

Neither the rights nor obligations under this agreement shall be assigned or otherwise disposed of without the prior written consent of the non-assigning party. Notwithstanding same, Company may assign this Agreement to Growth, and Growth may assign this Agreement to any subsidiary thereof.

 

	
 
	
14.
	
GENERAL CONTRACT TERMS

The Parties shall sign such further and other documents, cause such meetings to be held, resolutions passed and by-laws enacted, exercise their vote and influence, do and perform and cause to be done and performed such further and other actions and things as may be necessary or desirable in order to give full effect to this Agreement and every part thereof.

 

This Agreement may be executed in several counterparts, each of which so executed shall be deemed to be an original and such counterparts together shall be but one and the same instrument.

 

This Agreement shall enure to the benefit of and be binding upon the parties and their respective legal personal representatives, heirs, executors, administrators or successors.

 

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Unless otherwise provided for herein, all monetary amounts referred to herein shall refer to the lawful money of the United States.

 

The division of this Agreement into articles and sections is for convenience of reference only and shall not affect the interpretation or construction of this Agreement.

 

This Agreement shall be governed by and construed in accordance with the laws of the State of Texas.

 

In this Agreement, words importing the singular number shall include the plural and vice versa, and words importing the use of any gender shall include the masculine, feminine and neuter genders and the word "person" shall include an individual, a trust, a partnership, a body corporate, an association or other incorporated or unincorporated organization or entity.

 

When calculating the period of time which or following which any act is to be done or step taken pursuant to this Agreement, the date which is the reference date in calculating such period shall be excluded. If the last day of such period is not a Business Day, then the time period in question shall end on the first business day following such non-business day.

 

Any references in this Agreement to any law, by-law, rule, regulation, order or act of any government, governmental body or other regulatory body shall be construed as a reference thereto as amended or re-enacted from time to time or as a reference to any successor thereto.

	
 
	
15.
	
ENTIRE AGREEMENT

This agreement and the schedules attached hereto contain the entire understanding and agreement between the parties hereto with respect to the services of the Contractor and the subject matter hereof and any and all previous agreements and representations, written or oral, expressed or implied, between the parties hereto or on their behalf, relating to the services of the Contractor and the subject matter hereof, are hereby terminated and cancelled and each of the parties hereto hereby releases and forever discharges the other of and from all manner of actions, causes of action, claims and demands whatsoever under or in respect of any such prior agreements and representations. Except as provided herein, no amendment or variation of any of the provisions of this agreement shall be valid unless made in writing and signed by each of the parties hereto.

 

	
 
	
16.
	
SEVERABILITY

In the event that any provision herein or part thereof shall be deemed void, invalid, illegal or unenforceable by a court or other lawful authority of competent jurisdiction, the agreement shall continue in force with respect to the enforceable provisions and all rights accrued under the enforceable provisions shall survive any such declaration, and any non-enforceable provision, shall, to the extent permitted

 

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by law, be replaced by a provision which, being valid, comes closest to the intention underlying the invalid, illegal or unenforceable provision.

 

	
 
	
17.
	
INDEPENDENT LEGAL ADVICE

Contractor acknowledges that Contractor is aware that Contractor has the right to obtain independent legal advice before signing this agreement. Contractor hereby acknowledges and agrees that either such advice has been obtained or that Contractor does not wish to seek or obtain such independent legal advice. Contractor further acknowledges and agrees that Contractor has read this agreement and fully understands the terms of this Agreement and further agrees that all such terms are reasonable and that Contractor signs this agreement strictly voluntarily and without duress.

 

IN WITNESS WHEREOF the parties hereto have duly executed this agreement as of the date first above written.

 

) CANOPY GROWTH USA, LLC

)

)

)/s/ Phil Shaer

) Per:c/s

)Phil Shaer

 

) Brand House Group, N.A. Corporation

)

)

)

)

)/s/ Julious Grant

	
 
	
Witness
	
)  c/s Julious Grant - President
	
 

 

 

SIGNED, SEALED & DELIVERED)

in the presence of:)

)

)

)

)

 

 

 

/s/ Julious Grant

 

Witness)  s/s

Julious Grant

 

CONFIDENTIAL
 

 

 

 

 

Schedule "A"

Confidentiality and Assignment of Property Rights Agreement

 

I am the Principal of BRAND HOUSE GROUP, N.A. CORPORATION (the "Contractor"), which provides contract services to Canopy Growth USA, LLC and its affiliates (collectively, the "Company") pursuant to a Services Agreement dated September 24, 2020, (the "Contract Services Agreement"). Pursuant to the terms of the Contract Services Agreement, Contractor has agreed to obtain, for the benefit of Company, a written agreement from each employee of Contractor who provides services to Company under the Contract Services Agreement. I will be providing services to Company on behalf of Contractor pursuant to the terms of the Contract Services Agreement (the "Relationship").

 

Therefore, in consideration of my Relationship, and in consideration of my employment with Contractor, including my receipt of the compensation now and hereafter paid to me by the Contractor in relation to the services I perform during the Relationship, and in consideration of the mutual covenants contained herein, I agree to the following:

 

 

	
 
	
1.
	
Confidential Information

 

"Confidential Information" covered by this Agreement means (a) trade secrets; (b) proprietary information that does not rise to the level of a statutorily protectable trade secret that is made the property of the Company through positive operation of law in the form of this mutual agreement of the parties; or (c) information that is otherwise legally protectable.

 

Confidential Information includes but is not limited to: Assigned Inventions (as defined in Section

6 below), knowledge, data, information, know-how, non-public intellectual property rights including unpublished or pending patent applications and all related patent rights, techniques, formulae, processes, discoveries, improvements, ideas, conceptions, compilations of data, and inventions, whether or not patentable and whether or not copyrightable.

 

By way of example, Confidential Information includes, but is not limited to the following, to the extent such information is not publicly known or disclosed: information relating to the Company's products, services, and methods of operation; the identities and job-specific responsibilities and competencies of the Company's employees; the names and contact information for the decisionmakers at actual and potential customers and suppliers and their budgets, buying needs, history of sales, buying and selling habits, special needs, specific criteria for bids and purchase orders; chemical formulae; financial information, operating and cost data; research databases; selling and pricing information; budgeting, business, and marketing plans; and information concerning potential acquisitions, dispositions, or joint ventures; and privileged information, including communications with or advice received from professional advisors, such as legal counsel and financial advisors. The foregoing are only examples of Confidential Information.

 

 

 

 

As used herein, the term "Affiliate" includes any person or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Company.

 

	
 
	
2.
	
Exceptions to Confidential Information

Notwithstanding the definition set forth in Section 2, Confidential Information does not include information that Principal can show by competent proof was:

(a)generally known to the relevant public at the time of disclosure, or became generally known after disclosure to Employee without breach by Employee of any obligation of confidentiality or non-use;

(b)lawfully received by Principal from a third party without breach of any confidentiality obligation;

	
 
	
(c)
	
known to Principal prior to receipt from the Company; or

(d)independently developed by Principal or independent third parties without breach by Principal or any third party of any obligation of confidentiality or non-use.

 

Confidential Information also does not include information which, pursuant to applicable law, Principal has a specific right to disclose, but only to the extent of disclosure permitted by such applicable law.

 

	
 
	
3.
	
Record Keeping; Disclosure of Inventions

During the Relationship, Principal will keep complete and accurate accounts, notes, data, and records regarding all inventions, discoveries, ideas, designs, works of authorship, formulas, processes, compositions of matter, software (including source and object code), databases, know- how and trade secrets, inventions, techniques, and improvements that Principal develops, invents, makes, creates, conceives, or reduces to practice, either alone or jointly with others, during the Relationship, whether or not in the course of Principal's employment, and whether or not patentable, copyrightable, or protectable as trade secrets (collectively, "Inventions"). During the period of the Relationship and for a period of six (6) months after termination, without additional compensation, Principal will promptly disclose to the Company fully and in writing all such Inventions and all such accounts, notes, data, and records. Any such accounts, notes, data, and records that relate to Assigned Inventions (as defined below) shall be the property of the Company, and upon request, Principal will promptly surrender the same to the Company.

 

	
 
	
4.
	
Works Made for Hire

Principal acknowledges and agrees that all original works of authorship which are made by Principal (solely or jointly with others) within the scope of Principal's employment with the Contractor under the Relationship and which are protectable by copyright are "works made for hire," pursuant to United States Copyright Act (17 U.S.C., Section 101), provided that the foregoing provision shall not apply to the extent it may deem Principal to be an employee of the Company for purposes of workers compensation, unemployment insurance, or withholding or reporting of income. In addition, if any original works of authorship which is made by Principal within the

 

CONFIDENTIAL
 

 

 

scope of Principal's service and which is protectable by copyright is not considered "work made for hire", then Principal hereby assigns all my right, title, and interest in and to such work of authorship to the Company.

 

	
 
	
5.
	
Assignment of Inventions

Principal hereby acknowledges and agrees that Inventions conceived, made, invented, created, developed, or reduced to practice by Principal, either alone or jointly with others, during the Relationship, whether or not in the course of employment which (i) relate at the time of conception or reduction to practice of the Invention to the Company's business, actual, demonstrably anticipated research, or invention of the Company; (ii) result from any work performed by Principal for the Company; (iii) were otherwise the company's property; or (iv) developed using the Company's property (collectively, the "Assigned Inventions"), are and will continue to be the sole and exclusive property of the Company pursuant to this Agreement and without further action required by either party. Principal hereby irrevocably assigns all Assigned Inventions to the Company. Principal recognizes and understands that this Agreement does not require assignment of any Inventions that Principal develops entirely on Principal's own time without using any of the Company's equipment, supplies, facilities, or Confidential information.

 

	
 
	
6.
	
Prior Inventions

Attached hereto as Appendix B is a list describing all original works of authorship, Inventions, and trade secrets which were made by Principal or acquired by Principal prior to the date of this Agreement, which belong to Principal, and which are not assigned to the Company ("Prior Inventions"). If disclosure of any such Prior Invention would cause Principal to violate any prior confidentiality agreement, Principal understands that he or she is not to list such Prior Inventions in Appendix B, but only to disclose a cursory name for each such invention, a listing of the party(ies) to whom it belongs, and the fact that full disclosure as to such inventions has not been made for that reason. If no such list is attached, Principal represents that no such Prior Inventions exist. Principal acknowledges and agrees that if Principal uses any of Principal's Prior Inventions in the scope of the Relationship, or includes or incorporates any Prior Invention in any Assigned Invention, product, process, machine, or service of the Company, Principal hereby grants to the Company a perpetual, irrevocable, nonexclusive, worldwide, fully-paid, and royalty-free license (with the right to sublicense through multiple tiers of sublicensees), without any further action required by either party, to use, disclose, make, have made, sell, copy, distribute, modify, and create works based on, perform, or display such Prior Inventions. Principal agrees that he or she will not use any of his or her Prior Inventions in the scope of the Relationship, or include or incorporate any Prior Invention in any Assigned Invention, product, process, machine, or service of the Company, or permit them to be used or included in any Assigned Invention, product, process, machine, or service of the Company, without the Company's prior written consent. If, at any time, a court or other tribunal rules that Principal's assignment under this paragraph is ineffective or unenforceable for any reason, Principal agrees to perform all actions necessary to assign the Assigned Inventions.

 

CONFIDENTIAL
 

 

 

	
 
	
7.
	
Labor Code Section 2870 Notice

Principal recognizes and understands that this Agreement does not apply to any Invention which qualifies fully as a nonassignable invention under Section 2870 of the California Labor Code or equivalent laws of other states, if applicable. If Principal is or becomes a resident of California, Principal has reviewed the notification on Appendix A ("Limited Exclusion Notification") and agrees that the Principal's signature acknowledges receipt of the notification. The Principal acknowledges and agrees that Principal shall not acquire any right, title, or interest in or to the Confidential Information or Assigned Inventions.

 

	
 
	
8.
	
Assignment of Other Rights

In addition to the foregoing assignment of Assigned Inventions to the Company, Principal hereby irrevocably transfers and assigns to the Company: (a) all past, present, and future patent rights, copyrights, trade secret rights, and other intellectual property rights, including but not limited to rights in databases, in any jurisdiction throughout the world, in and to all Assigned Inventions, along with any patents and any other registrations of, and any patent applications and other applications to register, any of the foregoing (collectively, "Intellectual Property Rights"); and

(b) any and all Moral Rights (as defined below) that Principal may have in or with respect to any Assigned Inventions and any Intellectual Property Rights therein or thereto. If any Assigned Inventions or Intellectual Property Rights therein or thereto, or any Moral Rights, cannot (as a matter of law) be assigned to the Company, then (i) Principal unconditionally and irrevocably waives the enforcement of such rights and all claims and causes of action of any kind against the Company with respect to such rights, and (ii) to the extent Principal cannot (as a matter of law) make such waiver, Principal unconditionally grants to the Company an exclusive, perpetual, irrevocable, worldwide, fully-paid, and royalty-free license, with the right to sublicense through multiple levels of sublicensees, under any and all such rights to (x) reproduce, create derivative works of, distribute, publicly perform, publicly display, and otherwise use the Assigned Inventions in any medium or format, whether now known or hereafter discovered; (y) use, make, have made, sell, offer to sell, import, and otherwise exploit any product or service based on, embodying, incorporating, or derived from the Assigned Inventions; and (z) exercise any and all other present or future rights in the Assigned Inventions without any restriction. As used herein, "Moral Rights" means any rights to claim authorship of or credit on Assigned Inventions, to object to or prevent the modification or destruction of any Assigned Inventions or Prior Inventions licensed to the Company under Sections 6 or 7, or to withdraw from circulation or control the publication or distribution of any Assigned Inventions or Prior Inventions licensed to the Company under Sections 6 or 7, and any similar right, existing under judicial or statutory law of any country or subdivision thereof in the world, or under any treaty, regardless of whether or not such right is denominated or generally referred to as a "moral right".

 

	
 
	
9.
	
Assistance/Power to Act

Principal agrees to assist the Company in every proper way, to obtain for the Company and enforce the Company's rights, title, and interest in and the Assigned Inventions and the Intellectual Property Rights therein and thereto, and other legal protections for the Company's Assigned Inventions, in any and all countries. To that end, Principal will execute any documents that the Company may reasonably request for use in obtaining or enforcing such Intellectual Property

 

CONFIDENTIAL
 

 

 

Rights and other legal protections. Principal hereby assigns all of his or her right, title, and interest in and to any particular Assigned Invention to a third party, including, without limitation, the United States of America, as directed by the Company. Principal's obligations under this paragraph will continue beyond the termination of the Relationship, provided that the Company will compensate Principal at a reasonable rate after such termination for time or expenses actually spent by Principal at the Company's request on such assistance. Principal appoints the Secretary of the Company as Principal's attorney-in-fact to execute documents on Principal's behalf for this purpose. Principal will assist the Company in defending against any claim, action, or dispute alleging that any Assigned Invention infringes upon any third party's Intellectual Property Rights.

 

 

	
 
	
10.
	
Non-Disclosure and Non-Use of Confidential Information

At all times during and subsequent to the termination of the Relationship, Principal shall keep and hold Confidential Information in strict confidence and trust. Principal shall not use, disclose, copy, reverse-engineer, distribute, lecture upon, publish, gain unauthorized access to, or misappropriate any Confidential Information without the prior written consent of the Company, except as may be necessary to perform Principal's duties as an employee of the Company for the benefit of the Company.

 

Notwithstanding Principal's confidentiality obligations, Principal is permitted to disclose Confidential Information that is required to be disclosed pursuant to judicial order or other legal mandate, provided that Principal has given the Company prompt notice of the disclosure requirement, and that Principal fully cooperates with any efforts by the Company to obtain and comply with any protective order imposed on such disclosure. Nothing in this Agreement prohibits or restricts Company employees from at any time: (a) providing information related to alleged misconduct to the U.S. Securities and Exchange Commission or any other federal, state, or local regulatory or law enforcement body, or from participating in any government investigation; or (b) engaging in protected concerted activity under the National Labor Relations Act.

 

	
 
	
11.
	
Company Property

Principal agrees that all materials, documents, and data pertaining to the business of the Company that come into Principal's possession by virtue of the Relationship are the property of the Company. Upon the termination of the Relationship for any reason, Principal will deliver to the Company (and will not keep in Principal's possession or deliver to anyone else) the originals and all copies of such documents and materials and any other property of any nature belonging to the Company or relating to the Company's business in Principal's possession, custody, or control, including all forms of Confidential Information. If, at the time of termination, Principal has Confidential Information stored in his or her personal computer or any mobile, cloud, or other storage medium, he or she shall so advise the Company. Principal will not delete this information, and will work with the Company to ensure that the location of all such information is fully disclosed to the Company, retrieved by the Company in a forensically sound manner, and is permanently deleted by the Company or its designee. In the event of the termination of the Relationship, Principal agrees to complete, sign and deliver to the Company the "Termination Certificate" attached hereto as Appendix C, confirming Principal's agreement to honor Principal's

 

CONFIDENTIAL
 

 

 

responsibilities contained in this Agreement after departure. Notwithstanding the foregoing, Principal shall be entitled to keep personal copies of (i) Principal's compensation records and (ii) this Agreement.

 

	
 
	
12.
	
Third-Party Information

Principal understands, in addition, that the Company has received and, in the future, will receive from third parties confidential or proprietary information ("Third-Party Information") subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the term of the Relationship and thereafter, Principal will hold Third-Party Information in the strictest confidence and will not disclose to anyone (other than Company personnel who need to know such information in connection with Principal's work for the Company) or use, except in connection with Principal's work for the Company, Third-Party Information unless expressly authorized by an officer of the Company in writing.

 

	
 
	
13.
	
DTSA Notification

Notwithstanding the foregoing, or any contrary provision of this Agreement, under the Defend Trade Secrets Act of 2016, Principal shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a federal, state, or a local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and Principal does not disclose the trade secret except pursuant to a court order. Principal understands that in the event that disclosure of Company trade secrets was not done in good faith pursuant to the above, Principal will be subject to substantial damages, including punitive damages and attorneys' fees.

 

	
 
	
14.
	
Non-Disparagement

Principal agrees that from and after the date Principal executes this Agreement (including following the date on which the Relationship ends for any reason), Principal will not make any negative, disparaging, or untrue statement concerning the Company and/or its parents, subsidiaries, or Affiliates or any of their respective officers, owners, directors, partners, members, shareholders, clients, investors, or employees to others or communicate with any representative of the media concerning the foregoing persons. Nothing in this provision prevents Principal from disclosing information about unlawful acts in the workplace; testifying in an administrative, legislative, or judicial proceeding concerning alleged criminal conduct or alleged sexual harassment on the part of the Company or its agents in response to a court order, subpoena, or written request; testifying truthfully under oath pursuant to any lawful court order or subpoena; or otherwise responding to or providing disclosures required by law, or in connection with a government investigation.

 

	
 
	
15.
	
No Breach of Prior Agreement

Principal represents that Principal's performance of all the terms of this Agreement and

Principal's duties as an employee of the Company will not breach any invention assignment,

 

CONFIDENTIAL
 

 

 

proprietary information, confidentiality, or similar agreement with any former employer or other party. Principal represents that he or she will not bring to the Company or use in the performance of Principal's duties for the Company any documents or materials or intangibles of a former employer or third party that are not generally available to the public or have not been legally transferred to the Company.

 

	
 
	
16.
	
Injunctive Relief

Principal understands that in the event of a breach or threatened breach of this Agreement by Principal, the Company will suffer irreparable harm and will therefore be entitled to temporary and permanent injunctive relief, without posting of bond, to enforce this Agreement. Principal also understands that in the event of breach of this Agreement, the Company may pursue any and all available legal remedies, including monetary damages.

 

	
 
	
17.
	
Governing Law; Severability

This Agreement shall be governed by and construed in accordance with the laws of the State in which the Principal is domiciled at the time the Relationship terminates, without reference to any choice of law rules that may cause the application of the law of any other jurisdiction.

 

If any provision of this Agreement is determined by any court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, such unenforceable provision or part thereof shall be deemed to be omitted from this Agreement without in any way invalidating or impairing the other provisions of this Agreement.

 

	
 
	
18.
	
Entire Agreement

This Agreement, its Appendices, and the documents referred to herein, constitute the entire agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or written, between or among the parties hereto with respect to the specific subject matter hereof.

 

	
 
	
19.
	
Assignment of Agreement

Except as otherwise provided in this Agreement, this Agreement, and the rights and obligations of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, administrators, and legal representatives. The Company may assign any of its rights and obligations under this Agreement. No other party to this Agreement may assign, whether voluntarily or by operation of law, any of its rights and obligations under this Agreement, except with the prior written consent of the Company. The provisions of this Agreement shall survive the termination of The Relationship and the assignment of this Agreement by the Company.

 

CONFIDENTIAL
 

 

 

	
 
	
20.
	
Amendment and Waivers

This Agreement may be amended only by a written agreement executed by each of the parties hereto. No amendment, waiver, or modification of any obligation under this Agreement will be enforceable unless set forth in a writing signed by the party against whom enforcement is sought. Where such an amendment, waiver, or modification is sought from the Company, it must be signed by the General Counsel. Any amendment, waiver, or modification effected in accordance with this section will be binding upon all parties hereto and each of their respective successors and assigns. No delay or failure to require performance of any provision of this Agreement shall constitute a waiver of that provision as to that or any other instance. No waiver granted under this Agreement as to any one provision herein shall constitute a subsequent waiver of such provision or of any other provision herein, nor shall it constitute the waiver of any performance other than the actual performance specifically waived.

 

 

 

Execution

 

PRINCIPAL HAS READ THIS AGREEMENT, UNDERSTANDS IT, HAS HAD THE OPPORTUNITY TO OBTAIN INDEPENDENT LEGAL ADVICE IN RESPECT OF IT, AND AGREES TO ITS TERMS.

 

October

16
IN WITNESS WHEREOF, this Agreement has been executed by the parties hereto as of the
th day of, 2020.

 

 

 

SIGNED, SEALED AND DELIVERED in)

the presence of:)

)

 

/s/ Julious Grant

   )    

 

Witness)

)

Julious Grant

 

 

Canopy Growth USA, LLC.

 

 

 

/s/ Phil Shaer

 

CONFIDENTIAL
 

 

 

APPENDIX "A" TO

PROTECTION OF BUSINESS INTERESTS AGREEMENT

 

LIMITED EXCLUSION NOTIFICATION APPLICABLE FOR CALIFORNIA THE EMPLOYEES ONLY

THIS IS TO NOTIFY you in accordance with Section 2872 of the California Labor Code that the foregoing Agreement between you and the Company does not require you to assign or offer to assign to the Company any invention that you developed entirely on your own time without using the Company's equipment, supplies, facilities or trade secret information except for those inventions that either:

 

1.Relate at the time of conception or reduction to practice of the invention to the Company's business, or actual or demonstrably anticipated research or development of the Company; or

	
 
	
2.
	
Result from any work performed by you for the Company.

To the extent a provision in the foregoing Agreement purports to require you to assign an invention otherwise excluded from the preceding paragraph, the provision is against the public policy of this state and is unenforceable.

 

This limited exclusion does not apply to any patent or invention covered by a contract between the Company and the United States or any of its agencies requiring full title to such patent or invention to be in the United States.

 

I ACKNOWLEDGE RECEIPT of a copy of this notification.

 

Dated: 

 

Signature: Name: 

 

CONFIDENTIAL
 

 

 

APPENDIX "B" TO

PROTECTION OF BUSINESS INTERESTS AGREEMENT

 

 

PREVIOUS DEVELOPMENTS

 

 

The following is complete list of all Developments that I have conceived, developed, or reduced to practice prior to the commencement of my engagement by or with the Company that I consider to be my property or the property of third parties and that I wish to have excluded from the scope of this Agreement.

 

	
 
	
□
	
No inventions

 

Had previously developed a sports CBD topical idea/concept where we would partner with former and current professional athletes to manage pain and discomfort
See below:

 

 

 

 

 

 

 

 

 

 

 

10-16-2020
 
Dated: 

 

 

Signature:

Julious Grant

/s/ Julious Grant

 

 

Name: 

 

CONFIDENTIAL
 

 

 

APPENDIX "C"

TO INTELLECTUAL PROPERTY AND CONFIDENTIAL INFORMATION AGREEMENT

 

 

 

Termination Certificate

To:      Canopy Growth Corp. ( the "Company")

Re:      Intellectual Property and Confidential Information Agreement (the "Agreement")

between the Company and the undersigned employee.

This is to certify that I do not have in my possession, nor have I failed to return, nor have a transferred to any third party, any confidential or proprietary information belonging to the Company, its subsidiaries, affiliates, successors, assigns, clients, customers or stakeholders, including without limitation, devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any aforementioned items. I further certify that I have complied with all the terms of the Agreement signed by me, including the reporting of any Developments, inventions and original works of authorship (as defined therein), conceived or made by me (solely or jointly with others) covered by that Agreement.

I further agree that, in compliance with the Agreement, I will preserve as confidential all trade secrets, confidential knowledge, data or other proprietary information relating to products, processes, know-how, designs, formulas, developmental or experimental work, other original works of authorship, customer lists, business plans, financial information or other subject matter pertaining to any business of the Company or any of its clients, customers or stakeholders, subject to the limited exceptions provided pursuant to the Defend Trade Secrets Act of 2016 specified in the Agreement.

 

 

 

 

Date: Signed:

10-16-2020
/s/ Julious Grant

CONFIDENTIALExhibit 4.1

    

     

    

    Essex Portfolio, L.P., as Issuer

    

    

    Essex Property Trust, Inc., as Guarantor

    

    

    U.S. Bank National Association, as Trustee

    

    

    
      

    INDENTURE

    

    

    Dated as of

    June 1, 2021

    

    

    
      

     

    

    2.550% Senior Notes due 2031

     

    

    
      

    

    

    
      
        

    

    
    
      TABLE OF CONTENTS

    

    
       

    

    	 	 Page
	 	 
	
            ARTICLE 1 DEFINITIONS

          	
            1

          
	 	
            Section 1.01.

          	
            Definitions

          	
            1

          
	 	

          	

          	 
	
            ARTICLE 2 ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND  EXCHANGE OF NOTES

          	
            9

          
	 	
            Section 2.01.

          	
            Designation Amount and Issue of Notes

          	
            9

          
	 	
            Section 2.02.

          	
            Form of Notes

          	
            9

          
	 	
            Section 2.03.

          	
            Date and Denomination of Notes; Payments of Interest

          	
            10

          
	 	
            Section 2.04.

          	
            Execution of Notes

          	
            12

          
	 	
            Section 2.05.

          	
            Note Registrar and Paying Agent

          	
            12

          
	 	
            Section 2.06.

          	
            Exchange and Registration of Transfer of Notes

          	
            13

          
	 	
            Section 2.07.

          	
            Mutilated, Destroyed, Lost or Stolen Notes

          	
            18

          
	 	
            Section 2.08.

          	
            Temporary Notes

          	
            19

          
	 	
            Section 2.09.

          	
            Cancellation of Notes

          	
            19

          
	 	
            Section 2.10.

          	
            CUSIP Numbers

          	
            19

          
	 	
            Section 2.11.

          	
            Issuance of Additional Notes

          	
            20

            

          
	 	 
	
            ARTICLE 3 REDEMPTION OF NOTES

          	
            20

          
	 	
            Section 3.01.

          	
            Optional Redemption of Notes

          	
            20

          
	 	
            Section 3.02.

          	
            Notice of Optional Redemption; Selection of Notes

          	
            21

          
	 	
            Section 3.03.

          	
            Payment of Notes Called for Redemption by the Issuer

          	
            22

          
	 	
            Section 3.04.

          	
            Sinking Fund

          	
            22

          
	 	 
	
            ARTICLE 4 PARTICULAR COVENANTS OF THE ISSUER

          	
            23

          
	 	
            Section 4.01.

          	
            Payment of Principal, Premium and Interest

          	
            23

          
	 	
            Section 4.02.

          	
            Maintenance of Office or Agency

          	
            23

          
	 	
            Section 4.03.

          	
            Appointments to Fill Vacancies in Trustee’s Office

          	
            23

          
	 	
            Section 4.04.

          	
            Provisions as to Paying Agent

          	
            24

          
	 	
            Section 4.05.

          	
            Existence

          	
            25

          
	 	
            Section 4.06.

          	
            Reports

          	
            25

          
	 	
            Section 4.07.

          	
            Stay, Extension and Usury Laws

          	
            25

          
	 	
            Section 4.08.

          	
            Compliance Certificate

          	
            26

          
	 	
            Section 4.09.

          	
            Limitations on Incurrence of Debt

          	
            26

          
	 	
            Section 4.10.

          	
            Insurance

          	
            27

          
	 	 
	
            ARTICLE 5 NOTEHOLDERS’ LISTS AND REPORTS BY  THE ISSUER AND THE TRUSTEE

          	
            28

          
	 	
            Section 5.01.

          	
            Noteholders’ Lists

          	
            28

          
	 	
            Section 5.02.

          	
            Preservation and Disclosure of Lists

          	
            28

          
	 	
            Section 5.03.

          	
            Reports by Trustee

          	
            28

          

    

    

    
      i

      
        

    

    
      TABLE OF CONTENTS

      

      

      (continued)

      

    

    	 	Page
	 	 
	
            ARTICLE 6 REMEDIES OF THE TRUSTEE AND NOTEHOLDERS ON AN EVENT OF DEFAULT

          	
            29

          
	 	
            Section 6.01.

          	
            Events of Default

          	
            29

          
	 	
            Section 6.02.

          	
            Payments of Notes on Default; Suit Therefor

          	
            31

          
	 	
            Section 6.03.

          	
            Application of Monies Collected by Trustee

          	
            32

          
	 	
            Section 6.04.

          	
            Proceedings by Noteholders

          	
            33

          
	 	
            Section 6.05.

          	
            Proceedings by Trustee

          	
            33

          
	 	
            Section 6.06.

          	
            Remedies Cumulative and Continuing

          	
            34

          
	 	
            Section 6.07.

          	
            Direction of Proceedings and Waiver of Defaults by Majority of Noteholders

          	
            34

          
	 	
            Section 6.08.

          	
            Notice of Defaults

          	
            35

          
	 	
            Section 6.09.

          	
            Undertaking to Pay Costs

          	
            35

          
	 	 
	
            ARTICLE 7 THE TRUSTEE

          	
            35

          
	 	
            Section 7.01.

          	
            Duties and Responsibilities of Trustee

          	
            35

          
	 	
            Section 7.02.

          	
            Reliance on Documents, Opinions, etc

          	
            37

          
	 	
            Section 7.03.

          	
            No Responsibility for Recitals, etc

          	
            38

          
	 	
            Section 7.04.

          	
            Trustee, Paying Agents or Registrar May Own Notes

          	
            38

          
	 	
            Section 7.05.

          	
            Monies to Be Held in Trust

          	
            38

          
	 	
            Section 7.06.

          	
            Compensation and Expenses of Trustee

          	
            39

          
	 	
            Section 7.07.

          	
            Officers’ Certificate as Evidence

          	
            39

          
	 	
            Section 7.08.

          	
            Conflicting Interests of Trustee

          	
            39

          
	 	
            Section 7.09.

          	
            Eligibility of Trustee

          	
            40

            

          
	 	
            Section 7.10.

          	
            Resignation or Removal of Trustee

          	
            40

          
	 	
            Section 7.11.

          	
            Acceptance by Successor Trustee

          	
            41

          
	 	
            Section 7.12.

          	
            Succession by Merger

          	
            42

          
	 	
            Section 7.13.

          	
            Preferential Collection of Claims

          	
            42

          
	 	 
	
            ARTICLE 8 THE NOTEHOLDERS

          	
            43

          
	 	
            Section 8.01.

          	
            Action by Noteholders

          	
            43

          
	 	
            Section 8.02.

          	
            Proof of Execution by Noteholders

          	
            43

          
	 	
            Section 8.03.

          	
            Absolute Owners

          	
            43

          
	 	
            Section 8.04.

          	
            Issuer-owned Notes Disregarded

          	
            43

          
	 	
            Section 8.05.

          	
            Revocation of Consents; Future Holders Bound

          	
            44

          
	 	 
	
            ARTICLE 9 SUPPLEMENTAL INDENTURES

          	
            44

          
	 	
            Section 9.01.

          	
            Supplemental Indentures Without Consent of Noteholders

          	
            44

          
	 	
            Section 9.02.

          	
            Supplemental Indenture With Consent of Noteholders

          	
            45

          
	 	
            Section 9.03.

          	
            Effect of Supplemental Indenture

          	
            46

          
	 	
            Section 9.04.

          	
            Notation on Notes

          	
            46

          

     

    

    
      ii

      
        

    

    
      TABLE OF CONTENTS

      

      

      (continued)

      

      

    

    	 	 	 	Page

          
	 	 	 	 
	 	
            Section 9.05.

          	
            Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee

          	
            47

          
	 	 
	
            ARTICLE 10 CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

          	
            47

          
	 	
            Section 10.01.

          	
            Issuer May Consolidate on Certain Terms

          	
            47

          
	 	
            Section 10.02.

          	
            Issuer Successor to Be Substituted

          	
            47

          
	 	
            Section 10.03.

          	
            Guarantor May Consolidate on Certain Terms

          	
            48

          
	 	
            Section 10.04.

          	
            Guarantor Successor to Be Substituted

          	
            48

          
	 	 
	
            ARTICLE 11 SATISFACTION AND DISCHARGE OF INDENTURE

          	
            49

          
	 	
            Section 11.01.

          	
            Discharge of Indenture

          	
            49

          
	 	
            Section 11.02.

          	
            Deposited Monies to Be Held in Trust by Trustee

          	
            49

          
	 	
            Section 11.03.

          	
            Paying Agent Application of Monies Held

          	
            50

          
	 	
            Section 11.04.

          	
            Return of Unclaimed Monies

          	
            50

          
	 	
            Section 11.05.

          	
            Reinstatement

          	
            50

          
	 	 
	
            ARTICLE 12 LEGAL DEFEASANCE AND COVENANT DEFEASANCE

          	
            50

          
	 	
            Section 12.01.

          	
            Option to Effect Legal Defeasance or Covenant Defeasance

          	
            50

          
	 	
            Section 12.02.

          	
            Legal Defeasance and Discharge

          	
            50

          
	 	
            Section 12.03.

          	
            Covenant Defeasance

          	
            51

          
	 	
            Section 12.04.

          	
            Conditions to Legal or Covenant Defeasance

          	
            52

          
	 	
            Section 12.05.

          	
            Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions

          	
            53

          
	 	
            Section 12.06.

          	
            Repayment to Issuer

          	
            54

          
	 	
            Section 12.07.

          	
            Reinstatement

          	
            54

          
	 	 
	
            ARTICLE 13 IMMUNITY OF INCORPORATORS, STOCKHOLDERS,  OFFICERS AND DIRECTORS

          	
            54

          
	 	
            Section 13.01.

          	
            Indenture and Notes Solely Corporate Obligations

          	
            54

          
	 	 
	
            ARTICLE 14 MEETINGS OF HOLDERS OF NOTES

          	
            55

          
	 	
            Section 14.01.

          	
            Purposes for Which Meetings May Be Called

          	
            55

          
	 	
            Section 14.02.

          	
            Call, Notice and Place of Meetings

          	
            55

          
	 	
            Section 14.03.

          	
            Persons Entitled to Vote at Meetings

          	
            55

          
	 	
            Section 14.04.

          	
            Quorum; Action

          	
            55

          
	 	
            Section 14.05.

          	
            Determination of Voting Rights; Conduct and Adjournment of Meetings

          	
            56

          
	 	
            Section 14.06.

          	
            Counting Votes and Recording Action of Meetings

          	
            57

          

    

    

    
      iii

      
        

    

    
      TABLE OF CONTENTS

      

      

      (continued)

    

     

    

    	 	Page

          
	 	 
	
            ARTICLE 15 GUARANTEE

          	
            57

          
	 	
            Section 15.01.

          	
            Guarantee

          	
            57

          
	 	
            Section 15.02.

          	
            Execution and Delivery of Guarantee

          	
            59

          
	 	
            Section 15.03.

          	
            Limitation of Guarantor’s Liability; Certain Bankruptcy Events

          	
            59

          
	 	
            Section 15.04.

          	
            Application of Certain Terms and Provisions to the Guarantor

          	
            59

          
	 	 
	
            ARTICLE 16 MISCELLANEOUS PROVISIONS

          	
            60

          
	 	
            Section 16.01.

          	
            Provisions Binding on Issuer’s and Guarantor’s Successors

          	
            60

          
	 	
            Section 16.02.

          	
            Official Acts by Successor Corporation

          	
            60

          
	 	
            Section 16.03.

          	
            Addresses for Notices, etc

          	
            60

          
	 	
            Section 16.04.

          	
            Governing Law and Jurisdiction

          	
            61

          
	 	
            Section 16.05.

          	
            Waiver of Jury Trial

          	
            62

          
	 	
            Section 16.06.

          	
            Evidence of Compliance with Conditions Precedent, Certificates to Trustee

          	
            62

          
	 	
            Section 16.07.

          	
            Legal Holidays

          	
            62

          
	 	
            Section 16.08.

          	
            Trust Indenture Act

          	
            63

          
	 	
            Section 16.09.

          	
            No Security Interest Created

          	
            62

          
	 	
            Section 16.10.

          	
            Benefits of Indenture

          	
            63

          
	 	
            Section 16.11.

          	
            Table of Contents, Headings, etc

          	
            63

          
	 	
            Section 16.12.

          	
            Authenticating Agent

          	
            63

          
	 	
            Section 16.13.

          	
            Execution in Counterparts

          	
            64

          
	 	
            Section 16.14.

          	
            Severability

          	
            64

          
	 	
            Section 16.15.

          	
            USA Patriot Act

          	
            64

          

    

    

    
      iv

      
        

    

    CROSS REFERENCE TABLE*

    

    

    	
            Trust Indenture Act Section

          	 	
            Indenture Section

          
	
            310(a)(1)

          	 	
            7.09

          
	
            (a)(2)

          	 	
            7.09

          
	
            (a)(3)

          	 	
            N.A.

          
	
            (a)(4)

          	 	
            N.A.

          
	
            (a)(5)

          	 	
            N.A.

          
	
            (b)

          	 	
            7.08, 7.10

          
	
            311(a)

          	 	
            7.13

          
	
            (b)

          	 	
            7.13

          
	
            312(a)

          	 	
            5.01, 5.02

          
	
            (b)

          	 	
            5.02

          
	
            (c)

          	 	
            5.02

          
	
            313(a)

          	 	
            5.03

          
	
            (b)

          	 	
            5.03

          
	
            (c)

          	 	
            5.03

          
	
            (d)

          	 	
            5.03

          
	
            314(a)

          	 	
            4.06, 4.08

          
	
            (b)

          	 	
            N.A.

          
	
            (c)(1)

          	 	
            16.06

          
	
            (c)(2)

          	 	
            16.06

          
	
            (c)(3)

          	 	
            N.A.

          
	
            (d)

          	 	
            N.A.

          
	
            (e)

          	 	
            16.06

          
	
            (f)

          	 	
            N.A.

          
	
            315(a)

          	 	
            7.01

          
	
            (b)

          	 	
            6.08

          
	
            (c)

          	 	
            7.01

          
	
            (d)

          	 	
            7.01

          
	
            (e)

          	 	
            6.09

          
	
            316(a)(1)(A)

          	 	
            6.07

          
	
            (a)(1)(B)

          	 	
            6.07

          
	
            (a)(2)

          	 	
            N.A.

          
	
            (b)

          	 	
            N.A.

          
	
            (c)

          	 	
            N.A.

          
	
            317(a)(1)

          	 	
            6.02

          
	
            (a)(2)

          	 	
            6.02

          
	
            (b)

          	 	
            11.03

          
	
            318(a)

          	 	
            16.08

          

    
      

      

      
        

    

    N.A. means not applicable.

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

     

    
      v

      
        

    

    INDENTURE

     

    INDENTURE dated as of June 1, 2021 among Essex Portfolio, L.P., a California limited partnership (hereinafter called the “Issuer”),

      Essex Property Trust, Inc., a Maryland corporation (hereinafter called the “Guarantor” or, in its capacity as the sole general partner of the Issuer, the “General Partner”),

      each having its principal office at Essex Portfolio, L.P., 1100 Park Place, Suite 200, San Mateo, California 94403, and U.S. Bank National Association, as trustee hereunder (hereinafter called the “Trustee”).
      Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the holders of the Issuer’s 2.550% Senior Notes due 2031 (hereinafter called the “Notes”) guaranteed by the Guarantor.

     

    ARTICLE 1

    DEFINITIONS

     

    Section

          1.01. Definitions. The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of
        this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. All other terms used in this Indenture that are defined in the Trust Indenture Act (as defined below) or which are by
        reference therein defined in the Securities Act (as defined below) (except as herein otherwise expressly provided or unless the context otherwise requires) shall have the respective meanings assigned to such terms in the Trust Indenture Act and in
        the Securities Act as in force at the date of the execution of this Indenture.

     

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

     

    (1)          the terms defined in this Article include the plural as well as the singular;

     

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

     

    (3)        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;

     

    (4)          references herein to the Articles, Sections and other subdivisions shall be to the Articles, Sections and other subdivisions of this Indenture;

     

    (5)          the word “or” is 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.

     

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

     

    “Additional Notes” means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections 2.04 and 2.11 hereof, as part
      of the same series as the Initial Notes.

     

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

     

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

     

    “Agent” means any Note Registrar, co-registrar, Paying Agent, additional paying agent or authentication agent.

     

    “Annual Debt Service Charge” for any period means the maximum amount which is payable during such period for interest on, and original
      issue discount of, Debt of the Issuer and its Subsidiaries and the amount of any dividends which are payable during such period in respect of any Disqualified Stock.

     

    “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and
      procedures of the Depositary.

     

    “Authentication Order” has the meaning specified in Section 2.01.

     

    “Bankruptcy Law” means Title 11, U.S. Code or any similar federal, state, or foreign law for the relief of debtors.

     

    “Benefited Party” has the meaning specified in Section 15.01.

     

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

     

    
      2

      
        

    

    “Business Day” means, with respect to any Note, any day, other than a Saturday, Sunday or any other day on which banking institutions in
      New York, New York are authorized or obligated by law or executive order to close.

     

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

     

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

     

    “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to
      the remaining term of the Notes to be redeemed (assuming the Notes to be redeemed matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
      debt securities of comparable maturity to the remaining term of such Notes (assuming such Notes to be redeemed matured on the Par Call Date).

     

    “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer Quotations for
      such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than six such Reference Treasury Dealer Quotations, the average of all such Quotations.

     

    “Consolidated Income Available for Debt Service” for any period means Earnings from Operations of the Issuer and its Subsidiaries plus
      amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (i) interest on Debt of the Issuer and its Subsidiaries, (ii) provision for taxes of the Issuer and its Subsidiaries based on income,
      (iii) amortization of debt discount and other deferred financing costs, (iv) provisions for gains and losses on properties and property depreciation and amortization, (v) the effect of any noncash charge resulting from a change in accounting
      principles in determining Earnings from Operations for such period and (vi) amortization of deferred charges.

     

    “Corporate Trust Office” or other similar term, means the designated office of the Trustee at which, at any particular time, its corporate
      trust business as it relates to this Indenture shall be administered, which office is, at the date as of which this Indenture is dated, located at the address set forth in Section 16.03.

     

    “Covenant Defeasance” has the meaning specified in Section 12.03.

     

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

     

    “Custodian” means U.S. Bank National Association, as custodian with respect to the Notes in global form, or any successor entity thereto.

     

    

    
      3

      
        

    

    “Debt” means, without duplication, any indebtedness of the Issuer and its Subsidiaries, whether or not contingent, in respect of (i)
      borrowed money or evidenced by bonds, notes, debentures or similar instruments, (ii) indebtedness for borrowed money secured by any Encumbrance existing on property owned by the Issuer or any of its Subsidiaries, (iii) the reimbursement obligations,
      contingent or otherwise, in connection with any letters of credit actually issued (other than letters of credit issued to provide credit enhancement or support with respect to other indebtedness of the Issuer or any of its Subsidiaries otherwise
      reflected as Debt hereunder) or amounts representing the balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an accrued expense or trade payable, or all conditional sale obligations
      or obligations under any title retention agreement, (iv) the principal amount of all obligations of the Issuer or any of its Subsidiaries with respect to redemption, repayment or other repurchase of any Disqualified Stock, (v) any lease of property
      by the Issuer or any of its Subsidiaries as lessee which is reflected on the consolidated balance sheet of the Issuer and its Subsidiaries as a financing lease in accordance with GAAP, or (vi) interest rate swaps, caps or similar agreements and
      foreign exchange contracts, currency swaps or similar agreements, to the extent, in the case of items of indebtedness under (i) through (iii) above, that any such items (other than letters of credit) would appear as a liability on the consolidated
      balance sheet of the Issuer and its Subsidiaries in accordance with GAAP, and also includes, to the extent not otherwise included, any obligation by the Issuer or any of its Subsidiaries to be liable for, or to pay, as obligor, guarantor or otherwise
      (other than for purposes of collection in the ordinary course of business), Debt of another Person (other than the Issuer or any of its Subsidiaries) (it being understood that Debt shall be deemed to be incurred by the Issuer or any of its
      Subsidiaries whenever the Issuer or any of its Subsidiaries shall create, assume, guarantee or otherwise become liable in respect thereof).  In the case of items of indebtedness under clause (v) above, “Debt” excludes operating lease liabilities on
      the Issuer’s consolidated balance sheet in accordance with GAAP.

     

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

     

    “Defaulted Interest” has the meaning specified in Section 2.03.

     

    “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06
      hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

     

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

     

    “Disqualified Stock” means any Capital Stock of the Issuer or any of its Subsidiaries which by the terms of such Capital Stock (or by the terms of any security into which it is convertible or for which it is
        exchangeable or exercisable), upon the happening of any event or otherwise (i) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than Capital Stock which is redeemable solely in exchange for common
        stock), (ii) is convertible into or exchangeable or exercisable for Debt or Disqualified Stock or (iii) is redeemable at the option of the holder thereof, in whole or in part (other than Capital Stock which is redeemable solely in exchange for
        Capital Stock which is not Disqualified Stock), in each case on or prior to the maturity of the Notes.

     

    
      4

      
        

    

    “DTC” means The Depository Trust Company.

     

    “Earnings from Operations” for any period means net earnings excluding gains and losses on sales of investments, extraordinary items, and
      property valuation gains and losses, as reflected in the financial statements of the Issuer and any of its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP.

     

    “Encumbrance” means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement or other encumbrance of any
      kind.

     

    “Event of Default” means any event specified in Section 6.01 as an Event of Default.

     

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

     

    “GAAP” means generally accepted accounting principles, as in effect from time to time, as used in the United States of America applied on
      a consistent basis.

     

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

     

    “Global Note Legend” means the legend set forth in Section 2.06(f) hereof, which is required to be placed on all Global Notes issued under
      this Indenture.

     

    “Global Notes” means, individually and collectively, each of the Global Notes deposited with or on behalf of and registered in the name of
      the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with this
      Indenture.

     

    “Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which
      the United States pledges its full faith and credit.

     

    “Guarantee” means the full and unconditional guarantee provided by the Guarantor in respect of the Notes as made applicable to the Notes
      in accordance with the provisions of Section 15.01 hereof.

     

    “Guarantee Obligations” has the meaning specified in Section 15.01.

     

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

     

    
      5

      
        

    

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

     

    “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.

     

    “Initial Notes” means the first $300,000,000 of aggregate principal amount of Notes issued under this Indenture on the date hereof.

     

    “interest” means, when used with reference to the Notes, any interest payable under the terms of the Notes.

     

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

     

    “Legal Defeasance” has the meaning specified in Section 12.02.

     

    “Maturity Date” means June 15, 2031.

     

    “Note” or “Notes” means any Note or Notes, as the case may be, authenticated and delivered under
      this Indenture, including the Initial Notes, any Additional Notes and any Global Note.

     

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

     

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

     

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

     

    “Officer” means any person holding any of the following positions with the General Partner or the Issuer: the Chairman of the Board, the
      Chief Executive Officer, the President, any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice President”), the Chief Financial Officer, the
      Treasurer and the Secretary.

     

    “Officers’ Certificate,” when used with respect to the Issuer, means a certificate signed by any two Officers or by one such Officer and
      any Assistant Treasurer or Assistant Secretary of the General Partner or the Issuer.

     

    “Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Issuer, or other
      counsel reasonably acceptable to the Trustee.

     

    “outstanding,” when used with reference to Notes and subject to the provisions of Section 8.04, means, as of any particular time, all
      Notes authenticated and delivered by the Trustee under this Indenture, except:

     

    
      6

      
        

    

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

     

    (2)          Notes, or portions thereof, (i) for the redemption of which monies in the necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent
      (other than the Issuer or the Guarantor) or (ii) which shall have been otherwise discharged in accordance with Article 11;

     

    (3)          Notes in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of Section 2.07; and

     

    (4)          Notes paid or redeemed pursuant to Article 3.

     

    “Par Call Date” means, with respect to the Notes, March 15, 2031 (three months prior to the Maturity Date of the Notes).

     

    “Participant” means, with respect to the Depositary, a Person who has an account with the Depositary.

     

    “Paying Agent” has the meaning specified in Section 2.05.

     

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

     

    “Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such
      particular Note, and, for the purposes of this definition, any Note authenticated and delivered under Section 2.07 in lieu of a lost, mutilated, destroyed or stolen Note shall be deemed to evidence the same debt as the lost, mutilated, destroyed or
      stolen Note that it replaces.

     

    “premium” means any premium payable under the terms of the Notes.

     

    “Prospectus” means collectively the prospectus supplement dated May 17, 2021 relating to the Notes and the related prospectus dated
      September 28, 2018, including the documents incorporated or deemed to be incorporated by reference therein.

     

    “Quotation Agent” means the Reference Treasury Dealer appointed by the Issuer.

     

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

     

    “Redemption Date” means, with respect to any Note or portion thereof to be redeemed in accordance with the provisions of Section 3.01
      hereof, the date fixed for such redemption in accordance with the provisions of Section 3.01 hereof.

     

    “Redemption Price” has the meaning provided in Section 3.01 hereof.

     

    
      7

      
        

    

    “Reference Treasury Dealer” means each of (1) Wells Fargo Securities, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, and
      their respective successors or their respective affiliates who are Primary Treasury Dealers (as defined below), (2) a Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc. and its successors and (3) two other Primary Treasury Dealers
      selected by the Issuer; provided, however, that if any of the Reference Treasury Dealers ceases to be a primary U.S. Government securities dealer (“Primary Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer.

     

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

     

    “Responsible Officer” shall mean, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee
      with direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such person’s knowledge of or familiarity with the
      particular subject.

     

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

     

    “Significant Subsidiary” means any Subsidiary of the Issuer in which the Issuer has invested at least $50,000,000 in capital.

     

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

     

    “Subsidiary” means, with respect to any Person, (i) any corporation, association or other business entity of which more than 50% of the
      total voting power of shares of capital stock or other equity interest entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or
      indirectly, by such Person or one or more of the other subsidiaries of that Person (or a combination thereof) and (ii) any partnership (a) the sole general partner or managing general partner of which is such Person or a subsidiary of such Person or
      (b) the only general partners of which are such Person or of one or more subsidiaries of such Person (or any combination thereof).

     

    “Total Assets” as of any date means the sum of (without duplication) (i) Undepreciated Real Estate Assets and (ii) all other assets
      (excluding accounts receivable, intangibles and operating lease assets) of the Issuer and its Subsidiaries, all determined on a consolidated basis in accordance with GAAP.

     

    
      8

      
        

    

    “Total Unencumbered Assets” means the sum of (without duplication) (i) those Undepreciated Real Estate Assets which are not subject to an
      Encumbrance securing Debt and (ii) all other assets (excluding accounts receivable, intangibles and unconsolidated equity interests in funds and joint ventures) of the Issuer and its Subsidiaries not subject to an Encumbrance securing Debt, all
      determined on a consolidated basis in accordance with GAAP.

     

    “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of this Indenture; provided that if the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture Act” shall mean, to the extent required by such amendment, the
      Trust Indenture Act of 1939 as so amended.

     

    “Trustee” means U.S. Bank National Association, and its successors and any corporation resulting from or surviving any consolidation or
      merger to which it or its successors may be a party and any successor trustee at the time serving as successor trustee hereunder.

     

    “Undepreciated Real Estate Assets” means, as of any date, the cost (original cost plus capital improvements) of real estate assets of the
      Issuer and its Subsidiaries on such date, right of use assets associated with financing leases in accordance with GAAP, before depreciation and amortization, all determined on a consolidated basis in accordance with GAAP; provided, however, that Undepreciated Real Estate Assets shall not include right of use assets associated with operating leases in accordance with GAAP.

     

    “Unsecured Debt” means Debt of the Issuer or any of its Subsidiaries which is not secured by an Encumbrance on any property or assets of
      the Issuer or any of its Subsidiaries.

     

    “USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
      Act of 2001 (Patriot Act), Pub. L. 107-56 and all other United States laws and regulations relating to money-laundering and terrorist activities.

     

    ARTICLE 2

    ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND 

    EXCHANGE OF NOTES

     

    Section

          2.01 Designation Amount and Issue of Notes. The Notes shall be designated as “2.550% Senior Notes due 2031.” Upon the execution
        of this Indenture, and from time to time thereafter, Notes may be executed by the Issuer and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver Notes upon a written order of the Issuer (an “Authentication Order”), such order signed by two Officers or by an Officer and either an Assistant Treasurer of the General Partner or the Issuer or any Assistant Secretary of the General Partner or the Issuer,
        without any further action by the Issuer hereunder.

     

    The aggregate principal amount of Notes which may be authenticated and delivered under this Indenture is unlimited, provided that upon initial issuance the
      principal amount of Notes outstanding shall not exceed $300,000,000, except as provided in Sections 2.07 and 2.08. The Issuer may, without the consent of the Holders of Notes, issue Additional Notes from time
      to time in the future in an unlimited principal amount, subject to compliance with the terms of this Indenture, including Section 2.11.

     

    
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    Section

          2.02. Form of Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the
        “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of
        Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes
        from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global
        Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee. The terms and provisions contained in
        the form of Note attached as Exhibit A hereto shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent applicable, the Issuer and the Trustee, by their execution and delivery of this Indenture, expressly
        agree to such terms and provisions and to be bound thereby.

     

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

     

    So long as the Notes are eligible for book-entry settlement with the Depositary, or unless otherwise required by law, or otherwise contemplated by Section 2.06(a), all of the
      Notes will be represented by one or more Global Notes. The transfer and exchange of beneficial interests in any such Global Note shall be effected through the Depositary in accordance with this Indenture and the Applicable Procedures of the
      Depositary. Except as provided in Section 2.06(a), beneficial owners of a Global Note shall not be entitled to have certificates registered in their names, will not receive or be entitled to receive physical delivery of certificates in definitive
      form and will not be considered Holders of such Global Note.

     

    Section

          2.03. Date and Denomination of Notes; Payments of Interest. The Notes shall be issuable in registered form without coupons in minimum denominations of $2,000 principal
        amount and integral multiples of $1,000 in excess thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of the form of Note attached as Exhibit A hereto. Interest on the
        Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

     

    
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    The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at 5:00 p.m., New York City time, on any Record Date with respect to any interest
      payment date shall be entitled to receive the interest payable on such interest payment date. Interest shall be payable at the office of the Issuer maintained by the Issuer for such purposes in The City of New York, which shall initially be an office
      or agency of the Trustee. The Issuer shall pay interest (i) on any Definitive Note by check mailed to the address of the Person entitled thereto as it appears in the Note Register; provided, however, that a Holder of any Definitive Note may specify by written notice to the Issuer that it pay interest by wire transfer of immediately available funds to the account specified by the Noteholder in such
      notice, or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee. If a payment date is not a Business Day, payment shall be made on the next succeeding Business Day, and no additional
      interest shall accrue thereon. The term “Record Date” with respect to any interest payment date shall mean the June 1 or December 1 (whether or not a Business Day) preceding the applicable June 15 or December
      15 interest payment date, respectively.

     

    No other payment or adjustment will be made for accrued interest on an exchanged Note.

     

    Any interest on any Note which is payable, but is not punctually paid or duly provided for, on any interest payment date (herein called “Defaulted

        Interest”) shall forthwith cease to be payable to the Noteholder registered as such on the relevant Record Date, and such Defaulted Interest shall be paid by the Issuer, at its election in each case, as provided in clause (1) or (2) below:

     

    (1)        The Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective
      Predecessor Notes) are registered at 5:00 p.m., New York City time, on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuer shall notify the Trustee in writing of the amount of
      Defaulted Interest proposed to be paid on each Note and the date of the proposed payment (which shall be not less than twenty-five (25) calendar days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier
      date), and at the same time the Issuer shall deposit with the Trustee an amount of monies equal to the aggregate amount 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 monies when deposited to be held in trust for the benefit of the Persons 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 fifteen (15) calendar days and not less than ten (10) calendar days prior to the date of the proposed payment, and not less than ten (10) calendar days after the receipt by the Trustee
      of the notice of the proposed payment (unless, the Trustee shall consent to an earlier date). The Trustee shall promptly notify the Issuer of such special record date and, in the name and at the expense of the Issuer, shall cause notice of the
      proposed payment of such Defaulted Interest and the special record date therefor to be mailed (or sent by electronic transmission), first-class postage prepaid, to
          each Holder at its address as it appears in the Note Register, not less than ten (10) calendar days prior to such special record date (unless, the Trustee shall consent to an earlier date). Notice of the proposed payment of such Defaulted
          Interest and the special record date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at 5:00 p.m., New York City time, on such
          special record date and shall no longer be payable pursuant to the following clause (b) of this Section 2.03.

     

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

     

    Section

          2.04. Execution of Notes. The Notes shall be signed in the name and on behalf
        of the Issuer by the General Partner by the manual, facsimile or electronic signature of an Officer. The Trustee will, upon receipt of an Authentication Order, authenticate Notes for issue under this Indenture, including any Additional Notes. The
        aggregate principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Issuer pursuant to one or more Authentication Orders, except as provided in Sections 2.07 and 2.08
        hereof.

     

    Only such Notes as shall bear thereon a certificate of authentication substantially in the form set forth on the form of Note attached as Exhibit A hereto, executed
      manually by the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 16.12), shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee (or such an
      authenticating agent) upon any Note executed by the Issuer shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.

     

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

     

    Section

          2.05. Note Registrar and Paying Agent. The Issuer will maintain an office or
        agency where Notes may be presented for registration of transfer or for exchange (“Note Registrar”) and an office or agency where Notes may be presented for payment (“Paying
          Agent”). The Note Registrar will keep a register of the Notes and of their transfer and exchange (the “Note Register”). The Issuer may appoint one or more co-registrars and one or more additional
        paying agents. The term “Note Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuer may change any Paying Agent or Note Registrar without notice to any Holder. The Issuer will notify the
        Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as Note Registrar or Paying Agent, the Trustee shall act as such. The Issuer or any of its Subsidiaries
        may act as Paying Agent or Note Registrar.

     

    The Issuer initially appoints DTC to act as Depositary with respect to the Global Notes.

     

    The Issuer initially appoints the Trustee to act as the Note Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.

     

    
      12

      
        

    

    The Issuer will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money
      held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Issuer (or any other obligor upon the Notes) in making any such payment. While any such default
      continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other
      than the Issuer, Guarantor or a Subsidiary of the Issuer) will have no further liability for the money. If the Issuer, Guarantor or a Subsidiary of the Issuer acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit
      of the Holders or the Trustee all money held by it as Paying Agent and shall promptly notify the Trustee of any failure to take such action and of any failure by the Issuer (or any other obligor under the Notes) to make any payment of the principal
      of or interest on the Notes when the same shall become due and payable. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee will serve as Paying Agent for the Notes.

     

    Section

          2.06. Exchange and Registration of Transfer of Notes.

     

    (a)          Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a
      whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor
      Depositary. All Global Notes will be exchanged by the Issuer for Definitive Notes if:

     

    (1)          the Issuer delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it has ceased to be a clearing
      agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuer within 120 days after the date of such notice from the Depositary;

     

    (2)          the Issuer in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to
      such effect to the Trustee; or

     

    (3)          the Depositary so requests and there has occurred and is continuing a Default or Event of Default with respect to the Notes.

     

    Upon the occurrence of any of the preceding events in (1), (2) or (3) above, Definitive Notes shall be issued in such names as the Depositary in accordance with the Applicable Procedures shall instruct the Note
      Registrar. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.08 hereof. Except as provided this Section 2.06(a), every Note authenticated and delivered in exchange for, or in lieu of, a Global
      Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.08 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. Any Note that is registered in the name of a Person other than the Depositary
      or a nominee thereof shall not be a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a). However, beneficial interests in a Global Note may be transferred and exchanged as provided in
      Section 2.06(b) or (c) hereof.

     

    
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    (b)         Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures of the Depositary. Transfers of beneficial interests in
        the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable:

     

    (1)         Transfer of Beneficial Interests in the Same Global Note. Beneficial
      interests in any Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Global Note. No written orders or instructions shall be required to be delivered to the Note Registrar to effect the
      transfers described in this Section 2.06(b)(1).

     

    (2)         All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of
      beneficial interests in the Global Notes that are not subject to Section 2.06(b)(1) above, any such transfer or exchange must comply with the Applicable Procedures and Section 2.06(c) below if applicable and the transferor of such beneficial interest
      must deliver to the Note Registrar either:

     

    (A)         both:

     

    (i)          a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
      Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or
          exchanged; and

     

    (ii)         instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or

     

    (B)          both:

     

    (i)          a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause
      to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and

     

    (ii)          instructions given by the Depositary to the Note Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to
      effect the transfer or exchange referred to in (i) above.

     

    Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable
      under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(g) hereof.

    

    

    
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    (c)          Transfer or Exchange of Beneficial Interests for Definitive Notes. If any holder of a beneficial interest in a Global Note proposes to exchange
      such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2)(B) hereof, the
      Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer will execute and the Trustee will authenticate and deliver to the Persons as specified below
      a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for or upon transfer of a beneficial interest in a Global Note pursuant to this Section 2.06(c) will be registered in such name or names and in such
      authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Note Registrar from the Depositary or Participant or Indirect Participant through the Depositary. The Trustee will deliver such
      Definitive Notes to the Persons in whose names such Notes are so registered.

     

    (d)        Transfer and Exchange of Definitive Notes for Beneficial Interests. Upon request by a Holder of Definitive Notes and such Holder’s compliance
      with the provisions of this Section 2.06(d), the Note Registrar will register the transfer or exchange of Definitive Notes for a beneficial interest in a Global Note as provided herein. Prior to such registration of transfer or exchange, the
      requesting Holder must present or surrender to the Note Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Note Registrar duly executed by such Holder or by its attorney, duly
      authorized in writing. A Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global Note in accordance with the Applicable Procedures or transfer such Definitive Notes to a Person who takes delivery thereof in the form
      of a beneficial interest in a Global Note in accordance with the Applicable Procedures at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to be
      increased the aggregate principal amount of a Global Note.

     

    (e)         Transfer of Definitive Notes for Definitive Notes. If Definitive Notes have been issued
      in accordance with Section 2.06(a), upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Note Registrar will register the transfer of Definitive Notes to a Person who takes
      delivery thereof in the form of Definitive Notes as provided herein. Prior to such registration of transfer, the requesting Holder must present or surrender to the Note Registrar the Definitive Notes to be transferred duly endorsed or accompanied by
      a written instruction of transfer in form satisfactory to the Note Registrar duly executed by such Holder or by its attorney, duly authorized in writing. Upon receipt of such a request to register such a transfer and such other documents, the Note
      Registrar shall register the Definitive Notes being transferred pursuant to the instructions from the Holder thereof.

     

    (f)          Legends. Each Global Note will bear a legend in substantially the following form:

     

    “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY
      PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE
      INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.09 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.

     

    
      15

      
        

    

    UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE
      OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
      REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
      OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

     

    (g)         Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests
      in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance
      with Section 2.09 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or
      for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such
      reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an
      endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

     

    (h)          General Provisions Relating to Transfers and Exchanges.

     

    (1)          To permit registrations of transfers and exchanges, the Issuer will execute and the Trustee will authenticate Global Notes and Definitive Notes upon receipt of an
      Authentication Order in accordance with Section 2.04 hereof or at the Note Registrar’s request.

     

    (2)          No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange,
      but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer
      pursuant to Sections 2.08, 3.03 and 9.04 hereof).

     

    
      16

      
        

    

    (3)         The Note Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion
      of any Note being redeemed in part.

     

    (4)          All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the
      Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

     

    (5)          Neither the Note Registrar nor the Issuer will be required:

     

    (A)         to issue, register the transfer of or to exchange any Note during a period beginning at the opening of business 15 days before any selection of Notes for redemption
      under Article 3 hereof and ending at the close of business on the earliest date on which the relevant notice of redemption is deemed to have been given to all Holders of Notes to be so redeemed; or

     

    (B)      to register the transfer or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part.

     

    (6)         Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is
      registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary.

     

    (7)         The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.04 hereof.

     

    (8)          All certifications, certificates and Opinions of Counsel required to be submitted to the Note Registrar pursuant to this Section 2.06 to effect a registration of
      transfer or exchange may be submitted by facsimile.

     

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

     

    
      17

      
        

    

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

     

    Section

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

     

    Following receipt by the Trustee or such authenticating agent, as the case may be, of satisfactory security or indemnity and evidence, as described in the preceding paragraph, the Trustee or such
      authenticating agent may authenticate any such substituted Note and make available for delivery such Note. Upon the issuance of any substituted Note, the Issuer may require the payment by the Holder of a sum sufficient to cover any tax, assessment or
      other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In case any Note which has matured or is about to mature or has been called for redemption, as the case may be, shall become mutilated or be
      destroyed, lost or stolen, the Issuer may, instead of issuing a substitute Note, pay or authorize the payment of such Note, as the case may be, if the applicant for such payment shall furnish to the Issuer, to the Trustee and, if applicable, to such
      authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or in connection with such payment, and, in every case of destruction, loss or theft, the
      applicant shall also furnish to the Issuer, the Trustee and, if applicable, any Paying Agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.

     

    
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    Every substitute Note issued pursuant to the provisions of this Section 2.07 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an additional contractual obligation of
      the Issuer, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all of the benefits of (but shall be subject to all of the limitations set forth in) this Indenture equally and proportionately with
      any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment or exchange or
      redemption of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment or redemption
      of negotiable instruments or other securities without their surrender.

     

    Section

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

     

    Section

          2.09. Cancellation of Notes. The Issuer at any time permitted hereunder may
        deliver Notes to the Trustee for cancellation.  All Notes surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Issuer or any Paying Agent, which shall initially be the Trustee, or any
        Note Registrar, be surrendered to the Trustee and promptly canceled by it or, if surrendered to the Trustee, shall be promptly canceled by it and no Notes shall be issued in lieu thereof except as expressly permitted by any of the provisions of
        this Indenture. The Trustee shall dispose of such canceled Notes in accordance with its customary procedures, with copies of such cancelled Notes and related documentation provided to the Issuer. If the Issuer shall acquire any of the Notes, such
        acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Notes unless and until the same are delivered to the Trustee for cancellation.

     

    Section

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

     

    
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      Section 2.11. Issuance of Additional Notes. The
          Issuer will be entitled, upon delivery of an Officers’ Certificate, Opinion of Counsel and Authentication Order, subject to its compliance with Section 4.09, to issue Additional Notes under the Indenture that will have identical terms to the
          Initial Notes issued on the date of this Indenture other than with respect to the date of issuance, public offering price, interest accrued prior to the issue date of the Additional Notes and, if applicable, the initial interest payment date;
          provided that if such Additional Notes are not part of the same issue as and fungible with the Initial Notes for United States federal income tax purposes, such Additional Notes will have a different CUSIP number from the applicable series of
          Initial Notes issued on the date of this Indenture or will have no CUSIP number; provided further that no such Additional Notes may be issued if the Issuer has effected satisfaction and discharge with respect to the Notes pursuant to Article 11
          or effected legal defeasance or covenant defeasance with respect to the Notes pursuant to Article 12. The Initial Notes and any such Additional Notes will constitute a single series of debt securities, and in circumstances in which this Indenture
          provides for the Holders of Notes to vote or take any action, the Holders of Initial Notes and the Holders of any such Additional Notes will vote or take the action as a single class.

    

     

    With respect to any Additional Notes, the Issuer will set forth in a resolution of its Board of Directors and an Officers’ Certificate, a copy of each of which will be delivered to the Trustee, the
      following information:

     

    (1)         the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; and

     

    (2)          the issue price, the issue date and the CUSIP number, if any, of such Additional Notes.

     

    ARTICLE 3

    REDEMPTION OF NOTES

     

    
      Section 3.01. Optional Redemption of Notes.

    

     

    (a)         The Issuer shall have the right to redeem the Notes at its option and in its sole discretion, at any time in whole or from time to time in part, for cash, at a redemption price with
      respect to the Notes to be redeemed on any Redemption Date (the “Redemption Price”) equal to the greater of (i) 100% of the principal amount of such Notes to be redeemed and (ii) as determined by the Quotation
      Agent, the sum of the present values of the remaining scheduled payments of principal and interest on the principal amount of the Notes to be redeemed that would be due if such Notes to be redeemed matured on the Par Call Date but for redemption
      thereof on such Redemption Date (not including any portion of such payments of interest accrued as of such Redemption Date) discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
      Adjusted Treasury Rate plus fifteen (15) basis points (0.15% or fifteen one-hundredths of one percent), plus, in each case,
      accrued and unpaid interest on the principal amount of such Notes to be redeemed to, but excluding, such Redemption Date; provided, however,
      that if such Redemption Date falls after the Record Date immediately preceding an interest payment date and on or prior to such interest payment date, the Issuer will pay the full amount of such accrued and unpaid interest and premium, if any, on
      such interest payment date to the Holder of record at the close of business on such Record Date (instead of the Holder surrendering its Notes for redemption). Notwithstanding the foregoing, if the Notes are redeemed on or after the Par Call Date, the
      Redemption Price will be equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest on the principal amount of such Notes to be redeemed to the Redemption Date for such redemption.

     

    
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    (b)        The Issuer shall not redeem the Notes pursuant to Section 3.01(a) on any date if the principal amount of the Notes has been accelerated, and such an acceleration has not been rescinded or
      cured on or prior to such date (except in the case of an acceleration resulting from a default by the Issuer in the payment of the Redemption Price with respect to the Notes to be redeemed).

     

    Section 3.02. Notice of Optional Redemption; Selection of Notes. In case the Issuer shall desire to
        exercise the right to redeem all or, as the case may be, any part of the Notes pursuant to Section 3.01, it shall fix a date for redemption and it or, at its written request received by the Trustee not fewer than five (5) Business Days prior (or
        such shorter period of time as may be acceptable to the Trustee) to the date the notice of redemption is to be mailed (or sent by electronic transmission), the Trustee in the name of and at the expense of the Issuer, shall mail (or send by
        electronic transmission) or cause to be mailed (or sent by electronic transmission) a notice of such redemption not fewer than fifteen (15) calendar days nor more than sixty (60) calendar days prior to the Redemption Date to each Holder of Notes so
        to be redeemed in whole or in part at its last address as the same appears on the Note Register; provided that if the Issuer makes such request of the Trustee, it shall, together with such request, also give written notice of the Redemption Date to
        the Trustee; provided further that the text of the notice shall be prepared by the Issuer. Such mailing shall be by first class mail (unless sent by electronic transmission). The notice, if mailed in the manner herein provided, shall be
        conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption as a whole or in part
        shall not affect the validity of the proceedings for the redemption of any other Note.

     

    Each such notice of redemption shall specify: (i) the aggregate principal amount of Notes to be redeemed, (ii) the CUSIP number or numbers, if any, of the Notes being redeemed, (iii) the Redemption
      Date (which shall be a Business Day), (iv) the Redemption Price at which Notes are to be redeemed, (v) the place or places of payment and that payment will be made upon presentation and surrender of such Notes and (vi) that interest accrued and
      unpaid to, but excluding, the Redemption Date will be paid as specified in said notice, and that on and after said date interest thereon or on the portion thereof to be redeemed will cease to accrue. If fewer than all of the Notes are to be redeemed,
      the notice of redemption shall identify the Notes to be redeemed (including CUSIP numbers, if any). In case any Note is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and
      shall state that, on and after the Redemption Date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion thereof will be issued.

     

    Whenever any Notes are to be redeemed, the Issuer will give the Trustee written notice of the Redemption Date, together with an Officers’ Certificate as to the aggregate principal amount of Notes to
      be redeemed not fewer than forty-five (45) calendar days (or such shorter period of time as may be acceptable to the Trustee) prior to the Redemption Date.

     

    
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    On or prior to the Redemption Date specified in the notice of redemption given as provided in this Section 3.02, the Issuer will deposit with the Paying Agent (or, if the Issuer or the Guarantor is
      acting as Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04) an amount of monies in immediately available funds sufficient to redeem on the Redemption Date all of the Notes (or portions thereof) so called for redemption
      at the appropriate Redemption Price; provided that if such payment is made on the Redemption Date, it must be received by the Paying Agent, by 11:00 a.m., New York City time, on such date. The Issuer shall
      be entitled to retain any interest, yield or gain on amounts deposited with the Paying Agent pursuant to this Section 3.02 in excess of amounts required hereunder to pay the Redemption Price.

     

    If less than all of the outstanding Notes are to be redeemed, the Trustee shall select the Notes or portions thereof of the Global Note or the Definitive Notes to be redeemed on a pro rata basis or
      such other method the Trustee deems fair and appropriate or is required by the Depositary, provided that the unredeemed portion of any Note to be redeemed in part shall remain in a denomination authorized hereunder. The Notes (or portions thereof) so
      selected for redemption shall be deemed duly selected for redemption for all purposes hereof.

     

    Section 3.03. Payment of Notes Called for Redemption by the Issuer. If notice of redemption has been
        given as provided in Section 3.02, the Notes or portion of Notes with respect to which such notice has been given shall become due and payable on the Redemption Date and at the place or places stated in such notice at the Redemption Price, and so
        long as the Paying Agent holds funds sufficient to pay the Redemption Price of the Notes to be redeemed on the Redemption Date, then (a) such Notes will cease to be outstanding on and after the Redemption Date, (b) interest on the Notes or portion
        of Notes so called for redemption shall cease to accrue on and after the Redemption Date, (c) except as provided in Section 7.05 and Section 11.02, such Notes will cease to be entitled to any benefit or security under this Indenture, and (d) the
        Holders of the Notes shall have no right in respect of such Notes except the right to receive the Redemption Price thereof. On presentation and surrender of such Notes at a place of payment in said notice specified, the said Notes or the specified
        portions thereof shall be paid and redeemed by the Issuer at the Redemption Price.

     

    Upon presentation of any Note redeemed in part only, the Issuer shall execute and the Trustee shall authenticate and make available for delivery to the Holder thereof, at the expense of the Issuer, a
      new Note or Notes, of authorized denominations, in principal amount equal to the unredeemed portion of the Notes so presented.

     

    Section 3.04.Sinking Fund. There shall be no sinking fund provided for the Notes.

     

    
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    ARTICLE 4

    PARTICULAR COVENANTS OF THE ISSUER

     

    Section 4.01. Payment of Principal, Premium and Interest. The Issuer covenants and agrees that it will duly and punctually pay or cause to be paid when due the principal of (including the Redemption Price upon redemption pursuant to Article 3), and
        premium, if any, and interest on each of the Notes at the places, at the respective times and in the manner provided herein and in the Notes; provided that, the Issuer or Paying Agent may withhold from
        payments of interest and upon redemption pursuant to Article 3, maturity or otherwise any amounts the Issuer or Paying Agent is required to withhold by law, including amounts required to be withheld in accordance with applicable tax laws. If any
        withholding tax is required to be imposed on any payment by the Issuer to a Holder under the Notes, such tax shall reduce the amount otherwise payable to such Holder, and any amounts so withheld shall be treated as having been paid to such Holder
        for all purposes of this Indenture. Failure of a Holder or a beneficial owner of a Note to provide the Issuer or Paying Agent or Depositary with appropriate tax certificates (including on an Internal Revenue Service Form W-9 or an applicable
        Internal Revenue Service Form W-8) may result in amounts being withheld from a payment to such Holder or for the account of such a beneficial owner. Notwithstanding anything to the contrary herein, in no event shall the consent of the Holders or
        any beneficial owner be required for any required withholding.

     

    Section 4.02. Maintenance of Office or Agency. The Issuer will maintain an office or agency, where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or redemption and where notices and demands to or upon
        the Issuer and the Guarantor in respect of the Notes, the Guarantees and this Indenture may be served. As of the date of this Indenture, such office shall be the Corporate Trust Office and, at any other time, at such other address as the Trustee
        may designate from time to time by notice to the Issuer. The Issuer will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency not designated or appointed by the Trustee. If at any time
        the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office.

     

    The Issuer may also from time to time designate co-registrars and one or more offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to
      time rescind such designations; provided, however that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency for such purposes. The Issuer will give prompt written notice to the
      Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

     

    The Issuer hereby initially designates the Trustee as Paying Agent, Note Registrar and Custodian, and the Corporate Trust Office shall be considered as one such office or agency of the Issuer for
      each of the aforesaid purposes.

     

    So long as the Trustee is the Note Registrar, the Trustee agrees to mail (or send by electronic transmission), or cause to be mailed, the notices set forth in Section 7.10 and the third paragraph of
      Section 7.11. If co-registrars have been appointed in accordance with this Section, the Trustee shall mail such notices only to the Issuer and the Holders of Notes it can identify from its records.

     

    Section 4.03. Appointments to Fill Vacancies in
          Trustee’s Office. The Issuer, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, upon the terms and conditions and otherwise as provided in Section 7.10, a
        Trustee, so that there shall at all times be a Trustee hereunder.

     

    
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    Section 4.04. Provisions as to Paying Agent.

     

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

     

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

     

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

     

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

     

    The Issuer shall, on or before each due date of the principal of, premium, if any, or interest on the Notes, deposit with the Paying Agent a sum (in funds which are immediately available on the due
      date for such payment) sufficient to pay such principal, premium, if any, or interest and (unless such Paying Agent is the Trustee) the Issuer will promptly notify the Trustee of any failure to take such action; provided

      that if such deposit is made on the due date, such deposit shall be received by the Paying Agent by 11:00 a.m. New York City time, on such date.

     

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

     

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

     

    (d)          Anything in this Section 4.04 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 4.04 is subject to Section 11.02 and Section 11.03.

     

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

     

    Section 4.05. Existence. Subject to Article 10, each of the Issuer and the Guarantor will do or cause to
        be done all things necessary to preserve and keep in full force and effect its existence and rights (charter and statutory); provided that neither the Issuer nor the Guarantor shall be required to preserve any such right if the Issuer or the
        Guarantor, as applicable, shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuer or the Guarantor, as applicable, and that the loss thereof is not disadvantageous in any material respect to
        the Noteholders.

     

    Section 4.06. Reports. Whether or not
        subject to Section 13 or 15(d) of the Exchange Act and for so long as any Notes are outstanding, within fifteen (15) days of the date on which such filing is made with the Commission (or would have been required to have been made with the
        Commission), each of the Issuer and the Guarantor will furnish to the Trustee:

     

    (1)         all quarterly and annual reports that are or would be required to be filed by them with the Commission on Forms 10-Q and 10-K; and

     

    (2)          all current reports that are or would be required to be filed by them with the Commission on Form 8-K.

     

    Notwithstanding the foregoing, during any period in which the Issuer is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Issuer may satisfy its obligation to
      furnish the reports described above by furnishing reports for the Guarantor.

     

    Each of the Issuer and the Guarantor shall comply with the provisions of Section 314(a)(1) of the Trust Indenture Act.

     

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

     

    Section 4.07. Stay, Extension and Usury Laws. The Issuer and the Guarantor each covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner
        whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Issuer from paying all or any portion of the principal, premium, if any, or interest on the Notes as
        contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture, the Notes or the Guarantees endorsed on the Notes and the Issuer and the Guarantor each (to the
        extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will
        suffer and permit the execution of every such power as though no such law had been enacted.

     

    
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    Section 4.08. Compliance Certificate. Within one hundred twenty (120) calendar days after the end of each fiscal year of the Issuer, the Issuer and the Guarantor shall deliver to the Trustee a
        certificate signed by any of the principal executive officer, principal financial officer or principal accounting officer of the Issuer (or its General Partner) and the Guarantor, as the case may be, stating whether or not the signer has knowledge
        of any Default under this Indenture that has occurred and is continuing, and, if so, specifying each Default under this Indenture that has occurred and is continuing and the nature and the status thereof. The certificate shall state if the
        determination as to whether any Default has occurred and is continuing for purposes of such certificate has been made with regard to any period of grace or requirement of notice under this Indenture.

     

    The Issuer will deliver to the Trustee, promptly upon becoming aware of (i) any default in the performance or observance of any covenant, agreement or condition contained in this Indenture, or (ii)
      any Event of Default, an Officers’ Certificate specifying with particularity such default or Event of Default and further stating what action the Issuer has taken, is taking or proposes to take with respect thereto.

     

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

     

    Section 4.09. Limitations on Incurrence of Debt.

     

    (a)          Limitation on Total Outstanding Debt. The Issuer will not, and will not cause or permit any of its
      Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds therefrom on a pro forma basis, the aggregate principal amount of
      all outstanding Debt of the Issuer and its Subsidiaries (determined on a consolidated basis in accordance with GAAP) is greater than sixty five percent (65%) of the sum of (without duplication) (i) Total Assets as of the last day of the then most
      recently ended fiscal quarter for which financial statements are available and (ii) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the
      extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt) in each case, by the Issuer or any of its Subsidiaries since the end of such fiscal quarter,
        including the proceeds obtained from the incurrence of such additional Debt, determined on a consolidated basis in accordance with GAAP.

     

    (b)          Limitation on Secured Debt. The Issuer will not, and will not cause or permit any of its Subsidiaries to, incur any Debt (including, without
      limitation, Acquired Debt) secured by any Encumbrance on any property or assets of the Issuer or any of its Subsidiaries, whether owned on the date of this Indenture or thereafter acquired, if, immediately after giving effect to the incurrence of
      such Debt and the application of the proceeds therefrom on a pro forma basis, the aggregate principal amount (determined on a consolidated basis in accordance with GAAP) of all outstanding Debt of the Issuer and its Subsidiaries which is secured by
      any Encumbrance on any property or assets of the Issuer or any of its Subsidiaries is greater than forty percent (40%) of the sum of (without duplication) (i) Total Assets as of the last day of the then most recently ended fiscal quarter for which
      financial statements are available and (ii) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to
      acquire real estate assets or mortgages receivable or used to reduce Debt), by the Issuer or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt, determined on a
      consolidated basis in accordance with GAAP.

     

    
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    (c)         Ratio of Consolidated Income Available for Debt Service to the Annual Debt Service Charge. The Issuer will not, and will not cause or permit any
      of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) if the ratio of Consolidated Income Available for Debt Service to the Annual Debt Service Charge for the period consisting of the four consecutive fiscal quarters
      most recently ended prior to the date on which such additional Debt is to be incurred shall have been less than 1.5:1.0 on a pro forma basis after giving effect to the incurrence of such Debt and the application of the proceeds therefrom, and
      calculated on the assumption that (i) such Debt and any other Debt (including, without limitation, Acquired Debt) incurred by the Issuer or any of its Subsidiaries since the first day of such four quarter period had been incurred, and the application
      of the proceeds therefrom (including to repay or retire other Debt) had occurred, on the first day of such period, (ii) the repayment or retirement of any other Debt of the Issuer or any of its Subsidiaries since the first day of such four quarter
      period had occurred on the first day of such period (except that, in making such computation, the amount of Debt under any revolving credit facility, line of credit or similar facility shall be computed based upon the average daily balance of such
      Debt during such period), and (iii) in the case of any acquisition or disposition by the Issuer or any of its Subsidiaries of any asset or group of assets, in any such case with a fair market value (determined in good faith by the Guarantor’s Board
      of Directors) in excess of $1,000,000, since the first day of such four quarter period, whether by merger, stock purchase or sale or asset purchase or sale or otherwise, such acquisition or disposition had occurred as of the first day of such period
      with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation. If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first day of the
      relevant four quarter period bears interest at a floating rate then, for purposes of calculating the Annual Debt Service Charge, the interest rate on such Debt shall be computed on a pro forma basis as if the average rate which would have been in
      effect during the entire such four quarter period had been the applicable rate for the entire such period.

     

    (d)      Maintenance of Unencumbered Total Asset Value. The Issuer, together with its Subsidiaries, will have at all times Total Unencumbered Assets of not
      less than one hundred and fifty percent (150%) of the aggregate principal amount of all outstanding Unsecured Debt of the Issuer and its Subsidiaries, determined on a consolidated basis in accordance with GAAP.

     

    Section 4.10. Insurance.
      The Issuer will, and will cause each of its Subsidiaries to, maintain insurance with financially sound and reputable insurance companies against such risks and in such amounts as
        is customarily maintained by Persons engaged in similar businesses or as may be required by applicable law.

     

    
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    ARTICLE 5

    NOTEHOLDERS’ LISTS AND REPORTS BY

    THE ISSUER AND THE TRUSTEE

     

    Section 5.01.  Noteholders’ Lists. The Issuer covenants and agrees that it will furnish or cause to be furnished to the Trustee, semiannually, at least five Business Days before each June 15 and December 15 of each year beginning with December 15, 2021, and at such other times as the Trustee may
        reasonably request in writing, within thirty (30) calendar days after receipt by the Issuer of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it
        hereunder), a list in such form as the Trustee may reasonably require of the names and addresses of the Holders of Notes as of a date not more than fifteen (15) calendar days (or such other date as the Trustee may reasonably request in order to so
        provide any such notices) prior to the time such information is furnished, except that no such list need be furnished by the Issuer to the Trustee so long as the Trustee is acting as the sole Note Registrar.

     

    Section 5.02. Preservation and Disclosure of Lists.

     

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

     

    (b)         The rights of Noteholders to communicate with other Holders of Notes with respect to their rights under this Indenture or under the Notes, and the corresponding rights and duties of the
      Trustee, shall be as provided by the Trust Indenture Act.

     

    (c)         Every Noteholder agrees with the Issuer and the Trustee that neither the Issuer nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of
      information as to names and addresses of Holders of Notes made pursuant to the Trust Indenture Act.

     

    Section 5.03. Reports by Trustee.

     

    (a)         On or before May 15th of each year beginning with May 15, 2022, the Trustee shall transmit to Holders of Notes such reports dated as of May 15th of the year in which such reports are made
      concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. In the event that no events have occurred under the applicable sections of
      the Trust Indenture Act, the Trustee shall be under no duty or obligation to provide such reports.

     

    (b)          A copy of such report shall, at the time of such transmission to Holders of Notes, be filed by the Trustee with each stock exchange and automated quotation system, if any, upon which the
      Notes are listed, with the Issuer, and with the Commission. The Issuer will promptly notify the Trustee in writing if the Notes are listed on any stock exchange or automated quotation system or delisted therefrom.

     

    
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    ARTICLE 6

    REMEDIES OF THE TRUSTEE AND NOTEHOLDERS

    ON AN EVENT OF DEFAULT

     

    Section 6.01. Events of Default. In case one or more of the following (each an “Event of Default”)

        (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
        governmental body) shall have occurred and be continuing:

     

    (a)          default for thirty (30) days in the payment of any installment of interest under the Notes; or

     

    (b)         default in the payment of the principal amount or Redemption Price due with respect to the Notes, when the same becomes due and payable; or

     

    (c)          the Issuer or the Guarantor fails to comply with any of its other agreements contained in the Notes or this Indenture upon receipt by the Issuer or the Guarantor of notice of such
      default by the Trustee or by Holders of not less than 25% in aggregate principal amount of the Notes then outstanding and the Issuer or the Guarantor fails to cure (or obtain a waiver of) such default within sixty (60) days after receiving such
      notice; or

     

    (d)        failure to pay any recourse indebtedness for monies borrowed or guaranteed by the Issuer or the Guarantor in an outstanding principal amount in excess of $50,000,000 at final maturity or
      upon acceleration after the expiration of any applicable grace period, which indebtedness is not discharged, or such default in payment or acceleration is not cured or rescinded, within thirty (30) days after written notice to the Issuer from the
      Trustee (or to the Issuer and the Trustee from Holders of at least 25% in principal amount of the outstanding Notes); or

     

    (e)          the Issuer, the Guarantor or any Significant Subsidiary pursuant to or under or within meaning of any Bankruptcy Law:

     

    (i)        commences a voluntary case or proceeding seeking liquidation, reorganization or other relief with respect to the Issuer, the Guarantor or a Significant Subsidiary or
      its debts or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Issuer, the Guarantor or a Significant Subsidiary or any substantial part of the property of the Issuer, the Guarantor or a
      Significant Subsidiary; or

     

    (ii)        consents to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against the Issuer,
      the Guarantor or a Significant Subsidiary; or

     

    
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    (iii)         consents to the appointment of a custodian of it or for all or substantially all of its property; or

     

    (iv)          makes a general assignment for the benefit of creditors; or

     

    (f)         an involuntary case or other proceeding shall be commenced against the Issuer, the Guarantor or any of the Issuer’s Significant Subsidiaries seeking liquidation, reorganization or other
      relief with respect to the Issuer, the Guarantor or a Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or
      other similar official of the Issuer, the Guarantor or a Significant Subsidiary or any substantial part of the property of the Issuer, the Guarantor or a Significant Subsidiary, and such involuntary case or other proceeding shall remain undismissed
      and unstayed for a period of sixty (60) calendar days; or

     

    (g)          a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

     

    (i)          is for relief against the Issuer, the Guarantor or any of the Issuer’s Significant Subsidiaries in an involuntary case or proceeding; or

     

    (ii)          appoints a trustee, receiver, liquidator, custodian or other similar official of the Issuer, the Guarantor or a Significant Subsidiary or any substantial part of the
      property of the Issuer, the Guarantor or a Significant Subsidiary; or

     

    (iii)        orders the liquidation of the Issuer, the Guarantor or a Significant Subsidiary; and, in each case in this clause (g), the order or decree remains unstayed and in
      effect for sixty (60) calendar days;

     

    then, and in each and every such case (other than an Event of Default specified in Section 6.01(e), 6.01(f) and 6.01(g) with respect to the Issuer or the Guarantor), unless the principal of all of the Notes shall have
      already become due and payable, either the Trustee or the Holders of at least twenty-five percent (25%) in aggregate principal amount of the Notes then outstanding, by notice in writing to the Issuer and the Guarantor (and to the Trustee if given by
      Noteholders), may declare the principal amount of and premium, if any, and interest accrued and unpaid on all of the Notes to be immediately due and payable, and upon any such declaration the same shall be immediately due and payable.

     

    If an Event of Default specified in Section 6.01(e), 6.01(f) or 6.01(g) occurs with respect to the Issuer or the Guarantor, the principal amount of and premium, if any, and interest accrued and
      unpaid on all of the Notes shall be immediately and automatically due and payable without necessity of further action.

     

    
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    If, at any time after the principal amount of and premium, if any, and interest on the Notes shall have been so declared due and payable, and before any judgment or decree for the payment of the
      monies due shall have been obtained or entered as hereinafter provided, Holders of a majority in aggregate principal amount of the Notes then outstanding on behalf of the Holders of all of the Notes then outstanding, by written notice to the Issuer
      and to the Trustee, may waive all defaults or Events of Default and rescind and annul such declaration and its consequences, subject in all respects to Section 6.07, if: (a) all Events of Default, other than the nonpayment of the principal amount and
      any accrued and unpaid interest that have become due solely because of such acceleration, have been cured or waived and (b) the Issuer or the Guarantor has deposited with the Trustee all required payments of the principal of and interest on the Notes
      and paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and advances pursuant to Section 7.06. No such rescission and annulment shall extend to or shall affect any subsequent Default or Event of
      Default, or shall impair any right consequent thereon. The Issuer shall notify in writing a Responsible Officer of the Trustee, promptly upon becoming aware thereof, of any Event of Default, as provided in Section 4.08.

     

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

     

    Section 6.02.
      Payments of Notes on Default; Suit Therefor. The Issuer covenants that in the case of an Event of Default pursuant to Section 6.01(a) or 6.01(b), upon demand of the Trustee, the Issuer will pay to the Trustee, for the benefit of the Holders of the Notes, (i) the whole amount that then
        shall be due and payable on all such Notes for principal and premium, if any, or interest, as the case may be, with interest upon the overdue principal and premium, if any, and (to the extent that payment of such interest is enforceable under
        applicable law) upon the overdue installments of accrued and unpaid interest at the rate borne by the Notes from the required payment date and, (ii) in addition thereto, any amounts due the Trustee under Section 7.06. Until such demand by the
        Trustee, the Issuer may pay the principal of and premium, if any, and interest on the Notes to the registered Holders, whether or not the Notes are overdue.

     

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

     

    
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    In case there shall be pending proceedings for the bankruptcy or for the reorganization of the Issuer, Guarantor or any other obligor on the Notes under any Bankruptcy Law, or any other applicable
      law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer, Guarantor or such other obligor, the property of the
      Issuer, Guarantor or such other obligor, or in the case of any other judicial proceedings relative to the Issuer, Guarantor or such other obligor upon the Notes, or to the creditors or property of the Issuer, Guarantor or such other obligor, the
      Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this
      Section 6.02, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal, premium, if any, accrued and unpaid interest in respect of the Notes, and, in case
      of any judicial proceedings, to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and of the Noteholders allowed in such judicial proceedings relative to the Issuer,
      Guarantor or any other obligor on the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute
        the same after the deduction of any amounts due the Trustee under Section 7.06, and to take any other action with respect to such claims, including participating as a member of any official committee of creditors, as it reasonably deems necessary
        or advisable, unless prohibited by law or applicable regulations, and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Noteholders to make such payments
        to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to the Noteholders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements, including
        counsel fees and expenses incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings shall be denied for any reason,
        payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property which the Holders of the Notes may be entitled to receive in such proceedings, whether in
        liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Note any plan of
        reorganization, arrangement, adjustment or composition affecting the Notes or the Guarantees or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of Notes in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders of Notes, vote for the election of a trustee in bankruptcy or similar official and may be a
        member of the creditors’ committee.

     

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

     

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

     

    Section 6.03.
      Application of Monies Collected by Trustee. Any monies or property collected by the Trustee pursuant to this Article 6, shall be applied, in the following order, at the date or dates fixed by the Trustee for the distribution of such monies or property, upon presentation of the several
        Notes, and stamping thereon 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 under Section 7.06;

     

    SECOND: In case the principal of the outstanding Notes shall not have become due and be unpaid, to the payment of accrued and unpaid interest, if any, on the Notes in default in the order of the
      maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) as provided in Section 6.02 upon the overdue installments of interest, such payments to be made ratably to the Persons
      entitled thereto;

     

    THIRD: In case the principal of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the whole amount then owing and unpaid upon the Notes for
      principal and premium, if any, and interest, with interest on the overdue principal and premium, if any, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of accrued and unpaid interest, as provided in
      Section 6.02, and in case such monies shall be insufficient to pay in full the whole amounts so due and unpaid upon the Notes, then to the payment of such principal and premium, if any, and interest without preference or priority of principal and
      premium, if any, over interest, or of interest over principal and premium, if any, or of any installment of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such principal and premium,
      if any, and accrued and unpaid interest; and

     

    FOURTH: To the payment of the remainder, if any, to the Issuer or any other Person lawfully entitled thereto.

     

    Section 6.04.
      Proceedings by Noteholders. No Holder
        of any Note shall have any right by virtue of or by reference to any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver,
        trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, except in the case of a default in the payment of principal, premium, if any, or interest on the Notes, unless (a) such Holder previously shall have given
        to the Trustee written notice of an Event of Default and of the continuance thereof, as hereinbefore provided, (b) the Holders of at least twenty-five percent (25%) in aggregate principal amount of the Notes then outstanding shall have made written
        request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable security or indemnity as it may require against the costs, liabilities or expenses to
        be incurred therein or thereby, (c) the Trustee for sixty (60) calendar days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding and (d) no direction
        inconsistent with such written request shall have been given to the Trustee pursuant to Section 6.07; it being understood and intended, and being expressly covenanted by the taker and Holder of every Note with every other taker and Holder and the
        Trustee, that no one or more Holders of Notes shall have any right in any manner whatever by virtue of or by reference to any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder of Notes, or to obtain or seek
        to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Notes (except as otherwise provided
        herein). For the protection and enforcement of this Section 6.04, each and every Noteholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

     

    
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    Notwithstanding any other provision of this Indenture and any provision of any Note, the right of any Holder of any Note to receive payment of the principal of (including the Redemption Price upon
      redemption pursuant to Article 3) and premium, if any, and accrued interest on such Note, on or after the respective due dates expressed in such Note or in the event of redemption, or to institute suit for the enforcement of any such payment on or
      after such respective dates against the Issuer or the Guarantor shall not be impaired or affected without the consent of such Holder.

     

    Section 6.05.
      Proceedings by Trustee. In case of an Event of Default, the Trustee may, in its discretion, proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and
        enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any
        power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

     

    Section 6.06.
      Remedies Cumulative and Continuing. All
        powers and remedies given by this Article 6 to the Trustee or to the Noteholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the
        Holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee or of any Holder of any of the Notes to
        exercise any right or power accruing upon any Default or Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such Default or any acquiescence therein, and, subject
        to the provisions of Section 6.04, every power and remedy given by this Article 6 or by law to the Trustee or to the Noteholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Noteholders.

     

    Section 6.07.
      Direction of Proceedings and Waiver of Defaults by Majority of Noteholders. The Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding shall have the right to direct the time, method and place of conducting any proceeding for any remedy
        available to the Trustee or exercising any trust or power conferred on the Trustee; provided that (a) such direction shall not be in conflict with any rule of law or with this Indenture, (b) the Trustee
        may take any other action which is not inconsistent with such direction, (c) the Trustee may decline to take any action that would benefit some Noteholders to the detriment of other Noteholders or otherwise be unduly prejudicial to the Noteholders
        not joining therein and (d) the Trustee may decline to take any action that would involve the Trustee in personal liability. Prior to taking any such action hereunder, the Trustee shall be entitled to indemnification reasonably satisfactory to it
        in its sole discretion against all losses and expenses caused by taking or not taking such action.

     

    The Holders of a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past Default or Event of Default hereunder
      and its consequences except (i) a default in the payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3), premium, if any, or interest on the Notes or (ii) a
      default in respect of a covenant or provisions hereof which under Article 9 cannot be modified or amended without the consent of the Holders of all Notes then outstanding or each Note affected thereby.

     

    
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    Upon any such waiver, the Issuer, the Guarantor, the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder; but no such waiver shall extend to any
      subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 6.07, said Default or Event of Default shall for all
      purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.

     

    Section 6.08.
      Notice of Defaults. The Trustee shall,
        within ninety (90) calendar days after a Responsible Officer of the Trustee has knowledge of the occurrence of a Default, mail (or send by electronic transmission) to all Noteholders, as the names and addresses of such Holders appear upon the Note
        Register, notice of all Defaults known to a Responsible Officer, unless such Defaults shall have been cured or waived before the giving of such notice; provided that except in the case of default in the
        payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3), or interest on any of the Notes, the Trustee shall be protected in withholding such notice if and so long as a trust committee of directors and/or
        Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interest of the Noteholders.

     

    Section 6.09.
      Undertaking to Pay Costs. All parties
        to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any
        suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including
        reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the
        provisions of this Section 6.09 (to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Noteholder, or group of Noteholders, holding in the aggregate more than ten percent in principal
        amount of the Notes at the time outstanding determined in accordance with Section 8.04, or to any suit instituted by any Noteholder for the enforcement of the payment of the principal of (including the Redemption Price upon redemption pursuant to
        Article 3), or interest on any Note on or after the due date expressed in such Note.

     

    ARTICLE 7

    THE TRUSTEE

     

    Section 7.01.
      Duties and Responsibilities of Trustee. The
        Trustee, prior to the occurrence of an Event of Default and after the curing or waiver of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case
        an Event of Default has occurred (which has not been cured or waived), the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would
        exercise or use under the circumstances in the conduct of its own affairs.

     

    
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    No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

     

    (a)          prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default which may have occurred:

     

    (i)          the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture and the
      Trust Indenture Act, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be
        read into this Indenture and the Trust Indenture Act against the Trustee; and

     

    (ii)       in the absence of bad faith and willful misconduct on the part of the Trustee, the Trustee may conclusively rely as to the truth of the statements and the correctness
      of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions which by any provisions hereof are specifically
      required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture;

     

    (b)         the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless the Trustee was negligent in ascertaining the
      pertinent facts;

     

    (c)         the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the written direction of the Holders of not less than a
      majority in principal amount of the Notes at the time outstanding determined as provided in Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power
      conferred upon the Trustee, under this Indenture;

     

    (d)          whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee shall be subject to the
      provisions of this Section;

     

    (e)          except for (i) a default under Sections 6.01(a) or 6.01(b) hereof, which occurs while the Trustee is acting as Paying Agent, or (ii) any other event of which a Responsible Officer of the
      Trustee has “actual knowledge” and which event constitutes or, with the giving of notice or the passage of time or both, would constitute an Event of Default under this Indenture, the Trustee shall not be deemed to have notice of any Default or Event
      of Default unless specifically notified in writing of such event by the Issuer or a Holder; as used herein, the term “actual knowledge” means the actual fact or statement of knowing, without any duty to make any investigation with regard thereto.

     

    
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    None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or
      in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

     

    Except as explicitly specified otherwise herein, the Issuer will be responsible for making all calculations required under this Indenture and the Notes. The Issuer will make such calculations in good
      faith and, absent manifest error, the Issuer’s calculations will be final and binding on Holders of the Notes. The Issuer will provide a schedule of its calculations to the Trustee, and the Trustee is entitled to rely upon the accuracy of the
      Issuer’s calculations without independent verification. The Trustee will forward the Issuer’s calculations to any Holder of the Notes upon request.

     

    Section 7.02.
      Reliance on Documents, Opinions, etc. Except as otherwise provided in Section 7.01:

     

    (a)          the Trustee may conclusively rely and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond,
      debenture, Note, coupon or other paper or document (whether in its original or facsimile form) believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties;

     

    (b)          any request, direction, order or demand of the Issuer mentioned herein shall be sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be herein
      specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Issuer or the General Partner;

     

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

     

    (d)          the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Noteholders pursuant to
      the provisions of this Indenture, unless such Noteholders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred therein or thereby;

     

    (e)          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 or other paper or document, unless requested in writing so to do by the Holders of not less than a majority in aggregate principal amount of the outstanding Notes; provided that, if the payment within a
      reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms
      of this Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such examination shall be paid by the Holders or, if paid by the Trustee, shall be
      repaid by the Holders upon demand. The Trustee 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 Issuer and the Guarantor, personally or by agent or attorney;

     

    
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    (f)          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 by it with due care hereunder;

     

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

     

    (h)          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;

     

    (i)          the Trustee may request that the Issuer deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified
      actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded;
      and

     

    (j)          any permissive right or authority granted to the Trustee shall not be construed as a mandatory duty.

     

    Section 7.03. No Responsibility for Recitals, etc. The recitals contained herein and in the Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the
        Issuer, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable for the use or
        application by the Issuer of any Notes or the proceeds of any Notes authenticated and delivered by the Trustee in conformity with the provisions of this Indenture.

     

    Section 7.04. Trustee, Paying Agents or Registrar May Own Notes. The Trustee, any Paying Agent or Note Registrar, in its individual or any other capacity, may become the owner or pledgee
        of Notes and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal with the Issuer and the Guarantor with the same rights it would have if it were not Trustee, Paying Agent or Note Registrar.

     

    Section 7.05. Monies to Be Held in Trust. Subject to the provisions of Section 11.02, all monies received by the Trustee shall, until used or applied as herein provided, be held in trust
        for the purposes for which they were received. Monies held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. Except as otherwise provided herein, the Trustee shall be under no liability
        for interest on any monies received by it hereunder except as may be agreed in writing from time to time by the Issuer and the Trustee.

     

    
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    Section 7.06. Compensation and Expenses of Trustee. The Issuer covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, such compensation for all
        services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to from time to time in writing between the Issuer and the
        Trustee, and the Issuer will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the
        reasonable compensation and the reasonable expenses and disbursements of its counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence, willful misconduct, recklessness
        or bad faith. The Issuer also covenants to indemnify the Trustee and any predecessor Trustee (or any officer, director or employee of the Trustee), in any capacity under this Indenture and any authenticating agent for, and to hold them harmless
        against, any and all loss, liability, damage, claim or reasonable expense including taxes (other than taxes based on the income of the Trustee) incurred without negligence, willful misconduct, recklessness or bad faith on the part of the Trustee or
        such officers, directors, employees or authenticating agent, as the case may be, and arising out of or in connection with the acceptance or administration of this trust or in any other capacity hereunder, including the reasonable costs and expenses
        of defending themselves against any claim (whether asserted by the Issuer, any Holder or any other Person) of liability in the premises. The obligations of the Issuer under this Section 7.06 to compensate or indemnify the Trustee and to pay or
        reimburse the Trustee for reasonable expenses, disbursements and advances shall be secured by a lien prior to that of the Notes upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the
        Holders of particular Notes. The obligation of the Issuer under this Section shall survive the satisfaction and discharge of this Indenture and any resignation or removal of the Trustee.

     

    When the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of Default specified in Section 6.01(e), 6.01(f) or 6.01(g) with respect to the Issuer,
      the expenses and the compensation for the services are intended to constitute reasonable expenses of administration under any bankruptcy, insolvency or similar laws.

     

    Section 7.07. Officers’ Certificate as Evidence. Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it
        necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence, bad
        faith, recklessness or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee.

     

    Section 7.08. Conflicting Interests of Trustee. If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such
        interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.

     

    
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    Section 7.09. Eligibility of Trustee. There shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a
        combined capital and surplus of at least $50,000,000 (or if such Person is a member of a bank holding company system, its bank holding company shall have a combined capital and surplus of at least $50,000,000). If such Person publishes reports of
        condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this Section the combined capital and surplus of such Person shall be deemed to be its combined capital and
        surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.09, it shall resign immediately in the manner and with the effect
        hereinafter specified in this Article.

     

    Section 7.10. Resignation or Removal of Trustee.

     

    (a)          The Trustee may at any time resign by giving written notice of such resignation to the Issuer and to the Holders of Notes. Upon receiving such notice of resignation, the Issuer shall
      promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor
      trustee shall have been so appointed and have accepted appointment thirty (30) calendar days after the mailing of such notice of resignation to the Noteholders, the resigning Trustee may, upon ten (10) Business Days’ notice to the Issuer and the
      Noteholders, appoint a successor identified in such notice or may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor trustee or any Noteholder who has been a bona fide holder of a Note or
      Notes for at least six months may, subject to the provisions of Section 6.09, on behalf of itself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if
      any, as it may deem proper and prescribe, appoint a successor trustee.

     

    (b)          In case at any time any of the following shall occur:

     

    (i)          the Trustee shall fail to comply with Section 7.08 after written request therefor by the Issuer or by any Noteholder who has been a bona fide holder of a Note or
      Notes for at least six months; or

     

    (ii)          the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request therefor by the Issuer or by
      any such Noteholder; or

     

    (iii)        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, the Issuer may remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be
      delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.09, any Noteholder who has been a bona fide holder of a Note or Notes for at least six months may, on behalf of itself and all
      others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee; provided that if no successor Trustee shall have been
      appointed and have accepted appointment thirty (30) calendar days after the Issuer has removed the Trustee, the Trustee so removed may petition, at the expense of the Issuer, any court of competent jurisdiction for an appointment of a successor
      trustee and such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

     

    (c)          The Trustee may be removed at any time by the Holders of a majority in principal amount of the outstanding Notes provided that such Holders have
      prior to such removal provided (i) to the Trustee an undertaking satisfactory to the Trustee to reimburse the Trustee for and hold the Trustee harmless from the costs of any proceedings arising from any petition by the Trustee pursuant to the
      penultimate sentence of this Section 7.10(c) and (ii) to the Issuer an undertaking satisfactory to the Issuer to reimburse the Issuer for and hold the Issuer harmless from any amount payable by the Issuer under Section 7.06 hereof in connection with
      such removal or proceedings to replace the Trustee following such removal. Upon such removal, the Issuer shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which
      instrument shall be delivered to the removed Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment thirty (30) calendar days after the removal of the Trustee by the Holders
      as provided in this Section 7.10(c), any Noteholder who has been a bona fide holder of a Note or Notes for at least six months may, subject to the provisions of Section 6.09, on behalf of itself and all others similarly situated, petition any court
      of competent jurisdiction for the appointment of a successor trustee. If no successor Trustee shall have been appointed and have accepted appointment thirty (30) calendar days after the removal of the Trustee by the Holders as provided in this
      Section 7.10(c), the Trustee so removed may petition, at the expense of the Holders providing the undertaking to the Trustee referred to above in this Section 7.10(c), any court of competent
        jurisdiction for the appointment of a successor trustee. Such court may upon any such above-referenced petition, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

     

    (d)          Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 7.10 shall not become effective until acceptance of
      appointment by the successor trustee as provided in Section 7.11.

     

    (e)          Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee.

     

    Section 7.11. Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 7.10 shall execute, acknowledge and deliver to the Issuer and to its predecessor trustee an
        instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all of the
        rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein; but, nevertheless, on the written request of the Issuer or of the successor trustee, the trustee ceasing to act shall,
        upon payment of any amount then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all of the rights and powers of the trustee so ceasing to act. Upon request of any such
        successor trustee, the Issuer shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a
        lien upon all property and funds held or collected by such trustee as such, except for funds held in trust for the benefit of Holders of particular Notes, to secure any amounts then due it pursuant to the provisions of Section 7.06.

     

    
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    No successor trustee shall accept appointment as provided in this Section 7.11 unless, at the time of such acceptance, such successor trustee shall be qualified under the provisions of Section 7.08
      and be eligible under the provisions of Section 7.09.

     

    Upon acceptance of appointment by a successor trustee as provided in this Section 7.11, the Issuer (or the former trustee, at the written direction of the Issuer) shall mail (or send by electronic
      transmission) or cause to be mailed (or sent by electronic transmission) notice of the succession of such trustee hereunder to the Holders of Notes at their addresses as they shall appear on the Note Register. If the Issuer fails to mail such notice
      within ten (10) calendar days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Issuer.

     

    Section 7.12. Succession by Merger. Any corporation into which the Trustee may be merged or exchanged or with which it may be consolidated, or any corporation resulting from any merger,
        exchange 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 (including any trust created by this Indenture), shall be the successor to the
        Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that in the case of any corporation succeeding to all or substantially
        all of the corporate trust business of the Trustee, such corporation shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09.

     

    In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the
      Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been
      authenticated, any successor to the Trustee or any authenticating agent appointed by such successor trustee may authenticate such Notes in the name of the successor trustee; and in all such cases such certificates shall have the full force that is
      provided in the Notes or in this Indenture; provided that the right to adopt the certificate of authentication of any predecessor Trustee or authenticate Notes in the name of any predecessor Trustee shall
      apply only to its successor or successors by merger, exchange or consolidation.

     

    Section 7.13. Preferential Collection of Claims. If and when the Trustee shall be or become a creditor, directly or indirectly, secured or unsecured, of the Issuer, Guarantor (or any other
        obligor upon the Notes), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of the claims against the Issuer, Guarantor (or any such other obligor).

     

    
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    ARTICLE 8

    THE NOTEHOLDERS

     

    Section 8.01. Action by Noteholders. Whenever in this Indenture it is provided that the Holders of a specified percentage in aggregate principal amount of the Notes may take any action
        (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action, the Holders of such specified percentage have joined therein may be
        evidenced (a) by any instrument or any number of instruments of similar tenor executed by Noteholders in person or by agent or proxy appointed in writing, or (b) by the record of the Holders of Notes voting in favor thereof at any meeting of
        Noteholders, or (c) by a combination of such instrument or instruments and any such record of such a meeting of Noteholders. Whenever the Issuer or the Trustee solicits the taking of any action by the Holders of the Notes, the Issuer or the Trustee
        may fix in advance of such solicitation a date as the record date for determining Holders entitled to take such action. Such record date, if any, shall be not more than fifteen (15) calendar days prior to the date of commencement of solicitation of
        such action.

     

    Section 8.02. Proof of Execution by
        Noteholders. Subject to the provisions of Sections 7.01 and 7.02, proof of the
        execution of any instrument by a Noteholder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee.
        The holding of Notes shall be proved by the registry of such Notes or by a certificate of the Note Registrar.

     

    Section 8.03. Absolute Owners. The Issuer, the Guarantor, the Trustee, any Paying Agent and any Note Registrar may deem the
        Person in whose name such Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon
        made by any Person other than the Issuer or any Note Registrar) for the purpose of receiving payment of or on account of the principal of (including the Redemption Price upon redemption pursuant to Article 3), premium, if any, and interest on such
        Note and for all other purposes; and neither the Issuer nor the Trustee nor any Paying Agent nor any Note Registrar shall be affected by any notice to the contrary. All such payments so made to any Holder for the time being, or upon its order,
        shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon any such Note.

     

    Section 8.04. Issuer-owned Notes Disregarded. In determining whether the Holders of the requisite aggregate principal amount of Notes have
        concurred in any direction, consent, waiver or other action under this Indenture or whether a quorum is present at a meeting of the Holders of the Notes, Notes which are owned by the Issuer or any other obligor on the Notes or any Affiliate of the
        Issuer or any other obligor on the Notes shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee
        shall be protected in relying on any such direction, consent, waiver or other action, only Notes which a Responsible Officer knows are so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as
        outstanding for the purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Notes and that the pledgee is not the Issuer, any other obligor on the Notes or any Affiliate of
        the Issuer or any such other obligor. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Issuer shall furnish to the
        Trustee promptly an Officers’ Certificate listing and identifying all Notes, if any, known by the Issuer to be owned or held by or for the account of any of the above described Persons, and, subject to Section 7.01, the Trustee shall be entitled to
        accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination.

     

    
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    Section 8.05. Revocation of Consents; Future
        Holders Bound. At any time prior to (but not after) the evidencing to the Trustee, as
        provided in Section 8.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Notes specified in this Indenture in connection with such action, any Holder of a Note which is shown by the evidence to be
        included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding as provided in Section 8.02, revoke such action so far as it concerns
        such Note. Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Note and of any Notes issued in exchange or substitution therefor,
        irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor.

     

    ARTICLE 9

    SUPPLEMENTAL INDENTURES

     

    Section 9.01. Supplemental Indentures Without
        Consent of Noteholders. The Issuer, when authorized by the resolutions of the Board of
        Directors, the Guarantor and the Trustee may, from time to time, and at any time enter into an indenture or indentures supplemental without the consent of the Holders of the Notes hereto for one or more of the following purposes:

     

    (a)          to evidence a successor to the Issuer as obligor or to the Guarantor as guarantor under this Indenture;

     

    (b)          to add to the covenants of the Issuer or the Guarantor for the benefit of the Holders of the Notes or to surrender any right or power conferred upon the Issuer or the Guarantor in this
      Indenture or in the Notes;

     

    (c)          to add Events of Default for the benefit of the Holders of the Notes;

     

    (d)          to amend or supplement any provisions of this Indenture; provided that no amendment or supplement shall adversely affect the
      interests of the Holders of any Notes then outstanding in any material respect;

     

    (e)          to secure the Notes;

     

    (f)          to provide for the acceptance of appointment of a successor Trustee or facilitate the administration of the trusts under this Indenture by more than one Trustee;

     

    
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    (g)          to comply with the Trust Indenture Act or the rules and regulations thereunder;

     

    (h)          to provide for rights of Holders of Notes if any consolidation, merger or sale of all or substantially all of property or assets of the Issuer and the Guarantor occurs;

     

    (i)          to cure any ambiguity, defect or inconsistency in this Indenture; provided that this action shall not adversely affect the
      interests of the Holders of the Notes in any material respect;

     

    (j)          to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture;

     

    (k)         to supplement any of the provisions of this Indenture to the extent necessary to permit or facilitate defeasance and discharge of any of the Notes; provided that the action shall not adversely affect the interests of the Holders of the Notes in any material respect; or

     

    (l)        to conform the text of this Indenture, any Guarantee or the Notes to any provision of the description thereof set forth in the Prospectus.

     

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

     

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

     

    Section 9.02. Supplemental Indenture With Consent of Noteholders. With the consent (evidenced as provided in Article 8) of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, the Issuer, when authorized by the resolutions of the Board of
        Directors, the Guarantor and the Trustee may, from time to time and at any time, 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 any supplemental indenture or modifying in any manner the rights of the Holders of the Notes; provided that no such supplemental indenture shall, without the consent of the Holder of each
        Note so affected:

     

    (a)          change the Stated Maturity of the principal of or any installment of interest on the Notes, reduce the principal amount of, or the rate or amount of interest on, or any premium payable
      on redemption of, the Notes, or adversely affect any right of repayment of the Holders of the Notes, change the place of payment, or the coin or currency, for payment of principal of or interest on any Note or impair the right to institute suit for
      the enforcement of any payment on or with respect to the Notes;

     

    
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    (b)       reduce the percentage in principal amount of the outstanding Notes necessary to modify or amend this Indenture, to waive compliance with certain provisions of this Indenture or certain
      defaults and their consequences provided in this Indenture, or to reduce the requirements of quorum or change voting requirements set forth in this Indenture;

     

    (c)          modify or affect in any manner adverse to the Holders the terms and conditions of the obligations of the Issuer or the Guarantor in respect of the due and punctual payments of principal
      and interest; or

     

    (d)         modify any of this Section 9.02 or Section 6.07 or any of the requirements thereof for waiver of certain past Defaults or certain covenants, except to increase the required percentage to
      effect the action or to provide that certain other provisions may not be modified or waived without the consent of the Holders of the Notes.

     

    Upon the written request of the Issuer, accompanied by a copy of the resolutions of the Board of Directors certified by the Issuer’s or the General Partner’s Secretary or Assistant Secretary
      authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Noteholders as aforesaid, the Trustee shall join with the Issuer and the Guarantor in the execution of such supplemental
      indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental
      indenture.

     

    It shall not be necessary for the consent of the Noteholders under this Section 9.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent
      shall approve the substance thereof.

     

    Section 9.03. Effect of Supplemental Indenture. Any
        supplemental indenture executed pursuant to the provisions of this Article 9 shall comply with the Trust Indenture Act, as then in effect. Upon the execution of any supplemental indenture pursuant to the provisions of this Article 9, this Indenture
        shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Issuer, the Guarantor and the Holders of Notes
        shall thereafter be determined, exercised and enforced hereunder, subject in all respects to such modifications and amendments and all of the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and
        conditions of this Indenture for any and all purposes.

     

    Section 9.04. Notation on Notes. Notes authenticated and
        delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 9 may bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the Trustee
        shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Issuer, to any modification of this Indenture contained in any such supplemental indenture may, at the Issuer’s expense, be prepared and executed by the
        Issuer, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 16.12) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding.

     

    
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    Section 9.05. Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee. Prior to entering into any supplemental indenture pursuant to this Article 9, the Trustee shall be provided with an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental
        indenture executed pursuant hereto complies with the requirements of this Article 9 and is otherwise authorized or permitted by this Indenture.

     

    ARTICLE 10

    CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

     

    Section 10.01. Issuer May Consolidate on Certain Terms. Nothing
        contained in this Indenture or in the Notes shall prevent any consolidation or merger of the Issuer with or into any other Person or Persons (whether or not affiliated with the Issuer), or successive consolidations or mergers in which either the
        Issuer will be the continuing entity or the Issuer or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or lease of all or substantially all of the property of the Issuer, to any other Person
        (whether or not affiliated with the Issuer); provided, however, that the following conditions are met:

     

    (a)       the Issuer shall be the continuing entity, or the successor entity (if other than the Issuer) formed by or resulting from any consolidation or merger or which shall have received the
      transfer of assets shall be organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume payment of the principal of and interest on all of the Notes and the
      due and punctual performance and observance of all of the covenants and conditions in this Indenture;

     

    (b)         immediately after giving effect to such transaction, no Default and no Event of Default shall have occurred and be continuing; and

     

    (c)         either the Issuer or the successor Person, in either case, shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
      merger, sale, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article 10 and that all conditions precedent herein provided for relating to
      such transaction have been complied with.

     

    No such consolidation, merger, sale, conveyance, transfer or lease shall be permitted by this Section 10.01 unless prior thereto the Issuer shall have delivered to the Trustee an Issuer’s Officers’
      Certificate and an Opinion of Counsel, each stating that the Issuer’s obligations hereunder shall remain in full force and effect thereafter.

     

    Section 10.02. Issuer Successor to Be Substituted. Upon
        any consolidation by the Issuer with or merger of the Issuer into any other Person or any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Issuer to any Person in accordance with Section 10.01, the
        successor Person formed by such consolidation or into which the Issuer is merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this
        Indenture with the same effect as if such successor Person had been named as the Issuer herein, and thereafter, the predecessor Person shall be released and discharged from all obligations and covenants under this Indenture and the Notes.

     

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

     

    Section 10.03.
      Guarantor May Consolidate on Certain Terms. Nothing contained in this Indenture or in the Notes shall prevent any consolidation or merger of the Guarantor with or into any other Person or Persons (whether or not affiliated with the Guarantor), or successive consolidations or mergers
        in which either the Guarantor will be the continuing entity or the Guarantor or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or lease of all or substantially all of the property of the
        Guarantor, to any other Person (whether or not affiliated with the Guarantor); provided, however, that the following conditions are met:

     

    (a)          the Guarantor shall be the continuing entity, or the successor entity (if other than the Guarantor) formed by or resulting from any consolidation or merger or which shall have received
      the transfer of assets shall be organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume the obligations of the Guarantor under the Guarantee and the due
      and punctual performance and observance of all of the covenants and conditions in this Indenture;

     

    (b)         immediately after giving effect to such transaction, no Default and no Event of Default shall have occurred and be continuing; and

     

    (c)        either the Guarantor or the successor Person, in either case, shall have delivered to the Trustee an Officers’ Certificate of the Guarantor and an Opinion of Counsel, each stating that
      such consolidation, sale, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article 10 and that all conditions precedent herein provided for relating to such transaction have been complied with.

     

    No such consolidation, merger, sale, conveyance, transfer or lease shall be permitted by this Section 10.03 unless prior thereto the Guarantor shall have delivered to the Trustee a Guarantor’s
      Officers’ Certificate and an Opinion of Counsel, each stating that the Guarantor’s obligations hereunder shall remain in full force and effect thereafter.

     

    Section 10.04.
      Guarantor Successor to Be Substituted. Upon
        any consolidation or merger with or any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Guarantor to any Person in accordance with Section 10.03, the successor Person formed by such consolidation
        or into which the Guarantor is merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Guarantor under this Indenture with the same effect as if
        such successor Person had been named as the Guarantor herein, and thereafter, except in the case of a lease, the predecessor Person shall be released and discharged from all obligations and covenants under this Indenture and the Guarantee.

     

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

     

    ARTICLE 11

    SATISFACTION AND DISCHARGE OF INDENTURE

     

    Section 11.01.
      Discharge of Indenture . This Indenture shall cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Notes herein
        expressly provided for and except as further provided below), and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when (a) either: (1) all
        Notes theretofore authenticated and delivered (other than (i) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.07 and (ii) Notes for whose payment monies have theretofore been deposited
        in trust and thereafter repaid to the Issuer as provided in Section 11.04) have been delivered to the Trustee for cancellation; or (2) all such Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable, whether
        at the Maturity Date, or otherwise, (ii) will become due and payable at their Stated Maturity within one year or (iii) are to be called for redemption on a Redemption Date within one year under irrevocable arrangements satisfactory to the Trustee
        for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of clause (2) above, has irrevocably deposited or caused to be irrevocably deposited with the Trustee or a Paying
        Agent (other than the Issuer or any of its Affiliates), as applicable, as trust funds in trust cash in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for
        principal and interest to the date of such deposit (in the case of Notes which have become due and payable) or to the Maturity Date or Redemption Date, as the case may be; (b) the Issuer has paid or caused to be paid all other sums payable
        hereunder by the Issuer; and (c) the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture
        have been complied with.

     

    Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Issuer to the Trustee under Section 7.06 shall survive and, if monies shall have been deposited with the
      Trustee pursuant to sub clause (2) of clause (a) of this Section, the provisions of Sections 2.06, 2.07, 2.08, 2.09, 4.02, 4.03, 4.04, 4.07, 5.01, 5.03, 7.05, this Article 11, and, if the Notes will be paid on a Redemption Date, Article 3, shall
      survive and remain in full force and effect.

     

    Section 11.02. Deposited Monies to Be Held in Trust by Trustee. Subject to Section 11.04, all monies deposited with the Trustee pursuant to Section 4.04, Section
        11.01 and in accordance with Section 7.05 shall be held in trust for the sole benefit of the Noteholders, and such monies shall be applied by the Trustee to the payment, either directly or through any Paying Agent (including the Issuer if acting as
        its own Paying Agent), to the Holders of the particular Notes for the payment or redemption of which such monies have been deposited with the Trustee, of all sums due and to become due thereon for principal, premium, if any, and interest. The
        Trustee is not responsible to anyone for interest on any deposited funds except as agreed in writing.

     

    
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    Section 11.03. Paying Agent Application of Monies Held. Subject to the provisions of Section 11.04, a Paying Agent shall hold in trust, for the benefit of
        the Noteholders, all monies deposited with it pursuant to Section 4.04 or Section 11.01 and shall apply the deposited monies in accordance with this Indenture and the Notes to the payment of the principal of (including the Redemption Price upon
        redemption pursuant to Article 3) and interest on the Notes.

     

    Section 11.04. Return of Unclaimed Monies. The Trustee and each Paying Agent shall pay to the Issuer upon request any monies held by them for the payment of
        principal, premium or interest that remains unclaimed for two years after a right to such monies have matured; provided, however, that the Trustee or such Paying
        Agent, before being required to make any such payment, may, at the expense of the Issuer, either publish in a newspaper of general circulation in The City of New York, or cause to be mailed (or sent by electronic transmission) to each Holder
        entitled to such monies, notice that such monies remain unclaimed and that after a date specified therein, which shall be at least thirty (30) calendar days from the date of such mailing or publication, any unclaimed balance of such monies then
        remaining will be repaid to the Issuer. After payment to the Issuer, Holders entitled to monies must look to the Issuer for payment as general creditors unless an applicable abandoned property law designates another person, and the Trustee and each
        Paying Agent shall be relieved of all liability with respect to such monies.

     

    Section 11.05. Reinstatement. If the Trustee or a Paying Agent is unable to apply any monies in accordance with Section 11.02 by reason of any order or
        judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant
        to Section 11.01 until such time as the Trustee or the Paying Agent is permitted to apply all such monies in accordance with Section 11.02; provided that if the Issuer makes any payment of principal of or
        interest on any Note following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the monies held by the Trustee or Paying Agent.

     

    ARTICLE 12

    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

     

    Section 12.01. Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer may at any time, at the option of the Board of Directors evidenced by a resolution set
        forth in an Officers’ Certificate, elect to have either Section 12.02 or 12.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 12.

     

    Section 12.02. Legal Defeasance and Discharge. Upon the Issuer’s exercise under Section 12.01
        hereof of the option applicable to this Section 12.02, the Issuer and the Guarantor will, subject to the satisfaction of the conditions set forth in Section 12.04 hereof, be deemed to have been discharged from their obligations with respect to all
        outstanding Notes and Guarantees on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer and the Guarantor will be deemed to have paid and discharged the
        entire Debt represented by the outstanding Notes and Guarantees, which will thereafter be deemed to be “outstanding” only for the purposes of Section 12.05 hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below,
        and to have satisfied all of their other obligations under such Notes, the Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the
        following provisions which will survive until otherwise terminated or discharged hereunder:

     

    
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    (a)         the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium, if any, on, such Notes when such payments are due from the trust
      referred to in Section 12.04 hereof;

     

    (b)         the Issuer’s obligations with respect to such Notes under Sections 2.06, 2.07, 2.08, 2.09, 4.02, 4.03, 4.04, 4.07, 5.01, 5.03, 7.06 and, if the Notes will be paid on a Redemption Date,
      Article 3;

     

    (c)        the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s and the Guarantor’s obligations in connection therewith; and

     

    (d)          this Article 12.

     

    Subject to compliance with this Article 12, the Issuer may exercise its option under this Section 12.02 notwithstanding the prior exercise of its option under Section 12.03 hereof.

     

    Section 12.03. Covenant Defeasance. Upon the Issuer’s exercise under Section 12.01 hereof of
        the option applicable to this Section 12.03, the Issuer and the Guarantor will, subject to the satisfaction of the conditions set forth in Section 12.04 hereof, be released from each of their obligations under the covenants contained in Section
        4.05 to keep in full force and effect their respective rights (charter and statutory) (but, for the avoidance of doubt, they will not be released from their respective obligations to do or cause to be done all things necessary to preserve and keep
        in full force and effect their respective existences (except as provided under Article 10)) and contained in Sections 4.06, 4.09 and 4.10 with respect to the outstanding Notes on and after the date the conditions set forth in Section 12.04 hereof
        are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the
        consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this
        purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Guarantee, the Issuer and the Guarantor may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such
        covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will
        not constitute a Default or an Event of Default under Section 6.01(c) hereof, but, except as specified above, the remainder of this Indenture and such Notes and Guarantee will be unaffected thereby.

     

    
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    Section 12.04. Conditions to Legal or Covenant Defeasance. In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 12.02 or 12.03 hereof:

     

    (a)          the Issuer must irrevocably deposit with the Trustee, in trust, for the sole benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof,
      in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest on, the outstanding Notes on the stated date for payment thereof or on the
      applicable Redemption Date, as the case may be, and the Issuer must specify whether the Notes are being defeased to such stated date for payment or to a particular Redemption Date;

     

    (b)         in the case of an election under Section 12.02 hereof, the Issuer must deliver to the Trustee an Opinion of Counsel confirming that:

     

    (1)          the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling; or

     

    (2)          since the date of this Indenture, there has been a change in the applicable federal income tax law,

     

    in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result
      of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

     

    (c)          in the case of an election under Section 12.03 hereof, the Issuer must deliver to the Trustee an Opinion of Counsel confirming that the Holders of the outstanding Notes will not
      recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
      Covenant Defeasance had not occurred;

     

    (d)          No Default or Event of Default (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating
      to other indebtedness being defeased, discharged or replaced), and the granting of liens to secure such borrowings) shall have occurred and be continuing on the date of such deposit and no Event of Default or event which with notice or lapse of time
      or both would become an Event of Default under Sections 6.01(e), 6.01(f) or 6.01(g) 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 shall not be deemed satisfied until the expiration of such period);

     

    (e)        such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture and
      the agreements governing any other indebtedness being defeased, discharged or replaced) to which the Issuer or the Guarantor is a party or by which the Issuer or the Guarantor is bound;

     

    
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    (f)          the Issuer must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Issuer with both (i) the intent of preferring the Holders of Notes over the
      other creditors of the Issuer and (ii) the intent of hindering, delaying or defrauding any creditors of the Issuer or others;

     

    (g)          the Issuer must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant
      Defeasance have been complied with;

     

    (h)        if the cash or Government Securities or combination thereof, as the case may be, deposited under Section 12.04(a) above are sufficient to pay the principal of and interest on the Notes
      provided the Notes are redeemed on a particular Redemption Date, the Issuer shall have given the Trustee irrevocable instructions to redeem the Notes on such date and to provide notice of such redemption to Holders as provided in or pursuant to this
      Indenture; and

     

    (i)          the Issuer must pay or cause to paid all amounts due to the Trustee and any Agent appointed hereunder.

     

    Section 12.05. Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. Subject to Section 12.06 hereof, all money and non-callable Government
        Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 12.05, the “Trustee”) pursuant to Section 12.04 hereof in respect
        of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as Paying Agent)
        as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by
        law.

     

    The Issuer will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 12.04
      hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

     

    Notwithstanding anything in this Article 12 to the contrary, the Trustee will deliver or pay to the Issuer from time to time upon the request of the Issuer any money or non-callable Government
      Securities held by it as provided in Section 12.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion
      delivered under Section 12.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

     

    
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    Section 12.06. Repayment to Issuer. Any money and Government Securities deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the
        principal of, premium, if any, or interest on, any Note under this Article 12 and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Issuer on its request or (if then
        held by the Issuer) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money
        or Government Securities, and all liability of the Issuer as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer cause
        to be published once, in a newspaper of general circulation in The City of New York, notice that payment from such money or Government Securities remains unclaimed and that, after a date specified therein, which will not be less than thirty (30)
        days from the date of such notification or publication, any unclaimed balance of such money or Government Securities then remaining will be repaid to the Issuer.

     

    Section 12.07. Reinstatement. If the Trustee or Paying Agent is unable to apply any cash or
        non-callable Government Securities in accordance with Section 12.02 or 12.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
        then the Issuer’s and the Guarantor’s obligations under this Indenture and the Notes and the Guarantee will be revived and reinstated as though no deposit had occurred pursuant to Section 12.02 or 12.03 hereof until such time as the Trustee or
        Paying Agent is permitted to apply all such money in accordance with Section 12.02 or 12.03 hereof, as the case may be; provided, however, that, if the Issuer makes any payment of principal of, premium, if any, or interest on, any Note following
        the reinstatement of its obligations, the Issuer will be subrogated to the rights of the Holders of such Notes to receive such payment from the money or non-callable Government Securities held by the Trustee or Paying Agent.

     

    ARTICLE 13

    IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

    OFFICERS AND DIRECTORS

     

    Section 13.01. Indenture and Notes Solely Corporate Obligations. Except as otherwise
        expressly provided in Article 15, no recourse for the payment of the principal of (including the Redemption Price upon redemption pursuant to Article 3) or, premium, if any, or interest on any Note, or for any claim based thereon or otherwise in
        respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer or the Guarantor in this Indenture or in any supplemental indenture or in any Note, or because of the creation of any indebtedness represented
        thereby, shall be had against any incorporator, stockholder, limited partner, member, manager, employee, agent, officer, director or Subsidiary, as such, past, present or future, of the General Partner, the Issuer, the Guarantor or any of the
        Issuer’s or Guarantor’s Subsidiaries or of any successor thereto, either directly or through the Issuer or Guarantor any of the Issuer’s or Guarantor’s Subsidiaries or any successor thereto, whether by virtue of any constitution, statute or rule of
        law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and
        the issue of the Notes.

     

    
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    ARTICLE 14

    MEETINGS OF HOLDERS OF NOTES

     

    Section 14.01.  Purposes for Which Meetings May Be Called. A meeting of Holders of Notes may
        be called at any time and from time to time pursuant to this Article 14 to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other act provided by this Indenture to be made, given or taken by Holders of
        Notes.

     

    Section 14.02.
      Call, Notice and Place of Meetings.

     

    (a)          The Trustee may at any time call a meeting of Holders of Notes for any purpose specified in Section 14.01, to be held at such time and at such place in The City of New York, New York as
      the Trustee shall determine. Notice of every meeting of Holders of Notes, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section
      16.03, not less than twenty-one (21) nor more than 180 days prior to the date fixed for the meeting.

     

    (b)          In case at any time the Issuer, the Guarantor or the Holders of at least 10% in principal amount of the outstanding Notes shall have requested the Trustee to call a meeting of the
      Holders of Notes for any purpose specified in Section 14.01, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed notice of or made the first publication of the
      notice of such meeting within twenty-one (21) days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Issuer, the Guarantor, if applicable, or the Holders of Notes in the amount
      above specified, as the case may be, may determine the time and the place in the City of New York, New York, for such meeting and may call such meeting for such purposes by giving notice thereof as provided in clause (a) of this Section.

     

    Section 14.03.
      Persons Entitled to Vote at Meetings. To
        be entitled to vote at any meeting of Holders of Notes, a Person shall be (a) a Holder of one or more outstanding Notes, or (b) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more outstanding Notes by such
        Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Notes shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel, any
        representatives of the Guarantor and its counsel and any representatives of the Issuer and its counsel.

     

    Section 14.04.
      Quorum; Action. The Persons entitled to vote a majority in principal amount of the outstanding Notes shall constitute a quorum for a meeting of Holders of Notes; provided, however, that if any action is to be taken at the meeting with respect to any request, demand, authorization, direction, notice, consent, waiver or other
        action which may be made, given or taken by the Holders of not less than a specified percentage in principal amount of the outstanding Notes, the Persons holding or representing the specified percentage in principal amount of the outstanding Notes
        will constitute a quorum. In the absence of a quorum within thirty (30) minutes after the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Notes, be dissolved. In any other case the meeting may be
        adjourned for a period of not less than ten (10) days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at the reconvening of any such adjourned meeting, such adjourned meeting may be
        further adjourned for a period of not less than ten (10) days as determined by the chairman of the meeting prior to the adjournment of such reconvened meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section
        14.02, 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 principal amount of the outstanding Notes which shall constitute a quorum.

     

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

     

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

     

    Section 14.05. Determination of Voting Rights; Conduct and Adjournment of Meetings. 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 Notes in regard to proof of the holding of Notes and of the
        appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting
        as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Notes shall be proved in the manner specified in Section 8.03 and the appointment of any proxy shall be proved in the manner specified
        in Section 8.01.

     

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

     

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

     

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

     

    Section 14.06.
      Counting Votes and Recording Action of Meetings. The vote upon any resolution submitted to any meeting of Holders of Notes shall be by written ballots on which shall be subscribed the signatures of the Holders of Notes or of their representatives by proxy and the principal
        amounts and serial numbers of the outstanding Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall
        make and file with the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting. A record, at least in triplicate, of the proceedings of each meeting of Holders of Notes shall be prepared by the
        secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the
        notice of the meeting and showing that said notice was given as provided in Section 14.02 and, if applicable, Section 14.04. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one
        such copy shall be delivered to the Issuer and the 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 15

    GUARANTEE

     

     Section 15.01. Guarantee. By its execution hereof, the Guarantor acknowledges and agrees that it receives
        substantial benefits from the Issuer and that the Guarantor is providing its Guarantee for good and valuable consideration, including, without limitation, such substantial benefits. Accordingly, subject to the provisions of this Article 15, the
        Guarantor hereby fully, absolutely, irrevocably and unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and its successors and assigns that: (i) the principal of (including the Redemption Price upon
        redemption pursuant to Article 3), premium, if any, and interest on the Notes shall be duly and punctually paid in full when due, whether at the Maturity Date, upon acceleration, upon redemption or otherwise, and interest on overdue principal,
        premium, if any, and (to the extent permitted by law) interest on any overdue interest, if any, on the Notes and all other obligations of the Issuer to the Holders or the Trustee hereunder or under the Notes (including fees, expenses or other)
        shall be promptly paid in full or performed, all in accordance with the terms hereof; and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, the same shall be promptly paid in full when due or
        performed in accordance with the terms of the extension or renewal, whether at the Maturity Date, by acceleration, call for redemption or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth in
        Section 15.03 hereof (collectively, the “Guarantee Obligations”).

     

    
      57

      
        

    

    Subject to the provisions of this Article 15, the Guarantor hereby agrees that its Guarantee hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes
      or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any thereof, the entry of any judgment against the Issuer, any action to enforce the same or any other circumstance
      which might otherwise constitute a legal or equitable discharge or defense of the Guarantor. The Guarantor hereby waives and relinquishes: (a) any right to require the Trustee, the Holders or the Issuer (each, a “Benefited

        Party”) to proceed against the Issuer or any other Person or to proceed against or exhaust any security held by a Benefited Party at any time or to pursue any other remedy in any Benefited Party’s power before proceeding against the
      Guarantor as this shall be a guaranty of payment and not of collection; (b) any defense that may arise by reason of the incapacity, lack of authority, death or disability of any other Person or Persons or the failure of a Benefited Party to file or
      enforce a claim against the estate (in administration, bankruptcy or any other proceeding) of any other Person or Persons; (c) demand, protest and notice of any kind (except as expressly required by this Indenture), including but not limited to
      notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of any action or non-action on the part of the Guarantor, the Issuer, any Benefited Party, any creditor of the Guarantor or the Issuer or on the
      part of any other Person whomsoever in connection with any obligations the performance of which are hereby guaranteed; (d) any defense based upon an election of remedies by a Benefited Party, including but not limited to an election to proceed
      against the Guarantor for reimbursement; (e) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (f) any
      defense arising because of a Benefited Party’s election, in any proceeding instituted under the Bankruptcy Law, of the application of Section 1111(b)(2) of the Bankruptcy Code; and (g) any defense based on any borrowing or grant of a security
      interest under Section 364 of the Bankruptcy Code. The Guarantor hereby covenants that, except as otherwise provided therein, the Guarantee shall not be discharged except by payment in full of all Guarantee Obligations, including the principal,
      premium, if any, and interest on the Notes and all other costs provided for under this Indenture or as provided in Article 7.

     

    If any Holder or the Trustee is required by any court or otherwise to return to either the Issuer or the Guarantor, or any trustee or similar official acting in relation to either the Issuer or the
      Guarantor, any amount paid by the Issuer or the Guarantor to the Trustee or such Holder, the Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. The Guarantor agrees that it shall not be entitled to any
      right of subrogation in relation to the Holders in respect of any Guarantee Obligations hereby until payment in full of all such obligations guaranteed hereby. The Guarantor agrees that, as between it, on the one hand, and the Holders of Notes and
      the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes hereof, notwithstanding any stay, injunction or other prohibition preventing such acceleration
      in respect of the Guarantee Obligations, and (y) in the event of any acceleration of such obligations as provided in Article 6 hereof, such Guarantee Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor
      for the purpose of the Guarantee.

     

    
      58

      
        

    

     Section 15.02. Execution and Delivery of
        Guarantee. To evidence the Guarantee set forth in Section 15.01 hereof, the Guarantor
        agrees that a notation of the Guarantee substantially in the form included in Exhibit B hereto shall be endorsed on each Note authenticated and delivered by the Trustee and that this Indenture shall be executed on behalf of the Guarantor by
        an officer of the Guarantor.

     

    The Guarantor agrees that the Guarantee set forth in this Article 15 shall remain in full force and effect and apply to all of the Notes notwithstanding any failure to endorse on each Note a notation
      of the Guarantee.

     

    If an officer whose facsimile signature is on a Note or a notation of Guarantee no longer holds that office at the time the Trustee authenticates the Note on which the Guarantee is endorsed, the
      Guarantee shall be valid nevertheless.

     

    The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture and endorsed on such Note on behalf of
      the Guarantor.

     

     Section 15.03. Limitation of Guarantor’s Liability; Certain Bankruptcy Events.

     

    (a)        The Guarantor, and by its acceptance hereof each Holder, hereby confirms that it is the intention of all such parties that the Guarantee Obligations of the Guarantor pursuant to its
      Guarantee not constitute a fraudulent transfer or conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law. To effectuate the foregoing intention,
      the Holders and the Guarantor hereby irrevocably agree that the Guarantee Obligations of the Guarantor under this Article 15 shall be limited to the maximum amount as shall, after giving effect to all other contingent and fixed liabilities of the
      Guarantor, result in the Guarantee Obligations of the Guarantor under the Guarantee not constituting a fraudulent transfer or conveyance.

     

    (b)         The Guarantor hereby covenants and agrees, to the fullest extent that it may do so under applicable law, that in the event of the insolvency, bankruptcy, dissolution, liquidation or
      reorganization of the Issuer, the Guarantor shall not file (or join in any filing of), or otherwise seek to participate in the filing of, any motion or request seeking to stay or to prohibit (even temporarily) execution on the Guarantee and hereby
      waives and agrees not to take the benefit of any such stay of execution, whether under Section 362 or 105 of the Bankruptcy Law or otherwise.

     

     Section 15.04. Application of Certain Terms
        and Provisions to the Guarantor. For purposes of any provision of this Indenture which
        provides for the delivery by the Guarantor of an Officers’ Certificate and/or an Opinion of Counsel, the definitions of such terms in Section 1.01 hereof shall apply to the Guarantor as if references therein to the Issuer or the General Partner, as
        applicable, were references to the Guarantor. Upon any demand, request or application by the Guarantor to the Trustee to take any action under this Indenture, the Guarantor shall furnish to the Trustee such certificates and opinions as are required
        in Section 16.06 hereof as if all references therein to the Issuer were references to the Guarantor.

     

    
      59

      
        

    

    ARTICLE 16

    MISCELLANEOUS PROVISIONS

     

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

     

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

    

     

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

    

     

    To Issuer:

    

    

    Essex Portfolio, L.P.

    1100 Park Place, Suite 200

    San Mateo, California 94403

    Email: bpak@essex.com

    Attention: Barbara Pak, Executive Vice President, Chief Financial Officer

    

    

    To Guarantor:

    

    

    Essex Property Trust, Inc.

    1100 Park Place, Suite 200

    San Mateo, California 94403

    Email: bpak@essex.com

    Attention: Barbara Pak, Executive Vice President, Chief Financial Officer

    

    

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

     

    U.S. Bank National Association

    Global Corporate Trust Services

    One California Street, Suite 1000

    San Francisco, California 94111

    Fax: (415) 677-3769

    Attention: David Jason (Essex Portfolio)

    

    

    
      60

      
        

    

    All notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any communication sent to Trustee hereunder must be in the form of a document that is signed manually or by
      way of a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to Trustee by the authorized representative), in English.  The Issuer and Guarantor each agree to assume all risks arising out of the
      use of using digital signatures and electronic methods to submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

    

    

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

     

    Any notice or communication mailed to a Noteholder shall be mailed by first class mail, postage prepaid, at such Noteholder’s address as it appears on the Note Register and shall be sufficiently
      given to such Noteholder if so mailed within the time prescribed.  Any notice or communication will also be so mailed to any Person in the Trust Indenture Act, to the extent required by the Trust Indenture Act.

     

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

     

    
       Section 16.04. Governing Law and Jurisdiction. This Indenture, the Notes and the Guarantee shall be governed by, and construed in accordance with, the laws of the State of New York, as applied to contracts made and performed within the
          State of New York, including, without limitation, Sections 5-1401 and 5-1402 of the New York General Obligations Law and Rule 327(b) of the New York Civil Practice Laws and Rules, and without regard to conflict of law principles that would result
          in the application of any laws other than the laws of the State of New York.

    

     

    Each party hereto irrevocably and unconditionally submits to the jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan, New York County and of the United
      States District Court of the Southern District of New York sitting in the Borough of Manhattan, and any appellate court from any jurisdiction thereof, in any action or proceeding arising out of or relating to this Indenture or the Guarantee, or for
      recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent
      permitted by law, in such Federal court. Each party hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
      Nothing in this Indenture shall affect any right that any party hereto may otherwise have to bring any action or proceeding relating to this Indenture against any party hereto or its properties in the courts of any jurisdiction.

     

    
      61

      
        

    

    Each party hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any
      suit, action or proceeding arising out of or relating to this Indenture in any court referred to in this section. Each party hereto irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of
      such action or proceeding in any such court. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section16.03 hereof, such service to be effective upon receipt. Nothing in this Indenture will affect the
      right of any party hereto to serve process in any other manner permitted by law.

     

    
       Section 16.05. Waiver of Jury Trial. All parties hereto hereby irrevocably waive all rights
          to trial by jury in any action, proceeding or counterclaim (whether based in contract, tort or otherwise) arising out of or relating to this Indenture, the Guarantee or the transactions contemplated hereby or thereby.

    

     

    
       Section 16.06. Evidence of Compliance with Conditions Precedent, Certificates to Trustee. Upon any application or demand by the Issuer to the Trustee to take any action under any of the provisions of this Indenture, the Issuer shall furnish
          to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, and, if requested by the Trustee, an Opinion of Counsel stating that,
          in the opinion of such counsel, all such conditions precedent have been complied with.

    

     

    Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture shall include: (1) a
      statement that the person making such certificate or opinion has read such covenant or condition; (2) a brief statement as to the nature and scope of the examination or investigation upon which the statement or opinion contained in such certificate
      or opinion is based; (3) a statement that, in the opinion of such person, such person has made such examination or investigation as is necessary to enable such person to express an informed opinion as to whether or not such covenant or condition has
      been complied with; and (4) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or
        certificates of public officials.

     

    
      Section 16.07. Legal Holidays. In any case in which any interest payment date, Redemption Date, Stated Maturity or Maturity Date of any Note or any installment of principal or interest thereon will not be a Business Day, then payment of such
          interest on or principal of the Notes need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such interest payment date, Redemption Date, Stated Maturity or Maturity Date,
          and no interest shall accrue on the amount so payable for the period from and after such interest payment date, Redemption Date, Stated Maturity or Maturity Date, to such next succeeding Business Day.

    

     

    
      Section 16.08. Trust Indenture Act. This Indenture is hereby made subject to, and shall be governed by, the provisions of the Trust Indenture Act required to be part of and to govern indentures qualified under the Trust Indenture Act. If any
          provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in an indenture qualified under the Trust Indenture Act, such required provision shall control.  If any provision of this Indenture
          modifies or excludes any provision of the Trust Indenture Act which 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.

    

     

    
      
        62

        
          

      

      Section 16.09. No Security Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or
          hereafter enacted and in effect, in any jurisdiction in which property of the Issuer or its Subsidiaries is located.

    

     

    
       Section 16.10. Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any authenticating agent, any Note Registrar and their successors
          hereunder and the Holders of Notes any benefit or any legal or equitable right, remedy or claim under this Indenture.

    

     

    
      Section 16.11. Table of Contents, Headings, etc. The table of contents and the titles and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part
          hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

    

     

    
      Section 16.12. Authenticating Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on its behalf, and subject to its direction, in the authentication and delivery of Notes in connection with the original issuance
          thereof and transfers and exchanges of Notes hereunder, including under Sections 2.04, 2.06, 2.07, 2.08 and 3.03, as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those
          Sections to authenticate and deliver Notes. For all purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a
          certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at
          all times be a Person eligible to serve as trustee hereunder pursuant to Section 7.09.

    

     

    Any corporation into which any authenticating agent may be merged or exchanged or with which it may be consolidated, or any corporation resulting from any merger, consolidation or exchange to which
      any authenticating agent shall be a party, or any corporation succeeding to the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent hereunder, if such successor corporation is otherwise eligible
      under this Section 16.12, without the execution or filing of any paper or any further act on the part of the parties hereto or the authenticating agent or such successor corporation.

     

    Any authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Issuer. The Trustee may at any time terminate the agency of any authenticating agent
      by giving written notice of termination to such authenticating agent and to the Issuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this
      Section, the Trustee shall either promptly appoint a successor authenticating agent or itself assume the duties and obligations of the former authenticating agent under this Indenture and, upon such appointment of a successor authenticating agent, if
      made, shall give written notice of such appointment of a successor authenticating agent to the Issuer and shall mail notice of such appointment of a successor authenticating agent to all Holders of Notes as the
        names and addresses of such Holders appear on the Note Register.

     

    
      63

      
        

    

    The Issuer agrees to pay to the authenticating agent from time to time such reasonable compensation for its services as shall be agreed upon in writing between the Issuer and the authenticating
      agent.

     

    The provisions of Sections 7.02, 7.03, 7.04 and 8.03 and this Section 16.12 shall be applicable to any authenticating agent.

     

    
      Section 16.13. Execution in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.

    

     

    
      Section 16.14. Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality and enforceability of the remaining provisions shall
          not in any way be affected or impaired thereby.

    

     

    
       Section 16.15. USA Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the USA 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. The parties to this Indenture agree that they will provide the Trustee with such
          information as it may request in order for the Trustee to satisfy the requirements of the USA Patriot Act.

    

     

    U.S. Bank National Association hereby accepts the trusts in this Indenture declared and provided, upon the terms and conditions herein above set forth.

     

    
      64

      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed.

     

    	 	
            ESSEX PORTFOLIO, L.P.

          
	 	 	 	 
	 	
            By:

          	
            Essex Property Trust, Inc.

          
	 	 	
            Its Sole General Partner

          
	 	 	 	 
	 	
            By:

          	
            /s/ Barbara Pak

          
	 	 	
            Name:

          	
            Barbara Pak

          
	  	  	
            Title:

             	
            Executive Vice President, Chief

            Financial Officer

          
	 	 	 	 
	 	
            ESSEX PROPERTY TRUST, INC.,

              as Guarantor

          
	 
	 	 	 	 
	 	
            By:

          	
            /s/ Barbara Pak

          
	 	 	
            Name:

          	
            Barbara Pak

          
	  	  	
            Title:

             	
            Executive Vice President, ChiefFinancial Officer

          
	 	
            U.S. BANK NATIONAL ASSOCIATION,

              as Trustee

          
	 
	 	 	 	 
	 	
            By:

          	
            /s/ David Jason

          
	 	 	
            Name:

          	
            David Jason

          
	 	 	
            Title:

          	
            Vice President

          

    

    

    Signature Page to Essex Portfolio, L.P. Indenture

    

    

    
      
        

    

    
    EXHIBIT A

    

    

    FORM OF NOTE

    

    

    [Include only for Global Notes]

    

    

    THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY
      PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE
      INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.09 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.

    

    

    UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE
      OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
      REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
      OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    
      A-1

      
        

    

    ESSEX PORTFOLIO, L.P.

    2.550% SENIOR NOTES DUE 2031

    

    

    No. [___]

    

    

    CUSIP No.: 29717P AZ0

    

    

    ISIN: US29717PAZ09

     

    $[___]

     

    Essex Portfolio, L.P., a California limited partnership (herein called the “Issuer,” which term includes any successor entity under the Indenture referred to
      on the reverse hereof), for value received hereby promises to pay to [Cede & Co.][holder of note in definitive form], or its registered assigns, the principal sum of [___] ($[__]), [or such other amount as
      is set forth in the Schedule of Exchanges of Interests in the Global Note on the other side of this Note,*] on June 15, 2031, at the office or agency of the Issuer maintained for that purpose in accordance
      with the terms of the Indenture, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semi-annually on June 15 and December 15 of each year, commencing December 15, 2021 on said principal sum at said office or agency, in like coin or currency, at
      the rate per annum of 2.550%, from the June 15 or December 15, as the case may be, next preceding the date of this Note to which interest has been paid or duly
      provided for, unless no interest has been paid or duly provided for on the Notes, in which case from and including June 1, 2021 until payment of said principal sum
      has been made or duly provided for. The Issuer shall pay interest on any Definitive Note by check mailed to the address of the Person entitled thereto as it appears in the Note Register; provided, however, that a Holder of any Definitive Note may specify by written notice to the Issuer that it pay interest by wire transfer of immediately available funds to the account specified by the Noteholder in such
      notice, or on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee.

     

    The Issuer promises to pay interest on overdue principal, premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) interest at the rate per annum borne
      by the Notes.

     

    Reference is made to the further provisions of this Note set forth on the reverse hereof and the Indenture governing this Note. Such further provisions shall for all purposes have the same effect as
      though fully set forth at this place.

     

    This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized authenticating
      agent under the Indenture.

     

    
      
        

    

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

     

      

    
      A-2

      
        

    

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

    

    

    Dated: June 1, 2021

    

    

    	 	
            ESSEX PORTFOLIO, L.P.

          
	 	 	 
	 	
            By:

          	
            Essex Property Trust, Inc.

          
	 	 	
            Its Sole General Partner

          
	 	 	 
	 	
            By:

          	

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    
      A-3

      
        

    

    TRUSTEE’S CERTIFICATE OF AUTHENTICATION

    

    

    This is one of the Notes described in the within-named Indenture.

    

    

    	
            Dated: June 1, 2021

          	 	 
	 	 	 
	 	
            U.S. Bank National Association, as Trustee

          
	 	 	 
	 	
            By:

          	

          
	 	 	
            Authorized Signatory

          

    

    

    
      A-4

      
        

    

    [FORM OF REVERSE SIDE OF NOTE]

    

    

    ESSEX PORTFOLIO, L.P.

    2.550% SENIOR NOTES DUE 2031

    

    

    This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 2.550% Senior Notes due 2031 (herein called the “Notes”), issued under
      and pursuant to an Indenture dated as of June 1, 2021 (herein called the “Indenture”), among the Issuer, the Guarantor and U.S. Bank National Association, as trustee
      (herein called the “Trustee”), to which Indenture and any indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities
      thereunder of the Trustee, the Issuer, the Guarantor and the Holders of the Notes. Defined terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture.

     

    If an Event of Default (other than an Event of Default specified in Section 6.01(e), 6.01(f) or 6.01(g) with respect to the Issuer) occurs and is continuing, the principal of, premium, if any, and
      accrued and unpaid interest on all Notes may be declared to be due and payable by either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, and, upon said declaration the same shall be immediately
      due and payable. If an Event of Default specified in Section 6.01(e), 6.01(f) or 6.01(g) of the Indenture occurs with respect to the Issuer, the principal of and premium, if any, and interest accrued and unpaid on all of the Notes shall be
      immediately and automatically due and payable without necessity of further action.

     

    The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time
      outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the
      Notes, subject to exceptions set forth in Section 9.02 of the Indenture. Subject to the provisions of the Indenture, the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the
      Holders of all of the Notes, waive any past Default or Event of Default, subject to exceptions set forth in the Indenture.

     

    No reference herein to the Indenture and no provision of this Note, the Guarantee endorsed on this Note or of the Indenture shall impair, as among the Issuer and the Holder of the Notes, the
      obligation of the Issuer, which is absolute and unconditional, to pay the principal of, premium, if any, on and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein and in the Indenture
      prescribed.

     

    Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months.

     

    The Notes are issuable in fully registered form, without coupons, in minimum denominations of $2,000 principal amount and any integral multiple of $1,000 in excess thereof. At the office or agency of
      the Issuer referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any tax, assessment or other governmental
      charge that may be imposed in connection with any registration or exchange of Notes, Notes may be exchanged for a like aggregate principal amount of Notes of any other authorized denominations.

     

    
      A-5

      
        

    

    The Issuer shall have the right to redeem the Notes under certain circumstances as set forth in Section 3.01, Section 3.02 and Section 3.03 of the Indenture.

     

    The Notes are not subject to redemption through the operation of any sinking fund.

     

    Except as expressly provided in Article 15 of the Indenture, no recourse for the payment of the principal of or any premium or interest on this Note, or for any claim based hereon or otherwise in
      respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer in the Indenture or any supplemental indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against
      any incorporator, stockholder, limited partner, member, manager, employee, agent, officer, director or subsidiary, as such, past, present or future, of the Guarantor, the Issuer or any of the Issuer’s Subsidiaries or of any successor thereto, either
      directly or through the Guarantor, the Issuer or any of the Issuer’s Subsidiaries or of any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being
      expressly understood that all such liability is hereby expressly waived and released as a condition of, and as consideration for, the execution of the Indenture and the issue of this Note.

     

    
      A-6

      
        

    

    ASSIGNMENT FORM

    

    

    To assign this Note, fill in the form below:

    	 
	
            (I) or (we) assign and transfer this Note to:

          
	 
	 
	
            (Insert assignee’s legal name)

          
	 
	 
	
            (Insert assignee’s soc. sec. or tax I.D. no.)

          
	 
	 
	 
	 
	 
	 
	 
	 
	
            (Print or type assignee’s name, address and zip code)

          
	 
	 
	
            and irrevocably appoint

          	 
	
            to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

          
	 
	
            Date:

          	 	 
	 
	 
	 
	
            Your Signature:

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

          
	 
	
            Signature Guarantee*:

          	 
	 

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

    SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE *

    

    

    The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest
      in this Global Note, have been made:

    	
            
              Date of Exchange

            

          	 	
            
              Amount of 

              decrease in 

              Principal Amount at maturity of this Global Note

            

          	 	
            
              Amount of 

              increase in 

              Principal Amount 

              at maturity of this 

              Global Note

            

          	 	
            
              Principal Amount 

              at maturity of this 

              Global Note 

              following such 

              decrease (or

               increase)

            

          	 	
            
              Signature of 

              authorized officer of Trustee or 

              Custodian

            

          
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

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

     

    
      A-7

      
        

    

    
    EXHIBIT B

    

    

    FORM OF GUARANTEE

    

    

    The Guarantor listed below (hereinafter referred to as the “Guarantor,” which term includes any successors or assigns under the Indenture, dated the date hereof, among the
      Guarantor, the Issuer (defined below) and U.S. Bank National Association, as trustee (the “Indenture”)), has fully, absolutely, irrevocably and unconditionally guaranteed on a senior basis the Guarantee
      Obligations (as defined in Section 15.01 of the Indenture), which include (i) the due and punctual payment of the principal of, premium, if any, and interest on the 2.550% Senior Notes due 2031 (the “Notes”) of Essex Portfolio, L.P., a California limited partnership (the “Issuer”), whether at maturity, by acceleration, call for redemption or otherwise, the due and
      punctual payment of interest on the overdue principal and premium, if any, and (to the extent permitted by law) interest on any overdue interest on the Notes, and the due and punctual performance of all other obligations of the Issuer, to the Holders
      of the Notes or the Trustee all in accordance with the terms set forth in Article 15 of the Indenture, and (ii) in case of any extension of time of payment or renewal of any Notes or any such other obligations, that the same shall be promptly paid in
      full when due or performed in accordance with the terms of the extension or renewal, whether at maturity, by acceleration, call for redemption or otherwise.

     

    The obligations of the Guarantor to the Holders of the Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article 15 of the Indenture and reference is hereby made to such
      Indenture for the precise terms of this Guarantee.

     

    No past, present or future director, officer, employee, incorporator or stockholder (direct or indirect) of the Guarantor (or any such successor entity), as such, shall have any liability for any obligations of the
      Guarantor under this Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.

     

    The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, the
      benefit of discussion, protest or notice with respect to the Notes and all demands whatsoever.

     

    This is a continuing Guarantee and shall remain in full force and effect and shall be binding upon the Guarantor and its successors and assigns until full and final payment of all of the Issuer’s obligations under the
      Notes and Indenture or until legally discharged in accordance with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and the Holders of the Notes, and, in the event of any transfer or assignment of rights by
      any Holder of the Notes or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions hereof. This is a Guarantee of
      payment and performance and not of collectability.

     

    This Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Note upon which this Guarantee is noted shall have been executed by the Trustee or a duly authorized
      authenticating agent under the Indenture by the manual signature of one of its authorized officers.

     

    
      B-1

      
        

    

    The obligations of the Guarantor under this Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent conveyance under applicable law.

     

    THE TERMS OF ARTICLE 15 OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

     

    Capitalized terms used herein have the same meanings given in the Indenture unless otherwise indicated.

     

    Signature Page Follows

     

    

    
      B-2

      
        

    

    
    IN WITNESS WHEREOF, the Guarantor has caused this instrument to be duly executed.

     

    Dated:  June 1, 2021

     

    	 	
            ESSEX PROPERTY TRUST, INC.

          
	 	 	 
	 	
            By:

          	

          
	 	 	
            Name:

          
	 	 	
            Title:

          

     

    

  

  

  B-1

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