Document:

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                                                                    EXHIBIT 4.20

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                                 [Ventas, Inc.]

        [Ventas Realty, Limited Partnership, Ventas Capital Corporation]

                    [and each of the Guarantors named herein]

                          SUBORDINATED DEBT SECURITIES

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

                                    INDENTURE

                          Dated as of _______ __, 20__

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

                        -------------------------------,

                                     Trustee

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

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                             CROSS-REFERENCE TABLE*

        Trust Indenture
        Act Section                                   Indenture Section
        310(a)(1)..................................            7.10
           (a)(2)..................................            7.10
           (a)(3)..................................            N.A.
           (a)(4)..................................            N.A.
           (a)(5)..................................            7.10
           (b).....................................            7.10
           (c).....................................            N.A.
        311(a).....................................            7.11
           (b).....................................            7.11
           (c).....................................            N.A.
        312(a).....................................            2.18
           (b).....................................            15.03
           (c).....................................            15.03
        313(a).....................................            7.06
           (b)(1)..................................            7.06
           (b)(2)..................................         7.06; 7.07
           (c).....................................         7.06; 15.02
           (d).....................................            7.06
        314(a).....................................      4.03; 4.04; 15.02
           (b)..................................... Article 12, if applicable.
           (c)(1)..................................            15.04
           (c)(2)..................................            15.04
           (c)(3).................................. Article 12, if applicable.
           (d)..................................... Article 12, if applicable.
           (e).....................................            15.05
        315(a).....................................            7.01
           (b).....................................         7.05, 15.02
           (c).....................................            7.01
           (d).....................................            7.01
           (e).....................................            6.11
        316(a) (last sentence).....................            2.16
           (a)(1)(A)...............................            6.05
           (a)(1)(B)...............................            6.04
           (a)(2)..................................            N.A.
           (b).....................................            6.07
           (c).....................................            N.A.
        317(a)(1)..................................            6.08
           (a)(2)..................................            6.09
           (b).....................................            2.19
        318(a).....................................            15.01
           (b).....................................            N.A.
           (c).....................................            15.01

N.A. means not applicable.
* This Cross Reference Table is not part of the Indenture.

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                                TABLE OF CONTENTS

                                                                            Page

                                   ARTICLE 1.
                          DEFINITIONS AND INCORPORATION
                                  BY REFERENCE

Section 1.01       Definitions. ............................................  1
Section 1.02       Incorporation by Reference of Trust Indenture Act. ......  5
Section 1.03       Rules of Construction. ..................................  5

                                   ARTICLE 2.
                                 THE SECURITIES

Section 2.01       Forms Generally .........................................  6
Section 2.02       Form of Face of Security. ...............................  6
Section 2.03       Form of Reverse of Security .............................  8
Section 2.04       Form of Legend for Global Securities. ...................  11
Section 2.05       Form of Trustee's Certificate of Authentication .........  11
Section 2.06       Amount Unlimited; Issuable in Series. ...................  11
Section 2.07       Denominations. ..........................................  14
Section 2.08       Execution, Authentication, Delivery and Dating. .........  14
Section 2.09       Temporary Securities. ...................................  15
Section 2.10       Registration, Registration of Transfer and Exchange .....  15
Section 2.11       Mutilated, Destroyed, Lost and Stolen Securities. .......  17
Section 2.12       Payment of Interest; Interest Rights Preserved ..........  17
Section 2.13       Persons Deemed Owners. ..................................  18
Section 2.14       Cancellation ............................................  18
Section 2.15       Outstanding Securities. .................................  19
Section 2.16       Treasury Securities. ....................................  19
Section 2.17       Paying Agent to Hold Money in Trust. ....................  19
Section 2.18       Holder Lists. ...........................................  19
Section 2.19       Computation of Interest. ................................  20

                                   ARTICLE 3.
                            REDEMPTION AND PREPAYMENT

Section 3.01       Notices to Trustee. .....................................  20
Section 3.02       Selection of Securities to Be Redeemed. .................  20
Section 3.03       Notice of Redemption ....................................  21
Section 3.04       Effect of Notice of Redemption. .........................  21
Section 3.05       Deposit of Redemption Price .............................  22
Section 3.06       Securities Redeemed in Part. ............................  22

                                   ARTICLE 4.
                                   COVENANTS

Section 4.01       Payment of Securities. ..................................  22
Section 4.02       Maintenance of Office or Agency. ........................  22
Section 4.03       Reports. ................................................  23
Section 4.04       Compliance Certificate. .................................  23
Section 4.05       Corporate Existence. ....................................  24

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                                   ARTICLE 5.
                                   SUCCESSORS

Section 5.01       Merger, Consolidation, or Sale of Assets ................  24
Section 5.02       Successor Corporation Substituted .......................  25

                                   ARTICLE 6.
                              DEFAULTS AND REMEDIES

Section 6.01       Events of Default. ......................................  25
Section 6.02       Acceleration ............................................  26
Section 6.03       Other Remedies ..........................................  26
Section 6.04       Waiver of Past Defaults. ................................  27
Section 6.05       Control by Majority .....................................  27
Section 6.06       Limitation on Suits. ....................................  27
Section 6.07       Rights of Holders of Securities to Receive Payment. .....  27
Section 6.08       Collection Suit by Trustee ..............................  28
Section 6.09       Trustee May File Proofs of Claim. .......................  28
Section 6.10       Priorities. .............................................  28
Section 6.11       Undertaking for Costs. ..................................  29

                                   ARTICLE 7.
                                     TRUSTEE

Section 7.01       Duties of Trustee .......................................  29
Section 7.02       Rights of Trustee .......................................  30
Section 7.03       Individual Rights of Trustee ............................  30
Section 7.04       Trustee's Disclaimer ....................................  30
Section 7.05       Notice of Defaults. .....................................  31
Section 7.06       Reports by Trustee to Holders of the Securities. ........  31
Section 7.07       Compensation and Indemnity. .............................  31
Section 7.08       Replacement of Trustee. .................................  32
Section 7.09       Successor Trustee by Merger, etc. .......................  33
Section 7.10       Eligibility; Disqualification. ..........................  33
Section 7.11       Preferential Collection of Claims Against Issuer ........  33

                                   ARTICLE 8.
                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01       Option to Effect Legal Defeasance or Covenant
                    Defeasance .............................................  33
Section 8.02       Legal Defeasance and Discharge. .........................  33
Section 8.03       Covenant Defeasance. ....................................  34
Section 8.04       Conditions to Legal or Covenant Defeasance. .............  34
Section 8.05       Deposited Money and Government Securities to Be
                    Held in Trust; Other Miscellaneous Provisions. .........  36
Section 8.06       Repayment to Issuer. ....................................  36
Section 8.07       Reinstatement. ..........................................  37

                                   ARTICLE 9.
                        AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01       Without Consent of Holders of Securities ................  37
Section 9.02       With Consent of Holders of Securities. ..................  38
Section 9.03       Compliance with Trust Indenture Act. ....................  39
Section 9.04       Revocation and Effect of Consents. ......................  39

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Section 9.05       Notation on or Exchange of Securities. ................... 39
Section 9.06       Trustee to Sign Amendments, etc. ......................... 39

                                   ARTICLE 10.
                               SECURITY GUARANTEES

                                   ARTICLE 11.
                           SUBORDINATION OF SECURITIES

                                   ARTICLE 12.
                                    SECURITY

                                   ARTICLE 13.
                            CONVERSION OF SECURITIES

                                   ARTICLE 14.
                           SATISFACTION AND DISCHARGE

Section 14.01      Satisfaction and Discharge. .............................. 40
Section 14.02      Application of Trust Money. .............................. 41

                                   ARTICLE 15.
                                 MISCELLANEOUS

Section 15.01      Trust Indenture Act Controls. ...........................  41
Section 15.02      Notices. ................................................  42
Section 15.03      Communication by Holders of Securities with Other
                    Holders of Securities. .................................  43
Section 15.04      Certificate and Opinion as to Conditions Precedent ......  43
Section 15.05      Statements Required in Certificate or Opinion. ..........  43
Section 15.06      Rules by Trustee and Agents. ............................  43
Section 15.07      No Personal Liability of Directors, Officers,
                    Employees and Stockholders. ............................  43
Section 15.08      Governing Law. ..........................................  44
Section 15.09      No Adverse Interpretation of Other Agreements. ..........  44
Section 15.10      Successors. .............................................  44
Section 15.11      Severability ............................................  44
Section 15.12      Counterpart Originals. ..................................  44
Section 15.13      Table of Contents, Headings, etc. .......................  44

                                       iii

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         INDENTURE dated as of _______ __, 20__ among [Ventas Realty, Limited
Partnership, a Delaware limited partnership and Ventas Capital Corporation, a
Delaware corporation] [Ventas, Inc., a Delaware corporation] (the "Issuer"),
[the Guarantors (as defined)] and _______________________, as trustee (the
"Trustee").

         The Issuer [, the Guarantors] and the Trustee agree as follows for the
benefit of each other and for the equal and ratable benefit of the Holders (as
defined) of the Subordinated Debt Securities (the "Securities"):

                                   ARTICLE 1.
                          DEFINITIONS AND INCORPORATION
                                  BY REFERENCE

Section 1.01      Definitions.

         "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this definition, "control,"
as used with respect to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or
policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise.

         "Agent" means any Security Registrar or Paying Agent.

         "Authentication Order" means a written order of the Issuer to the
Trustee signed by two Officers to authenticate Securities for original issue up
to the aggregate principal amount set forth in such Authentication Order.

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

         "Board of Directors" means:

          (1) with respect to a corporation, the board of directors of the
     corporation;

          (2) with respect to a partnership, the board of directors of the
     general partner of the partnership; and

          (3) with respect to any other Person, the board or committee of such
     Person serving a similar function.

          "Business Day" means any day other than a Saturday or Sunday or a day
on which banking institutions in The City of New York are required or authorized
to close.

         "Code" means the Internal Revenue Code of 1986, as amended.

         "Commission" means the Securities and Exchange Commission.

         "Corporate Trust Office of the Trustee" will be at the address of the
Trustee specified in Section 15.02 hereof or such other address as to which the
Trustee may give notice to the Issuer.

         "Covenant Defeasance" has the meaning specified in Section 8.03.

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          "Custodian" means the Trustee, as custodian with respect to the
Securities in global form, or any successor entity thereto.

         "Default" means any event that is, or with the passage of time or the
giving of notice or both would be, an Event of Default.

         "Defaulted Interest" has the meaning specified in Section 2.12.

         "Depositary" means, with respect to Securities of any series issuable
in whole or in part in the form of one or more Global Securities, a clearing
agency registered under the Exchange Act that is designated to act as Depositary
for such Securities.

         "Event of Default" has the meaning specified in Section 6.01.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

          "GAAP" means generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such
other entity as have been approved by a significant segment of the accounting
profession, which are in effect on the date of determination.

         "Global Security" means a Security that evidences all or part of the
Securities of any series and bears the legend set forth in Section 2.04 (or such
legend as may be specified as contemplated by Section 2.06 for such Securities).

         "Guarantee" means a guarantee other than by endorsement of negotiable
instruments for collection in the ordinary course of business, direct or
indirect, in any manner including, without limitation, by way of a pledge of
assets or through letters of credit or reimbursement agreements in respect
thereof, of all or any part of any indebtedness.

         "Guarantors" means any Person that executes a Security Guarantee of the
Securities in accordance with the provisions of the Indenture and their
respective successors and assigns; provided, however that any Person
constituting a Guarantor as described above shall cease to constitute a
Guarantor when its Guarantee of the Securities is released in accordance with
the terms of the Indenture.

          "Holder" means a Person in whose name a Security is registered.

          "Indenture" means this instrument as originally executed and as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof,
including, for all purposes of this instrument and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a
part of and govern this instrument and any such supplemental indenture,
respectively. The term "Indenture" shall also include the terms of particular
series of Securities established as contemplated by Section 2.06.

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

          "Issuer" means [Ventas, Inc.] [Ventas Realty, Limited Partnership and
Ventas Capital Corporation], and any and all successors thereto.

                                       2

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         "Issuer Request" or "Issuer Order" means a written request or order
signed in the name of the Issuer by its Chairman of the Board, its Vice Chairman
of the Board, its Chief Executive Officer, its Chief Operating Officer, its
Chief Financial Officer, its President or a Vice President, and by its
Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and
delivered to the Trustee.

         "Legal Defeasance" has the meaning specified in Section 8.02.

         "Lien" means, with respect to any asset, any mortgage, lien, pledge,
charge, security interest or encumbrance of any kind in respect of such asset,
whether or not filed, recorded or otherwise perfected under applicable law,
including any conditional sale or other title retention agreement, any lease in
the nature thereof, any option or other agreement to sell or give a security
interest in and, except in connection with any Qualified CMBS Transaction, any
filing of or agreement to give any financing statement under the Uniform
Commercial Code (or equivalent statutes) of any jurisdiction.

          "Maturity", when used with respect to any Security, means the date on
which the principal of such Security or an installment of principal becomes due
and payable as therein or herein provided, whether at the Stated Maturity or by
declaration of acceleration, call for redemption or otherwise.

         "Officer" means, with respect to any Person, the Chairman of the Board,
the Chief Executive Officer, the President, the Chief Operating Officer, the
Chief Financial Officer, the Chief Investment Officer, the Treasurer, any
Assistant Treasurer, the Controller, the Secretary or any Vice-President of such
Person.

         "Officers' Certificate" means a certificate signed on behalf of the
Issuer by two Officers of the Issuer, one of whom must be the principal
executive officer, the principal financial officer, the principal investment
officer, the treasurer or the principal accounting officer of the Issuer or a
general partner of an Issuer, that meets the requirements of Section 15.05
hereof.

         "Opinion of Counsel" means an opinion from legal counsel who is
reasonably acceptable to the Trustee, that meets the requirements of Section
15.05 hereof. The counsel may be an employee of or counsel to the Issuer, any
Subsidiary of the Issuer or the Trustee.

         "Original Issue Discount Security" means any Security which provides
for an amount less than the principal amount thereof to be due and payable upon
a declaration of acceleration of the Stated Maturity thereof.

         "Paying Agent" means any Person authorized by the Issuer to pay the
principal of or premium or interest on any Securities on behalf of the Issuer.

         "Person" means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, limited
liability company or government or other entity.

         "Place of Payment", when used with respect to the Securities of any
series, means the place or places where the principal of and any premium and
interest on the Securities of that series are payable as specified as
contemplated by Section 2.06.

         "Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 2.11 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Security.

                                       3

<PAGE>

          "Qualified CMBS Transaction" means any transaction or series of
transactions entered into by Ventas, Inc. or any of its Restricted Subsidiaries
pursuant to which Ventas, Inc. or any of its Restricted Subsidiaries sells,
conveys or otherwise transfers to (i) an Unrestricted Subsidiary, or grants a
security interest in, any real estate assets or mortgage receivables (whether
now existing or arising in the future) of Ventas, Inc. or any of its Restricted
Subsidiaries, and any assets related thereto including, without limitation, all
collateral securing such real estate assets or mortgage receivables, all
contracts and all guarantees or other obligations in respect of such real estate
assets or mortgage receivables, proceeds of such real estate assets or mortgage
receivables and other assets which are customarily transferred or in respect of
which security interests are customarily granted in connection with asset
securitization transactions involving real estate assets or mortgage
receivables.

          "Redemption Date", when used with respect to any Security to be
redeemed, means the date fixed for such redemption by or pursuant to this
Indenture.

         "Redemption Price", when used with respect to any Security to be
redeemed, means the price at which it is to be redeemed pursuant to this
Indenture.

         "Regular Record Date" for the interest payable on any Interest Payment
Date on the Securities of any series means the date specified for that purpose
as contemplated by Section 2.06.

          "Responsible Officer," when used with respect to the Trustee, means
any officer within the Corporate Trust Administration of the Trustee (or any
successor group of the Trustee) or any other officer of the Trustee customarily
performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of his knowledge of
and familiarity with the particular subject.

          "Restricted Subsidiary" of a Person means any Subsidiary of the
referent Person that is not an Unrestricted Subsidiary.

         "Securities" has the meaning assigned to it in the preamble to this
Indenture.

         "Securities Act" means the Securities Act of 1933, as amended.

         "Security Guarantee" means the Guarantee by each Guarantor of the
Issuer's payment obligations under this Indenture and on the Securities,
executed pursuant to the provisions of this Indenture.

         "Security Register" and "Security Registrar" have the respective
meanings specified in Section 2.10.

         "Senior Debt" has the meaning specified in Article 11.

         "Significant Subsidiary" means any Restricted Subsidiary that would be
a "significant subsidiary" as defined in Article 1, Rule 1-02(w) of Regulation
S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect
on the date of this Indenture.

         "Special Record Date" for the payment of any Defaulted Interest means a
date fixed by the Trustee pursuant to Section 2.12.

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

                                       4

<PAGE>

          "Subsidiary" means, for any Person, any corporation or other entity of
which a majority of the Voting Stock is owned, directly or indirectly, by such
Person or one or more other Subsidiaries of such Person.

          "TIA" means the Trust Indenture Act of 1939 (15 U.S.C. ss.ss.
77aaa-77bbbb) as in effect on the date on which this Indenture is qualified
under the TIA.

          "Trustee" means the party named as such in the preamble to this
Indenture until a successor replaces it in accordance with the applicable
provisions of this Indenture and thereafter means the successor serving
hereunder.

          "Unrestricted Subsidiary" means (i) Ventas Specialty I, Inc., Ventas
Finance I, Inc., Ventas Specialty I, LLC and Ventas Finance I, LLC, and (ii) any
other entity that is designated by the Board of Directors as an Unrestricted
Subsidiary pursuant to a board resolution, but only to the extent that such
Subsidiary meets any additional criteria set forth in a supplement to this
Indenture.

          "Ventas, Inc." means Ventas, Inc., a Delaware corporation.

          "Voting Stock" of any Person as of any date means the capital stock of
such Person that is at the time entitled to vote in the election of the Board of
Directors of such Person.

Section 1.02      Incorporation by Reference of Trust Indenture Act.

         Whenever this Indenture refers to a provision of the TIA, the provision
is incorporated by reference in and made a part of this Indenture.

         The following TIA terms used in this Indenture have the following
meanings:

         "indenture securities" means the Securities;

         "indenture security holder" means a Holder of a Security;

         "indenture to be qualified" means this Indenture;

         "indenture trustee" or "institutional trustee" means the Trustee; and

         "obligor" on the Security [and the Security Guarantees] means the
Issuer [and the Guarantors], respectively, and any successor obligor upon the
Securities [and the Security Guarantees], respectively.

         All other terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by Commission rule under
the TIA have the meanings so assigned to them.

Section 1.03      Rules of Construction.

          Unless the context otherwise requires:

          (1) a term has the meaning assigned to it;

          (2) an accounting term not otherwise defined has the meaning assigned
     to it in accordance with GAAP;

          (3) "or" is not exclusive;

                                       5

<PAGE>

          (4) words in the singular include the plural, and in the plural
     include the singular;

          (5) "will" shall be interpreted to express a command;

          (6) provisions apply to successive events and transactions; and

          (7) references to sections of or rules under the Securities Act will
     be deemed to include substitute, replacement of successor sections or rules
     adopted by the Commission from time to time.

                                   ARTICLE 2.

                                 THE SECURITIES

Section 2.01      Forms Generally.

         The Securities of each series shall be in substantially the form set
forth in this Article, or in such other form as shall be established by or
pursuant to a resolution of the Board of Directors of the Issuer or in one or
more indentures supplemental hereto, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture, and may have such letters, numbers or other marks
of identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or Depositary
therefor or as may, consistently herewith, be determined by the officers
executing such Securities, as evidenced by their execution thereof. If the form
of Securities of any series is established by action taken pursuant to a
resolution of the Board of Directors of the Issuer, a copy of an appropriate
record of such action shall be certified by the Secretary or an Assistant
Secretary of the Issuer and delivered to the Trustee at or prior to the delivery
of the Issuer Order contemplated by Section 2.08 for the authentication and
delivery of such Securities.

         The definitive Securities shall be printed, lithographed or engraved on
steel engraved borders or may be produced in any other manner, all as determined
by the officers executing such Securities, as evidenced by their execution of
such Securities.

Section 2.02      Form of Face of Security.

         [Insert any legend required by the Code and the regulations
thereunder.]

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

No. _______                                                         $ __________

         [Issuer] (herein called the "Issuer", which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to ___________________________, or registered assigns, the
principal sum of _______________________ U.S. dollars on
__________________________ [if the Security is to bear interest prior to
Maturity, insert-- , and to pay interest thereon from _____________________ or
from the most recent Interest Payment Date to which interest has been paid or
duly provided for, semi-annually on _______________ and ______________________
in each year, commencing __________________, at the rate of __% per annum, until
the principal hereof is paid or made available for payment, provided that any
principal and premium, and any such installment of interest, which is overdue
shall bear interest at the rate of ___% per annum (to the extent that the
payment of such interest shall be legally enforceable), from the dates such

                                       6

<PAGE>

amounts are due until they are paid or made available for payment, and such
interest shall be payable on demand. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in
such Indenture, be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, which shall be the ______ or ______
(whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date. Any such interest not so punctually paid or duly provided
for will forthwith cease to be payable to the Holder on such Regular Record Date
and may either be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Securities of this series
not less than 10 days prior to such Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and
upon such notice as may be required by such exchange, all as more fully provided
in said Indenture].

          [If the Security is not to bear interest prior to Maturity, insert --
The principal of this Security shall not bear interest except in the case of a
default in payment of principal upon acceleration, upon redemption or at Stated
Maturity and in such case the overdue principal and any overdue premium shall
bear interest at the rate of ___% per annum (to the extent that the payment of
such interest shall be legally enforceable), from the dates such amounts are due
until they are paid or made available for payment. Interest on any overdue
principal or premium shall be payable on demand. Any such interest on overdue
principal or premium which is not paid on demand shall bear interest at the rate
of ___% per annum (to the extent that the payment of such interest on interest
shall be legally enforceable), from the date of such demand until the amount so
demanded is paid or made available for payment. Interest on any overdue interest
shall be payable on demand.]

         Payment of the principal of (and premium, if any) and any such interest
on this Security will be made at the office or agency of the Issuer maintained
for that purpose in ________, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that at the option of the Issuer payment of
interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register.

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

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

         No director, officer, employee or stockholder of Ventas, Inc. or any of
its Subsidiaries, as such, will have any liability for any obligations of
Ventas, Inc. or any of its Subsidiaries under the Securities or the Indenture
based on, in respect of, or by reason of such obligations or their creation.
Each holder by accepting a Security waives and releases all such liability. The
foregoing waiver and release are an integral part of the consideration or the
issuance of the Securities.

                                       7

<PAGE>

         In Witness Whereof, the Issuer has caused this instrument to be duly
executed [under its corporate seal].

Dated:                                  [Issuer]

                                        By_____________________________________
                                             Title:

[SEAL]
[Attest:

------------------------------------
Title:]

Section 2.03      Form of Reverse of Security.

         This Security is one of a duly authorized issue of securities of the
Issuer (herein called the "Securities"), issued and to be issued in one or more
series under an Indenture, dated as of ______________________ (herein called the
"Indenture", which term shall have the meaning assigned to it in such
instrument), between the Issuer[, the Guarantors] and __________________, as
Trustee (herein called the "Trustee", which term includes any successor trustee
under the Indenture), and reference is hereby made to the Indenture for a
statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Issuer, the Trustee and the Holders of the Securities and of
the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series designated on the face hereof [if
applicable, insert-- , limited in aggregate principal amount to $________].

         [If applicable, insert-- The Securities of this series are subject to
redemption upon not less than 30 days' notice by mail, [if applicable, insert--
(1) on ________________ in any year commencing with the year ____ and ending
with the year ____ through operation of the sinking fund for this series at a
Redemption Price equal to 100% of the principal amount, and (2)] at any time [if
applicable, insert-- on or after ___________, ____], as a whole or in part, at
the election of the Issuer, at the following Redemption Prices (expressed as
percentages of the principal amount): If redeemed [if applicable, insert-- on or
before ____________, ___%, and if redeemed] during the 12-month period beginning
__________________ of the years indicated,

                  Redemption                                   Redemption
   Year              Price                   Year                Price
   ----              -----                   ----                -----

and thereafter at a Redemption Price equal to __% of the principal amount,
together in the case of any such redemption [if applicable, insert -- (whether
through operation of the sinking fund or otherwise)] with accrued interest to
the Redemption Date, but interest installments whose Stated Maturity is on or
prior to such Redemption Date will be payable to the Holders of such Securities,
or one or more Predecessor Securities, of record at the close of business on
[the relevant record dates] referred to on the face hereof, all as provided in
the Indenture.]

         [If applicable, insert-- The Securities of this series are subject to
redemption upon not less than 30 days' notice by mail, (1) on _______ in any
year commencing with the year ___ and ending with the year ___ through operation
of the sinking fund for this series at the Redemption Prices for redemption
through operation of the sinking fund (expressed as percentages of the principal
amount) set forth in the table below, and (2) at any time [if applicable,
insert-- on or after ______], as a whole or in part, at the election of the
Issuer, at the Redemption Prices for redemption otherwise than through operation
of the sinking

                                       8

<PAGE>

fund (expressed as percentages of the principal amount) set forth in the table
below: If redeemed during the 12-month period beginning _______ of the years
indicated,

<TABLE>
<S>             <C>                                     <C>
                                                           Redemption Price For Redemption
                  Redemption Price For Redemption        Otherwise Than Through Operation of
     Year      Through Operation of the Sinking Fund             the Sinking Fund
     ----      -------------------------------------     -----------------------------------
</TABLE>

and thereafter at a Redemption Price equal to ___% of the principal amount,
together in the case of any such redemption (whether through operation of the
sinking fund or otherwise) with accrued interest to the Redemption Date, but
interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more
Predecessor Securities, of record at the close of business on [the relevant
record dates] referred to on the face hereof, all as provided in the Indenture.]

         [If applicable, insert -- The sinking fund for this series provides for
the redemption on _________________ in each year beginning with the year ____
and ending with the year ______ of [if applicable, insert -- not less than
$___________ ("mandatory sinking fund") and not more than] $__________ aggregate
principal amount of Securities of this series. Securities of this series
acquired or redeemed by the Issuer otherwise than through [if applicable, insert
-- mandatory] sinking fund payments may be credited against subsequent [if
applicable, insert -- mandatory] sinking fund payments otherwise required to be
made [if applicable, insert -- , in the inverse order in which they become
due].]

         [If the Security is subject to redemption of any kind, insert -- In the
event of redemption of this Security in part only, a new Security or Securities
of this series and of like tenor for the unredeemed portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.]

         The indebtedness evidenced by this Security is, to the extent set forth
in the Indenture, subordinate and subject in right of payment to the prior
payment in full in cash or certain cash equivalents of all Senior Debt, and this
Security is issued subject to the provisions of the Indenture with respect
thereto. Each Holder of this Security, by accepting the same, (a) agrees to and
shall be bound by such provisions, (b) authorizes and directs the Trustee on his
behalf to take such action as may be necessary or appropriate to effectuate the
subordination so provided and (c) appoints the Trustee his attorney-in-fact for
any and all such purposes.

         [If applicable, insert -- The Indenture contains provisions for
defeasance at any time of [the entire indebtedness of this Security] [or]
[certain restrictive covenants and Events of Default with respect to this
Security] [, in each case] upon compliance with certain conditions set forth in
the Indenture.]

         [If the Security is not an Original Issue Discount Security, insert --
If an Event of Default with respect to Securities of this series shall occur and
be continuing, the principal of the Securities of this series may be declared
due and payable in the manner and with the effect provided in the Indenture.]

         [If the Security is an Original Issue Discount Security, insert -- If
an Event of Default with respect to Securities of this series shall occur and be
continuing, an amount of principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture. Such amount shall be equal to -- insert formula for determining the
amount. Upon payment (i) of the amount of principal so declared due and payable
and (ii) of interest on any overdue principal, premium and interest (in each
case to the extent that the payment of such interest shall be legally
enforceable), all of the

                                       9

<PAGE>

Issuer's obligations in respect of the payment of the principal of and premium
and interest, if any, on the Securities of this series shall terminate.]

         Subject to certain exceptions, the Indenture [the Security Guarantees]
or the Securities may be amended or supplemented with the consent of the Holders
of at least a majority in principal amount of the then outstanding Securities,
and any existing default or compliance with any provision of the Indenture[, the
Security Guarantees] or the Securities may be waived with the consent of the
Holders of a majority in principal amount of the then outstanding Securities.
Without the consent of any Holder of a Security, the Indenture[, the Security
Guarantees] or the Securities may be amended or supplemented to cure any
ambiguity, defect or inconsistency; to provide for uncertificated Securities in
addition to or in place of certificated Securities; to make any other change
that would provide any additional rights or benefits to the Holders of
Securities or that does not adversely affect the legal rights under the
Indenture of any such holder; or to comply with requirements of the Commission
in order to effect or maintain the qualification of the applicable Indenture
under the Trust Indenture Act.

         As provided in and subject to the terms of the Indenture, a Holder of
this Security may pursue a remedy with respect to this Indenture or the
Securities only if:

          (1) such Holder of a Security has given the Trustee written notice
     that an Event of Default has occurred and remains uncured;

          (2) the Holders of at least a majority in principal amount of all
     outstanding Securities have made a written request that the Trustee take
     action because of the Default, and have offered reasonable indemnity to the
     Trustee against the cost and other liabilities of taking that action;

          (3) the Trustee must have not taken action for 60 days after receipt
     of the notice and offer of indemnity; and

          (4) the Holders of at least a majority in principal amount of all
     outstanding Securities have not given the Trustee a direction inconsistent
     with such request within such 60-day period.

         A Holder of a Security may not use this Indenture to prejudice the
rights of another Holder of a Security or to obtain a preference or priority
over another Holder of a Security.

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

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

         The Securities of this series are issuable only in registered form
without coupons in denominations of $______ and any integral multiple thereof.
As provided in the Indenture and subject to certain limitations therein set
forth, Securities of this series are exchangeable for a like aggregate principal

                                       10

<PAGE>

amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

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

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

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

Section 2.04      Form of Legend for Global Securities.

         Unless otherwise specified as contemplated by Section 2.06 for the
Securities evidenced thereby, every Global Security authenticated and delivered
hereunder shall bear a legend in substantially the following form:

                  This Security is a Global Security within the meaning of the
                  Indenture hereinafter referred to and is registered in the
                  name of a Depositary or a nominee thereof. This Security may
                  not be exchanged in whole or in part for a Security
                  registered, and no transfer of this Security in whole or in
                  part may be registered, in the name of any Person other than
                  such Depositary or a nominee thereof, except in the limited
                  circumstances described in the Indenture.

Section 2.05      Form of Trustee's Certificate of Authentication.

         The Trustee's certificates of authentication shall be in substantially
the following form:

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

                                          ----------------------------------
                                                       As Trustee

                                          By________________________________

                                                     Authorized Officer

Section 2.06      Amount Unlimited; Issuable in Series.

         The aggregate principal amount of Securities which may be authenticated
and delivered under this Indenture is unlimited.

                                       11

<PAGE>

         The Securities may be issued in one or more series. There shall be
established in or pursuant to a resolution of the Board of the Directors of the
Issuer and, subject to Section 2.08, set forth, or determined in the manner
provided, in an Officers' Certificate, or established in one or more indentures
supplemental hereto, prior to the issuance of Securities of any series,

          (a) the title of the Securities of the series (which shall distinguish
the Securities of the series from Securities of any other series);

          (b) any limit upon the aggregate principal amount of the Securities of
the series which may be authenticated and delivered under this Indenture (except
for Securities authenticated and delivered upon registration of transfer of, or
in exchange for, or in lieu of, other Securities of the series pursuant to
Section 2.09, 2.10, 2.11, 3.06 or 9.05 and except for any Securities which,
pursuant to Section 2.08, are deemed never to have been authenticated and
delivered hereunder);

          (c) the Person to whom any interest on a Security of the series shall
be payable, if other than the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest;

          (d) the date or dates on which the principal of any Securities of the
series is payable;

          (e) the rate or rates at which any Securities of the series shall bear
interest, if any, the date or dates from which any such interest shall accrue,
the Interest Payment Dates on which any such interest shall be payable and the
Regular Record Date for any such interest payable on any Interest Payment Date;

          (f) the place or places where the principal of and premium, if any,
and interest on any Securities of the series shall be payable;

          (g) the period or periods within which, the price or prices at which
and the terms and conditions upon which any Securities of the series may be
redeemed, in whole or in part, at the option of the Issuer and, if other than by
a resolution of the Board of the Directors of the Issuer, the manner in which
any election by the Issuer to redeem the Securities shall be evidenced;

          (h) the obligation, if any, of the Issuer to redeem or purchase any
Securities of the series pursuant to any sinking fund or analogous provisions or
at the option of the Holder thereof and the period or periods within which, the
price or prices at which and the terms and conditions upon which any Securities
of the series shall be redeemed or purchased, in whole or in part, pursuant to
such obligation;

          (i) if other than denominations of $1,000 and any integral multiple
thereof, the denominations in which any Securities of the series shall be
issuable;

          (j) if the amount of principal of or any premium or interest on any
Securities of the series may be determined with reference to an index or
pursuant to a formula, the manner in which such amounts shall be determined;

          (k) if other than the currency of the United States of America, the
currency, currencies or currency units in which the principal of or any premium
or interest on any Securities of the series shall be payable and the manner of
determining the equivalent thereof in the currency of the United States of
America for any purpose;

                                       12

<PAGE>

          (l) if the principal of or premium, if any, or interest on any
Securities of the series is to be payable, at the election of the Issuer or the
Holder thereof, in one or more currencies or currency units other than that or
those in which such Securities are stated to be payable, the currency,
currencies or currency units in which the principal of or premium, if any, or
interest on such Securities as to which such election is made shall be payable,
the periods within which and the terms and conditions upon which such election
is to be made and the amount so payable (or the manner in which such amount
shall be determined);

          (m) if other than the entire principal amount thereof, the portion of
the principal amount of any Securities of the series which shall be payable upon
declaration of acceleration of the Maturity thereof pursuant to Section 6.02;

          (n) if the principal amount payable at the Stated Maturity of any
Securities of the series will not be determinable as of any one or more dates
prior to the Stated Maturity, the amount which shall be deemed to be the
principal amount of such Securities as of any such date for any purpose
thereunder or hereunder, including the principal amount thereof which shall be
due and payable upon any Maturity other than the Stated Maturity or which shall
be deemed to be outstanding as of any date prior to the Stated Maturity (or, in
any such case, the manner in which such amount deemed to be the principal amount
shall be determined);

          (o) if applicable, that the Securities of the series, in whole or any
specified part, shall be defeasible pursuant to Section 8.02 or Section 8.03 or
both such Sections and, if other than by a resolution of the Board of Directors
of the Issuer, the manner in which any election by the Issuer to defease such
Securities shall be evidenced;

          (p) if applicable, that any Securities of the series shall be issuable
in whole or in part in the form of one or more Global Securities and, in such
case, the respective Depositaries for such Global Securities, the form of any
legend or legends which shall be borne by any such Global Security in addition
to or in lieu of that set forth in Section 2.04 and any circumstances in
addition to or in lieu of those set forth in Clause (b) of the last paragraph of
Section 2.10 in which any such Global Security may be exchanged in whole or in
part for Securities registered, and any transfer of such Global Security in
whole or in part may be registered, in the name or names of Persons other than
the Depositary for such Global Security or a nominee thereof;

          (q) any addition to or change in the Events of Default which applies
to any Securities of the series and any change in the right of the Trustee or
the requisite Holders of such Securities to declare the principal amount thereof
due and payable pursuant to Section 6.02;

          (r) any addition to or change in the covenants set forth in Article
Four which applies to Securities of the series;

          (s) if applicable, that the Securities of the series are convertible
into or exchangeable for common stock or other securities of the Issuer, the
period or periods within which, the price or prices at which and the terms and
conditions upon which, and the limitations and restrictions, if any, upon which,
any Securities of the series shall be convertible or exchangeable, in whole or
in part, into common stock or other securities of the Issuer; and

          (t) any other terms of the series (which terms shall not be
inconsistent with the provisions of this Indenture, except as permitted by
Article 9).

                                       13

<PAGE>

         All Securities of any one series shall be substantially identical
except as to denomination and except as may otherwise be provided in or pursuant
to the resolution of the Board of the Directors of the Issuer referred to above
and (subject to Section 2.08) set forth, or determined in the manner provided,
in the Officers' Certificate referred to above or in any such indenture
supplemental hereto.

         If any of the terms of the series are established by action taken
pursuant to a resolution of the Board of Directors of the Issuer, a copy of an
appropriate record of such action shall be certified by the Secretary or an
Assistant Secretary of the Issuer and delivered to the Trustee at or prior to
the delivery of the Officers' Certificate setting forth the terms of the series.

Section 2.07      Denominations.

         The Securities of each series shall be issuable only in registered form
without coupons and only in such denominations as shall be specified as
contemplated by Section 2.06. In the absence of any such specified denomination
with respect to the Securities of any series, the Securities of such series
shall be issuable in denominations of $1,000 and any integral multiple thereof.

Section 2.08      Execution, Authentication, Delivery and Dating.

         The Securities shall be executed on behalf of the Issuer by its
Chairman of the Board, its Vice Chairman of the Board, its President or one of
its Vice Presidents, and may, but need not, have corporate seal reproduced
thereon attested by its Secretary or one of its Assistant Secretaries. The
signature of any of these officers on the Securities may be manual or facsimile.

         Securities bearing the manual or facsimile signatures of individuals
who were at any time the proper officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Securities or did not
hold such offices at the date of such Securities.

         At any time and from time to time after the execution and delivery of
this Indenture, the Issuer may deliver Securities of any series executed by the
Issuer to the Trustee for authentication, together with an Issuer Order for the
authentication and delivery of such Securities, and the Trustee in accordance
with the Issuer Order shall authenticate and deliver such Securities. If the
form or terms of the Securities of the series have been established by or
pursuant to one or more resolutions of the Board of Directors of the Issuer as
permitted by Sections 2.01 and 2.06, in authenticating such Securities, and
accepting the additional responsibilities under this Indenture in relation to
such Securities, the Trustee shall be entitled to receive, and (subject to
Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel
stating,

          (a) if the form of such Securities has been established by or pursuant
to the resolution of the Board of Directors of the Issuer as permitted by
Section 2.01, that such form has been established in conformity with the
provisions of this Indenture;

          (b) if the terms of such Securities have been established by or
pursuant to the resolution of the Board of Directors of the Issuer as permitted
by Section 2.06, that such terms have been established in conformity with the
provisions of this Indenture; and

          (c) that such Securities, when authenticated and delivered by the
Trustee and issued by the Issuer in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and legally binding
obligations of the Issuer [and Guarantors] enforceable in accordance with their
terms,

                                       14

<PAGE>

subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting
creditors' rights and to general equity principles.

         If such form or terms have been so established, the Trustee shall not
be required to authenticate such Securities if the issue of such Securities
pursuant to this Indenture will affect the Trustee's own rights, duties or
immunities under the Securities and this Indenture or otherwise in a manner
which is not reasonably acceptable to the Trustee.

         Notwithstanding the provisions of Section 2.06 and of the preceding
paragraph, if all Securities of a series are not to be originally issued at one
time, it shall not be necessary to deliver the Officers' Certificate otherwise
required pursuant to Section 2.06 or the Issuer Order and Opinion of Counsel
otherwise required pursuant to such preceding paragraph at or prior to the
authentication of each Security of such series if such documents are delivered
at or prior to the authentication upon original issuance of the first Security
of such series to be issued.

         Each Security shall be dated the date of its authentication.

         No Security shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by manual signature, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security
has been duly authenticated and delivered hereunder. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder
but never issued and sold by the Issuer, and the Issuer shall deliver such
Security to the Trustee for cancellation as provided in Section 2.14, for all
purposes of this Indenture such Security shall be deemed never to have been
authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture.

Section 2.09      Temporary Securities.

         Pending the preparation of definitive Securities of any series, the
Issuer may execute, and upon Issuer Order the Trustee shall authenticate and
deliver, temporary Securities which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they
are issued and with such appropriate insertions, omissions, substitutions and
other variations as the officers executing such Securities may determine, as
evidenced by their execution of such Securities.

         If temporary Securities of any series are issued, the Issuer will cause
definitive Securities of that series to be prepared without unreasonable delay.
After the preparation of definitive Securities of such series, the temporary
Securities of such series shall be exchangeable for definitive Securities of
such series upon surrender of the temporary Securities of such series at the
office or agency of the Issuer in a Place of Payment for that series, without
charge to the Holder. Upon surrender for cancellation of any one or more
temporary Securities of any series, the Issuer shall execute and the Trustee
shall authenticate and deliver in exchange therefor one or more definitive
Securities of the same series, of any authorized denominations and of like tenor
and aggregate principal amount. Until so exchanged, the temporary Securities of
any series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series and tenor.

Section 2.10      Registration, Registration of Transfer and Exchange.

         The Issuer shall cause to be kept at the Corporate Trust Office of the
Trustee a register (the register maintained in such office and in any other
office or agency of the Issuer in a Place of Payment

                                       15

<PAGE>

being herein sometimes collectively referred to as the "Security Register") in
which, subject to such reasonable regulations as it may prescribe, the Issuer
shall provide for the registration of Securities and of transfers of Securities.
The Trustee is hereby appointed "Security Registrar" for the purpose of
registering Securities and transfers of Securities as herein provided.

         Upon surrender for registration of transfer of any Security of a series
at the office or agency of the Issuer in a Place of Payment for that series, the
Issuer shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Securities of
the same series, of any authorized denominations and of like tenor and aggregate
principal amount.

         At the option of the Holder, Securities of any series may be exchanged
for other Securities of the same series, of any authorized denominations and of
like tenor and aggregate principal amount, upon surrender of the Securities to
be exchanged at such office or agency. Whenever any Securities are so
surrendered for exchange, the Issuer shall execute, and the Trustee shall
authenticate and deliver, the Securities which the Holder making the exchange is
entitled to receive.

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

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

         No service charge shall be made for any registration of transfer or
exchange of Securities, but the Issuer may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 2.09, 3.06 or Article 12 not involving any
transfer.

         If the Securities of any series (or of any series and specified tenor)
are to be redeemed in part, the Issuer shall not be required (a) to issue,
register the transfer of or exchange any Securities of that series (or of that
series and specified tenor, as the case may be) during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of
redemption of any such Securities selected for redemption under Section 3.02 and
ending at the close of business on the day of such mailing, or (b) to register
the transfer of or exchange any Security so selected for redemption in whole or
in part, except the unredeemed portion of any Security being redeemed in part.

         The provisions of clauses (a), (b), (c) and (d) below shall apply only
to Global Securities:

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

          (b) Notwithstanding any other provision in this Indenture, no Global
Security may be exchanged in whole or in part for Securities registered, and no
transfer of a Global Security in whole or in part may be registered, in the name
of any Person other than the Depositary for such Global Security or a nominee
thereof unless (i) such Depositary (A) has notified the Issuer that it is
unwilling or unable to continue as Depositary for such Global Security or (B)
has ceased to be a clearing agency registered under the Exchange Act, (ii) there
shall have occurred and be continuing an Event of Default with respect to such

                                       16

<PAGE>

Global Security or (iii) there shall exist such circumstances, if any, in
addition to or in lieu of the foregoing as have been specified for this purpose
as contemplated by Section 2.06.

          (c) Subject to Clause (b) above, any exchange of a Global Security for
other Securities may be made in whole or in part, and all Securities issued in
exchange for a Global Security or any portion thereof shall be registered in
such names as the Depositary for such Global Security shall direct.

          (d) Every Security authenticated and delivered upon registration of
transfer of, or in exchange for or in lieu of, a Global Security or any portion
thereof, whether pursuant to this Section, Section 2.09, 2.11, 3.06 or 9.05 or
otherwise, shall be authenticated and delivered in the form of, and shall be, a
Global Security, unless such Security is registered in the name of a Person
other than the Depositary for such Global Security or a nominee thereof.

Section 2.11      Mutilated, Destroyed, Lost and Stolen Securities.

         If any mutilated Security is surrendered to the Trustee, the Issuer
shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same series and of like tenor and principal
amount and bearing a number not contemporaneously outstanding.

         If there shall be delivered to the Issuer and the Trustee (a) evidence
to their satisfaction of the destruction, loss or theft of any Security and (b)
such security or indemnity as may be required by them to save each of them and
any agent of either of them harmless, then, in the absence of notice to the
Issuer or the Trustee that such Security has been acquired by a bona fide
purchaser, the Issuer shall execute and the Trustee shall authenticate and
deliver, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding.

         In case any such mutilated, destroyed, lost or stolen Security has
become or is about to become due and payable, the Issuer in its discretion may,
instead of issuing a new Security, pay such Security.

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

         Every new Security of any series issued pursuant to this Section in
lieu of any destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Issuer, whether or not the destroyed,
lost or stolen Security shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that series duly issued hereunder.

         The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities.

Section 2.12      Payment of Interest; Interest Rights Preserved.

         Except as otherwise provided as contemplated by Section 2.06 with
respect to any series of Securities, interest on any Security which is payable,
and is punctually paid or duly provided for, on any Interest Payment Date shall
be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest.

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         Any interest on any Security of any series 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 Holder
on the relevant Regular Record Date by virtue of having been such Holder, and
such Defaulted Interest may be paid by the Issuer, at its election in each case,
as provided in clause (a) or (b) below:

          (a) The Issuer may elect to make payment of any Defaulted Interest to
the Persons in whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest, which shall be fixed in
the following manner. The Issuer shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each Security of such series
and the date of the proposed payment, and at the same time the Issuer shall
deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit prior to the date of
the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as in this Clause
provided. Thereupon the Trustee shall fix a Special Record Date for the payment
of such Defaulted Interest which shall be not more than 15 days and not less
than 10 days prior to the date of the proposed payment and not less than 10 days
after the receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the 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
given to each Holder of Securities of such series not less than 10 days prior to
such Special Record Date. Notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor having been so mailed, such
Defaulted Interest shall be paid to the Persons in whose names the Securities of
such series (or their respective Predecessor Securities) are registered at the
close of business on such Special Record Date and shall no longer be payable
pursuant to the following clause (b).

          (b) The Issuer may make payment of any Defaulted Interest on the
Securities of any series in any other lawful manner not inconsistent with the
requirements of any securities exchange on which such Securities may be listed,
and upon such notice as may be required by such exchange, 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.

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

Section 2.13      Persons Deemed Owners.

         Prior to due presentment of a Security for registration of transfer,
the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the
Person in whose name such Security is registered as the owner of such Security
for the purpose of receiving payment of principal of and premium, if any, and
(subject to Section 2.12) any interest on such Security and for all other
purposes whatsoever, whether or not such Security be overdue, and neither the
Issuer, the Trustee nor any agent of the Issuer or the Trustee shall be affected
by notice to the contrary.

Section 2.14      Cancellation.

         All Securities surrendered for payment, redemption, registration of
transfer or exchange or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee
and shall be promptly cancelled by it. The Issuer may at any time deliver to the
Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Issuer

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may have acquired in any manner whatsoever, and may deliver to the Trustee (or
to any other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Issuer has not issued and sold, and
all Securities so delivered shall be promptly cancelled by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section, except as expressly permitted by this
Indenture. All cancelled Securities held by the Trustee shall be disposed of as
directed by an Issuer Order.

Section 2.15      Outstanding Securities.

         The Securities outstanding at any time are all the Securities
authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest in a Global Security
effected by the Trustee in accordance with the provisions of Section 2.06, and
those described in this Section as not outstanding. Except as set forth in
Section 2.16 hereof, a Security does not cease to be outstanding because the
Issuer or an Affiliate of the Issuer hold the Security.

         If a Security is replaced pursuant to Section 2.11 hereof, it ceases to
be outstanding unless the Trustee receives proof satisfactory to it that the
replaced Security is held by a bona fide purchaser.

         If the principal amount of any Security is considered paid under
Section 4.01 or 15.01 hereof, it ceases to be outstanding and interest on it
ceases to accrue.

         If the Paying Agent (other than the Issuer, a Subsidiary or an
Affiliate of any thereof) holds, on a Redemption Date or maturity date, money
sufficient to pay Securities payable on that date, then on and after that date
such Securities will be deemed to be no longer outstanding and will cease to
accrue interest.

Section 2.16      Treasury Securities.

         In determining whether the Holders of the required principal amount of
Securities have concurred in any direction, waiver or consent, Securities owned
by the Issuer, or by any Person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Issuer, will be
considered as though not outstanding, except that for the purposes of
determining whether the Trustee will be protected in relying on any such
direction, waiver or consent, only Securities that the Trustee knows are so
owned will be so disregarded.

Section 2.17      Paying Agent to Hold Money in Trust.

         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 Securities, and will notify the
Trustee of any default by the Issuer 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 or a Subsidiary) will have no further
liability for the money. If the Issuer or a Subsidiary acts as Paying Agent, it
will segregate and hold in a separate trust fund for the benefit of the Holders
all money held by it as Paying Agent. Upon any bankruptcy or reorganization
proceedings relating to the Issuer, the Trustee will serve as Paying Agent for
the Securities.

Section 2.18      Holder Lists.

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<PAGE>

         The Trustee will preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of
all Holders of Securities and shall otherwise comply with TIA ss. 312(a). If the
Trustee is not the Security Registrar, the Issuer will furnish to the Trustee at
least seven Business Days before each Interest Payment Date and at such other
times as the Trustee may request in writing, a list in such form and as of such
date as the Trustee may reasonably require of the names and addresses of the
Holders of Securities and the Issuer shall otherwise comply with TIA ss. 312(a).

Section 2.19      Computation of Interest.

         Except as otherwise specified as contemplated by Section 2.06 for
Securities of any series, interest on the Securities of each series shall be
computed on the basis of a 360-day year of twelve 30-day months.

                                   ARTICLE 3.

                            REDEMPTION AND PREPAYMENT

Section 3.01      Notices to Trustee.

         If the Issuer elects to redeem Securities pursuant to the redemption
provisions of such Securities or the applicable supplemental indenture, they
must furnish to the Trustee, at least 45 days (or such shorter period as is
satisfactory to the Trustee) before a Redemption Date, an Officers' Certificate
setting forth:

          (1) the clause of this Indenture and/or such applicable supplemental
     indenture pursuant to which the redemption shall occur;

          (2) the Redemption Date;

          (3) the principal amount of Securities to be redeemed, plus accrued
     interest to the Redemption Date; and

          (4) the Redemption Price.

Section 3.02      Selection of Securities to Be Redeemed.

         If less than all of the Securities are to be redeemed at any time, the
Trustee will select Securities for redemption as follows:

          (1) if the Securities are listed on any national securities exchange,
     in compliance with the requirements of the principal national securities
     exchange on which the Securities are listed; or

          (2) if the Securities are not listed on any national securities
     exchange, on a pro rata basis, by lot or by such method as the Trustee
     shall deem fair and appropriate.

         In the event of partial redemption by lot, the particular Securities to
be redeemed will be selected, unless otherwise provided herein, not less than 30
nor more than 60 days prior to the Redemption Date by the Trustee from the
outstanding Securities not previously called for redemption.

         The Trustee will promptly notify the Issuer in writing of the
Securities selected for redemption and, in the case of any Security selected for
partial redemption, the principal amount thereof to be

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<PAGE>

redeemed. Securities and portions of Securities selected will be in amounts of
$1,000 or whole multiples of $1,000; except that if all of the Securities of a
Holder are to be redeemed, the entire outstanding amount of Securities held by
such Holder, even if not a multiple of $1,000, shall be redeemed. Except as
provided in the preceding sentence, provisions of this Indenture that apply to
Securities called for redemption also apply to portions of Securities called for
redemption.

Section 3.03      Notice of Redemption.

         At least 30 days but not more than 60 days before a Redemption Date,
the Issuer will mail or cause to be mailed, by first class mail, a notice of
redemption to each Holder whose Securities are to be redeemed at its registered
address, except that redemption notices may be mailed more than 60 days prior to
a Redemption Date if the notice is issued in connection with a defeasance of the
Securities or a satisfaction and discharge of this Indenture pursuant to
Articles 8 or 14 of this Indenture.

         The notice will identify the Securities to be redeemed and will state:

          (1) the Redemption Date;

          (2) the Redemption Price, including the accrued interest to the
     Redemption Date;

          (3) if any Security is being redeemed in part, the portion of the
     principal amount of such Security to be redeemed and that, after the
     Redemption Date upon surrender of such Security, a new Security or
     Securities in principal amount equal to the unredeemed portion will be
     issued upon cancellation of the original Security;

          (4) the name and address of the Paying Agent;

          (5) that Securities called for redemption must be surrendered to the
     Paying Agent to collect the Redemption Price;

          (6) that, unless the Issuer defaults in making such redemption
     payment, interest on Securities called for redemption ceases to accrue on
     and after the Redemption Date;

          (7) the paragraph of the Securities and/or Section of the applicable
     supplemental indenture pursuant to which the Securities called for
     redemption are being redeemed; and

          (8) that no representation is made as to the correctness or accuracy
     of the CUSIP number, if any, listed in such notice or printed on the
     Securities.

         At the Issuer's request, the Trustee will give the notice of redemption
in the Issuer's name and at the Issuer's expense; provided, however, that the
Issuer has delivered to the Trustee, at least 45 days (or such shorter period of
time as is satisfactory to the Trustee) prior to the Redemption Date, an
Officers' Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice as provided in the preceding
paragraph.

Section 3.04      Effect of Notice of Redemption.

         Once notice of redemption is mailed in accordance with Section 3.03
hereof, Securities called for redemption become irrevocably due and payable on
the Redemption Date at the Redemption Price. A notice of redemption may not be
conditional.

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Section 3.05      Deposit of Redemption Price.

         On the Redemption Date, the Issuer will deposit with the Trustee or
with the Paying Agent money sufficient to pay the Redemption Price of and
accrued interest, if any, on all Securities to be redeemed or purchased on that
date. The Trustee or the Paying Agent will promptly return to the Issuer any
money deposited with the Trustee or the Paying Agent by the Issuer in excess of
the amounts necessary to pay the Redemption Price of, and accrued interest, if
any, on, all Securities to be redeemed.

         If the Issuer complies with the provisions of the preceding paragraph,
on and after the Redemption Date, interest will cease to accrue on the
Securities or the portions of Securities called for redemption. If a Security is
redeemed on or after a Regular Record Date or Special Payment Date but on or
prior to the related Interest Payment Date, then any accrued and unpaid interest
shall be paid to the Person in whose name such Security was registered at the
close of business on such Regular Record Date or Special Payment Date. If any
Security called for redemption is not so paid upon surrender for redemption
because of the failure of the Issuer to comply with the preceding paragraph,
interest shall be paid on the unpaid principal, from the Redemption Date until
such principal is paid, and to the extent lawful on any interest not paid on
such unpaid principal, in each case at the rate provided in the Securities and
in Section 4.01 hereof.

Section 3.06      Securities Redeemed in Part.

         Upon surrender of a Security that is redeemed in part, the Issuer will
issue and, upon receipt of an Authentication Order, the Trustee will
authenticate for the Holder at the expense of the Issuer a new Security equal in
principal amount to the unredeemed portion of the Security surrendered.

                                   ARTICLE 4.

                                    COVENANTS

Section 4.01      Payment of Securities.

         The Issuer will pay or cause to be paid the principal of, premium, if
any, and interest on the Securities on the dates and in the manner provided in
the Securities. Principal, premium, if any, and interest will be considered paid
on the date due if the Paying Agent, if other than Ventas, Inc. or a Subsidiary
thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by
the Issuer in immediately available funds and designated for and sufficient to
pay all principal, premium, if any, and interest then due.

         The Issuer will pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal at the rate equal to
1% per annum in excess of the then applicable interest rate on the Securities to
the extent lawful; the Issuer will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest (without regard to any applicable grace period) at the same rate to the
extent lawful.

Section 4.02      Maintenance of Office or Agency.

         The Issuer will maintain in the Borough of Manhattan, the City of New
York, an office or agency (which may be an office of the Trustee or an affiliate
of the Trustee or Security Registrar) where Securities may be surrendered for
registration of transfer or for exchange and where notices and demands to or
upon the Issuer in respect of the Securities and this Indenture may be served.
The Issuer will give prompt written notice to the Trustee of the location, and
any change in the location, of such office or agency. If at any time the Issuer
fails to maintain any such required office or agency or fail to furnish the

                                       22

<PAGE>

Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee.

         The Issuer may also from time to time designate one or more other
offices or agencies where the Securities may be presented or surrendered for any
or all such purposes and may from time to time rescind such designations;
provided, however, that no such designation or rescission will in any manner
relieve the Issuer of its obligation to maintain an office or agency in the
Borough of Manhattan, the City of New York 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 designates the Corporate Trust Office of the Trustee
as one such office or agency of the Issuer in accordance with Section 15.02
hereof.

Section 4.03      Reports.

          (a) Whether or not required by the Commission, so long as any
Securities are outstanding, Ventas, Inc. shall furnish to the Holders of
Securities and the Trustee, within the time periods specified in the
Commission's rules and regulations:

          (1) all quarterly and annual financial information that would be
     required to be contained in a filing with the Commission on Forms 10-Q and
     10-K if Ventas, Inc. were required to file such Forms, including a
     "Management's Discussion and Analysis of Financial Condition and Results of
     Operations" and, with respect to the annual information only, a report on
     the annual financial statements by Ventas, Inc.'s certified independent
     accountants; and

          (2) all current reports that would be required to be filed with the
     Commission on Form 8-K if Ventas, Inc. were required to file such reports.

         In addition, whether or not required by the Commission, Ventas, Inc.
shall file a copy of all of the information and reports referred to in clauses
(1) and (2) above with the Commission for public availability within the time
periods specified in the Commission's rules and regulations (unless the
Commission will not accept such a filing) and make such information available to
securities analysts and prospective investors upon request.

          (b) For so long as any Securities remain outstanding, Ventas, Inc.
shall furnish to the Holders and to securities analysts and prospective
investors, upon their request, the information required to be delivered pursuant
to Rule 144A(d)(4) under the Securities Act.

Section 4.04      Compliance Certificate.

          (a) The Issuer [and each Guarantor (to the extent that such Guarantor
is so required under the TIA)] shall deliver to the Trustee, within 90 days
after the end of each fiscal year, an Officers' Certificate stating that a
review of the activities of the Issuer during the preceding fiscal year has been
made under the supervision of the signing Officers with a view to determining
whether the Issuer has kept, observed, performed and fulfilled its obligations
under this Indenture, and further stating, as to each such Officer signing such
certificate, that to the best of his or her knowledge the Issuer has kept,
observed, performed and fulfilled each and every covenant contained in this
Indenture and is not in default in the performance or observance of any of the
terms, provisions and conditions of this Indenture (or, if a Default or Event of
Default has occurred, describing all such Defaults or Events of Default of which
he or she may have knowledge and what action the Issuer is taking or proposes to
take with respect thereto) and that to the best of his or her knowledge no event
has occurred and remains in existence by reason of which payments

                                       23

<PAGE>

on account of the principal of or interest, if any, on the Securities is
prohibited or if such event has occurred, a description of the event and what
action the Issuer is taking or proposes to take with respect thereto.

          (b) So long as any of the Securities are outstanding, the Issuer will
deliver to the Trustee, forthwith upon any Officer becoming aware of any Default
or Event of Default, an Officers' Certificate specifying such Default or Event
of Default and what action the Issuer is taking or proposes to take with respect
thereto.

Section 4.05      Corporate Existence.

         Except as permitted as by Article 5, Ventas, Inc. and its Restricted
Subsidiaries shall do all things necessary to preserve and keep their existence,
rights and franchises; provided, however, that the existence of a Restricted
Subsidiary may be terminated if the Board of Directors of Ventas, Inc.
determines that it is in the best interests of Ventas, Inc. to do so.

                                   ARTICLE 5.

                                   SUCCESSORS

Section 5.01      Merger, Consolidation, or Sale of Assets.

          Ventas, Inc. may not, directly or indirectly: (1) consolidate or merge
with or into another Person (whether or not Ventas, Inc. is the surviving
corporation); or (2) sell, assign, transfer, convey, lease (other than to an
unaffiliated operator in the ordinary course of business) or otherwise dispose
of all or substantially all of the properties or assets of Ventas, Inc. and its
Restricted Subsidiaries taken as a whole, in one or more related transactions,
to another Person; unless:

          (1) either:

               (A) Ventas, Inc. is the surviving corporation; or

               (B) the Person formed by or surviving any such consolidation or
          merger (if other than Ventas, Inc.) or to which such sale, assignment,
          transfer, conveyance or other disposition has been made is a
          corporation organized or existing under the laws of the United States,
          any state of the United States or the District of Columbia;

          (2) the Person formed by or surviving any such consolidation or merger
     (if other than Ventas, Inc.) or the Person to which such sale, assignment,
     transfer, conveyance or other disposition has been made assumes all the
     obligations of Ventas, Inc. under the Securities and the Indenture pursuant
     to agreements reasonably satisfactory to the Trustee;

          (3) immediately after such transaction, on a pro forma basis giving
     effect to such transaction or series of transactions (and treating any
     obligation of Ventas, Inc. incurred in connection with or as a result of
     such transaction or series of transactions as having been incurred at the
     time of such transaction), no Default or Event of Default exists; and

          In addition, in the case of any lease of all or substantially all of
its properties or assets (other than to an unaffiliated operator in the ordinary
course of business), in one or more related transactions, to any other Person
the terms of the lease must be reasonably acceptable to the Trustee or to a
majority of the Holders of the Securities. This Section 5.01 will not apply to a
sale, assignment, transfer, conveyance or other disposition of assets between or
among Ventas, Inc. and its Restricted Subsidiaries.

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<PAGE>

Section 5.02      Successor Corporation Substituted.

         Upon any consolidation or merger, or any sale, assignment, transfer,
conveyance, transfer or other disposition of all or substantially all of the
properties or assets of Ventas, Inc. in accordance with Section 5.01, the
successor Person formed by such consolidation or into which Ventas, Inc. is
merged or to which such sale, assignment, transfer, conveyance or other
disposition is made, shall succeed to, and be substituted for, and may exercise
every right and power of, Ventas, Inc. under this Indenture with the same effect
as if such successor initially had been named as Ventas, Inc. herein. When a
successor assumes all the obligations of its predecessor under this Indenture
and the Securities following a consolidation or merger, or any sale, assignment,
transfer, conveyance, transfer or other disposition of 90% or more of the assets
of the predecessor in accordance with the foregoing provisions, the predecessor
shall be released from those obligations.

                                   ARTICLE 6.

                              DEFAULTS AND REMEDIES

Section 6.01      Events of Default.

          Each of the following is an "Event of Default:"

          (1) The Issuer does not pay the principal or any premium on the
     Securities when due and payable;

          (2) The Issuer does not pay interest on the Securities within 30 days
     after the applicable due date;

          (3) The Issuer does not deposit any sinking fund payment within 30
     days after the applicable due date;

          (4) The Issuer remains in breach of any other term of the Indenture
     for 60 days after it receive a notice of Default stating it is in breach.
     Either the Trustee or the Holders of more than 25% in principal amount of
     the Securities may send the notice;

          (5) Final judgments aggregating in excess of $15.0 million (exclusive
     of amounts covered by insurance) are entered against the Issuer and are not
     paid, discharged or stayed for a period of 60 days;

          (6) The Issuer defaults under any of its indebtedness in an aggregate
     principal amount exceeding $15.0 million after the expiration of any
     applicable grace period, which default results in the acceleration of the
     maturity of such indebtedness. Such default is not an Event of Default if
     the other indebtedness is discharged, or the acceleration is rescinded or
     annulled, within a period of 10 days after the Issuer receives notice
     specifying the default and requiring that it discharge the other
     indebtedness or cause the acceleration to be rescinded or annulled. Either
     the Trustee or the Holders of more than 25% in principal amount of the
     Securities may send the notice;

          (7) Ventas, Inc. or any of its Significant Subsidiaries:

               (a) commences a voluntary case under applicable Bankruptcy Law,

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<PAGE>

               (b) consents to the entry of an order for relief against it in an
          involuntary case under applicable Bankruptcy Law,

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

               (d) makes a general assignment for the benefit of its creditors,
          or

               (e) generally is not paying its debts as they become due.

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

               (a) is for relief against Ventas, Inc. or any of its Significant
          Subsidiaries in an involuntary case;

               (b) appoints a custodian of Ventas, Inc. or any of its
          Significant Subsidiaries or for all or substantially all of the
          property of Ventas, Inc. or any of its Significant Subsidiaries; or

               (c) orders the liquidation of Ventas, Inc. or any of its
          Significant Subsidiaries;

     and the order or decree remains unstayed and in effect for 60 consecutive
     days; or

          (9) any other Event of Default provided with respect to Securities of
     that series set forth in a supplemental indenture pursuant to Section 2.06.

Section 6.02      Acceleration.

         In the case of an Event of Default specified in clause (7) or (8) of
Section 6.01 hereof, with respect to Ventas, Inc. or any of its Significant
Subsidiaries or any group of Subsidiaries that, taken as a whole, would
constitute a Significant Subsidiary, all outstanding Securities will become due
and payable immediately without further action or notice. If any other Event of
Default occurs and has not been cured, the Trustee or the Holders of at least
25% in principal amount of the then outstanding Securities may declare the
entire principal amount of all the Securities to be due and immediately payable
by written notice to the Issuer and the Trustee. Upon any such declaration, the
Securities shall become due and payable immediately. The Holders of a majority
in aggregate principal amount of the then outstanding Securities by written
notice to the Trustee may on behalf of all of the Holders rescind an
acceleration and its consequences if the rescission would not conflict with any
judgment or decree and if all existing Events of Default (except nonpayment of
principal, interest or premium that has become due solely because of the
acceleration) have been cured or waived.

Section 6.03      Other Remedies.

         If an Event of Default occurs and is continuing, the Trustee may pursue
any available remedy to collect the payment of principal, premium, if any, and
interest on the Securities or to enforce the performance of any provision of the
Securities or this Indenture.

         The Trustee may maintain a proceeding even if it does not possess any
of the Securities or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Holder of a Security in exercising any right or
remedy accruing upon an Event of Default shall not impair the right or

                                       26

<PAGE>

remedy or constitute a waiver of or acquiescence in the Event of Default. All
remedies are cumulative to the extent permitted by law.

Section 6.04      Waiver of Past Defaults.

         Holders of not less than a majority in aggregate principal amount of
the then outstanding Securities by notice to the Trustee may on behalf of the
Holders of all of the Securities waive an existing Default or Event of Default
and its consequences hereunder, except a continuing Default or Event of Default
in the payment of the principal of, premium, if any, or interest on, the
Securities; provided, however, that the Holders of a majority in aggregate
principal amount of the then outstanding Securities may rescind an acceleration
and its consequences, including any related payment default that resulted from
such acceleration. Upon any such waiver, such Default shall cease to exist, and
any Event of Default arising therefrom shall be deemed to have been cured for
every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereon.

Section 6.05      Control by Majority.

         Holders of a majority in principal amount of the then outstanding
Securities may direct the time, method and place of conducting any proceeding
for exercising any remedy available to the Trustee or exercising any trust or
power conferred on it. However, the Trustee may refuse to follow any direction
that conflicts with law or this Indenture that the Trustee determines may be
unduly prejudicial to the rights of other Holders of Securities or that may
involve the Trustee in personal liability.

Section 6.06      Limitation on Suits.

         A Holder of a Security may pursue a remedy with respect to this
Indenture or the Securities only if:

          (1) the Holder of a Security must give the Trustee written notice that
     an Event of Default has occurred and remains uncured;

          (2) the Holders of at least a majority in principal amount of all
     outstanding Securities must make a written request that the Trustee take
     action because of the Default, and must offer reasonable indemnity to the
     Trustee against the cost and other liabilities of taking that action;

          (3) the Trustee must have not taken action for 60 days after receipt
     of the notice and offer of indemnity; and

          (4) the Holders of at least a majority in principal amount of all
     outstanding Securities have not given the Trustee a direction inconsistent
     with such request within such 60-day period.

         A Holder of a Security may not use this Indenture to prejudice the
rights of another Holder of a Security or to obtain a preference or priority
over another Holder of a Security.

Section 6.07      Rights of Holders of Securities to Receive Payment.

         Notwithstanding any other provision of this Indenture, the right of any
Holder of a Security to receive payment of principal, premium, if any, and
interest on the Security, on or after the respective due dates expressed in the
Security, or to bring suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of
such Holder.

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Section 6.08      Collection Suit by Trustee.

         If an Event of Default specified in Section 6.01(1) or (2) occurs and
is continuing, the Trustee is authorized to recover judgment in its own name and
as trustee of an express trust against the Issuer for the whole amount of
principal of, premium, if any, and interest remaining unpaid on the Securities
and interest on overdue principal and, to the extent lawful, interest and such
further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.

Section 6.09      Trustee May File Proofs of Claim.

         The Trustee is authorized to file such proofs of claim and other papers
or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the
Holders of the Securities allowed in any judicial proceedings relative to the
Issuer (or any other obligor upon the Securities), its creditors or its property
and shall be entitled and empowered to collect, receive and distribute any money
or other property payable or deliverable on any such claims and any custodian in
any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee, and in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any
amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.07 hereof. To the extent that the payment of any such
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.07 hereof out
of the estate in any such proceeding, shall be denied for any reason, payment of
the same shall be secured by a Lien on, and shall be paid out of, any and all
distributions, dividends, money, securities and other properties that the
Holders may be entitled to receive in such proceeding whether in liquidation or
under any plan of reorganization or arrangement or otherwise. Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to or
accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder,
or to authorize the Trustee to vote in respect of the claim of any Holder in any
such proceeding.

Section 6.10      Priorities.

          If the Trustee collects any money pursuant to this Article 6, it shall
pay out the money in the following order:

          First: to the Trustee, its agents and attorneys for amounts due under
     Section 7.07 hereof, including payment of all compensation, expense and
     liabilities incurred, and all advances made, by the Trustee and the costs
     and expenses of collection;

          Second: to the extent provided in Article 11, to the holders of Senior
     Debt of the Issuer [and the Guarantors] in accordance with Article 11.

          Second: to Holders of Securities for amounts due and unpaid on the
     Securities for principal, premium, if any, and interest, ratably, without
     preference or priority of any kind, according to the amounts due and
     payable on the Securities for principal, premium, if any and interest,
     respectively; and

          Third: to the Issuer or to such party as a court of competent
     jurisdiction shall direct.

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<PAGE>

         The Trustee may fix a record date and payment date for any payment to
Holders of Securities pursuant to this Section 6.10.

Section 6.11      Undertaking for Costs.

         In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by
it as a Trustee, a court in its discretion may require the filing by any party
litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable
attorneys' fees, against any party litigant in the suit, having due regard to
the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of
a Security pursuant to Section 6.07 hereof, or a suit by Holders of more than
10% in principal amount of the then outstanding Securities.

                                   ARTICLE 7.

                                     TRUSTEE

Section 7.01      Duties of Trustee.

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

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

               (1) the duties of the Trustee will be determined solely by the
          express provisions of this Indenture and the Trustee need perform only
          those duties that are specifically set forth in this Indenture and no
          others, and no implied covenants or obligations shall be read into
          this Indenture against the Trustee; and

               (2) in the absence of bad faith on its part, the Trustee may
          conclusively rely, as to the truth of the statements and the
          correctness of the opinions expressed therein, upon certificates or
          opinions furnished to the Trustee and conforming to the requirements
          of this Indenture. However, the Trustee will examine the certificates
          and opinions to determine whether or not they conform to the
          requirements of this Indenture.

          (c) The Trustee may not be relieved from liabilities for its own
negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

               (1) this paragraph does not limit the effect of paragraph (b) of
          this Section 7.01;

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

               (3) the Trustee will not be liable with respect to any action it
          takes or omits to take in good faith in accordance with a direction
          received by it pursuant to Section 6.05 hereof.

          (d) Whether or not therein expressly so provided, every provision of
this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b), and (c) of this Section 7.01.

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<PAGE>

          (e) No provision of this Indenture will require the Trustee to expend
or risk its own funds or incur any liability. The Trustee will be under no
obligation to exercise any of its rights and powers under this Indenture at the
request of any Holders, unless such Holder has offered to the Trustee security
and indemnity satisfactory to it against any loss, liability or expense.

          (f) The Trustee will not be liable for interest on any money received
by it except as the Trustee may agree in writing with the Issuer. Money held in
trust by the Trustee need not be segregated from other funds except to the
extent required by law.

Section 7.02      Rights of Trustee.

          (a) The Trustee may conclusively rely upon any document believed by it
to be genuine and to have been signed or presented by the proper Person. The
Trustee need not investigate any fact or matter stated in the document.

          (b) Before the Trustee acts or refrains from acting, it may require an
Officers' Certificate or an Opinion of Counsel or both. The Trustee will not be
liable for any action it takes or omits to take in good faith in reliance on
such Officers' Certificate or Opinion of Counsel. The Trustee may consult with
counsel and the written advice of such counsel or any Opinion of Counsel will be
full and complete authorization and protection from liability in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon.

          (c) The Trustee may act through its attorneys and agents and will not
be responsible for the misconduct or negligence of any agent appointed with due
care.

          (d) The Trustee will not be liable for any action it takes or omits to
take in good faith that it believes to be authorized or within the rights or
powers conferred upon it by this Indenture.

          (e) Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Issuer will be sufficient if
signed by an Officer of the Issuer.

          (f) The Trustee will be under no obligation to exercise any of the
rights or powers vested in it by this Indenture at the request or direction of
any of the Holders unless such Holders have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities that might be
incurred by it in compliance with such request or direction.

Section 7.03      Individual Rights of Trustee.

         The Trustee in its individual or any other capacity may become the
owner or pledgee of Securities and may otherwise deal with the Issuer or any
Affiliate of the Issuer with the same rights it would have if it were not
Trustee. However, in the event that the Trustee acquires any conflicting
interest it must eliminate such conflict within 90 days, apply to the Commission
for permission to continue as trustee or resign. Any Agent may do the same with
like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11
hereof.

Section 7.04      Trustee's Disclaimer.

         The Trustee will not be responsible for and makes no representation as
to the validity or adequacy of this Indenture or the Securities, it shall not be
accountable for the Issuer's use of the proceeds from the Securities or any
money paid to the Issuer or upon the Issuer's direction under any provision of
this Indenture, it will not be responsible for the use or application of any
money received by any Paying Agent

                                       30

<PAGE>

other than the Trustee, and it will not be responsible for any statement or
recital herein or any statement in the Securities or any other document in
connection with the sale of the Securities or pursuant to this Indenture other
than its certificate of authentication.

Section 7.05      Notice of Defaults.

         If a Default or Event of Default occurs and is continuing and if it is
known to the Trustee, the Trustee will mail to Holders of Securities a notice of
the Default or Event of Default within 90 days after it occurs. Except in the
case of a Default or Event of Default in payment of principal of, premium, if
any, or interest on any Security, the Trustee may withhold the notice if and so
long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of the Holders of the Securities.

Section 7.06      Reports by Trustee to Holders of the Securities.

          (a) Within 120 days after the end of each fiscal year beginning with
the end of the fiscal year following the date of this Indenture, and for so long
as Securities remain outstanding, the Trustee will mail to the Holders of the
Securities a brief report dated as of such reporting date that complies with TIA
ss. 313(a) (but if no event described in TIA ss. 313(a) has occurred within the
twelve months preceding the reporting date, no report need be transmitted). The
Trustee also will comply with [TIA ss. 313(b)(1)] and TIA ss. 313(b)(2). The
Trustee will also transmit by mail all reports as required by TIA ss. 313(c).

          (b) A copy of each report at the time of its mailing to the Holders of
Securities will be mailed by the Trustee to the Issuer and filed by the Trustee
with the Commission and each stock exchange on which the Securities are listed
in accordance with TIA ss. 313(d). The Issuer will promptly notify the Trustee
when the Securities are listed on any stock exchange.

Section 7.07      Compensation and Indemnity.

          (a) The Issuer will pay to the Trustee from time to time reasonable
compensation for its acceptance of this Indenture and services hereunder. The
Trustee's compensation will not be limited by any law on compensation of a
trustee of an express trust. The Issuer will reimburse the Trustee promptly upon
request for all reasonable disbursements, advances and expenses incurred or made
by it in addition to the compensation for its services. Such expenses will
include the reasonable compensation, disbursements and expenses of the Trustee's
agents and counsel.

          (b) The Issuer [and the Guarantors] will indemnify the Trustee against
any and all losses, liabilities or expenses incurred by it arising out of or in
connection with the acceptance or administration of its duties under this
Indenture, including the costs and expenses of enforcing this Indenture against
the Issuer [and the Guarantors] (including this Section 7.07) and defending
itself against any claim (whether asserted by the Issuer [the Guarantors] or any
Holder or any other Person) or liability in connection with the exercise or
performance of any of its powers or duties hereunder, except to the extent any
such loss, liability or expense may be attributable to its negligence or bad
faith. The Trustee will notify the Issuer promptly of any claim for which it may
seek indemnity. Failure by the Trustee to so notify the Issuer will not relieve
the Issuer [or any of the Guarantors] of its obligations hereunder. The Issuer
[or such Guarantor] will defend the claim and the Trustee will cooperate in the
defense. The Trustee may have separate counsel and the Issuer will pay the
reasonable fees and expenses of such counsel. Neither the Issuer [nor any
Guarantor] need pay for any settlement made without its consent, which consent
will not be unreasonably withheld.

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<PAGE>

          (c) The obligations of the Issuer [and the Guarantors] under this
Section 7.07 will survive the satisfaction and discharge of this Indenture.

          (d) To secure the Issuer's payment obligations in this Section 7.07,
the Trustee will have a Lien prior to the Securities on all money or property
held or collected by the Trustee, except that held in trust to pay principal and
interest on particular Securities. Such Lien will survive the satisfaction and
discharge of this Indenture.

          (e) When the Trustee incurs expenses or renders services after an
Event of Default specified in Section 6.01(7) or (8) hereof occurs, the expenses
and the compensation for the services (including the fees and expenses of its
agents and counsel) are intended to constitute expenses of administration under
any Bankruptcy Law.

          (f) The Trustee will comply with the provisions of TIA ss. 313(b)(2)
to the extent applicable.

Section 7.08      Replacement of Trustee.

          (a) A resignation or removal of the Trustee and appointment of a
successor Trustee will become effective only upon the successor Trustee's
acceptance of appointment as provided in this Section 7.08.

          (b) The Trustee may resign in writing at any time and be discharged
from the trust hereby created by so notifying the Issuer. The Holders of a
majority in principal amount of the then outstanding Securities may remove the
Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may
remove the Trustee if:

               (1) the Trustee fails to comply with Section 7.10 hereof;

               (2) the Trustee is adjudged a bankrupt or an insolvent or an
          order for relief is entered with respect to the Trustee under any
          Bankruptcy Law;

               (3) a custodian or public officer takes charge of the Trustee or
          its property; or

               (4) the Trustee becomes incapable of acting.

          (c) If the Trustee resigns or is removed or if a vacancy exists in the
office of Trustee for any reason, the Issuer will promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, the Holders
of a majority in principal amount of the then outstanding Securities may appoint
a successor Trustee to replace the successor Trustee appointed by the Issuer.

          (d) If a successor Trustee does not take office within 60 days after
the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer, or
the Holders of at least 10% in principal amount of the then outstanding
Securities may petition any court of competent jurisdiction for the appointment
of a successor Trustee.

          (e) If the Trustee, after written request by any Holder who has been a
Holder for at least six months, fails to comply with Section 7.10, such Holder
may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee.

          (f) A successor Trustee will deliver a written acceptance of its
appointment to the retiring Trustee and to the Issuer. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the
successor Trustee will have all the rights, powers and duties of the Trustee
under this

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<PAGE>

Indenture. The successor Trustee will mail a notice of its succession to
Holders. The retiring Trustee will promptly transfer all property held by it as
Trustee to the successor Trustee, provided all sums owing to the Trustee
hereunder have been paid and subject to the Lien provided for in Section 7.07
hereof. Notwithstanding replacement of the Trustee pursuant to this Section
7.08, the Issuer's obligations under Section 7.07 hereof will continue for the
benefit of the retiring Trustees.

Section 7.09      Successor Trustee by Merger, etc.

         If the Trustee consolidates, merges or converts into, or transfers all
or substantially all of its corporate trust business to, another corporation,
the successor corporation without any further act will be the successor Trustee.

Section 7.10      Eligibility; Disqualification.

         There will at all times be a Trustee hereunder that is a corporation
organized and doing business under the laws of the United States of America or
of any state thereof that is authorized under such laws to exercise corporate
trustee power, that is subject to supervision or examination by federal or state
authorities and that has a combined capital and surplus of at least $100 million
as set forth in its most recent published annual report of condition.

         This Indenture will always have a Trustee who satisfies the
requirements of TIA ss. 310(a)(1), (2) and (5). The Trustee is subject to TIA
ss. 310(b).

Section 7.11      Preferential Collection of Claims Against Issuer.

         The Trustee is subject to TIA ss. 311(a), excluding any creditor
relationship listed in TIA ss. 311(b). A Trustee who has resigned or been
removed shall be subject to TIA ss. 311(a) to the extent indicated therein.

                                   ARTICLE 8.

                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01      Option to Effect Legal Defeasance or Covenant Defeasance.

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

Section 8.02      Legal Defeasance and Discharge.

         Upon the Issuer's exercise under Section 8.01 hereof of the option
applicable to this Section 8.02, the Issuer [and each of the Guarantors] will,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof,
be deemed to have been discharged from their obligations, and the provisions of
Article 11 shall cease to be effective, with respect to all outstanding
Securities [(including the Security 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 Guarantors] will be deemed to
have paid and discharged the entire debt represented by the outstanding
Securities [(including the Security Guarantees)], which will thereafter be
deemed to be "outstanding" only for the purposes of Section 8.05 hereof and the
other Sections of this Indenture referred to in clauses (1) and (2) below, and
to have satisfied all their other obligations under such Securities, the
Security Guarantees and this Indenture (and the Trustee, on demand of and at the
expense of the Issuer, shall execute proper instruments

                                       33

<PAGE>

acknowledging the same), except for the following provisions which will survive
until otherwise terminated or discharged hereunder:

               (1) the rights of Holders of outstanding Securities to receive
          payments in respect of the principal of, or interest or premium, if
          any, on such Securities when such payments are due from the trust
          referred to in Section 8.04 hereof;

               (2) the Issuer's obligations with respect to such Securities
          under Article 2 and Section 4.02 hereof;

               (3) the rights, powers, trusts, duties and immunities of the
          Trustee hereunder and the Issuer's [and the Guarantors'] obligations
          in connection therewith; and

               (4) this Article 8.

          Subject to compliance with this Article 8, the Issuer may exercise its
option under this Section 8.02 notwithstanding the prior exercise of their
option under Section 8.03 hereof.

Section 8.03      Covenant Defeasance.

          Upon the Issuer's exercise under Section 8.01 hereof of the option
applicable to this Section 8.03, the Issuer [and the Guarantors] will, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be
released from each of their obligations under the covenants contained in
Sections [insert section numbers] hereof and the provisions of Article 11 shall
cease to be effective with respect to the outstanding Securities on and after
the date the conditions set forth in Section 8.04 hereof are satisfied
(hereinafter, "Covenant Defeasance"), and the Securities 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 Securities will not
be deemed outstanding for accounting purposes). For this purpose, Covenant
Defeasance means that, with respect to the outstanding Securities [and Security
Guarantees], the Issuer [and the Guarantors] may omit to comply with and will
have no liability in respect of any term, condition or limitation set forth in
any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such
covenant to any other provision herein or in any other document and such
omission to comply will not constitute a Default or an Event of Default under
Section 6.01 hereof, but, except as specified above, the remainder of this
Indenture and such Securities [and Security Guarantees] will be unaffected
thereby. In addition, upon the Issuer's exercise under Section 8.01 hereof of
the option applicable to this Section 8.03 hereof, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, Sections 6.01(4) through
6.01(5) hereof will not constitute Events of Default.

Section 8.04      Conditions to Legal or Covenant Defeasance.

          In order to exercise either Legal Defeasance or Covenant Defeasance
under either Section 8.02 or 8.03 hereof:

               (1) the Issuer must irrevocably deposit with the Trustee, in
          trust, for the benefit of the Holders, cash in United States dollars,
          non-callable U.S. government or U.S. government agency notes or
          bonds(or depositary receipts representing these notes or bonds), or
          any combination thereof, in such amounts as will be sufficient, in the
          opinion of a nationally recognized firm of independent public
          accountants, to pay the principal of, premium, if any, and interest on
          the

                                       34

<PAGE>

          outstanding Securities on the stated date for payment thereof or on
          the applicable Redemption Date, as the case may be;

               (2) in the case of an election under Section 8.02 hereof, the
          Issuer has delivered to the Trustee an Opinion of Counsel in the
          United States reasonably acceptable to the Trustee confirming that:

                    (a) the Issuer has received from, or there has been
               published by, the IRS a ruling; or

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

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

               (3) in the case of an election under Section 8.03 hereof, the
          Issuer must deliver to the Trustee an Opinion of Counsel in the United
          States reasonably acceptable to the Trustee confirming that the
          Holders of the outstanding Securities 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;

               (4) no Default or Event of Default shall have occurred and be
          continuing on the date of such deposit (other than a Default or Event
          of Default resulting from the borrowing of funds to be applied to such
          deposit);

               (5) such Legal Defeasance or Covenant Defeasance will not result
          in a breach or violation of, or constitute a default under, any
          material agreement or instrument (other than this Indenture) to which
          Ventas, Inc. is a party or by which Ventas, Inc. is bound;

               (6) At the time of such deposit:

                    (a) no default in the payment of any principal of or premium
               or interest on any Senior Debt shall have occurred and be
               continuing;

                    (b) no event of default with respect to any Senior Debt
               shall have resulted in such Senior Debt becoming, and continuing
               to be, due and payable prior to the date on which it would
               otherwise have become due and payable (unless payment of such
               Senior Debt has been made or duly provided for); and

                    (c) no other event of default with respect to any Senior
               Debt shall have occurred and be continuing permitting (after
               notice or lapse of time or both) the holders of such Senior Debt
               (or a trustee on behalf of such holders) to declare such Senior
               Debt due and payable prior to the date on which it would
               otherwise have become due and payable;

               (7) the Issuer must deliver to the Trustee an Officers'
          Certificate stating that the deposit was not made by Issuer with the
          intent of preferring the Holders of Securities over the other

                                       35

<PAGE>

          creditors of Issuer with the intent of defeating, hindering, delaying
          or defrauding any other creditors of the Issuer or others; and

               (8) the Issuer must deliver to the Trustee an Officers'
          Certificate and an Opinion of Counsel, each stating that all
          conditions precedent provided for or relating to the Legal Defeasance
          or the Covenant Defeasance have been complied with.

Section 8.05      Deposited Money and Government Securities to Be Held in Trust;
                    Other Miscellaneous Provisions.

         Subject to Section 8.06 hereof, all money and U.S. government or U.S.
government agency notes or bonds (or depositary receipts representing these
notes or bonds), or any combination thereof (including the proceeds thereof)
deposited with the Trustee (or other qualifying trustee, collectively for
purposes of this Section 8.05, the "Trustee") pursuant to Section 8.04 hereof in
respect of the outstanding Securities will be held in trust and applied by the
Trustee, in accordance with the provisions of such Securities and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Issuer acting as Paying Agent) as the Trustee may determine, to
the Holders of such Securities of all sums due and to become due thereon in
respect of principal, premium, if any, and interest, but such money need not be
segregated from other funds except to the extent required by law. Money and U.S.
government or U.S. government agency notes or bonds (or depositary receipts
representing these notes or bonds) so held in trust shall not be subject to the
provisions of Article 11.

         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 U.S.
government or U.S. government agency notes or bonds deposited pursuant to
Section 8.04 hereof or the principal and interest received in respect thereof
other than any such tax, fee or other charge which by law is for the account of
the Holders of the outstanding Securities.

         Notwithstanding anything in this Article 8 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 U.S. government or U.S. government agency notes
or bonds held by it as provided in Section 8.04 hereof which, in the opinion of
a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee (which may be the opinion
delivered under Section 8.04(1) hereof), are in excess of the amount thereof
that would then be required to be deposited to effect an equivalent Legal
Defeasance or Covenant Defeasance.

Section 8.06      Repayment to Issuer.

         Any money 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 Security 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 Security 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, 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 the New York
Times and The Wall Street Journal (national edition), notice that such money
remains unclaimed and that, after a date specified therein, which will not be
less than 30 days from the date of such notification or publication, any
unclaimed balance of such money then remaining will be repaid to the Issuer.

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<PAGE>

Section 8.07      Reinstatement.

         If the Trustee or Paying Agent is unable to apply any United States
dollars or non-callable U.S. government or U.S. government agency notes or bonds
in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of
any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the Issuer's [and
the Guarantor's] obligations under this Indenture and the Securities and the
Security Guarantees will be revived and reinstated as though no deposit had
occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee
or Paying Agent is permitted to apply all such money in accordance with Section
8.02 or 8.03 hereof, as the case may be; provided, however, that if the Issuer
makes any payment of principal of, premium, if any, or interest on any Security
following the reinstatement of its obligations, the Issuer will be subrogated to
the rights of the Holders of such Securities to receive such payment from the
money held by the Trustee or Paying Agent.

                                   ARTICLE 9.

                        AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01      Without Consent of Holders of Securities.

          Notwithstanding Section 9.02 of this Indenture, the Issuer, the
Guarantors and the Trustee may amend or supplement this Indenture[, the Security
Guarantees] or the Securities without the consent of any Holder of a Security:

               (1) to cure any ambiguity, defect or inconsistency;

               (2) to provide for uncertificated Securities in addition to or in
          place of certificated Securities;

               (3) to provide for the assumption of the Issuer's obligations to
          Holders of Securities in the case of a merger or consolidation or sale
          of all or substantially all of the Issuer's assets;

               (4) to add [additional] Security Guarantees with respect to the
          Securities;

               (5) to secure the Securities;

               (6) to make any other change that would provide any additional
          rights or benefits to the Holders of Securities or that does not
          adversely affect the legal rights under the Indenture of any such
          holder;

               (7) to comply with requirements of the Commission in order to
          effect or maintain the qualification of the Indenture under the Trust
          Indenture Act;

               (8) to add to, change or eliminate any of the provisions of this
          Indenture in respect of one or more series of Securities, provided
          that any such addition, change or elimination (i) shall neither (A)
          apply to any Security of any series created prior to the execution of
          such supplemental indenture and entitled to the benefit of such
          provision nor (B) modify the rights of the Holder or any such Security
          with respect to such provision or (ii) shall become effective only
          when there is no such Security outstanding; or

               (9) to establish the form or terms of Securities of any series as
          permitted by Sections 2.01 and 2.06.

                                       37

<PAGE>

Section 9.02      With Consent of Holders of Securities.

         Except as provided below in this Section 9.02, the Issuer[ , the
Guarantors] and the Trustee may amend or supplement this Indenture, the Security
Guarantees and the Securities with the consent of the Holders of at least a
majority in principal amount of the Securities then outstanding voting as a
single class (including, without limitation, consents obtained in connection
with a tender offer or exchange offer for, or purchase of, the Securities), and,
subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of
Default (other than a Default or Event of Default in the payment of the
principal of, premium, if any, or interest on the Securities, except a payment
default resulting from an acceleration that has been rescinded) or compliance
with any provision of this Indenture, the Security Guarantees or the Securities
may be waived with the consent of the Holders of a majority in principal amount
of the then outstanding Securities voting as a single class (including consents
obtained in connection with a tender offer or exchange offer for, or purchase
of, the Securities). Section 2.15 hereof shall determine which Securities are
considered to be "outstanding" for purposes of this Section 9.02.

         It is not be necessary for the consent of the Holders of Securities
under this Section 9.02 to approve the particular form of any proposed amendment
or waiver, but it is sufficient if such consent approves the substance thereof.

         After an amendment, supplement or waiver under this Section 9.02
becomes effective, the Issuer will mail to the Holders of Securities affected
thereby a notice briefly describing the amendment, supplement or waiver. Any
failure of the Issuer to mail such notice, or any defect therein, will not,
however, in any way impair or affect the validity of any such amended or
supplemental Indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the
Holders of a majority in aggregate principal amount of the Securities then
outstanding voting as a single class may waive compliance in a particular
instance by the Issuer with any provision of this Indenture or the Securities.
However, without the consent of each Holder affected, an amendment or waiver
under this Section 9.02 may not (with respect to any Securities held by a
non-consenting Holder):

               (1) reduce the principal amount of Securities whose Holders must
          consent to an amendment, supplement or waiver;

               (2) reduce the principal of or change the fixed maturity of any
          Security or alter the provisions with respect to the redemption (but
          not with respect to offers to purchase) of the Securities;

               (3) reduce the rate of or change the time for payment of interest
          on any Security;

               (4) waive a Default or Event of Default in the payment of
          principal of, or interest or premium, if any, on the Securities
          (except a rescission of acceleration of the Securities by the Holders
          of at least a majority in aggregate principal amount of the Securities
          and a waiver of the payment Default that resulted from such
          acceleration);

               (5) make any Security payable in money other than that stated in
          the Securities;

               (6) make any change in Section 6.04 or 6.07 hereof relating to
          waivers of past Defaults or the rights of Holders of Securities to
          receive payments of principal of, or interest or premium, if any, on
          the Securities;

               (7) waive a redemption payment (but not an offer to purchase
          payment) with respect to any Security;

                                       38

<PAGE>

               (8) release any Guarantor from any of its obligations under its
          Security Guarantee or the Indenture, except in accordance with the
          terms of the Indenture;

               (9) subordinate the indebtedness evidenced by the Securities to
          any indebtedness of the Issuer other than Senior Debt.

               (10) make any change in the amendment and waiver provisions set
          forth in clauses (1) through (9) of this Section 9.02.

Section 9.03      Compliance with Trust Indenture Act.

         Every amendment or supplement to this Indenture or the Securities will
be set forth in a amended or supplemental Indenture that complies with the TIA
as then in effect.

Section 9.04      Revocation and Effect of Consents.

         Until an amendment, supplement or waiver becomes effective, a consent
to it by a Holder of a Security is a continuing consent by the Holder of a
Security and every subsequent Holder of a Security or portion of a Security that
evidences the same debt as the consenting Holder's Security, even if notation of
the consent is not made on any Security. However, any such Holder of a Security
or subsequent Holder of a Security may revoke the consent as to its Security if
the Trustee receives written notice of revocation before the date the waiver,
supplement or amendment becomes effective. An amendment, supplement or waiver
becomes effective in accordance with its terms and thereafter binds every
Holder.

Section 9.05      Notation on or Exchange of Securities.

         The Trustee may place an appropriate notation about an amendment,
supplement or waiver on any Security thereafter authenticated. The Issuer in
exchange for all Securities may issue and the Trustee shall, upon receipt of an
Authentication Order, authenticate new Securities that reflect the amendment,
supplement or waiver.

         Failure to make the appropriate notation or issue a new Security will
not affect the validity and effect of such amendment, supplement or waiver.

Section 9.06      Trustee to Sign Amendments, etc.

         Upon the request of the Issuer accompanied by a resolution of its Board
of Directors authorizing the execution of any amended or supplemental Indenture,
and upon the filing with the Trustee of evidence satisfactory to the Trustee of
the consent of the Holders of Securities as aforesaid, and upon receipt by the
Trustee of the documents described in Section 7.02 hereof, the Trustee will join
with the Issuer in the execution of an amended or supplemental Indenture unless
such amended or supplemental Indenture directly affects the Trustee's own
rights, duties, liabilities or immunities under this Indenture or otherwise, in
which case the Trustee may in its discretion, but will not be obligated to,
enter into such amended or supplemental Indenture. In executing any amended or
supplemental indenture, the Trustee will be entitled to receive and (subject to
Section 7.01 hereof) will be fully protected in relying upon, in addition to the
documents required by Section 15.04 hereof, an Officers' Certificate and an
Opinion of Counsel stating that the execution of such amended or supplemental
indenture is authorized or permitted by this Indenture.

                                       39

<PAGE>

                                   ARTICLE 10.

                               SECURITY GUARANTEES

    [PROVISIONS FOR SECURITY GUARANTEES TO BE PROVIDED HERE, IF APPLICABLE.]

                                   ARTICLE 11.

                           SUBORDINATION OF SECURITIES

[PROVISIONS FOR SUBORDINATION OF SECURITIES TO BE PROVIDED HERE, IF APPLICABLE.]

                                   ARTICLE 12.

                                    SECURITY

        [SECURITY FOR SUBORDINATED DEBT SECURITIES TO BE PROVIDED HERE.]

                                   ARTICLE 13.

                            CONVERSION OF SECURITIES

  [PROVISIONS FOR CONVERSION OF SECURITIES TO BE PROVIDED HERE, IF APPLICABLE.]

                                  ARTICLE 14.

                           SATISFACTION AND DISCHARGE

Section 14.01     Satisfaction and Discharge.

          This Indenture will be discharged and will cease to be of further
effect as to all Securities issued hereunder, when:

               (1) either:

                    (a) all Securities that have been authenticated (except
               lost, stolen or destroyed Securities that have been replaced or
               paid and Securities for whose payment money has theretofore been
               deposited in trust and thereafter repaid to the Issuer) have been
               delivered to the Trustee for cancellation; or

                    (b) all Securities that have not been delivered to the
               Trustee for cancellation have become due and payable by reason of
               the making of a notice of redemption or otherwise or will become
               due and payable within one year and the Issuer [or any Guarantor]
               has irrevocably deposited or caused to be deposited with the
               Trustee as trust funds in trust solely for the benefit of the
               Holders, cash in U.S. dollars, non-callable U.S. government or
               U.S. government agency notes or bonds, or a combination thereof,
               in such amounts as will be sufficient without consideration of
               any reinvestment of interest, to pay and discharge the entire
               indebtedness on the Securities not delivered to the Trustee for
               cancellation for principal, premium, if any, and accrued interest
               to the date of maturity or redemption;

                                       40

<PAGE>

               (2) no Default or Event of Default (other than those resulting
          directly from the incurrence of indebtedness to fund such deposit) has
          occurred and is continuing on the date of such deposit or will occur
          as a result of such deposit and such deposit will not result in a
          breach or violation of, or constitute a default under, any other
          instrument to which the Issuer [or any Guarantor] are a party or by
          which the Issuer [or any Guarantor] is bound;

               (3) the Issuer [or any Guarantor] has paid or caused to be paid
          all sums payable by it under this Indenture; and

               (4) the Issuer has delivered irrevocable instructions to the
          Trustee under this Indenture to apply the deposited money toward the
          payment of the Securities at maturity or the redemption date, as the
          case may be.

In addition, the Issuer must deliver an Officers' Certificate and an Opinion of
Counsel to the Trustee stating that all conditions precedent to satisfaction and
discharge have been satisfied.

          Notwithstanding the satisfaction and discharge of this Indenture, if
money has been deposited with the Trustee pursuant to subclause (b) of clause
(1) of this Section, the provisions of Section 14.02 and Section 8.06 will
survive. In addition, nothing in this Section 14.01 will be deemed to discharge
those provisions of Section 7.07 hereof, that, by their terms, survive the
satisfaction and discharge of this Indenture.

Section 14.02     Application of Trust Money.

          Subject to the provisions of Section 8.06, all money deposited with
the Trustee pursuant to Section 14.01 shall be held in trust and applied by it,
in accordance with the provisions of the Securities and this Indenture, to the
payment, either directly or through any Paying Agent (including the Issuer
acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium, if any) and interest for whose
payment such money has been deposited with the Trustee; but such money need not
be segregated from other funds except to the extent required by law.

          If the Trustee or Paying Agent is unable to apply any money or U.S.
government or U.S. government agency notes or bonds in accordance with Section
14.01 by reason of any legal proceeding or by reason of any order or judgment of
any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the Issuer's [and any Guarantor's] obligations
under this Indenture and the Securities shall be revived and reinstated as
though no deposit had occurred pursuant to Section 14.01; provided, however, if
the Issuer has made any payment of principal of, premium, if any, or interest on
any Securities because of the reinstatement of their obligations, the Issuer
shall be subrogated to the rights of the Holders of such Securities to receive
such payment from the money or U.S. government or U.S. government agency notes
or bonds held by the Trustee or Paying Agent.

                                  ARTICLE 15.

                                  MISCELLANEOUS

Section 15.01     Trust Indenture Act Controls.

          This Indenture is subject to the provising of the TIA which are
required to be part of this Indenture. If any provision of this Indenture
limits, qualifies or conflicts with the duties imposed by TIA ss.318(c), the
imposed duties will control.

                                       41

<PAGE>

Section 15.02     Notices.

         Any notice or communication by the Issuer[, any Guarantor] or the
Trustee to the others is duly given if in writing and delivered in Person or
mailed by first class mail (registered or certified, return receipt requested),
telex, telecopier or overnight air courier guaranteeing next day delivery, to
the others' address:

         If to the Issuer [and/or any Guarantor]:

         Ventas, Inc.
         4360 Brownsboro Road, Suite 115
         Louisville, Kentucky 40207-1642
         Telecopier No.:  (502) 357-9001
         Attention:  General Counsel

         With a copy to:
         Willkie Farr & Gallagher
         787 Seventh Avenue
         New York, New York 10019-6099
         Telecopier No.:  (212) 728-8111
         Attention:  Maurice Lefkort, Esquire

         If to the Trustee:

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

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

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

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

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

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

         All notices and communications (other than those sent to Holders) will
be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; when receipt acknowledged, if telecopied; and the next
Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery.

         Any notice or communication to a Holder will be mailed by first class
mail, certified or registered, return receipt requested, or by overnight air
courier guaranteeing next day delivery to its address shown on the register kept
by the Security Registrar. Any notice or communication will also be so mailed to
any Person described in TIA ss. 313(c), to the extent required by the TIA.
Failure to mail a notice or communication to a Holder or any defect in it will
not affect its sufficiency with respect to other Holders.

         If a notice or communication is mailed in the manner provided above
within the time prescribed, it is duly given, whether or not the addressee
receives it.

         If the Issuer mails a notice or communication to Holders, it will mail
a copy to the Trustee and each Agent at the same time.

                                       42

<PAGE>

Section 15.03     Communication by Holders of Securities with Other Holders of
                   Securities.

          Holders may communicate pursuant to TIA ss. 312(b) with other Holders
with respect to their rights under this Indenture or the Securities. The Issuer,
the Trustee, the Securities Registrar and anyone else shall have the protection
of TIA ss. 312(c).

Section 15.04     Certificate and Opinion as to Conditions Precedent.

          Upon any request or application by the Issuer to the Trustee to take
any action under this Indenture, the Issuer shall furnish to the Trustee:

          (1) an Officers' Certificate in form and substance reasonably
     satisfactory to the Trustee (which must include the statements set forth in
     Section 15.05 hereof) stating that, in the opinion of the signers, all
     conditions precedent and covenants, if any, provided for in this Indenture
     relating to the proposed action have been satisfied; and

          (2) an Opinion of Counsel in form and substance reasonably
     satisfactory to the Trustee (which must include the statements set forth in
     Section 15.05 hereof) stating that, in the opinion of such counsel, all
     such conditions precedent and covenants have been satisfied.

Section 15.05     Statements Required in Certificate or Opinion.

          Each certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA ss. 314(a)(4)) must comply with the provisions of TIA
ss. 314(e) and must include:

          (1) a statement that the Person making such certificate or opinion has
     read such covenant or condition;

          (2) a brief statement as to the nature and scope of the examination or
     investigation upon which the statements or opinions contained in such
     certificate or opinion are based;

          (3) a statement that, in the opinion of such Person, he or she has
     made such examination or investigation as is necessary to enable him or her
     to express an informed opinion as to whether or not such covenant or
     condition has been satisfied; and

          (4) a statement as to whether or not, in the opinion of such Person,
     such condition or covenant has been satisfied.

Section 15.06     Rules by Trustee and Agents.

          The Trustee may make reasonable rules for action by or at a meeting of
Holders. The Security Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions.

Section 15.07     No Personal Liability of Directors, Officers, Employees and
                   Stockholders.

          No director, officer, employee or stockholder of Ventas, Inc. or any
of its Subsidiaries, as such, will have any liability for any obligations of
Ventas, Inc. or any of its Subsidiaries under the Securities or the Indenture
based on, in respect of, or by reason of such obligations or their creation.
Each holder by accepting a Security waives and releases all such liability. The
foregoing waiver and release are an integral part of the consideration or the
issuance of the Securities.

                                       43

<PAGE>

Section 15.08     Governing Law.

         THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO
CONSTRUE THIS INDENTURE, THE SECURITIES [AND THE SECURITY GUARANTEES] WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT
THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

Section 15.09     No Adverse Interpretation of Other Agreements.

         This Indenture may not be used to interpret any other indenture, loan
or debt agreement of the Issuer or its Subsidiaries or of any other Person. Any
such indenture, loan or debt agreement may not be used to interpret this
Indenture.

Section 15.10     Successors.

         All agreements of the Issuer in this Indenture and the Securities will
bind its successors. All agreements of the Trustee in this Indenture will bind
its successors. [All agreements of each Guarantor in this Indenture will bind
its successors, except as otherwise provided in Article 10.]

Section 15.11     Severability.

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

Section 15.12     Counterpart Originals.

         The parties may sign any number of copies of this Indenture. Each
signed copy will be an original, but all of them together represent the same
agreement.

Section 15.13     Table of Contents, Headings, etc.

         The Table of Contents, Cross-Reference Table and Headings of the
Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and will in no
way modify or restrict any of the terms or provisions hereof.

                         [Signatures on following page]

                                       44

<PAGE>

                                   SIGNATURES

Dated as of _________, 200__         ISSUER:

                                     [Issuer]

                                     By:
                                           ------------------------------------
                                           Name:
                                           Title:

                                     GUARANTORS:

                                     [Guarantor]

                                     By:
                                           ------------------------------------
                                           Name:
                                           Title:

                                     TRUSTEE:

                                     [Trustee]

                                     By:
                                           ------------------------------------
                                           Name:
                                           Title:

                                       45<PAGE>

                                                                    Exhibit 4.22

                               DEPOSIT AGREEMENT*

                             dated as of      , 200_

                                  by and among

                                  VENTAS, INC.

                                       and

                       [NAME OF DEPOSITARY], As Depositary

                                       and

                         HOLDERS OF DEPOSITARY RECEIPTS
                             REPRESENTING INTERESTS
                                       IN
                                 PREFERRED STOCK

-----------------
*    A separate Deposit Agreement will be entered into with respect to each
     series or class of Preferred Stock issued under the Registration Statement
     to which this Form of Deposit Agreement has been filed as an Exhibit.
     Options represented by bracketed or blank sections herein shall be
     determined in conformity with the applicable prospectus supplement or
     supplements.

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                            Page
<S>                                                                                                          <C>
 ARTICLE I.         DEFINITIONS ............................................................................. 1
      Section 1.1.  Certificate of Designation .............................................................. 1
      Section 1.2.  Certificate of Incorporation ............................................................ 1
      Section 1.3.  Common Stock ............................................................................ 1
      Section 1.4.  Company ................................................................................. 1
      Section 1.5.  Corporate Office ........................................................................ 2
      Section 1.6.  Deposit Agreement ....................................................................... 2
      Section 1.7.  Depositary .............................................................................. 2
      Section 1.8.  Depositary Share ........................................................................ 2
      Section 1.9.  Depositary's Agent ...................................................................... 2
      Section 1.10. Exchange Debt Securities ................................................................ 2
      Section 1.11. Exchange Preferred Stock ................................................................ 2
      Section 1.12. Indenture ............................................................................... 2
      Section 1.13. Preferred Stock ......................................................................... 2
      Section 1.14. Receipt ................................................................................. 3
      Section 1.15. Record Holder ........................................................................... 3
      Section 1.16. Registrar ............................................................................... 3
      Section 1.17. Securities Act .......................................................................... 3
 ARTICLE II.        FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER,
                        SURRENDER AND REDEMPTION OF RECEIPTS ................................................ 3
      Section 2.1.  Form and Transferability of Receipts .................................................... 3
      Section 2.2.  Deposit of Preferred Stock; Execution and Delivery of Receipts in Respect Thereof ....... 4
      Section 2.3.  Optional Redemption of Preferred Stock for Cash ......................................... 5
      Section 2.4.  Optional Exchange or Preferred Stock for Common Stock or Exchange Debt Securities ....... 6
      Section 2.5.  Transfers of Receipts ................................................................... 7
      Section 2.6.  Combinations and Split-ups of Receipts .................................................. 7
      Section 2.7.  Surrender of Receipts and Withdrawal of Preferred Stock ................................. 7
      Section 2.8.  Limitations on Execution and Delivery, Transfer, Split-up, Combination, Surrender
                    and Exchange of Receipts ................................................................ 8
      Section 2.9.  Lost Receipts, etc ...................................................................... 9
      Section 2.10. Cancellation and Destruction of Surrendered Receipts .................................... 9
      Section 2.11. Conversion of Preferred Stock into Common Stock or Exchange Debt Securities ............. 9
      Section 2.12. Excess Shares ........................................................................... 12
 ARTICLE III.       CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY .............................. 12
      Section 3.1.  Filing Proofs, Certificates and Other Information ....................................... 12
      Section 3.2.  Payment of Taxes or Other Governmental Charges .......................................... 12
      Section 3.3.  Representations and Warranties as to Preferred Stock .................................... 13
      Section 3.4.  Representation and Warranty as to Receipts .............................................. 13
</TABLE>

<PAGE>
<TABLE>
<S>                                                                                                          <C>
      Section 3.5.  Representation and Warranty as to Common Stock .......................................... 13
      Section 3.6.  Representation and Warranty as to Exchange Debt Securities .............................. 13
 ARTICLE IV.        THE PREFERRED STOCK, NOTICES ............................................................ 13
      Section 4.1.  Cash Distributions ...................................................................... 13
      Section 4.2.  Distributions Other Than Cash ........................................................... 14
      Section 4.3.  Subscription Rights, Preferences or Privileges .......................................... 14
      Section 4.4.  Notice of Dividends, Fixing of Record Date for Holders of Receipts ...................... 15
      Section 4.5.  Voting Rights ........................................................................... 15
      Section 4.6.  Changes Affecting Preferred Stock and Reclassifications, Recapitalizations, etc ......... 16
      Section 4.7.  Reports ................................................................................. 16
      Section 4.8.  Lists of Receipt Holders ................................................................ 16
 ARTICLE V.         THE DEPOSITARY AND THE COMPANY .......................................................... 16
      Section 5.1.  Maintenance of Offices, Agencies, Transfer Books by the Depositary, the Registrar ....... 16
      Section 5.2.  Prevention or Delay in Performance by the Depositary, the Depositary's Agents or
                    the Company ............................................................................. 17
      Section 5.3.  Obligations of the Depositary, the Depositary's Agents and the Company .................. 17
      Section 5.4.  Resignation and Removal of the Depositary, Appointment of Successor Depositary .......... 19
      Section 5.5.  Corporate Notices and Reports ........................................................... 19
      Section 5.6.  Indemnification by the Company .......................................................... 20
      Section 5.7.  Fees, Charges and Expenses .............................................................. 20
 ARTICLE VI.        AMENDMENT AND TERMINATION ............................................................... 20
      Section 6.1.  Amendment ............................................................................... 20
      Section 6.2.  Termination ............................................................................. 21
 ARTICLE VII.       MISCELLANEOUS ........................................................................... 22
      Section 7.1.  Counterparts ............................................................................ 22
      Section 7.2.  Exclusive Benefits of Parties ........................................................... 22
      Section 7.3.  Invalidity of Provisions ................................................................ 22
      Section 7.4.  Notices ................................................................................. 22
      Section 7.5.  Depositary's Agents ..................................................................... 23
      Section 7.6.  Holders of Receipts Are Parties ......................................................... 23
      Section 7.7.  Governing Law ........................................................................... 23
      Section 7.8.  Inspection of Deposit Agreement and Certificate of Designation .......................... 23
      Section 7.9.  Headings ................................................................................ 23

      EXHIBIT A ............................................................................................. A-1
</TABLE>

                                       ii

<PAGE>

                                DEPOSIT AGREEMENT

                  DEPOSIT AGREEMENT, dated as of ______________, 200_, by and
among VENTAS, INC., a Delaware corporation (the "Company"), [NAME OF BANK], [a
New York state-chartered bank], as Depositary, and all holders from time to time
of Depositary Receipts issued hereunder.

                              W I T N E S S E T H:

                  WHEREAS, it is desired to provide, as hereinafter set forth in
this Deposit Agreement, for the deposit of shares of the Company's Preferred
Stock (as hereinafter defined), with the Depositary for the purposes set forth
in this Deposit Agreement and for the issuance hereunder of the Receipts
evidencing Depositary Shares representing an interest in the Preferred Stock
deposited; and

                  WHEREAS, the Depositary Receipts are to be substantially in
the form of Exhibit A annexed to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as hereinafter provided in this Deposit
Agreement;

                  NOW, THEREFORE, in consideration of the premises contained
herein, it is agreed by and among the parties hereto as follows:

                                   ARTICLE I.

                                  DEFINITIONS

                  The following definitions shall apply to the respective terms
(in the singular and plural forms of such terms) used in this Deposit Agreement
and the Depositary Receipts:

                  Section 1.1. The term "Certificate of Designation" shall mean
the Certificate of Designation adopted by the Board of Directors of the Company
or a duly authorized committee thereof establishing and setting forth the
rights, preferences, privileges and limitations of the Preferred Stock.

                  Section 1.2. The term "Certificate of Incorporation" shall
mean the Certificate of Incorporation, as amended from time to time, of the
Company.

                  Section 1.3. The term "Common Stock" shall mean shares of the
Company's common stock, $.25 par value per share.

                  Section 1.4. The term "Company" shall mean Ventas, Inc., a
Delaware corporation having its principal office 4360 Brownsboro Road, Suite
115, Louisville, Kentucky 40207-1642, and its successors.

                                       1

<PAGE>

                  Section 1.5. The term "Corporate Office" shall mean the
corporate office of the Depositary in the Borough of Manhattan, New York, New
York at which at any particular time its business in respect of matters governed
by this Deposit Agreement shall be administered, which, at the date of this
Deposit Agreement, is located at __________________, New York, New York _______.

                  Section 1.6. The term "Deposit Agreement" shall mean this
Agreement, as the same may be amended, modified or supplemented from time to
time.

                  Section 1.7. The term "Depositary" shall mean [name of bank],
a company having its principal office at ___________________, New York, New York
________, and any successor as depositary hereunder.

                  Section 1.8. The term "Depositary Share" shall mean an
interest in one ________ (the "Applicable Fraction") of a share of Preferred
Stock deposited with the Depositary hereunder and the same proportionate
interest in any and all other property received by the Depositary in respect of
such share of Preferred Stock and held under this Deposit Agreement, all as
evidenced by the Receipts issued hereunder. Subject to the terms of this Deposit
Agreement, each owner of a Depositary Share is entitled, proportionately, to all
the rights, preferences and privileges of the Preferred Stock represented by
such Depositary Share, including the dividend, voting, conversion, redemption
and liquidation rights contained in the Certificate of Designation, and to the
benefits of all obligations of the Company under the Certificate of Designation.

                  Section 1.9. The term "Depositary's Agent" shall mean an agent
appointed by the Depositary as provided, and for the purposes specified, in
Section 7.5.

                  Section 1.10. The term "Exchange Debt Securities" shall mean
any senior or subordinated notes, bonds, debentures and/or other evidence of
indebtedness of the Company or of Ventas Realty, Limited Partnership and Ventas
Capital Corporation which may be issued pursuant to the Indenture in exchange
for the Preferred Stock pursuant to the terms of the Preferred Stock. A share of
any Exchange Debt Securities shall mean the minimum denomination of aggregate
principal amount in which such Exchange Debt Securities shall be issuable
pursuant to their terms and the terms of any indenture governing such Exchange
Debt Securities.

                  Section 1.11. The term "Exchange Preferred Stock" shall mean
any shares of preferred stock of the Company which may be issued in exchange for
the Preferred Stock pursuant to the terms of the Preferred Stock.

                  Section 1.12. The term "Indenture" shall mean the indenture
relating to the Exchange Debt Securities.

                  Section 1.13. The term "Preferred Stock" shall mean shares of
the Company's [describe class or issuance of preferred stock of the Company]
which may be from time to time be deposited with Depositary hereunder pursuant
to the terms of this Depositary Agreement.

                                       2

<PAGE>

                  Section 1.14. The term "Receipt" shall mean a Depositary
Receipt issued hereunder to evidence one or more Depositary Shares.

                  Section 1.15. The term "record holder" as applied to a Receipt
shall mean the person in whose name a Receipt is registered on the books
maintained by the Depositary for such purpose.

                  Section 1.16. The term "Registrar" shall mean any bank or
trust company appointed to register Receipts as herein provided.

                  Section 1.17. The term "Securities Act" shall mean the
Securities Act of 1933, as amended.

                                   ARTICLE II.

                  FORM OF RECEIPTS, DEPOSIT OF PREFERRED STOCK,
                        EXECUTION AND DELIVERY, TRANSFER,
                      SURRENDER AND REDEMPTION OF RECEIPTS

                  Section 2.1. Form and Transferability of Receipts. Receipts
shall be engraved or printed or lithographed with steel-engraved borders and
underlying tint and shall be substantially in the form set forth in Exhibit A
annexed to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as hereinafter provided. Receipts shall be executed by the
Depositary by the manual signature of a duly authorized signatory of the
Depositary, provided that such signature may be a facsimile if a Registrar
(other than the Depositary) shall have countersigned the Receipts by manual
signature of a duly authorized signatory of the Registrar. No Receipt shall be
entitled to any benefits under this Deposit Agreement or be valid or obligatory
for any purpose unless it shall have been executed as provided in the preceding
sentence. The Depositary shall record on its books each Receipt executed as
provided above and delivered as hereinafter provided.

                  Except as the Depositary may otherwise determine, Receipts
shall be in denominations of any number of whole Depositary Shares. All Receipts
shall be dated the date of their execution.

                  Receipts may be endorsed with or have incorporated in the text
thereof such legends or recitals or changes not inconsistent with the provisions
of this Deposit Agreement as may be required by the Depositary or required to
comply with any applicable law or regulation or with the rules and regulations
of any securities exchange upon which the Preferred Stock, the Depositary Shares
or the Receipts may be listed or to conform with any usage with respect thereto,
or to indicate any special limitations or restrictions to which any particular
Receipts are subject by reason of the date of issuance of the Preferred Stock or
otherwise.

                  Title to any Receipt (and to the Depositary Shares evidenced
by such Receipt) that is properly endorsed or accompanied by a properly executed
instrument of transfer or endorsement shall be transferable by delivery with the
same effect as in the case of a negotiable

                                       3

<PAGE>

instrument; provided, however, that until a Receipt shall be transferred on the
books of the Depositary as provided in Section 2.5, the Depositary may,
notwithstanding any notice to the contrary, treat the record holder thereof at
such time as the absolute owner thereof for the purpose of determining the
person entitled to distribution of dividends or other distributions or to any
notice provided for in this Deposit Agreement and for all other purposes.

                  Section 2.2. Deposit of Preferred Stock; Execution and
Delivery of Receipts in Respect Thereof. Subject to the terms and conditions of
this Deposit Agreement, the Company may from time to time deposit such Preferred
Stock under this Deposit Agreement by delivery to the Depositary of a
certificate or certificates for the Preferred Stock to be deposited, properly
endorsed or accompanied, if required by the Depositary, by a duly executed
instrument of transfer or endorsement, in form satisfactory to the Depositary,
together with (i) all such certifications as may be required by the Depositary
in accordance with the provisions of this Deposit Agreement and (ii) a written
order of the Company directing the Depositary to execute and deliver to, or upon
the written order of, the person or persons stated in such order a Receipt or
Receipts for the number of Depositary Shares representing such deposited
Preferred Stock.

                  If required by the Depositary, Preferred Stock presented for
deposit at any time, whether or not the register of stockholders of the Company
is closed, shall also be accompanied by an agreement or assignment, or other
instrument satisfactory to the Depositary, that will provide for the prompt
transfer to the Depositary or its nominee of any dividend or right to subscribe
for additional Preferred Stock or to receive other property that any person in
whose name the Preferred Stock is or has been registered may thereafter receive
upon or in respect of such deposited Preferred Stock, or in lieu thereof such
agreement of indemnity or other agreement as shall be satisfactory to the
Depositary.

                  Upon receipt by the Depositary of a certificate or
certificates for Preferred Stock to be deposited hereunder, together with the
other documents specified above, the Depositary shall, as soon as transfer and
registration can be accomplished, present such certificate or certificates to
the registrar and transfer agent of the Preferred Stock for transfer and
registration in the name of the Depositary or its nominee of the Preferred Stock
being deposited. Deposited Preferred Stock shall be held by the Depositary in an
account to be established by the Depositary at the Corporate Office or at such
other office as the Depositary shall determine.

                  Upon receipt by the Depositary of a certificate or
certificates for Preferred Stock to be deposited hereunder, together with the
other documents specified above, and upon recordation of the Preferred Stock on
the books of the Company in the name of the Depositary or its nominee, the
Depositary, subject to the terms and conditions of this Deposit Agreement, shall
execute and deliver to, or upon the order of, the person or persons named in the
written order delivered to the Depositary referred to in the first paragraph of
this Section 2.2, a Receipt or Receipts for the number of whole Depositary
Shares representing the Preferred Stock so deposited and registered in such name
or names as may be requested by such person or persons. The Depositary shall
execute and deliver such Receipt or Receipts at the Corporate Office, except
that, at the request, risk and expense of any person requesting such delivery,
such delivery may be made at such other place as may be designated by such
person. In each case, delivery will be made only upon payment to the Depositary
of all taxes and other governmental charges

                                       4

<PAGE>

and any fees payable in connection with such deposit and the transfer of the
deposited Preferred Stock.

                  Other than in the case of splits, combinations or other
reclassifications affecting the Preferred Stock, or in the case of dividends or
other distributions of Preferred Stock, if any, there shall be deposited
hereunder not more than the number of shares constituting the Preferred Stock as
set forth in the Certificate of Designation, as such may be amended.

                  The Company shall deliver to the Depositary from time to time
such quantities of Receipts as the Depositary may request to enable the
Depositary to perform its obligations under this Deposit Agreement.

                  Section 2.3. Optional Redemption of Preferred Stock for Cash.
Whenever the Company shall elect to redeem shares of Preferred Stock for cash,
it shall (unless otherwise agreed in writing with the Depositary) give the
Depositary not less than 45 days' prior written notice of the date of such
proposed redemption of Preferred Stock and of the number of such shares of
Preferred Stock held by the Depositary to be redeemed. On the date of such
redemption, provided that the Company shall then have paid in full to the
Depositary the cash redemption price (determined pursuant to the Certificate of
Designation) of the Preferred Stock deposited with the Depositary to be
redeemed, the Depositary shall redeem (using the proceeds of such redemption)
the number of Depositary Shares representing such redeemed Preferred Stock. The
Depositary shall mail, first-class postage prepaid, notice of the redemption of
Preferred Stock and the proposed simultaneous redemption of the Depositary
Shares representing the Preferred Stock to be redeemed, not less than 30 and not
more than 60 days prior to the date fixed for redemption of such Preferred Stock
and Depositary Shares (the "cash redemption date"), to the holders of record on
the record date fixed for such redemption pursuant to Section 4.4 hereof of the
Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of
such holders as the same appear on the records of the Depositary; but neither
failure to mail any such notice to one or more such holders nor any defect in
any notice shall affect the sufficiency of the proceedings for redemption as to
other holders. The Company shall provide the Depositary with such notice, and
each such notice shall state: the record date for the purposes of such
redemption; the cash redemption date; the number of Depositary Shares to be
redeemed; if fewer than all the Depositary Shares held by any holder are to be
redeemed, the number of such Depositary Shares held by such holder to be so
redeemed; the cash redemption price; the place or places where Receipts
evidencing Depositary Shares to be redeemed are to be surrendered for payment of
the cash redemption price; and that from and after the cash redemption date
dividends in respect of the Preferred Stock represented by the Depositary Shares
to be redeemed will cease to accrue and the conversion rights in respect of such
Preferred Stock will terminate at the close of business on the last business day
preceding such cash redemption date. In case fewer than all the outstanding
Depositary Shares are to be redeemed, the Depositary Shares to be redeemed shall
be selected by lot or pro rata (as nearly as may be) as determined by the
Depositary.

                  Notice having been mailed by the Depositary as aforesaid, from
and after the cash redemption date (unless the Company shall have failed to
redeem the shares of Preferred Stock to be redeemed by it as set forth in the
Company's notice provided for in the preceding paragraph), all dividends in
respect of the shares of Preferred Stock called for redemption shall

                                       5

<PAGE>

cease to accrue, the conversion rights in respect of such Preferred Stock shall
terminate at the close of business on the last business day preceding such cash
redemption date, the Depositary Shares called for redemption shall be deemed no
longer to be outstanding and all rights of the holders of Receipts evidencing
such Depositary Shares (except the right to receive the cash redemption price)
shall, to the extent of such Depositary Shares, cease and terminate. Upon
surrender in accordance with said notice of the Receipts evidencing such
Depositary Shares (properly endorsed or assigned for transfer, if the Depositary
shall so require), such Depositary Shares shall be redeemed at a cash redemption
price per Depositary Share equal to the Applicable Fraction of the cash
redemption price per share paid in respect of the shares of Preferred Stock
pursuant to the Certificate of Designation plus any other money and other
property represented by each such Depositary Share. The foregoing shall be
subject further to the terms and conditions of the Certificate of Designation.

                  If fewer than all of the Depositary Shares evidenced by a
Receipt are called for redemption, the Depositary will deliver to the holder of
such Receipt upon its surrender to the Depositary, together with payment of the
cash redemption price for the Depositary Shares called for redemption, a new
Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not
called for redemption.

                  The Depositary shall not be required (a) to issue, transfer or
exchange any Receipts for a period beginning at the opening of business 15 days
next preceding any selection of Depositary Shares and Preferred Stock to be
redeemed and ending at the close of business on the day of the mailing of notice
of redemption of Depositary Shares or (b) to transfer or exchange for another
Receipt any Receipt evidencing Depositary Shares called or being called for
redemption in whole or in part, except as provided in the preceding paragraph of
this Section 2.3.

                  Section 2.4. Optional Exchange of Preferred Stock for Common
Stock, Exchange Preferred Stock or Exchange Debt Securities. Whenever the
Company shall elect to exchange all of the shares of Preferred Stock for Common
Stock, Exchange Preferred Stock or Exchange Debt Securities, it shall (unless
otherwise agreed in writing with the Depositary) give the Depositary not less
than 45 days' prior written notice of the date of such proposed exchange of
Preferred Stock. On the date of such exchange, provided that the Company shall
then have issued and deposited with the Depositary the Common Stock, Exchange
Preferred Stock or Exchange Debt Securities for the Preferred Stock to be
exchanged, the Depositary shall exchange the Depositary Shares representing the
Preferred Stock in exchange for the Common Stock, Exchange Preferred Stock or
Exchange Debt Securities issued in such exchange. The Depositary shall mail
notice of such exchange and the proposed simultaneous exchange of the Depositary
Shares representing the Preferred Stock to be exchanged, first-class postage
prepaid, not less than 30 and not more than 60 days prior to the date fixed for
exchange for such Preferred Stock and Depositary Shares (the "exchange date"),
to the holders of record on the record date for such exchange (determined
pursuant to Section 4.4) of the Receipts evidencing the Depositary Shares to be
so exchanged, at the addresses of such holders as the same appear on the records
of the Depositary; but neither failure to mail any such notice to one or more
such holders nor any defect in any notice shall affect the sufficiency of the
proceedings for exchange as to other holders. The Company shall provide the
Depositary with such notice and each such notice shall state the record date for
the purposes of such exchange, the exchange date, the place or places where
Receipts evidencing

                                       6

<PAGE>

Depositary Shares are to be surrendered for exchange, that dividends in respect
of the Preferred Stock represented by the Depositary Shares to be exchanged will
cease to accrue at the close of business on such exchange date, and that the
conversion rights in respect thereof will terminate at the close of business on
the last business day preceding such exchange date.

                  Notice having been mailed by the Depositary as aforesaid, from
and after the exchange date (unless the Company shall default in issuing the
Common Stock, Exchange Preferred Stock or Exchange Debt Securities in exchange
for, or in making the final dividend payment on, the outstanding shares of
Preferred Stock on the exchange date), all dividends in respect of the shares of
Preferred Stock so called for exchange shall cease to accrue, the conversion
rights in respect thereof shall terminate at the close of business on the last
business day preceding such exchange date, the Depositary Shares being exchanged
shall be deemed no longer to be outstanding, all rights of the holders of
Receipts evidencing such Depositary Shares (except the right to receive the
Common Stock, Exchange Preferred Stock or Exchange Debt Securities to be
exchanged therefor) shall, to the extent of such Depositary Shares, cease and
terminate and, upon surrender in accordance with said notice of the Receipts
evidencing any such Depositary Shares (properly endorsed or assigned for
transfer, if the Company or the Depositary shall so require and the notice shall
so state), such Depositary Shares shall be accepted in exchange for such Common
Stock, Exchange Preferred Stock or Exchange Debt Securities at an exchange rate
per Depositary Share equal to the Applicable Fraction of the exchange rate per
share in respect of the shares of Preferred Stock plus all money and other
property, if any, represented by each such Depositary Share, including all
amounts paid by the Company in respect of dividends which on the exchange date
have accrued on the shares of Preferred Stock to be so exchanged and have not
theretofore been paid. The foregoing shall further be subject to the terms and
conditions of the Certificate of Designation.

                  Section 2.5. Transfers of Receipts. Subject to the terms and
conditions of this Deposit Agreement, the Depositary shall make transfers on its
books from time to time of Receipts upon any surrender thereof by the holder in
person or by a duly authorized attorney, properly endorsed or accompanied by a
properly executed instrument of transfer or endorsement, together with evidence
of the payment of any transfer taxes as may be required by law. Upon such
surrender, the Depositary shall execute a new Receipt or Receipts and deliver
the same to or upon the order of the person entitled thereto evidencing the same
aggregate number of Depositary Shares evidenced by the Receipt or Receipts
surrendered.

                  Section 2.6. Combinations and Split-ups of Receipts. Upon
surrender of a Receipt or Receipts at the Corporate Office or such other office
as the Depositary may designate for the purpose of effecting a split-up or
combination of Receipts, subject to the terms and conditions of this Deposit
Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in
the authorized denominations requested evidencing the same aggregate number of
Depositary Shares evidenced by the Receipt or Receipts surrendered; provided,
however, that the Depositary shall not issue any Receipt evidencing a fractional
Depositary Share.

                  Section 2.7. Surrender of Receipts and Withdrawal of Preferred
Stock. Any holder of a Receipt or Receipts may withdraw any or all of the
Preferred Stock represented by the Depositary Shares evidenced by such Receipts
and all money and other property, if any, represented by such Depositary Shares
by surrendering such Receipt or Receipts at the Corporate

                                       7

<PAGE>

Office or at such other office as the Depositary may designate for such
withdrawals; provided, that a holder of a Receipt or Receipts may not withdraw
stock (or money and other property, if any, represented thereby) which has
previously been called for redemption or exchange. After such surrender, without
unreasonable delay, the Depositary shall deliver to such holder, or to the
person or persons designated by such holder as hereinafter provided, the number
of shares of Preferred Stock and all such money and other property, if any,
represented by the Depositary Shares evidenced by the Receipt or Receipts so
surrendered for withdrawal, but holders of such whole shares of Preferred Stock
will not thereafter be entitled to deposit such stock hereunder or to receive
Depositary Shares therefor. If the Receipt or Receipts delivered by the holder
to the Depositary in connection with such withdrawal shall evidence a number of
Depositary Shares in excess of the number of whole Depositary Shares
representing the number of shares of Preferred Stock to be withdrawn, the
Depositary shall at the same time, in addition to such number of shares of
Preferred Stock and such money and other property, if any, to be withdrawn,
deliver to such holder, or (subject to Section 2.5) upon his order, a new
Receipt or Receipts evidencing such excess number of whole Depositary Shares. In
no event will fractional shares of stock be distributed by the Depositary.
Delivery of the Preferred Stock and such money and other property being
withdrawn may be made by the delivery of such certificates, documents of title
and other instruments as the Depositary may deem appropriate, which, if required
by the Depositary, shall be properly endorsed or accompanied by proper
instruments of transfer.

                  If the Preferred Stock and the money and other property being
withdrawn are to be delivered to a person or persons other than the record
holder of the Receipt or Receipts being surrendered for withdrawal of Preferred
Stock, such holder shall execute and deliver to the Depositary a written order
so directing the Depositary and the Depositary may require that the Receipt or
Receipts surrendered by such holder for withdrawal of such shares of Preferred
Stock be properly endorsed in blank or accompanied by a properly executed
instrument of transfer or endorsement in blank.

                  The Depositary shall deliver the Preferred Stock and the money
and other property, if any, represented by the Depositary Shares evidenced by
Receipts surrendered for withdrawal at the Corporate Office, except that, at the
request, risk and expense of the holder surrendering such Receipt or Receipts
and for the account of the holder thereof, such delivery may be made at such
other place as may be designated by such holder.

                  Section 2.8. Limitations on Execution and Delivery, Transfer,
Split-up, Combination, Surrender and Exchange of Receipts. As a condition
precedent to the execution and delivery, transfer, split-up, combination,
surrender or exchange of any Receipt or the exercise of any conversion right
referred to in Section 2.11, the Depositary, any of the Depositary's Agents or
the Company may require any or all of the following: (i) payment to it of a sum
sufficient for the payment (or, in the event that the Depositary or the Company
shall have made such payment, the reimbursement to it) of any tax or other
governmental charge with respect thereto (including any such tax or charge with
respect to the Preferred Stock being deposited or withdrawn (provided that the
Company shall pay any tax or other governmental charges arising solely from the
existence of this Deposit Agreement and any documentary, stamp or similar issue
or transfer tax due on the issue of Common Stock upon conversion; and provided
further that the holder of such Receipt shall pay the amount of any tax which is
due if the shares are to be issued in a name other than the name of such
holder)); (ii) the production of proof

                                       8

<PAGE>

satisfactory to it as to the identity and genuineness of any signature; and
(iii) compliance with such regulations, if any, as the Depositary or the Company
may establish consistent with the provisions of this Deposit Agreement.

                  The deposit of Preferred Stock may be refused, the delivery of
Receipts against Preferred Stock may be suspended, the transfer of Receipts may
be refused, the exercise of any conversion right referred to in Section 2.11 may
be suspended, and the transfer, split-up, combination, surrender or exchange of
outstanding Receipts may be suspended (i) during any period when the register of
stockholders of the Company is closed or (ii) if any such action is deemed
necessary or advisable by the Depositary, any of the Depositary's Agents or the
Company at any time or from time to time because of any requirement of law or of
any government or governmental body or commission, or under any provision of
this Deposit Agreement. Without limitation of the foregoing, the Depositary
shall not knowingly accept for deposit under this Deposit Agreement any shares
of Preferred Stock that are required to be registered under the Securities Act
and are not so registered and the Company shall deliver to the Depositary
written notice that, at the time of deposit, a registration statement under the
Securities Act is in effect as to such shares of Preferred Stock.

                  Section 2.9. Lost Receipts, etc. In case any Receipt shall be
mutilated or destroyed or lost or stolen, the Depositary in its discretion may
execute and deliver a Receipt of like form and tenor in exchange and
substitution for such mutilated Receipt or in lieu of and in substitution for
such destroyed, lost or stolen Receipt; provided that, the holder thereof
provides the Depositary with (i) evidence satisfactory to the Depositary of such
destruction, loss or theft of such Receipt, of the authenticity thereof and of
his ownership thereof, (ii) reasonable indemnification satisfactory to the
Depositary and (iii) payment of any expense (including fees, charges and
expenses of the Depositary) in connection with such execution and delivery.

                  Section 2.10. Cancellation and Destruction of Surrendered
Receipts. All Receipts surrendered to the Depositary or any Depositary's Agent
shall be cancelled by the Depositary. Except as prohibited by applicable law or
regulation, the Depositary is authorized to destroy such Receipts so cancelled.

                  Section 2.11. Conversion of Preferred Stock into Common Stock,
Exchange Preferred Stock or Exchange Debt Securities. It is understood and
agreed that the Depositary Shares are not convertible into the Common Stock or
any other securities or property of the Company. Nevertheless, as a matter of
convenience, the Company hereby agrees to accept (or to cause its conversion
agent to accept) the delivery of Receipts for the purpose effecting conversions
of the Preferred Stock utilizing the same procedures as those provided for
delivery of Preferred Stock certificates to effect such conversions in
accordance with the terms and conditions of the Certificate of Designation;
provided, however, that only whole Depositary Shares may be so submitted for
conversion.

                  Receipts may be surrendered with written instructions to the
Depositary to instruct the Company to cause the conversion of any specified
number of whole or fractional shares of Preferred Stock represented by the
Depositary Shares evidenced by such Receipts into the number of whole shares of
Common Stock, Exchange Preferred Stock or Exchange Debt Securities, as the case
may be, obtained by dividing the aggregate liquidation preference of such

                                       9

<PAGE>

Depositary Shares by the Conversion Price (as such term is defined in the
Certificate of Designation) then in effect, as such Conversion Price may be
adjusted by the Company from time to time as provided in the Certificate of
Designation. Subject to the terms and conditions of this Deposit Agreement and
the Certificate of Designation, a holder of a Receipt or Receipts evidencing
Depositary Shares representing whole or fractional shares of Preferred Stock may
surrender such Receipt or Receipts to the Depositary at the Depositary's Office
or to such office or to such Depositary's Agents as the Depositary may designate
for such purpose, together with a notice of conversion thereof duly completed
and executed (a "Notice of Conversion"), thereby directing the Depositary to
instruct the Company to cause the conversion of the number of shares or
fractions thereof of underlying Preferred Stock specified in such Notice of
Conversion into whole shares of Common Stock, Exchange Preferred Stock or
Exchange Debt Securities, as the case may be. In the event that a holder
delivers to the Depositary for conversion a Receipt or Receipts which in the
aggregate are convertible into less than one whole share of Common Stock,
Exchange Preferred Stock or Exchange Debt Securities, as the case may be, or any
number of whole shares of Common Stock, Exchange Preferred Stock or Exchange
Debt Securities plus an excess constituting less than one whole share of Common
Stock, Exchange Preferred Stock or Exchange Debt Securities, the holder shall
receive payment in lieu of such fractional share of Common Stock, Exchange
Preferred Stock or Exchange Debt Securities, as the case may be, otherwise
issuable in accordance with the last paragraph of this Section 2.11. If more
than one Receipt shall be delivered for conversion at one time by the same
holder, the number of whole shares of Common Stock, Exchange Preferred Stock or
Exchange Debt Securities, as the case may be, issuable upon conversion thereof
shall be computed on the basis of the aggregate number of Receipts so delivered.

                  Upon receipt by the Depositary of a Receipt or Receipts,
together with a Notice of Conversion, duly completed and executed, directing the
Depositary to instruct the Company to cause the conversion of a specified number
of shares or fractions thereof of Preferred Stock, the Depositary shall, on the
date of receipt of such Notice of Conversion, instruct the Company (i) to cause
the conversion of the Depositary Shares evidenced by the Receipts so surrendered
for conversion as specified in the written Notice of Conversion to the
Depositary and (ii) to cause the delivery to the holder or holders of such
Receipts of a certificate or certificates evidencing the number of whole shares
of Common Stock, Exchange Preferred Stock or Exchange Debt Securities, as the
case may be, and the amount of money, if any, to be delivered to the holders of
Receipts surrendered for conversion in payment of such fractional share of
Common Stock, Exchange Preferred Stock or Exchange Debt Securities, as the case
may be, otherwise issuable. The Company shall, as promptly as practicable after
receipt thereof, cause the delivery to such holder or holders of (i) a
certificate or certificates evidencing the number of whole shares of Common
Stock, Exchange Preferred Stock or Exchange Debt Securities, as the case may be,
into which the Preferred Stock represented by the Depositary Shares evidenced by
such Receipt or Receipts has been converted and (ii) any money or other property
to which the holder or holders are entitled. The person or persons in whose name
or names any certificate or certificates for shares of Common Stock, Exchange
Preferred Stock or Exchange Debt Securities, as the case may be, shall be
issuable upon such conversion shall be deemed to have become the holder or
holders of record of the shares represented thereby at the close of business on
the date such Receipt or Receipts shall have been surrendered to and a Notice of
Conversion received by the Depositary, unless the stock transfer books of the
Company shall be closed on that date, in which event such person or persons
shall be deemed to have become such holder or holders of record on the next
succeeding day on which such stock

                                       10

<PAGE>

transfer books are open. Upon such conversion, the Depositary (i) shall deliver
to the holder a Receipt evidencing the number of Depositary Shares, if any,
which such holder has elected not to convert in excess of the number of
Depositary Shares representing Preferred Stock which has been so converted, (ii)
shall cancel the Depositary Shares evidenced by Receipts surrendered for
conversion and (ii) shall deliver for cancellation to the transfer agent for the
Preferred Stock the shares of Preferred Stock represented by the Depositary
Shares evidenced by the Receipts so surrendered and so converted.

                  If any Preferred Stock shall be called by the Company for
redemption, the Depositary Shares representing such Preferred Stock may be
converted into Common Stock, Exchange Preferred Stock or Exchange Debt
Securities as provided in this Deposit Agreement until and including, but not
after, the close of business on the business day preceding Redemption Date
unless the Company shall default in making payment of the amount payable upon
such redemption. Upon receipt by the Depositary of a Receipt or Receipts
representing any Preferred Stock called for redemption, together with a properly
completed and executed Notice of Conversion, the shares of Preferred Stock held
by the Depositary represented by such Depositary Shares for which conversion is
requested shall be deemed to have been received by the Company for conversion.

                  The holder of record of a Receipt on a dividend record date
shall be entitled to receive the dividend payable with respect to such Receipt
notwithstanding that such Receipt shall have been surrendered to the Depository,
together with a Notice of Conversion with instructions to the Depositary for
conversion of the underlying Preferred Stock evidenced thereby during the period
between the opening of business on any dividend record date and the close of
business on the corresponding dividend payment date.

                  Upon the conversion of any shares of Preferred Stock for which
a Notice of Conversion has been received by the Depositary, all dividends in
respect of such Depositary Shares shall cease to accrue, such Depositary Shares
shall be deemed no longer outstanding, all rights of the holder of the Receipt
with respect to such Depositary Shares (except the right to receive the Common
Stock, Exchange Preferred Stock or Exchange Debt Securities, as the case may be,
any cash payable with respect to any fractional shares of Common Stock, Exchange
Preferred Stock or Exchange Debt Securities, as the case may be, as provided
herein and any cash payable to such holder of record on account of accrued
dividends in respect of the Preferred Stock so converted and any Receipts
evidencing Depositary Shares not so converted) shall terminate, and the Receipt
evidencing such Depositary Shares shall be cancelled in accordance with Section
2.10 hereof.

                  No fractional shares of Common Stock, Exchange Preferred Stock
or Exchange Debt Securities shall be issuable upon conversion of Preferred Stock
underlying the Depositary Shares. If, except for the provisions of this Section
2.11 and the Certificate of Designation, any holder of Receipts surrendered with
instructions to the Depositary for conversion of the underlying Preferred Stock
would be entitled to a fractional share of Common Stock, Exchange Preferred
Stock or Exchange Debt Securities upon such conversion, the Company shall cause
to be delivered to such holder an amount in cash for such fractional share
determined in accordance with the Certificate of Designation.

                                       11

<PAGE>

                  Section 2.12. Excess Shares. Without limiting any of the other
terms and provisions of this Agreement, the Depositary Shares and Receipts shall
be subject to Article XII of the Company's Certificate of Incorporation.

                                  ARTICLE III.

           CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY

                  Section 3.1. Filing Proofs, Certificates and Other
Information. Any person presenting Preferred Stock for deposit or any holder of
a Receipt may be required from time to time to file such proof of residence or
other information, to execute such certificates and to make such representations
and warranties as the Depositary or the Company may reasonably deem necessary or
proper. The Depositary or the Company may withhold or delay the delivery of any
Receipt, the transfer, redemption or exchange of any Receipt, the withdrawal of
the Preferred Stock represented by the Depositary Shares evidenced by any
Receipt, the distribution of any dividend or other distribution, the sale of any
rights or of the proceeds thereof, the exercise of any conversion right referred
to in Section 2.11, the delivery of any Common Stock or Exchange Debt Securities
upon such conversion or the delivery of any Common Stock or Exchange Debt
Securities pursuant to Section 2.4 upon such exchange until such proof or other
information is filed, such certificates are executed or such representations and
warranties are made.

                  Section 3.2. Payment of Taxes or Other Governmental Charges.
If any tax or other governmental charge shall become payable by or on behalf of
the Depositary with respect to any Receipt, the Depositary Shares evidenced by
such Receipt, the Preferred Stock (or any fractional interest therein)
represented by such Depositary Shares, the exercise of any conversion right
referred to in Section 2.11 or any transaction referred to in Section 4.6, such
tax (including transfer, issuance or acquisition taxes, if any) or governmental
charge shall be payable by the holder of such Receipt; provided that, the
Company shall pay any tax or other governmental charges arising solely from the
existence of this Deposit Agreement and any documentary, stamp or similar issue
or transfer tax due on the issue of Common Stock upon conversion; and provided
further, that the holder of such Receipt shall pay the amount of any tax which
is due if the shares are to be issued in a name other than the name of such
holder. Until such payment is made, transfer of any Receipt or any withdrawal of
the Preferred Stock or money or other property, if any, represented by the
Depositary Shares evidenced by such Receipt may be refused, any dividend or
other distribution may be withheld, such conversion right may be refused and any
part or all of the Preferred Stock or other property represented by the
Depositary Shares evidenced by such Receipt may be sold for the account of the
holder thereof (after attempting by reasonable means to notify such holder prior
to such sale). Any dividend or other distribution so withheld and the proceeds
of any such sale may be applied to any payment of such tax or other governmental
charge, the holder of such Receipt remaining liable for any deficiency. In the
event the Depositary is required to pay any such amounts, the Company shall
reimburse the Depositary for payment thereof upon the request of the Depositary
and the Depositary shall, upon the Company's request and as instructed by the
Company, pursue its rights against such holder at the Company's expense.

                  Section 3.3. Representations and Warranties as to Preferred
Stock. In the case of the initial deposit of the Preferred Stock, the Company
and, in the case of subsequent deposits

                                       12

<PAGE>

thereof, each person so depositing Preferred Stock under this Deposit Agreement
shall be deemed thereby to represent and warrant that such Preferred Stock and
each certificate therefor are valid and that the person making such deposit is
duly authorized to do so. The Company hereby further represents and warrants
that the Preferred Stock, when issued, will be validly issued, fully paid and
nonassessable. Such representations and warranties shall survive the deposit of
the Preferred Stock and the issuance of Receipts.

                  Section 3.4. Representation and Warranty as to Receipts. The
Company hereby represents and warrants that the Receipts, if any, when issued,
will represent legal and valid interests in the Preferred Stock. Such
representation and warranty shall survive the deposit of the Preferred Stock and
the issuance of Receipts.

                  Section 3.5. Representation and Warranty as to Common Stock.
The Company hereby represents and warrants that the Common Stock issuable upon
conversion of the Preferred Stock, if any, when issued, will be duly authorized,
validly issued, fully paid and nonassessable. Such representation and warranty
shall survive the conversion of the Preferred Stock into such Common Stock.

                  Section 3.6. Representation and Warranty as to Exchange
Preferred Stock. The Company hereby represents and warrants that the Exchange
Preferred Stock issuable upon conversion of the Preferred Stock, if any, when
issued, will be duly authorized, validly issued, fully paid and nonassessable.
Such representation and warranty shall survive the conversion of the Preferred
Stock into such Exchange Preferred Stock.

                  Section 3.7. Representation and Warranty as to Exchange Debt
Securities. The Company hereby represents and warrants that the Exchange Debt
Securities issuable upon conversion of the Preferred Stock, if any, when issued,
will be duly authorized and constitute legal, valid and binding obligations of
the issuers and guarantors thereof, in accordance with their terms and the
Indenture, except as enforcement thereof may be limited by bankruptcy,
insolvency, reorganization or other similar laws now or hereinafter in effect
affecting enforcement of creditors' rights generally and except as enforcement
thereof is subject to general principles of equity (regardless of whether
enforcement is considered in a proceeding in equity or at law). Such
representation and warranty shall survive the conversion of the Preferred Stock
into such Exchange Debt Securities.

                                   ARTICLE IV.

                          THE PREFERRED STOCK, NOTICES

                  Section 4.1. Cash Distributions. Whenever the Depositary shall
receive any cash dividend or other cash distribution on the Preferred Stock,
including any cash received upon redemption of any shares of Preferred Stock
pursuant to Section 2.3, the Depositary shall, subject to Section 3.2,
distribute to record holders of Receipts on the record date fixed pursuant to
Section 4.4 such amounts of such sum as are, as nearly as practicable, in
proportion to the respective numbers of Depositary Shares evidenced by the
Receipts held by such holders; provided, however, that in case the Company or
the Depositary shall be required to withhold and

                                       13

<PAGE>

does withhold from any cash dividend or other cash distribution in respect of
the Preferred Stock an amount on account of taxes or as otherwise required by
law, regulation or court order, the amount made available for distribution or
distributed in respect of Depositary Shares shall be reduced accordingly. The
Depositary shall distribute or make available for distribution, as the case may
be, only such amount, however, as can be distributed without attributing to any
owner of Depositary Shares a fraction of one cent and any balance not so
distributable shall be held by the Depositary (without liability for interest
thereon) and shall be added to and be treated as part of the next sum received
by the Depositary for distribution to record holders of Receipts then
outstanding.

                  Section 4.2. Distributions Other Than Cash. Whenever the
Depositary shall receive any distribution other than cash on the Preferred
Stock, the Depositary shall, subject to Section 3.2, distribute to record
holders of Receipts on the record date fixed pursuant to Section 4.4 such
amounts of the securities or property received by it as are, as nearly as
practicable, in proportion to the respective numbers of Depositary Shares
evidenced by the Receipts held by such holders, in any manner that the
Depositary and the Company may deem equitable and practicable for accomplishing
such distribution. If, in the opinion of the Company after consultation with the
Depositary, such distribution cannot be made proportionately among such record
holders, or if for any other reason (including any requirement that the Company
or the Depositary withhold an amount on account of taxes or as otherwise
required by law, regulation or court order), the Depositary deems, after
consultation with the Company, such distribution not to be feasible, the
Depositary may, with the approval of the Company, adopt such method as it deems
equitable and practicable for the purpose of effecting such distribution,
including the sale (at public or private sale) of the securities or property
thus received, or any part thereof, at such place or places and upon such terms
as it may deem proper. The net proceeds of any such sale shall, subject to
Section 3.2, be distributed or made available for distribution, as the case may
be, by the Depositary to record holders of Receipts as provided by Section 4.1
in the case of a distribution received in cash.

                  Section 4.3. Subscription Rights, Preferences or Privileges.
If the Company shall at any time offer or cause to be offered to the persons in
whose names Preferred Stock is registered on the books of the Company any
rights, preferences or privileges to subscribe for or to purchase any securities
or any rights, preferences or privileges of any other nature, such rights,
preferences or privileges shall in each such instance be made available by the
Depositary to the record holders of Receipts if the Company so directs in such
manner as the Company shall instruct (including by the issue to such record
holders of warrants representing such rights, preferences or privileges);
provided, however, that (a) if at the time of issue or offer of any such rights,
preferences or privileges the Company determines that it is not lawful or
feasible to make such rights, preferences or privileges available to some or all
holders of Receipts (by the issue of warrants or otherwise) or (b) if and to the
extent instructed by holders of Receipts who do not desire to exercise such
rights, preferences or privileges, the Depositary shall then, if so instructed
by the Company, and if applicable laws or the terms of such rights, preferences
or privileges so permit, sell such rights, preferences or privileges of such
holders at public or private sale, at such place or places and upon such terms
as it may deem proper. The net proceeds of any such sale shall be distributed by
the Depositary to the record holders of Receipts entitled thereto as provided by
Section 4.1 in the case of a distribution received in cash.

                                       14

<PAGE>

                  If registration under the Securities Act of the securities to
which any rights, preferences or privileges relate is required in order for
holders of Receipts to be offered or sold the securities to which such rights,
preferences or privileges relate, the Company agrees that it will promptly file
a registration statement pursuant to the Securities Act with respect to such
rights, preferences or privileges and securities and use its commercially
reasonable best efforts to cause such registration statement to become effective
sufficiently in advance of the expiration of such rights, preferences or
privileges to enable such holders to exercise such rights, preferences or
privileges. In no event shall the Depositary make available to the holders of
Receipts any right, preference or privilege to subscribe for or to purchase any
securities unless and until such a registration statement shall have become
effective or unless the offering and sale of such securities to such holders are
exempt from registration under the provisions of the Securities Act.

                  If any other action under the law of any jurisdiction or any
governmental or administrative authorization, consent or permit is required in
order for such rights, preferences or privileges to be made available to holders
of Receipts, the Company agrees to use its commercially reasonable best efforts
to take such action or obtain such authorization, consent or permit sufficiently
in advance of the expiration of such rights, preferences or privileges to enable
such holders to exercise such rights, preferences or privileges.

                  Section 4.4. Notice of Dividends, Fixing of Record Date for
Holders of Receipts. Whenever any cash dividend or other cash distribution shall
become payable, any distribution other than cash shall be made, or any rights,
preferences or privileges shall at any time be offered, with respect to the
Preferred Stock, or whenever the Depositary shall receive notice of (i) any
meeting at which holders of Preferred Stock are entitled to vote or of which
holders of Preferred Stock are entitled to notice or (ii) any election on the
part of the Company to redeem any shares of Preferred Stock, the Depositary
shall in each such instance fix a record date (which shall be the same date as
the record date fixed by the Company with respect to the Preferred Stock) for
the determination of the holders of Receipts who shall be entitled to receive
such dividend, distribution, rights, preferences or privileges or the net
proceeds of the sale thereof, to give instructions for the exercise of voting
rights at any such meeting or to receive notice of such meeting or whose
Depositary Shares are to be so redeemed.

                  Section 4.5. Voting Rights. Upon receipt of notice of any
meeting at which the holders of Preferred Stock are entitled to vote, the
Depositary shall, as soon as practicable thereafter, mail to the record holders
of Receipts a notice, which shall be provided by the Company and which shall
contain (i) such information as is contained in such notice of meeting, (ii) a
statement that the holders of Receipts at the close of business on a specified
record date fixed pursuant to Section 4.4 will be entitled, subject to any
applicable provision of law, the Certificate of Incorporation or the Certificate
of Designation, to instruct the Depositary as to the exercise of the voting
rights pertaining to the amount of Preferred Stock represented by their
respective Depositary Shares and (iii) a brief statement as to the manner in
which such instructions may be given. Upon the written request of a holder of a
Receipt on such record date, the Depositary shall endeavor insofar as
practicable to vote or cause to be voted the amount of Preferred Stock
represented by the Depositary Shares evidenced by such Receipt in accordance
with the instructions set forth in such request. The Company hereby agrees to
take all reasonable action that may be deemed necessary by the Depositary in
order to enable the Depositary to vote such Preferred Stock or cause such
Preferred Stock to be voted. In the absence of specific

                                       15

<PAGE>

instructions from the holder of a Receipt, the Depositary will abstain from
voting to the extent of the Preferred Stock represented by the Depositary Shares
evidenced by such Receipt.

                  Section 4.6. Changes Affecting Preferred Stock and
Reclassifications, Recapitalizations, etc. Upon any split-up, consolidation or
any other reclassification of Preferred Stock, or upon any recapitalization,
reorganization, merger, amalgamation or consolidation affecting the Company or
to which it is a party or sale of all or substantially all of the Company's
assets, the Depositary shall, upon the instructions of the Company, treat any
shares of stock or other securities or property (including cash) that shall be
received by the Depositary in exchange for or upon conversion of or in respect
of the Preferred Stock as new deposited property under this Deposit Agreement,
and Receipts then outstanding shall thenceforth represent the proportionate
interests of holders thereof in the new deposited property so received in
exchange for or upon conversion or in respect of such Preferred Stock. In any
such case the Depositary may, in its discretion, with the approval of the
Company, execute and deliver additional Receipts, or may call for the surrender
of all outstanding Receipts to be exchanged for new Receipts specifically
describing such new deposited property. Anything to the contrary herein
notwithstanding, holders of Receipts shall have the right from and after the
effective date of any such change in par or stated value, split-up, combination
or other reclassification of the Preferred Stock or any such recapitalization,
reorganization, merger, amalgamation or consolidation to surrender such Receipts
to the Depositary with instructions to convert, exchange or surrender the
Preferred Stock represented thereby only into or for, as the case may be, the
kind and amount of shares of stock and any other securities and property and
cash into which the Preferred Stock represented by such Receipts might have been
converted or for which such Preferred Stock might have been exchanged or
surrendered immediately prior to the effective date of such transaction.

                  Section 4.7. Reports. The Depositary shall make available for
inspection by holders of Receipts at the Corporate Office and at such other
places as it may from time to time deem advisable during normal business hours
any reports and communications received from the Company that are both received
by the Depositary as the holder of Preferred Stock and made generally available
to the holders of Preferred Stock.

                  Section 4.8. Lists of Receipt Holders. Promptly upon request
by the Company, the Depositary shall, at its own expense, up to four times per
calendar year, furnish to the Company a list, as of a recent date, of the names,
addresses and holdings of Depositary Shares of all persons in whose names
Receipts are registered on the books of the Depositary. If the Company shall
make more than four such requests during any calendar year, then in each case
the Depositary shall promptly upon the Company's request furnish it with such a
list as of a recent date, but the cost of complying with each such request shall
be borne by the Company.

                                   ARTICLE V.

                         THE DEPOSITARY AND THE COMPANY

                  Section 5.1. Maintenance of Offices, Agencies, Transfer Books
by the Depositary, the Registrar. Upon execution of this Deposit Agreement in
accordance with its terms, the Depositary shall maintain at the Corporate Office
facilities for the execution and

                                       16

<PAGE>

delivery, transfer, surrender and exchange, split-up, combination and redemption
of Receipts and deposit and withdrawal of Preferred Stock and at the offices of
the Depositary's Agents, if any, facilities for the delivery, transfer,
surrender and exchange, split-up, combination and redemption of Receipts and
deposit and withdrawal of Preferred Stock, all in accordance with the provisions
of this Deposit Agreement.

                  The Depositary shall keep books at the Corporate Office for
the registration and transfer of Receipts. Within a reasonable time after a
request by a holder of Receipts, the Depositary shall make available for
inspection at the Corporate Office such books for inspection by the record
holders of Receipts as provided by applicable law. The Depositary shall consult
with the Company upon receipt of any request for inspection. The Depositary may
close such books, at any time or from time to time, when deemed expedient by it
in connection with the performance of its duties hereunder.

                  If the Receipts or the Depositary Shares evidenced thereby or
the Preferred Stock represented by such Depositary Shares shall be listed on the
New York Stock Exchange, Inc., the Depositary may, with the approval of the
Company, appoint a Registrar for registry of such Receipts or Depositary Shares
in accordance with the requirements of such Exchange. Such Registrar (which may
be the Depositary if so permitted by the requirements of such Exchange) may be
removed and a substitute registrar appointed by the Depositary upon the request
or with the approval of the Company. If the Receipts, such Depositary Shares or
such Preferred Stock are listed on one or more other stock exchanges, the
Depositary will, at the request and expense of the Company, arrange such
facilities for the delivery, transfer, surrender and exchange of such Receipts,
such Depositary Shares or such Preferred Stock as may be required by law or
applicable stock exchange regulations.

                  Section 5.2. Prevention or Delay in Performance by the
Depositary, the Depositary's Agents or the Company. Neither the Depositary nor
any Depositary's Agent nor the Company shall incur any liability to any holder
of any Receipt, if by reason of any provision of any present or future law or
regulation thereunder of the United States of America or of any other
governmental authority or, in the case of the Depositary or the Depositary's
Agent, by reason of any provision, present or future, of the Certificate of
Incorporation or the Certificate of Designation or, in the case of the Company,
the Depositary or the Depositary's Agent, by reason of any act of God or war or
other circumstance beyond the control of the relevant party, the Depositary, any
Depositary's Agent or the Company shall be prevented or forbidden from doing or
performing any act or thing that the terms of this Deposit Agreement provide
shall be done or performed; nor shall the Depositary, any Depositary's Agent or
the Company incur any liability to any holder of a Receipt by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or
thing that the terms of this Deposit Agreement provide shall or may be done or
performed, or by reason of any exercise of, or failure to exercise, any
discretion provided for in this Deposit Agreement.

                  Section 5.3. Obligations of the Depositary, the Depositary's
Agents and the Company. Neither the Depositary nor any Depositary's Agent nor
the Company assumes any obligation or shall be subject to any liability under
this Deposit Agreement or any Receipt to holders of Receipts other than that
each of them agrees to act in good faith and without gross

                                       17

<PAGE>

negligence and willful misconduct in the performance of such duties as are
specifically set forth in this Deposit Agreement.

                  Neither the Depositary nor any Depositary's Agent nor the
Company shall be under any obligation to appear in, prosecute or defend any
action, suit or other proceeding with respect to Preferred Stock, Depositary
Shares or Receipts that in its opinion may involve it in expense or liability,
unless indemnity satisfactory to it against all expense and liability be
furnished as often as may be required.

                  Neither the Depositary nor any Depositary's Agent nor the
Company shall be liable for any action or any failure to act by it in reliance
upon the advice of or information from legal counsel, accountants, any person
presenting Preferred Stock for deposit, any holder of a Receipt or any other
person believed by it in good faith to be competent to give such advice or
information. The Depositary, any Depositary's Agent and the Company may each
rely and shall each be protected in acting upon any written notice, request,
direction or other document believed by it to be genuine and to have been signed
or presented by the proper party or parties.

                  The Depositary, its parent, affiliate, or subsidiaries and any
Depositary's Agent may own, buy, sell or deal in any class of securities of the
Company and its affiliates and in Receipts or Depositary Shares or become
pecuniarily interested in any transaction in which the Company or its affiliates
may be interested or contract with or lend money to or otherwise act as fully or
as freely as if it were not the Depositary or the Depositary's Agent hereunder.
The Depositary may also act as transfer agent or registrar of any of the
securities of the Company and its affiliates or act in any other capacity for
the Company or its affiliates.

                  It is intended that neither the Depositary nor any
Depositary's Agent shall be deemed to be an "issuer" of the securities under the
federal securities laws or applicable state securities laws, it being expressly
understood and agreed that the Depositary and any Depositary's Agent are acting
only in a ministerial capacity as Depositary for the Preferred Stock; provided,
however, that the Depositary agrees to comply with all information reporting and
withholding requirements applicable to it under law or this Deposit Agreement in
its capacity as Depositary.

                  Neither the Depositary (or its officers, directors, employees
or agents) nor any Depositary's Agent makes any representation or has any
responsibility as to the validity of the Registration Statement pursuant to
which the Depositary Shares are registered under the Securities Act, the
Preferred Stock, the Depositary Shares, the Receipts (except its
counter-signature thereon) or any instruments referred to therein or herein, or
as to the correctness of any statement made therein or herein; provided,
however, that the Depositary is responsible for its representations in this
Deposit Agreement.

                  The Depositary assumes no responsibility for the correctness
of the description that appears in the Receipts, which can be taken as a
statement of the Company summarizing certain provisions of this Deposit
Agreement. Notwithstanding any other provision herein or in the Receipts, the
Depositary makes no warranties or representations as to the validity,
genuineness or sufficiency of any Preferred Stock at any time deposited with the
Depositary hereunder or of the Depositary Shares, as to the

                                       18

<PAGE>

validity or sufficiency of the Receipts, as to the validity or sufficiency of
this Deposit Agreement, as to the value of the Depositary Shares or as to any
right, title or interest of the record holders of Receipts in and to the
Depositary Shares. The Depositary shall not be accountable for the use or
application by the Company of the Depositary Shares or the Receipts or the
proceeds thereof.

                  Section 5.4. Resignation and Removal of the Depositary,
Appointment of Successor Depositary. The Depositary may at any time resign as
Depositary hereunder by notice of its election to do so delivered to the
Company, such resignation to take effect upon the appointment of a successor
depositary and its acceptance of such appointment as hereinafter provided.

                  The Depositary may at any time be removed by the Company by
notice of such removal delivered to the Depositary, such removal to take effect
upon the appointment of a successor depositary and its acceptance of such
appointment as hereinafter provided.

                  In case at any time the Depositary acting hereunder shall
resign or be removed, the Company shall, within 60 days after the delivery of
the notice of resignation or removal, as the case may be, appoint a successor
depositary, which shall be a bank or trust company having its principal office
in the United States of America and having a combined capital and surplus of at
least $50,000,000. If a successor Depositary shall not have been appointed in 60
days, the resigning Depositary may petition a court of competent jurisdiction to
appoint a successor depositary. Every successor depositary shall execute and
deliver to its predecessor and to the Company an instrument in writing accepting
its appointment hereunder, and thereupon such successor depositary, without any
further act or deed, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor and for all purposes shall be the
Depositary under this Deposit Agreement, and such predecessor, upon payment of
all sums due it and on the written request of the Company, shall promptly
execute and deliver an instrument transferring to such successor all rights and
powers of such predecessor hereunder, shall duly assign, transfer and deliver
all rights, title and interest in the Preferred Stock and any moneys or property
held hereunder to such successor and shall deliver to such successor a list of
the record holders of all outstanding Receipts. Any successor depositary shall
promptly mail notice of its appointment to the record holders of Receipts.

                  Any corporation into or with which the Depositary may be
merged, consolidated or converted shall be the successor of such Depositary
without the execution or filing of any document or any further act. Such
successor depositary may execute the Receipts either in the name of the
predecessor depositary or in the name of the successor depositary.

                  Section 5.5. Corporate Notices and Reports. The Company agrees
that it will deliver to the Depositary, and the Depositary will, promptly after
receipt thereof, transmit to the record holders of Receipts, in each case at the
address recorded in the Depositary's books, copies of all notices and reports
(including financial statements) required by law, by the rules of any national
securities exchange upon which the Preferred Stock, the Depositary Shares or the
Receipts are listed or by the Certificate of Incorporation and the Certificate
of Designation to be furnished by the Company to holders of Preferred Stock.
Such transmission will be at the Company's expense and the Company will provide
the Depositary with such number of copies of such documents as the Depositary
may reasonably request. In addition, the Depositary will

                                       19

<PAGE>

transmit to the record holders of Receipts at the Company's expense such other
documents as may be requested by the Company.

                  Section 5.6. Indemnification by the Company. The Company
agrees to indemnify the Depositary, any Depositary's Agent and any Registrar
against, and hold each of them harmless from, any liability, costs and expenses
(including reasonable attorneys' fees) that may arise out of or in connection
with its acting as Depositary, Depositary's Agent or Registrar, respectively,
under this Deposit Agreement and the Receipts, except for any liability arising
out of negligence or bad faith on the part of any such person or persons.

                  Section 5.7. Fees, Charges and Expenses. No fees, charges and
expenses of the Depositary or any Depositary's Agent hereunder or of any
Registrar shall be payable by any person other than the Company, except for any
taxes and other governmental charges and except as provided in this Deposit
Agreement. If the Depositary incurs fees, charges or expenses for which it is
not otherwise liable hereunder at the election of a holder of a Receipt or other
person, such holder or other person will be liable for such fees, charges and
expenses. All other fees, charges and expenses of the Depositary and any
Depositary's Agent hereunder and of any Registrar (including, in each case, fees
and expenses of counsel) incident to the performance of their respective
obligations hereunder will be paid upon consultation and agreement between the
Depositary and the Company as to the amount and nature of such fees, charges and
expenses. The Depositary shall present its statement for fees, charges and
expenses to the Company once every three months or at such other intervals as
the Company and the Depositary may agree.

                                   ARTICLE VI.

                            AMENDMENT AND TERMINATION

                  Section 6.1. Amendment. The form of the Receipts and any
provision of this Deposit Agreement may at any time and from time to time be
amended by agreement between the Company and the Depositary in any respect that
they may deem necessary or desirable; provided, however, that no such amendment
(other than any change in the fees of any Depositary, registrar or transfer
agent) which (i) shall materially and adversely alter the rights of the holders
of Receipts, (ii) would be materially and adversely inconsistent with the rights
granted to the holders of the Preferred Stock pursuant to the Certificate of
Designation or (iii) adds to or increases the fees and charges payable by the
holders of Receipts as provided for herein or in the Receipts shall be effective
unless such amendment shall have been approved by the holders of at least a
majority of the Depositary Shares then outstanding. Any such amendment referred
to in clause (i), (ii) or (iii) of the preceding sentence shall not become
effective as to outstanding Receipts until the expiration of 90 days after
notice of such amendment shall have been given to the record holders of
outstanding Receipts. Every holder of an outstanding Receipt at the time any
such amendment becomes effective shall be deemed, by continuing to hold such
Receipt, to consent and agree to such amendment and to be bound by this Deposit
Agreement as amended thereby. In no event shall any amendment impair the right,
subject to the provisions of Sections 2.3, 2.7, 2.8 and 2.11 and Article III, of
any owner of any Depositary Shares to surrender the Receipt evidencing such
Depositary Shares with instructions

                                       20

<PAGE>

to the Depositary to deliver to the holder the Preferred Stock and all money and
other property, if any, represented thereby, except in order to comply with
mandatory provisions of applicable law.

                  Section 6.2.  Termination.

                  Whenever (i) so directed by the Company and approved by the
holders of at least a majority of the Depositary Shares then outstanding or (ii)
advised in writing by the Company that the termination of this Deposit Agreement
is necessary to preserve the Company's status as a " real estate investment
trust, " as such term is defined in the Internal Revenue Code of 1986, as
amended, the Depositary will terminate this Deposit Agreement by mailing notice
of such termination to the record holders of all Receipts then outstanding at
least 60 days prior to the date fixed in such notice for such termination. The
Depositary may likewise terminate this Deposit Agreement if at any time 60 days
shall have expired after the Depositary shall have delivered to the Company a
written notice of its election to resign and a successor depositary shall not
have been appointed and accepted its appointment as provided in Section 5.4.

                  If any Receipts shall remain outstanding after the date of
termination of this Deposit Agreement, the Depositary thereafter shall
discontinue the transfer of Receipts, shall suspend the distribution of
dividends to the holders thereof and shall not give any further notices (other
than notice of such termination) or perform any further acts under this Deposit
Agreement, except that the Depositary shall continue to collect dividends and
other distributions pertaining to Preferred Stock, shall sell rights,
preferences or privileges as provided in this Deposit Agreement and shall
continue to deliver the Preferred Stock and any money and other property
represented by Receipts upon surrender thereof by the holders thereof. At any
time after the expiration of two years from the date of termination, the
Depositary may sell Preferred Stock then held hereunder at public or private
sale, at such places and upon such terms as it deems proper and may thereafter
hold the net proceeds of any such sale, together with any money and other
property held by it hereunder, without liability for interest, for the benefit,
pro rata in accordance with their holdings, of the holders of Receipts that have
not theretofore been surrendered. After making such sale, the Depositary shall
be discharged from all obligations under this Deposit Agreement except to
account for such net proceeds and money and other property.

                  This Agreement shall automatically terminate after (i) all
outstanding Depositary Shares shall have been redeemed pursuant to Section 2.3,
(ii) all outstanding Depositary Shares have been exchanged pursuant to Section
2.4, (iii) each share of Preferred Stock shall have been converted into shares
of Common Stock, Exchange Preferred Stock or Exchange Debt Securities not
represented by Receipts pursuant to Section 2.11, or (iv) there shall have been
made a final distribution in respect of the Preferred Stock in connection with
any liquidation, dissolution or winding up of the Company and such distribution
shall have been distributed to the holders of Receipts pursuant to Section 4.1
or 4.2, as applicable.

                  Upon the termination of this Deposit Agreement, the Company
shall be discharged from all obligations under this Deposit Agreement (including
under Section 2.11) except for its obligations to the Depositary, any
Depositary's Agent and any Registrar under Sections 5.6 and 5.7.

                                       21

<PAGE>

                                  ARTICLE VII.

                                  MISCELLANEOUS

                  Section 7.1. Counterparts. This Deposit Agreement may be
executed in any number of counterparts, and by each of the parties hereto on
separate counterparts, each of which counterparts, when so executed and
delivered, shall be deemed an original, but all such counterparts taken together
shall constitute one and the same instrument. Delivery of an executed
counterpart of a signature page to this Deposit Agreement by telecopier shall be
as effective as delivery of a manually executed counterpart of this Deposit
Agreement. Copies of this Deposit Agreement shall be filed with the Depositary
and the Depositary's Agents and shall be open to inspection during business
hours at the Corporate Office and the respective offices of the Depositary's
Agents, if any, by any holder of a Receipt.

                  Section 7.2. Exclusive Benefits of Parties. This Deposit
Agreement is for the exclusive benefit of the parties hereto and their
respective successors hereunder and shall not be deemed to give any legal or
equitable right, remedy or claim to any other person whatsoever.

                  Section 7.3. Invalidity of Provisions. In case any one or more
of the provisions contained in this Deposit Agreement or in the Receipts should
be or become invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein or
therein shall in no way be affected, prejudiced or disturbed thereby.
Furthermore, in lieu of any such invalid or unenforceable term or provision,
there shall be added as a part of this Depositary Agreement a provision as
similar in terms to such invalid or unenforceable provision as may be possible
and be valid and enforceable.

                  Section 7.4. Notices. Any notices to be given to the Company
hereunder or under the Receipts shall be in writing and shall be deemed to have
been duly given if personally delivered or sent by mail, or by telegram or telex
or telecopier confirmed by letter, addressed to the Company at 4360 Brownsboro
Road, Suite 115, Louisville, Kentucky 40207-1642, Attention: General Counsel
(fax number (502) 357-9001), or at any other place to which the Company may have
transferred its principal executive office.

                  Any notices to be given to the Depositary hereunder or under
the Receipts shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by mail, or by telegram or telex or telecopier
confirmed by letter, addressed to the Depositary at the Corporate Office.

                  Any notices given to any record holder of a Receipt hereunder
or under the Receipts shall be in writing and shall be deemed to have been duly
given if personally delivered or sent by mail, or by telegram or telex or
telecopier confirmed by letter, addressed to such record holder at the address
of such record holder as it appears on the books of the Depositary or, if such
holder shall have filed with the Depositary in a timely manner a written request
that notices intended for such holder be mailed to some other address, at the
address designated in such request.

                                       22

<PAGE>

                  Delivery of a notice sent by mail, or by telegram or telex or
telecopier shall be deemed to be effected at the time when a duly addressed
letter containing the same (or a confirmation thereof in the case of a telegram
or telex or telecopier message) is deposited, postage prepaid, in a post office
letter box. The Depositary or the Company may, however, act upon any telegram or
telex or telecopier message received by it from the other or from any holder of
a Receipt, notwithstanding that such telegram or telex or telecopier message
shall not subsequently be confirmed by letter as aforesaid.

                  Section 7.5. Depositary's Agents. The Depositary may from time
to time appoint Depositary's Agents to act in any respect for the Depositary for
the purposes of this Deposit Agreement and may at any time appoint additional
Depositary's Agents and vary or terminate the appointment of such Depositary's
Agents. The Depositary will notify the Company of any such action.

                  The Company hereby also appoints the Depositary as Registrar
and Transfer Agent in respect of the Receipts and the Depositary hereby accepts
such appointments.

                  Section 7.6. Holders of Receipts Are Parties. The holders of
Receipts from time to time shall be deemed to be parties to this Deposit
Agreement and shall be bound by all of the terms and conditions hereof and of
the Receipts by acceptance of delivery thereof.

                  Section 7.7. Governing Law. This Deposit Agreement and the
Receipts and all rights hereunder and thereunder and provisions hereof and
thereof shall be governed by, and construed in accordance with, the law of the
State of New York.

                  Section 7.8. Inspection of Deposit Agreement and Certificate
of Designation. Copies of this Deposit Agreement and the Certificate of
Designation shall be filed with the Depositary and the Depositary's Agents and
shall be open to inspection during business hours at the Depositary's Office and
the respective offices of the Depositary's Agents, if any, by any holder of a
Receipt.

                  Section 7.9. Headings. The headings of articles and sections
in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A
hereto have been inserted for convenience only and are not to be regarded as a
part of this Deposit Agreement or to have any bearing upon the meaning or
interpretation of any provision contained herein or in the Receipts.

                                       23

<PAGE>

                  IN WITNESS WHEREOF, Ventas, Inc. and [Name of Bank] have duly
executed this Deposit Agreement as of the day and year first above set forth and
all holders of Receipts shall become parties hereto by and upon acceptance by
them of delivery of Receipts issued in accordance with the terms hereof.

                                                 VENTAS, INC.

                                                 By:___________________________
Attest:                                             Authorized Officer

                                                 [NAME OF BANK]

                                                 By:___________________________
Attest:                                            Authorized Signatory

                                       24

<PAGE>

                                  EXHIBIT A/1/

                                     FORM OF
                               DEPOSITARY RECEIPT
                                       FOR
                               DEPOSITARY SHARES,
                   EACH REPRESENTING ONE ______ OF A SHARE OF
                                 PREFERRED STOCK
                           ($.__ par value per share)

                                       OF

                                  VENTAS, INC.
             (Incorporated under the Laws of the State of Delaware)

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

No. . . . . .             . . . . . . . Depositary Shares (each Depositary Share
                                     represents one [fraction] of a share of
                                     Preferred Stock ($.__ par value per share))

----------------------
/1/  A Form of Depositary Receipt will be prepared for each class or series of
     Preferred Stock.

                                      A-1

<PAGE>

     1. [Name of Bank], with an office at the time of the execution of the
Deposit Agreement (as defined below) at ___________________________ (or together
with the corporate office of the Depositary in the Borough of Manhattan, New
York, New York at which its business in respect of matters governed by the
Deposit Agreement is administered at any later time, being at such time, the
"Corporate Office"), as Depositary (the "Depositary"), hereby certifies that
__________________ is the registered owner of Depositary Shares (the "Depositary
Shares"), each Depositary Share representing one [fraction] of a share of
Preferred Stock, $.__ par value per share (the "Preferred Stock"), of Ventas,
Inc., a corporation duly organized and existing under the laws of the State of
Delaware (the "Company") and the same proportionate interest in any and all
other property received by the Depositary in respect of such shares of Preferred
Stock and held by the Depositary under the Deposit Agreement. Subject to the
terms of the Deposit Agreement, each owner of a Depositary Share is entitled,
proportionately, to all the rights, preferences and privileges of the Preferred
Stock represented thereby, including the dividend, voting, conversion,
redemption and liquidation rights contained in the Certificate of Designation
adopted by the Board of Directors of the Company or a duly authorized committee
thereof establishing the rights, preferences, privileges and limitations of the
Preferred Stock (the "Certificate of Designation"), copies of which are on file
at the Corporate Office. The Depositary will furnish without charge to any
registered owner of Depositary Shares who so requests, copies of the Restated
Certificate of Incorporation of the Company, the Deposit Agreement and the
Certificate of Designation.

     2. The Deposit Agreement. Depositary Receipts (the "Receipts"), of which
this Receipt is one, are made available upon the terms and conditions set forth
in the Deposit Agreement, dated as of _________, ____ (the "Deposit Agreement"),
among the Company, the Depositary and all holders from time to time of Receipts.
The Deposit Agreement (copies of which are on file at the Corporate Office and
at the office of any Depositary's Agent) sets forth the rights of holders of
Receipts and the rights and duties of the Depositary. The statements made on the
face and the reverse of this Receipt are summaries of certain provisions of the
Deposit Agreement and are subject to the detailed provisions thereof, to which
reference is hereby made. Unless otherwise expressly herein provided, all
defined terms used herein shall have the meanings ascribed thereto in the
Deposit Agreement.

     3. Optional Redemption of Preferred Stock for Cash. Whenever the Company
shall elect to redeem shares of Preferred Stock for cash, it shall (unless
otherwise agreed in writing with the Depositary) give the Depositary not less
than 45 days' prior written notice of the date of such proposed redemption of
Preferred Stock and of the number of shares of Preferred Stock held by the
Depositary to be redeemed. On the date of such redemption, provided that the
Company shall then have paid in full to the Depositary the cash redemption price
(determined pursuant to the Certificate of Designation) of the Preferred Stock
deposited with the Depositary to be redeemed, the Depositary shall redeem (using
the proceeds of such redemption) the number of Depositary Shares representing
such redeemed Preferred Stock. The Depositary shall mail notice of the
redemption of Preferred Stock and the proposed simultaneous redemption of
Depositary Shares representing the Preferred Stock to be redeemed, not less than
30 and not more than 60 days prior to the date fixed for redemption of such
Preferred Stock and Depositary Shares (the "cash redemption date"), to the
holders of record on the record date fixed for such redemption as provided in
Paragraph 14 below of the Receipts evidencing Depositary Shares to be redeemed.
In case fewer than all the outstanding Depositary Shares are to be

                                       A-2

<PAGE>

redeemed, the Depositary Shares to be redeemed shall be selected by lot or pro
rata (as nearly as may be) as determined by the Depositary. Notice having been
mailed as aforesaid, from and after the cash redemption date (unless the Company
shall have failed to redeem the shares of Preferred Stock to be redeemed by it
on such date), all dividends in respect of the shares of Preferred Stock called
for redemption shall cease to accrue, the Depositary Shares called for
redemption shall be deemed no longer to be outstanding, all rights of holders of
Receipts evidencing such Depositary Shares (except the right to receive the cash
redemption price) shall, to the extent of such Depositary Shares, cease and
terminate and from and after the last business day preceding such cash
redemption date the conversion rights in respect of such Preferred Stock shall
terminate at the close of business on the last business day preceding such cash
redemption date. Upon surrender in accordance with said notice of the Receipts
evidencing such Depositary Shares (properly endorsed or assigned for transfer,
if the Depositary shall so require), such Depositary Shares shall be redeemed at
the cash redemption price therefor specified in said notice, plus any other
money and other property. The foregoing shall be subject further to the terms
and conditions of the Certificate of Designation. If fewer than all of the
Depositary Shares evidenced by this Receipt are called for redemption, the
Depositary will deliver to the holder of this Receipt upon its surrender to the
Depositary, together with payment of the cash redemption price for the
Depositary Shares called for redemption, a new Receipt evidencing the Depositary
Shares evidenced by such prior Receipt and not called for redemption.

     4. Optional Exchange of Preferred Stock for Common Stock, Exchange
Preferred Stock or Exchange Debt Securities. Whenever the Company shall elect to
exchange all of the shares of Preferred Stock for Common Stock, Exchange
Preferred Stock or Exchange Debt Securities, it shall (unless otherwise agreed
in writing with the Depositary) give the Depositary not less than 45 days' prior
written notice of the date of such proposed exchange of Preferred Stock. On the
date of such exchange, provided that the Company shall then have issued and
deposited with the Depositary the Common Stock, Exchange Preferred Stock or
Exchange Debt Securities for the Preferred Stock to be so exchanged, the
Depositary shall exchange the Depositary Shares representing the Preferred Stock
for the Common Stock, Exchange Preferred Stock or Exchange Debt Securities
issued in such exchange. The Depositary shall mail notice of such exchange and
the proposed simultaneous exchange of the Depositary Shares representing the
Preferred Stock to be exchanged, not less than 30 and not more than 60 days
prior to the date fixed for exchange for such Preferred Stock and Depositary
Shares (the "exchange date"), to the holders of record on the record date for
such exchange (determined as provided in Paragraph 15 below) of the Depositary
Shares to be so exchanged. Notice having been mailed by the Depositary as
aforesaid, from and after the exchange date (unless the Company shall default in
issuing the Common Stock, Exchange Preferred Stock or Exchange Debt Securities
in exchange for, or in making the final dividend payment on, the outstanding
shares of Preferred Stock on the exchange date), all dividends in respect of the
shares of Preferred Stock so called for exchange shall cease to accrue, the
conversion rights in respect thereof will terminate, the Depositary Shares being
exchanged shall be deemed no longer to be outstanding, all rights of the holders
of Receipts evidencing such Depositary Shares (except the right to receive the
Common Stock, Exchange Preferred Stock or Exchange Debt Securities) shall, to
the extent of such Depositary Shares, cease and terminate and upon surrender in
accordance with said notice of the Receipt evidencing any such Depositary Shares
(properly endorsed or assigned for transfer, if the Company or the Depositary
shall so require and the notice shall so state), such Depositary Shares shall be
accepted by the Depositary for such Common Stock, Exchange Preferred Stock or

                                       A-3

<PAGE>

Exchange Debt Securities at an exchange rate specified in said notice, plus all
money and other property, if any, represented by such Depositary Shares,
including all amounts paid by the Company in respect of dividends which on the
exchange date have accrued on the shares of Preferred Stock to be so exchanged
and have not theretofore been paid. The foregoing shall further be subject to
the terms and conditions of the Certificate of Designation.

     5. Surrender of Receipts and Withdrawal of Preferred Stock, Conversion of
Preferred Stock. Upon surrender of this Receipt to the Depositary at the
Corporate Office, or at such other offices as the Depositary may designate, and
subject to the provisions of the Deposit Agreement, the holder hereof is
entitled to withdraw, and to obtain delivery, to or upon the order of such
holder, any or all of the Preferred Stock (including fractional shares of
Preferred Stock) and all money and other property, if any, at the time
represented by the Depositary Shares evidenced by this Receipt; provided, that a
holder of a Receipt or Receipts may not withdraw stock (or money and other
property, if any, represented thereby) which has previously been called for
redemption and exchange. In the event this Receipt shall evidence a number of
Depositary Shares in excess of the number of Depositary Shares representing the
number (whole or fractional) of shares of Preferred Stock to be withdrawn, the
Depositary shall, in addition to such number (whole or fractional) of shares of
Preferred Stock and such money and other property, if any, to be withdrawn,
deliver, to or upon the order of such holder, a new Receipt or Receipts
evidencing such excess number of whole Depositary Shares, but holders of such
whole shares of Preferred Stock will not thereafter be entitled to deposit such
stock under the Deposit Agreement or to receive Depositary Shares therefor.

     It is understood and agreed that the Depositary Shares are not convertible
into the Common Stock or any other securities or property of the Company.
Nevertheless, as a matter of convenience, the Company has agreed in Section 2.11
of the Deposit Agreement to accept (or cause its conversion agent to accept) the
delivery of Receipts for the purpose of effecting conversions of the Preferred
Stock utilizing the same procedures as those provided for delivery of Preferred
Stock certificates to effect such conversions in accordance with the terms and
conditions of the Certificate of Designation; provided, however, that only whole
Depositary Shares may be so submitted for conversion. If fewer than all of the
Depositary Shares represented by this Receipt are to be converted, the Company
shall instruct the Depositary to issue a new Receipt or Receipts for the
Depositary Shares not to be converted. For this purpose, the holder of this
Receipt may surrender this Receipt to the Company, in care of the Depositary at
the Corporate Office or at such other office as the Company may from time to
time designate for such purpose, together with (i) a duly completed and executed
Notice of Conversion. In all cases the foregoing shall be conditioned upon
compliance in full by the holder of this Receipt with the terms and conditions
of the Certificate of Designation and of the Deposit Agreement.

     6. Transfers, Split-ups, Combinations. This Receipt is transferable on the
books of the Depositary upon surrender of this Receipt to the Depositary,
properly endorsed or accompanied by a properly executed instrument of transfer
or endorsement, and upon such transfer the Depositary shall sign and deliver a
Receipt to or upon the order of the person entitled thereto, as provided in the
Deposit Agreement. This Receipt may be split into other Receipts or combined
with other Receipts into one Receipt evidencing the same aggregate number of
Depositary Shares evidenced by the Receipt or Receipts surrendered; provided,
however, that the Depositary shall not issue any Receipt evidencing a fractional
Depositary Share.

                                       A-4

<PAGE>

     7. Conditions to Signing and Delivery, Transfer, etc., of Receipts. Prior
to the execution and delivery, transfer, split-up, combination, surrender or
exchange of this Receipt or the exercise of any conversion right referred to in
Section 2.11 of the Deposit Agreement, the Depositary, any of the Depositary's
Agents or the Company, may require any or all of the following: (i) payment to
it of a sum sufficient for the payment (or, in the event that the Depositary or
the Company shall have made such payment, the reimbursement to it) of any tax or
other governmental charge with respect thereto (including any such tax or charge
with respect to Preferred Stock being deposited or withdrawn (provided that the
Company shall pay any tax or other governmental charges arising solely from the
existence of the Deposit Agreement and any documentary, stamp or similar issue
or transfer tax due on the issue of Common Stock upon conversion; and provided
further that the holder of such Receipt shall pay the amount of any tax which is
due if the shares are to be issued in a name other than the name of such
holder); (ii) proof satisfactory to it as to the identity and genuineness of any
signature; and (iii) compliance with such regulations, if any, as the Depositary
or the Company may establish consistent with the Deposit Agreement. Any person
presenting Preferred Stock for deposit, or any holder of this Receipt, may be
required to file such proof of information, to execute such certificates and to
make such representations and warranties as the Depositary or the Company may
reasonably deem necessary or proper.

     8. Suspension of Delivery, Transfer, etc. The deposit of Preferred Stock,
the delivery of this Receipt against Preferred Stock, the transfer, split-up,
combination, surrender or exchange of this Receipt or the exercise of any
conversion right referred to in Section 2.11 of the Deposit Agreement may be
suspended (i) during any period when the register of stockholders of the Company
is closed or (ii) if any such action is deemed necessary or advisable by the
Depositary, any of the Depositary's Agents or the Company at any time or from
time to time because of any requirement of law or of any government or
governmental body or commission, or under any provision of the Deposit
Agreement.

     9. Payment of Taxes or Other Governmental Charges. If any tax or other
governmental charge shall become payable by or on behalf of the Depositary with
respect to this Receipt, the Depositary Shares evidenced by this Receipt, the
Preferred Stock (or any fractional interest therein) represented by such
Depositary Shares, the exercise of any conversion right referred to in Section
2.11 of the Deposit Agreement or any transaction referred to in Section 4.6 of
the Deposit Agreement, such tax (including transfer, issuance or acquisition
taxes, if any) or governmental charge shall be payable by the holder hereof
provided that the Company shall pay any documentary, stamp or similar issue or
transfer tax due on the issue of Common Stock upon conversion; and provided
further that the holder of such Receipt shall pay the amount of any tax which is
due if the shares are to be issued in a name other than the name of such holder.
Until such payment is made, transfer of this Receipt or any withdrawal of the
Preferred Stock or money or other property, if any, represented by the
Depositary Shares evidenced by this Receipt may be refused, any dividend or
other distribution may be withheld, such conversion right may be refused and any
part or all of the Preferred Stock or other property represented by the
Depositary Shares evidenced by this Receipt may be sold for the account of the
holder hereof. Any dividend or other distribution or the proceeds of any such
sale may be applied to any payment of such tax or other governmental charge, the
holder of this Receipt remaining liable for any deficiency.

                                       A-5

<PAGE>

     10. Amendment. The form of the Receipts and any provisions of the Deposit
Agreement may at any time and from time to time be amended by agreement between
the Company and the Depositary in any respect that they may deem necessary or
desirable; provided, however, that no such amendment (other than any change in
the fees of any Depositary, registrar or transfer agent) which (i) shall
materially and adversely alter the rights of the holders of Receipts , (ii)
would be materially and adversely inconsistent with the rights granted to the
holders of the Preferred Stock pursuant to the Certificate of Designation or
(iii) adds to or increases the fees and charges payable by the holders of
Receipts as provided for herein or in the Deposit Agreement shall be effective
unless such amendment shall have been approved by the holders of at least a
majority of the Depositary Shares then outstanding. The holder of this Receipt
at the time any such amendment becomes effective shall be deemed to consent and
agree to such amendment and to be bound by the Deposit Agreement as amended
thereby. In no event shall any amendment impair the right, subject to the
provisions of paragraphs 7 and 8 hereof and of Sections 2.3, 2.7, 2.8 and 2.11
and Article III of the Deposit Agreement, of the owner of the Depositary Shares
evidenced by this Receipt to surrender this Receipt with instructions to the
Depositary to deliver to the holder the Preferred Stock and all money and other
property, if any, represented thereby, except in order to comply with mandatory
provisions of applicable law.

     11. Fees, Charges and Expenses of Depositary. The Company will pay all
fees, charges and expenses of the Depositary, except for taxes (including
transfer taxes, if any) and other governmental charges, and such charges as are
expressly provided in the Deposit Agreement to be at the expense of persons
depositing Preferred Stock, holders of Receipts or other persons.

     12. Title to Receipts. It is a condition of this Receipt, and every
successive holder hereof by accepting or holding the same consents and agrees,
that title to this Receipt (and to the Depositary Shares evidenced hereby), when
properly endorsed or accompanied by a properly executed instrument of transfer
or endorsement, is transferable by delivery with the same effect as in the case
of a negotiable instrument; provided, however, that until this Receipt shall be
transferred on the books of the Depositary as provided in Section 2.5 of the
Deposit Agreement, the Depositary may, notwithstanding any notice to the
contrary, treat the record holder hereof at such time as the absolute owner
hereof for the purpose of determining the person entitled to distribution of
dividends or other distributions or to any notice provided for in the Deposit
Agreement and for all other purposes.

     13. Dividends and Distributions. Whenever the Depositary receives any cash
dividend or other cash distribution on the Preferred Stock, including any cash
received upon redemption of any shares of the Preferred Stock, the Depositary
will, subject to the provisions of the Deposit Agreement, make such distribution
to the holders of Receipts as nearly as practicable in proportion to the
respective numbers of Depositary Shares evidenced by the Receipts held by such
holders; provided, however, that the amount distributed will be reduced by any
amounts required to be withheld by the Company or the Depositary on account of
taxes, or otherwise required by law, regulation or court order. Other
distributions received on the Preferred Stock may be distributed (subject to
such withholding as may be required on account of taxes or otherwise required by
law, regulation or court order) to such holders of Receipts as provided in the
Deposit Agreement.

                                       A-6

<PAGE>

     14. Subscription Rights, Preferences or Privileges. If the Company shall at
any time offer to persons in whose name Preferred Stock is registered on the
books of the Company any rights, preferences or privileges to subscribe for or
to purchase any securities or of any other nature, such rights, preferences or
privileges shall in each such instance, subject to the provisions of the Deposit
Agreement, be made available by the Depositary to the record holders of Receipts
if the Company so directs in such manner as the Company shall instruct.

     15. Fixing of Record Date. Whenever any cash dividend or other cash
distribution shall become payable, any distribution other than cash shall be
made, or any rights, preferences or privileges shall at any time be offered,
with respect to the Preferred Stock, or whenever the Depositary shall receive
notice of (i) any meeting at which holders of Preferred Stock are entitled to
vote or of which holders of Preferred Stock are entitled to notice or (ii) any
election on the part of the Company to redeem any shares of Preferred Stock, the
Depositary shall in each such instance fix a record date (which shall be the
same date as the record date fixed by the Company with respect to the Preferred
Stock) for the determination of the holders of Receipts who shall be entitled to
receive such dividend, distribution, rights, preferences or privileges or the
net proceeds of the sale thereof, to give instructions for the exercise of
voting rights at any such meeting or to receive notice of such meeting or whose
Depositary Shares are to be so redeemed.

     16. Voting Rights. Upon receipt of notice of any meeting at which the
holders of Preferred Stock are entitled to vote, the Depositary shall, as soon
as practicable, mail to the holders of Receipts a notice, which shall contain
(i) such information as is contained in such notice of meeting, (ii) a statement
that the holders of Receipts at the close of business on a specified record date
determined as provided in Paragraph 14 will be entitled, subject to any
applicable provision of law, the Certificate of Incorporation or the Certificate
of Designation, to instruct the Depositary as to the exercise of the voting
rights pertaining to the amount of Preferred Stock represented by the Depositary
Shares evidenced by their respective Receipts, and (iii) a brief statement as to
the manner in which such instructions may be given. Upon the written request of
a holder of a Receipt on such record date, the Depositary shall endeavor insofar
as practicable to vote or cause to be voted the amount of Preferred Stock
represented by the Depositary Shares evidenced by such Receipt in accordance
with the instructions set forth in such request. In the absence of specific
instructions from the holder of a Receipt, the Depositary will abstain from
voting to the extent of the Preferred Stock represented by the Depositary Shares
evidenced by such Receipt.

     17. Excess Shares. Without limiting any of the other terms and provisions
of the Deposit Agreement, this Receipt shall be subject to Article XII of the
Company's Certificate of Incorporation.

     18. Reports, Inspection of Transfer Books. The Depositary shall make
available for inspection by holders of Receipts at the Corporate Office and at
such other places as it may from time to time deem advisable any reports and
communications received from the Company that are both received by the
Depositary as the holder of Preferred Stock and made generally available to the
holders of Preferred Stock by the Company.

                                       A-7

<PAGE>

     The Depositary shall keep books at the Corporate Office for the
registration and transfer of Receipts. Within a reasonable time after a request
by a holder of Receipts, the Depositary shall make available for inspection at
the Corporate Office such books for inspection by the record holders of Receipts
as provided by applicable law.

     19. Liability of the Depositary, the Depositary's Agents and the Company.
Neither the Depositary nor any Depositary's Agent nor the Company shall incur
any liability to any holder of any Receipt, if by reason of any provision of any
present or future law or regulation of any governmental authority or, in the
case of the Depositary or the Depositary's Agent, by reason of any provision,
present or future, of the Certificate of Incorporation or the Certificate of
Designation or, in the case of the Company, the Depositary or the Depositary's
Agent, by reason of any act of God or war or other circumstances beyond the
control of the relevant party, the Depositary, any Depositary's Agent or the
Company shall be prevented or forbidden from doing or performing any act or
thing that the terms of the Deposit Agreement provide shall be done or
performed; nor shall the Depositary, any Depositary's Agent or the Company incur
any liability to any holder of a Receipt by reason of any nonperformance or
delay, caused as aforesaid, in the performance of any act or thing that the
terms of the Deposit Agreement provide shall or may be done or performed, or by
reason of any exercise of, or failure to exercise any discretion provided for in
the Deposit Agreement.

     20. Obligations of the Depositary, the Depositary's Agents and the Company.
Neither the Depositary nor any Depositary's Agent nor the Company assumes any
obligation or shall be subject to any liability hereunder or under the Deposit
Agreement to holders of Receipts other than that each of them agrees to act in
good faith and without gross negligence and willful misconduct in the
performance of such duties as are specifically set forth in the Deposit
Agreement.

     Neither the Depositary nor any Depositary's Agent nor the Company shall be
under any obligation to appear in, prosecute or defend any action, suit or other
proceeding with respect to Preferred Stock, Depositary Shares or Receipts that
in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expense and liability be furnished as often as
may be required.

     Neither the Depositary nor any Depositary's Agent nor the Company will be
liable for any action or failure to act by it in reliance on documents believed
by it to be genuine or upon the advice of or information from legal counsel,
accountants, any person presenting Preferred Stock for deposit, any holder of a
Receipt or any other person believed by it in good faith to be competent to give
such advice or information.

     21. Termination of Deposit Agreement. Whenever (i) so directed by the
Company and approved by the holders of at least a majority of the Depositary
Shares then outstanding or (ii) advised in writing by the Company that the
termination of the Deposit Agreement is necessary to preserve the Company's
status as a " real estate investment trust, " as such term is defined in the
Internal Revenue Code of 1986, as amended, the Depositary will terminate the
Deposit Agreement by mailing notice of such termination to the record holders of
all Receipts then outstanding at least 60 days prior to the date fixed in such
notice for such termination. The Depositary may likewise terminate the Deposit
Agreement if at any time 60

                                       A-8

<PAGE>

days shall have expired after the Depositary shall have delivered to the Company
a notice of its election to resign and a successor depositary shall not have
been appointed and accepted its appointment. Upon the termination of the Deposit
Agreement, the Company shall be discharged from all obligations thereunder
except for its obligations to the Depositary, any Depositary's Agent and any
Registrar with respect to indemnification, charges and expenses.

     If any Receipts remain outstanding after the date of termination, the
Depositary thereafter shall discontinue all functions and be discharged from all
obligations as provided in the Deposit Agreement, except as specifically
provided therein.

     22. Governing Law. The Deposit Agreement and this Receipt and all rights
thereunder and hereunder and provisions thereof and hereof shall be governed by,
and construed in accordance with, the law of the State of New York.

     This Receipt shall not be entitled to any benefits under the Deposit
Agreement or be valid or obligatory for any purpose unless this Receipt shall
have been executed manually or, if a Registrar for the Receipts (other than the
Depositary) shall have been appointed, by facsimile by the Depositary by the
signature of a duly authorized signatory and if executed by facsimile signature
of the Depositary, shall have been countersigned manually by such Registrar by
the signature of a duly authorized signatory.

THE DEPOSITARY IS NOT RESPONSIBLE FOR THE VALIDITY OF ANY DEPOSITED PREFERRED
STOCK. THE DEPOSITARY ASSUMES NO RESPONSIBILITY FOR THE CORRECTNESS OF THE
FOREGOING DESCRIPTION WHICH CAN BE TAKEN AS A STATEMENT OF THE COMPANY
SUMMARIZING CERTAIN PROVISIONS OF THE DEPOSIT AGREEMENT. THE DEPOSITARY MAKES NO
WARRANTIES OR REPRESENTATIONS AS TO THE VALIDITY, GENUINENESS OR SUFFICIENCY OF
ANY PREFERRED STOCK AT ANY TIME DEPOSITED WITH THE DEPOSITARY UNDER THE DEPOSIT
AGREEMENT OR OF THE DEPOSITARY SHARES, AS TO THE VALIDITY OR SUFFICIENCY OF THE
RECEIPTS, AS TO THE VALIDITY OR SUFFICIENCY OF THE DEPOSIT AGREEMENT, AS TO THE
VALUE OF THE DEPOSITARY SHARES OR AS TO ANY RIGHT, TITLE OR INTEREST OF THE
RECORD HOLDERS OF THE DEPOSITARY RECEIPTS IN AND TO THE DEPOSITARY SHARES.

     The Company will furnish to any holder of a Receipt without charge, upon
request addressed to its executive office or the office of its transfer agent, a
full statement of the designation, relative rights, preferences and limitations
of the shares of each authorized class, and of each series of preferred shares
authorized to be issued, so far as the same may have been fixed, and a statement
of the authority of the Board of Directors of the Company to designate and fix
the relative rights, preferences and limitations of other series.

                                            Dated:

                                            [NAME OF BANK]

                                            By:______________________________
                                                     Authorized Signature

                                       A-9

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