Document:

Exhibit
10.6

 

Dated                                                                                                2015

 

(1)          David
Steven Levin

 

(2)          Melanie
Levin

 

(3)          Miguel
Carlos Corral

 

(4)          David
Ryder

 

(5)          ELECTRONIC
CIGARETTES INTERNATIONAL GROUP, LTD.

 

 

 

SECOND
deed of variation 

In
respect of Share Purchase  

Agreement
dated 22 april 2014 and loan note

instrument dated 22 april 2014 

 

 

 

Mishcon de Reya

Summit House

12 Red Lion Square 

London WC1R 4QD

Tel: 020 7440 7000

Fax: 020 7404 5982

Ref: KEM/LJ/43296.1

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	No.	Heading	Page
	 	 	 
	1.	DEFINITIONS AND INTERPRETATION	1
	 	 	 
	2.	VARIATIONS TO THE AGREEMENT AND WAIVER	2
	 	 	 
	3.	VARIATIONS TO THE INSTRUMENT AND WAIVER	3
	 	 	 
	4.	SHARE OPTIONS	5
	 	 	 
	5.	SENIOR DEBT	6
	 	 	 
	6.	COSTS	6
	 	 	 
	7.	GOVERNING LAW AND JURISDICTION	7
	 	 	 
	8.	COUNTERPARTS	7
	 	 	 
	SCHEDULE 1 – THE AGREEMENT	10
	 	 
	SCHEDULE 2 – THE INSTRUMENT	11
	 	 
	SCHEDULE 3 – FIRST DEED OF VARIATION	12
	 	 
	SCHEDULE 4 – DEED OF AMENDMENT	13

 

    	i

    	 

    

 

 

	THIS DEED is dated	2015

 

PARTIES

 

		(1)	DAVID STEVEN LEVIN of 7 Ringley Chase, Whitefield, Manchester, M45 7UA (DSL).

 

		(2)	MELANIE LEVIN of 7 Ringley Chase, Whitefield, Manchester, M45 7UA (ML).

 

		(3)	MIGUEL CARLOS CORRAL of 1 Sergeants Lane, Whitefield, Manchester, M45 7TR (MCC).

 

		(4)	DAVID RYDER of 6 Greenock Close, Ladybridge, Bolton BL3 4UD (DR and together
with DSL, ML and MCC, the Sellers or the Noteholders).

 

		(5)	ELECTRONIC CIGARETTES INTERNATIONAL GROUP, LTD. (formerly Victory Electronic Cigarettes
Corporation) a company registered in State of Nevada, USA under number C13461-2004 whose registered office is at 11335 Apple
Drive, Spring Lake, Michigan 49448, USA (the Buyer or the Company).

 

		(6)	MUST HAVE LIMITED a company registered in England and Wales with company number 05101019
whose registered office is at Units 3-8 Bury South Business Park Riverview Close, Dumers Lane, Radcliffe Manchester M26 2AD (Must
Have).

 

BACKGROUND

 

		(A)	The Sellers and the Buyer are parties to a share purchase agreement dated 22 April 2014 for the
sale (by the Sellers) and acquisition (by the Buyer) of the whole of the issued share capital of Must Have (the Agreement),
as amended by a deed of variation and acknowledgement dated 3 October 2014 (the First Deed of Variation) and a deed of amendment
dated 15 October 2014 (the Deed of Amendment). Copies of the Agreement, the First Deed of Variation and the Deed of Amendment
are contained in Schedule 1, Schedule 3 and Schedule 4 of this deed respectively.

 

		(B)	The Company is party to a loan note instrument dated 22 April 2014 constituting up to US$11,000,000
secured loan notes 2014 (the Instrument), as amended by the First Deed of Variation. A copy of the Instrument is contained
in Schedule 2 of this deed. All of the loan notes constituted by the Instrument are held by the Noteholders.

 

		(C)	The Company and the Noteholders wish to further amend the Agreement and the Instrument as set out
in this deed with effect from the date hereof (the Variation Date). This deed is supplemental to the Agreement, the Instrument,
the First Deed of Variation and the Deed of Amendment.

 

		(D)	The Company has agreed to create and issue share options to certain individuals, including the
Noteholders. This deed sets out the intention to create such share options.

 

AGREED TERMS

 

		1.	DEFINitions and interpretation

 

		1.1	Expressions defined in the Agreement and used in clause 2 of this deed will have the meaning set
out in the Agreement.

 

		1.2	Expressions defined in the Instrument and used in clause 3 of this deed will have the meaning set
out in the Instrument, subject to any variation pursuant to clause 3 of this deed.

 

    	1

    	 

    

 

		2.	variations to the agreement AND Waiver

 

		2.1	With effect from the Variation Date and in accordance with clause 23.1 of the Agreement, in consideration
of the payment of £1.00 by the Buyer to the Sellers (receipt of which is hereby acknowledged) the parties agree the following
amendments to the Agreement:

 

		2.1.1	Amending clause 1.13 by deleting the words “, clause 3.1.5 or Schedule 8”;

 

		2.1.2	Amending paragraph 4.3.1 of Part A of Schedule 8 by deleting the words “on or prior to
13 December 2014” and replacing them with “in accordance with paragraph 4.4 below”;

 

		2.1.3	deleting paragraph 4.4 of Part A of Schedule 8 in its entirety and replacing it with the following
new paragraph 4.4:

 

		“4.4	Subject to the provisions of clause 4.4(A), the Earn-out Payment shall be paid (in the same
manner as set out in paragraph 4.3 above) as follows:

 

		4.4.1	in the event that the Last Repayment Date (as defined in the Loan Note Instrument (as amended
from time to time)) occurs prior to 1 December 2017, an amount equal to US$300,000 less the sum paid on the Last Repayment Date
pursuant to the Loan Note Instrument (as amended from time to time) on the Last Repayment Date (as defined in the Loan Note Instrument
(as amended from time to time);

 

		4.4.2	save where the Last Repayment Date occurs on 1 November 2017 (in which case, for the avoidance
of doubt, this paragraph 4.4.2 shall not apply), US$300,000 on the first day of each month from and including the month immediately
following the Last Repayment Date to and including 1 November 2017; and

 

		4.4.3	the balance of the outstanding Earn-out Payment on 1 December 2017, together with all interest
accrued during the period beginning on 1 May 2015,

 

			provided that if any payment falls on a day that is not a Business Day then the relevant amount
shall be paid on the next following Business Day.”; and

 

		2.1.4	inserting the following new paragraph 4.4(A) in Part A of Schedule 8:

 

		“4.4(A)	On a Change of Control of the Buyer or a Listing or Initial Registered Offering (as such terms
are defined in the Loan Note Instrument) pursuant to which the Buyer raises not less than US$50,000,000 by way of equity offering,
any and all remaining amount of the Earn-Out Consideration and any interest accrued but unpaid thereon shall be immediately due
and payable by the Buyer, where for the purposes of this paragraph 4.4(A) “Change of Control” shall mean the acquisition
(by any means) by a third party of any interest in the share capital of the Buyer if, upon completion of that acquisition, that
third party (together with any person connected with or acting in concert with that third party) would be entitled to exercise
more than 50% of the voting rights normally exercisable at any shareholder meeting of the Buyer”.

 

    	2

    	 

    

 

		2.1.5	inserting the following new paragraphs 4.4(B) and 4.4(C) in Part A of Schedule 8:

 

		“4.4(B)	If any payment required to be made under paragraph 4.4 above is not paid by the Buyer on the
relevant payment date then daily interest at the Prescribed Rate shall accrue on that unpaid principal amount from the due date
until the date of payment of that amount. Interest shall be calculated on the basis of a 365 day year and any such interest accrued
shall be paid at the same time as payment of the relevant unpaid principal amount. The provisions of clause 25.1 shall not apply
to any payment of the Earn-out Payment.”.

 

		“4.4(C)	If two or more payments required to be made under paragraph 4.4 above are not paid by the Buyer
on the relevant payment date then any and all remaining amount of the Earn-Out Consideration and any interest accrued but unpaid
thereon shall be immediately due and payable by the Buyer”

 

		2.2	As security for the payment of the Earn-Out Consideration by the Buyer and any interest due and
payable thereon, the Buyer shall grant to the Sellers a second ranking charge over the shares held by the Buyer in Must Have.

 

		2.3	On the Variation Date the Buyer shall pay to the Sellers an amount equal to $273,270.47, which
shall be in full and final settlement of all accrued but unpaid interest on the Earn-Out Consideration and the Loan Notes up to
and including 30 April 2015.

 

		2.4	Subject to the payment of the amount pursuant to clause 2.3 above, the Sellers unconditionally and
irrevocably:

 

		2.4.1	waive any and all unpaid interest accrued in respect of the Earn-out Payment on or prior to 30
April 2015 under the Agreement (whether through non-payment of the Earn-out Payment at the relevant time(s) or otherwise); and

 

		2.4.2	release the Buyer from any obligation to pay such interest.

 

		2.5	The Agreement (as varied by the First Deed of Variation and the Deed of Amendment) will remain
fully effective as varied by this deed.

 

		3.	variations to the instrument AND Waiver

 

		3.1	With effect from the Variation Date and in accordance with clause 17 of the Instrument, in consideration
of the payment of £1.00 by the Company to the Noteholders (receipt of which is hereby acknowledged), the parties agree the
following amendments to the Instrument:

 

		3.1.1	inserting the following new definition in clause 1.1:

 

“First
Repayment Date means the Variation Date;”;

 

		3.1.2	deleting the definitions of “Exchange Rate”, and “Interest Start Date”
in clause 1.1;

 

		3.1.3	inserting the following new definition in clause 1.1:

 

“Last
Repayment Date means the first day of the month immediately following the Penultimate Repayment Date, provided that
if such date falls on a day that is not a Business Day then the relevant amount shall be paid on the next following Business Day”;

    	3

    	 

    

 

		3.1.4	inserting the following new definition in clause 1.1:

 

“Penultimate
Repayment Date means the first day of the month in which the final payment of $300,000 is to be made by the Company
for the redemption of principal of the Notes such that the balance of the Notes following such payment is less than $300,000, provided
that if such date falls on a day that is not a Business Day then the relevant amount shall be paid on the next following Business
Day;”;

 

		3.1.5	deleting the definition of “Repayment Date” in clause 1.1 in its entirety and
replacing it with the following new definition of “Repayment Date”:

 

“Repayment
Date means the first day of each month from and including 1 October 2016 up to and including the Penultimate Repayment
Date (and Repayment Dates shall be construed accordingly), provided that if such date falls on a day that is not a Business
Day then the relevant amount shall be paid on the next following Business Day;”;

 

		3.1.6	deleting clause 5.1 in its entirety and replacing it with the following new clause 5.1:

 

		“5.1	When the Notes become payable in accordance with the provisions of this instrument, the Company
shall pay to the Noteholders the full principal amount of the Notes to be repaid together with any accrued interest on such Notes
(less any tax which the Company is required by law to deduct or withhold from such payment).”;

  

		3.1.7	deleting clauses 5.4 and 5.5 in their entirety;

 

		3.1.8	deleting clause 11.1.5 (beginning “if the Initial Registration Statement...”)
in its entirety;

 

		3.1.9	inserting as a new clause 11.1.5:

 

		“11.1.5	if the Company fails to make any two or more repayments due under paragraph 1.1 to 1.4 of Schedule
2;”;

  

		3.1.10	deleting paragraph 1 of Schedule 2 in its entirety and replacing it with the following new paragraphs
1.1 to 1.9 (inclusive):

 

		“1.1	On the First Repayment Date, the Company shall redeem US$8,000,000 of the principal amount of
the Notes.

 

		1.2	On each Repayment Date from 1 October 2016 up to and including the Penultimate Repayment Date
but excluding 1 December 2016, the Company shall redeem US$300,000 of the principal amount of the Notes.

 

		1.3	On 1 December 2016 the Company shall redeem a principal amount of the Notes equal to the greater
of: (i) 50% of the unencumbered cash available to the Company on that date (if any); and (ii) US$300,000.

 

		1.4	On the Last Repayment Date or 1 December 2017 (whichever is the earlier), the Company shall
redeem any outstanding principal amount of the Notes.

 

		1.5	On a Change of Control of the Buyer or a Listing or Initial Registered Offering pursuant to
which the Buyer raises not less than US$50,000,000 by way of equity offering, any and all remaining amount of the Earn-Out Consideration
and any interest accrued but unpaid thereon shall be immediately due and payable by the Buyer, where for the purposes of this Condition
1.5 “Change of Control” shall mean the acquisition (by any means) by a third party of any interest in the share capital
of the Buyer if, upon completion of that acquisition, that third party (together with any person connected with or acting in concert
with that third party) would be entitled to exercise more than 50% of the voting rights normally exercisable at any shareholder
meeting of the Buyer, any and all remaining amount of the principal of the Notes and any interest accrued but unpaid thereon shall
be due and payable by the Company.

 

    	4

    	 

    

 

		1.6	Any redemption of the Notes under Conditions 1.1 to 1.5 above shall be in cash and shall be
made pro rata to the holdings of all Noteholders, together with any accrued and unpaid interest (less any tax required by law to
be deducted or withheld from such payment) on the relevant Notes.

 

		1.7	Should any amount due on any of the First Repayment Date, any Repayment Date or the Last Repayment
Date not be paid when due, then such payment shall be made by the Company on the next Repayment Date (the “Following Repayment
Date”) together with the amount which was already due to be paid on the Following Repayment Date.”

 

		3.1.11	Deleting paragraph 4.2 of Schedule 2 in its entirety and replacing it with the following new paragraph
4.2:

 

		“4.2	For the period from and including the Variation Date to and including the Last Repayment Date
interest on the principal amount of the Notes outstanding shall accrue at the rate of 10% per annum.”

 

		3.4	As security for the payment of the principal of the Notes by the Buyer and any interest due and
payable thereon, the Buyer shall grant to the Sellers a second ranking charge over the shares held by the Buyer in Must Have.

 

		3.5	The Instrument (as varied by the First Deed of Variation) will remain fully effective as varied
by this deed.

 

		3.6	The parties acknowledge and agree that this deed shall constitute a resolution in writing of the
Noteholders (pursuant to paragraph 18 of Schedule 4 of the Instrument), and that, for the purposes of clause 17 of the Instrument,
such resolution (which approves certain amendments to the Instrument) shall be as valid and effectual as a Special Resolution.

 

		3.7	Subject to the payment of the amount pursuant to clause 2.3 above, the Noteholders unconditionally
and irrevocably:

 

		3.7.1	waive any and all unpaid interest accrued in respect of the Notes on or prior to the Variation
Date under the Instrument (whether through non-repayment of the Notes at the relevant time(s) or otherwise); and

 

		3.7.2	release the Company from any obligation to pay such interest.

 

		4.	SHARE OPTIONS

 

		4.1	Within 60 days of the date of this deed, the Company shall establish a share option plan pursuant
to which share options with the following vesting periods shall be created:

 

		4.1.1	Year 1: 10%;

 

		4.1.2	Year 2 15%;

 

		4.1.3	Year 3 25%; and

 

    	5

    	 

    

 

		4.1.4	Year 4 50% (the Share Options and each of Year 1, Year 2, Year 3 and Year 4 being a Vesting
Period).

 

The exercise
price of the Share Options shall be $0.05 and the remaining terms of the Share Options shall be as set out in the document pursuant
to which the Share Options are created.

 

		4.2	Within 30 days of the Share Options being established, the Company shall grant Share Options representing
an aggregate amount of 30,000,000 shares in the Company (ranking pair passu with the existing ordinary shares in the Company) to
employees of Must Have, with the allocation per individual being determined by Must Have in its sole discretion save that DSL shall
be granted options representing an aggregate of 6,375,000 shares.

 

		4.3	The creation and grant of the Share Options shall be undertaken in as tax efficient manner as reasonably
practicable.

 

		4.4	Should any repayment of principal of Notes held by DSL, MCC or DR as set out in paragraphs 1.1
to 1.4 of Schedule 2 of the Instrument or any payment of Earn-Out Consideration to DSL, MCC or DR as set out in clause 4.4 of the
Agreement not be paid when due then the number of options held by DSL, MCC or DR (as the case may be) which would have vested in
the Vesting Period in which the non-payment occurred (such Vesting Period being the “Breached Vesting Period”)
shall immediately vest together with such further number of options from the Vesting Period immediately following the Breached
Vesting Period (such Vesting Period being the “Following Vesting Period”) as would increase the percentage referred
to in clause 4.1 above for the Breached Vesting Period by an additional 10% and will accordingly reduce the number of options capable
of vesting in the Following Vesting Period by 10% (for example, should the non-payment occur in Year 2, then 15% of the relevant
individual’s options (being the options which should vest in Year 2) and a further 10% of the relevant individual’s
options (being 10% of the 25% of the options which should vest in Year 3, leaving 15% to vest in Year 3) shall vest).

 

		4.5	For the avoidance of doubt, in the event that either:

 

		4.5.1	repayment in full of the principal (and any interest accrued thereon) of Notes held by DSL, MCC
or DR, as set out in paragraphs 1.1 to 1.4 of Schedule 2 of the Instrument; or

 

		4.5.2	payment in full of Earn-Out Consideration (and any interest accrued thereon) to DSL, MCC or DR
as set out in clause 4.4 of the Agreement

 

has not
been made on or before 1 December 2017, then all options held by DSL, MCC or DR shall vest immediately.

 

		5.	SENIOR DEBT

 

The Company hereby warrants
and undertakes to the Sellers that the Senior Debt (as defined in the Deed of Amendment) has been repaid in full and further warrants
and undertakes to the Sellers that the consent of the Senior Security Trustee and the Senior Creditor (each as defined in the Deed
of Amendment) is not required for the purposes of the parties hereto entering into this deed.

 

		6.	COSTS

 

The Company shall pay
the Sellers’ reasonably and properly incurred legal fees in connection with the negotiation and settlement of this deed
and any other document or arrangement detailed herein, subject to an aggregate maximum amount of £15,000 (plus VAT and reasonably
and properly incurred disbursements), upon the presentation of an appropriate invoice for such fees.

 

    	6

    	 

    

 

		7.	governing law and jurisdiction

 

This
deed, and any non-contractual obligations arising out of or in connection with it, will be governed by and construed in accordance
with English law and the parties irrevocably submit to the non-exclusive jurisdiction of the English Courts in respect of any claim,
dispute or difference arising out of or in connection with this deed.

 

		8.	COUNTERPARTS

 

This deed may be executed
in any number of counterparts and by the parties on separate counterparts, but will not be effective until each party has executed
and delivered at least one counterpart. Each counterpart, when executed and delivered, constitutes an original, but all counterparts
together constitute the same instrument.

 

The parties have
executed and delivered this document as a deed on the date stated at the beginning of it.

    	7

    	 

    

  

	SIGNED
                                         as a deed by

        DAVID
        STEVEN LEVIN 

        in
        the presence of:
	Signature

         

         

  

	Witness
    signature	 
	 	 
	Name
    (in BLOCK CAPITALS)	 
	 	 
	Address	 
	 	 
	 	 

  

	SIGNED
                                         as a deed by

        MELANIE
        LEVIN

        in
        the presence of: 
	Signature 

         

         

  

	Witness
    signature	 
	 	 
	Name
    (in BLOCK CAPITALS)	 
	 	 
	Address	 
	 	 
	 	 

  

	SIGNED
                                         as a deed by 

        MIGUEL
        CARLOS CORRAL 

        in
        the presence of: 
	Signature 

         

         

  

	Witness
    signature	 
	 	 
	Name
    (in BLOCK CAPITALS)	 
	 	 
	Address	 
	 	 
	 	 

  

    	8

    	 

    

 

	SIGNED
                                         as a deed by 

        DAVID
        RYDER  

        in
        the presence of: 
	Signature 

         

         

  

	Witness
    signature	 
	 	 
	Name
    (in BLOCK CAPITALS)	 
	 	 
	Address	 
	 	 
	 	 

 

	EXECUTED
                                         as a deed by 

        ELECTRONIC
        CIGARETTES INTERNATIONAL GROUP, LTD. acting by a director, in the presence of:
	Signature

 

 

Director 

	 	Print name 

 

 

	 	 	 
	Witness signature	 
	 	 	 
	Name (in BLOCK CAPITALS)	 
	 	 	 
	Address	 
	 	 	 
	 	 
	 	 	 	 	 

	EXECUTED
as a deed by 

        MUST
        HAVE LIMITED. acting by a director, in the presence of:

         
	Signature 

 

 

Director 

	 	Print name 

 

 

	 	 	 
	Witness signature	 
	 	 	 
	Name (in BLOCK CAPITALS)	 
	 	 	 
	Address	 
	 	 	 
	 	 
	 	 	 	 	 

 

    	9

    	 

    

   

Schedule
1 – The Agreement

    	10

    	 

    

  

Schedule
2 – The Instrument

    	11

    	 

    

  

Schedule
3 – First Deed of Variation

    	12

    	 

    

 

Schedule
4 – DEED OF AMENDMENT

    	13brx8k08102015ex42

Exhibit 4.2

 
 

	
	
	 

 

BRIXMOR OPERATING PARTNERSHIP LP
AS ISSUER
AND
THE BANK OF NEW YORK MELLON
AS TRUSTEE
                
SECOND SUPPLEMENTAL INDENTURE
Dated as of August 10, 2015
                
$500,000,000 3.875% SENIOR NOTES DUE 2022
                

SUPPLEMENT TO INDENTURE
DATED AS OF JANUARY 21, 2015, BETWEEN
BRIXMOR OPERATING PARTNERSHIP LP (AS ISSUER)
AND
THE BANK OF NEW YORK MELLON (AS TRUSTEE)
	
	
	 

 

     SECOND SUPPLEMENTAL INDENTURE, dated as of August 10, 2015 (this “Second Supplemental Indenture”), between BRIXMOR OPERATING PARTNERSHIP LP, a Delaware limited partnership (the “Operating Partnership”), having its principal executive office located at 420 Lexington Avenue, New York, New York 10170, and THE BANK OF NEW YORK MELLON (the “Trustee”), which supplements that certain Indenture, dated as of January 21, 2015, by and between the Operating Partnership and the Trustee (the “Base Indenture,” and together with this Second Supplemental Indenture, the “Indenture”).
RECITALS
WHEREAS, the Operating Partnership has duly authorized the execution and delivery of the Base Indenture to the Trustee to provide for the issuance from time to time for its lawful purposes of debt securities evidencing the Operating Partnership’s debentures, notes or other evidences of indebtedness.
WHEREAS, Section 301 of the Base Indenture provides that by means of a supplemental indenture the Operating Partnership may create one or more series of the Operating Partnership’s debt securities and establish the form, terms and provisions thereof.
WHEREAS, the Operating Partnership intends by this Second Supplemental Indenture to (i) create a series of the Operating Partnership’s debt securities, in an initial aggregate principal amount equal to $500,000,000, entitled 3.875% Senior Notes due 2022 (the “Notes”) and (ii) establish the form and the terms and provisions of the Notes.
WHEREAS, the consent of Holders to the execution and delivery of this Second Supplemental Indenture is not required, and all other actions required to be taken under the Base Indenture with respect to this Second Supplemental Indenture have been taken.
NOW, THEREFORE IT IS AGREED:
ARTICLE ONE
DEFINITIONS, CREATION, FORM AND TERMS AND CONDITIONS OF THE DEBT SECURITIES

Section 1.1    Definitions.  Capitalized terms used but not otherwise defined in this Second Supplemental Indenture shall have the meanings ascribed to them in the Base Indenture.  In addition, the following terms shall have the following meanings to be equally applicable to both the singular and the plural forms of the terms set forth below:

“Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the arithmetic mean of the yields under the respective heading “Week Ending” published in the most recent Statistical Release under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life to the Par Call Date of the Notes as of the Redemption Date. If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For the purposes of calculating the Adjusted Treasury Rate, the most recent Statistical Release published at least two Business Days prior to the redemption date shall be used.
“Annual Debt Service Charge” means, for any period, the interest expense of the Operating Partnership and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.
“Consolidated EBITDA” for any period means Consolidated Net Income of the Operating Partnership and its Subsidiaries for such period, plus amounts which have been deducted and minus amounts which have been added for, without duplication: (1) interest expense on Debt; (2) provision for taxes based on income; (3) amortization of debt discount, premium and deferred financing costs; (4) the income or expense attributable to transactions involving derivative instruments that do not qualify for hedge accounting in accordance with GAAP; (5) impairment losses and gains on sales or other dispositions of properties and other investments; (6) depreciation and amortization; (7) net amount of extraordinary items or non-recurring items, as may be determined by the Operating 

1

Partnership in good faith; (8) amortization of deferred charges; (9) gains or losses on early extinguishment of debt; and (10) noncontrolling interests, all determined on a consolidated basis in accordance with GAAP.
“Consolidated Net Income” for any period means the amount of net income (or loss) of the Operating Partnership and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP.
“Debt” means, with respect to any person, any:
		
	(i)
	indebtedness of such person in respect of borrowed money or evidenced by bonds, notes, debentures or similar instruments;

		
	(ii)
	indebtedness secured by any Lien on any property or asset owned by such person, but only to the extent of the lesser of (a) the amount of indebtedness so secured and (b) the fair market value (determined in good faith by the Operating Partnership) of the property subject to such Lien;

		
	(iii)
	reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing the balance deferred and unpaid of the purchase price of any property except any such balance that constitutes an accrued expense or trade payable; or

		
	(iv)
	any lease of property by such person as lessee which is required to be reflected on such person’s balance sheet as a capitalized lease in accordance with GAAP;

in the case of items of indebtedness under (i) through (iii) above to the extent that any such items (other than letters of credit) would appear as liabilities on such person’s balance sheet in accordance with GAAP; provided, however, that the term “Debt” will (1) include, to the extent not otherwise included, any non-contingent  obligation of such person to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Debt of the types referred to above of another person, other than obligations to be liable for the Debt of another person solely as a result of non-recourse carveouts (it being understood that Debt shall be deemed to be incurred by such person whenever such person shall create, assume, guarantee or otherwise become liable in respect thereof) and (2) exclude any such indebtedness (or obligation referenced in clause (1) above) that has been the subject of an “in substance” defeasance in accordance with GAAP and Intercompany Indebtedness that is subordinate in right of payment to the Notes (or an obligation to be liable for, or to pay, Intercompany Indebtedness that is subordinate in right of payment to the Notes).
“Depository” means The Depository Trust Company.
“GAAP” means United States generally accepted accounting principles as in effect on the date of any required calculation or determination.
“Indenture” means the Base Indenture as supplemented by this Second Supplemental Indenture and as further amended, modified or supplemented with respect to the Notes pursuant to the provisions of the Base Indenture.
“Intercompany Indebtedness” means Debt to which the only parties are the Operating Partnership and any of its Subsidiaries; provided, however, that with respect to any such Debt of which the Operating Partnership is the borrower, such Debt is subordinate in right of payment to the Notes. 
“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.
“Maturity Date” means August 15, 2022.
“Par Call Date” means June 15, 2022 (the date that is two months prior to the Maturity Date).

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“Quotation Agent” means an independent investment banking institution of national standing appointed by the Operating Partnership from time to time.
“Redemption Date” means, with respect to any Note or portion thereof to be redeemed in accordance with the provisions of Section 1.4(d) hereof, the date fixed for such redemption in accordance with the provisions of Section 1.4(d) hereof.
“Significant Subsidiary” means any Subsidiary or group of Subsidiaries that meets either of the following conditions: (1) the Operating Partnership and its other Subsidiaries’ investments in and advances to the Subsidiary exceed 10% of the Operating Partnership’s and its Subsidiaries’ total assets consolidated (determined in accordance with GAAP) as of the end of the most recent fiscal quarter for which an annual or quarterly report has been furnished to Holders of the Notes or filed with the Commission; or (2) the Operating Partnership’s and its other Subsidiaries’ proportionate share of the total assets (after intercompany eliminations) of the Subsidiary exceeds 10% of the Operating Partnership’s and its Subsidiaries’ total assets consolidated (determined in accordance with GAAP) as of the end of the most recent fiscal quarter for which an annual or quarterly report has been furnished to Holders of the Notes or filed with the Commission.
“Statistical Release” means the statistical release designated “H.15(519)” or any successor publication which is published weekly by the Federal Reserve System and which establishes yields on actively traded United States government securities adjusted to constant maturities, or, if such statistical release is not published at the time of any determination under the Indenture, then such other reasonably comparable index designated by the Operating Partnership.
 “Subsidiary” means, with respect to the Operating Partnership or the Company, any Person (as defined in the Indenture but excluding an individual), a majority of the outstanding voting stock, partnership interests, membership interests or other equity interest, as the case may be, of which is owned or controlled, directly or indirectly, by the Operating Partnership or the Company, as the case may be, or by one or more other Subsidiaries of the Operating Partnership or the Company, as the case may be. For the purposes of this definition, “voting stock” means stock having voting power for the election of directors, trustees or managers, as the case may be, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency.
“Total Assets” means the sum of, without duplication (1) Undepreciated Real Estate Assets and (2) all other assets (excluding accounts receivable and non-real estate intangibles) of the Operating Partnership and its Subsidiaries, all determined on a consolidated basis in accordance with GAAP.
“Total Unencumbered Assets” means the sum of, without duplication, (1) those Undepreciated Real Estate Assets which are not subject to a Lien securing Debt and (2)  all other assets (excluding accounts receivable and non-real estate intangibles) of the Operating Partnership and its Subsidiaries not subject to a Lien securing Debt, all determined on a consolidated basis in accordance with GAAP; provided, however, that, in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for purposes of Section 2.1(d), all investments in unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Total Unencumbered Assets.
“Undepreciated Real Estate Assets” means, as of any date, the cost (original cost plus capital improvements) of real estate assets and related intangibles of the Operating Partnership and its Subsidiaries on such date, before depreciation and amortization and impairments, all determined on a consolidated basis in accordance with GAAP.
“Unsecured Debt” means Debt of the Operating Partnership or any of its Subsidiaries which is not secured by a Lien on any property or assets of the Operating Partnership or any of its Subsidiaries.
Section 1.2    Creation of Notes.  In accordance with Section 301 of the Base Indenture, the Operating Partnership hereby creates the Notes as a separate series of its debt securities, entitled “3.875% Senior Notes due 2022,” issued pursuant to the Indenture.  The Notes shall initially be limited to an aggregate principal amount equal to $500,000,000, subject to the exceptions set forth in Section 301(2) of the Base Indenture and Section 1.4(f) hereof.

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Section 1.3    Form of Notes.  The Notes will be issued in the form of one or more permanent fully registered global securities (the “Global Note”) that will be deposited with, or on behalf of the Depository, and registered in the name of the Depository or its nominee, as the case may be, subject to Section 305 of the Base Indenture.  So long as the Depository, or its nominee, is the registered owner of the Global Note, the Depository or its nominee, as the case may be, will be considered the sole Holder of the Notes represented by the Global Note for all purposes under the Indenture.

Section 1.4    Terms and Provisions of Notes.  The Notes shall be governed by all of the terms and provisions of the Base Indenture, as supplemented by this Second Supplemental Indenture, and in particular, the following provisions shall be terms of the Notes:

(a)Registration and Form.  The Notes shall be issuable in registered form without coupons in denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof.  Each Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of the form of Note attached as Exhibit A hereto.

(b)Payment of Principal and Interest.  All payments of principal, premium, if any, and interest in respect of the Global Notes will be made by the Operating Partnership in immediately available funds to the Depository or its nominee, as the case may be, as the Holder of each of the Global Notes.  The Notes shall mature, and the unpaid principal thereon, shall be payable, on August 15, 2022 subject to the provisions of the Base Indenture.  The rate per annum at which interest shall be payable on the Notes shall be 3.875%.  Interest on the Notes will be payable semi-annually in arrears on each February 15 and August 15, commencing February 15, 2016 (each, an “Interest Payment Date”) and on the Stated Maturity as specified in this Section 1.4(b), to the Persons in whose names the Notes are registered in the Security Register applicable to the Notes at the close of business on February 1 for Interest Payment Dates of February 15 and August 1 for Interest Payment Dates of August 15 (in each case, whether or not a Business Day) (each a “Record Date”).  Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months.  Interest on the Notes shall accrue from August 10, 2015.

(c)Sinking Fund.  There shall be no sinking fund provided for the Notes.

(d)Redemption at the Option of the Operating Partnership.

(1)The Operating Partnership shall have the right to redeem the Notes at its option and in its sole discretion at any time or from time to time prior to the Par Call Date in whole or in part at the Redemption Price specified in the next sentence.  The redemption price (“Redemption Price”) will equal the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would be due if such Notes matured on the Par Call Date but for the redemption thereof (not including any portion of such payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate plus 30 basis points (0.30%), plus, in each case, accrued and unpaid interest thereon to the Redemption Date; provided, however, that if the Redemption Date falls after a Record Date and on or prior to the corresponding Interest Payment Date, the Operating Partnership will pay the full amount of accrued and unpaid interest, if any, on such Interest Payment Date to the Holder of record at the close of business on the corresponding Record Date (instead of the Holder surrendering its Notes for redemption).  Notwithstanding the foregoing, if the Notes are redeemed on or after the Par Call Date, the Redemption Price will be equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the applicable Redemption Date, subject to the foregoing proviso.  In connection with any redemption prior to the Par Call Date, the Operating Partnership shall give the Trustee written notice of the related Redemption Price promptly after the calculation thereof and the Trustee shall not be responsible for such calculation.

(2)The Operating Partnership shall not redeem the Notes pursuant to Section 1.4(d)(1) hereof on any date if the principal amount of the Notes has been accelerated, and such an acceleration has not been rescinded or annulled on or prior to such date (except in the case of an 

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acceleration resulting from a default by the Operating Partnership in the payment of the Redemption Price with respect to the Notes to be redeemed).

(e)Payment of Notes Called for Redemption by the Operating Partnership.

(1)If notice of redemption has been given as provided in Article Eleven of the Base Indenture, the Notes or portion of Notes with respect to which such notice has been given shall become due and payable on the Redemption Date and at the place or places stated in such notice at the Redemption Price, and unless the Operating Partnership shall default in the payment of such Notes at the Redemption Price, so long as the Paying Agent holds funds sufficient to pay the Redemption Price of the Notes to be redeemed on the Redemption Date, then (a) such Notes will cease to be Outstanding on and after the Redemption Date, (b) interest on the Notes or portion of Notes so called for redemption shall cease to accrue on and after the Redemption Date, and (c) the Holders of the Notes shall have no right in respect of such Notes except the right to receive the Redemption Price thereof.  On presentation and surrender of such Notes at a place of payment in said notice specified, the said Notes or the specified portions thereof shall be paid and redeemed by the Operating Partnership at the Redemption Price, together with interest accrued thereon to, but excluding, the Redemption Date.

(2)The Notes will not be convertible or exchangeable for any other security or property.

(f)Additional Issues.  The Operating Partnership may, from time to time, without the consent of the Holders of the Notes, create and issue further securities having the same terms and conditions as the Notes in all respects, except for any difference in the issue date, issue price, interest accrued prior to the issue date of the additional Notes, and, if applicable, the first Interest Payment Date and the initial interest accrual date with the same CUSIP number as the Notes so long as such additional Notes are fungible for U.S. federal income tax purposes with the previously outstanding Notes.  Additional Notes issued in this manner shall be consolidated with and shall form a single series with the previously outstanding Notes.

Section 1.5    Book-Entry Provisions.  This Section 1.5 shall apply only to the Global Notes deposited with or on behalf of the Depository.

(a)The Operating Partnership shall execute and the Trustee shall, in accordance with this Section 1.5 and Section 303 of the Base Indenture, authenticate and deliver the Global Notes that shall be registered in the name of the Depository or its nominee and shall be held by the Trustee as custodian for the Depository.

(b)Participants of the Depository shall have no rights either under the Indenture or with respect to the Global Notes.  The Depository or its nominee, as applicable, shall be treated by the Operating Partnership, the Trustee and any agent of the Operating Partnership or the Trustee as the absolute owner and Holder of each such Global Note for all purposes under the Indenture.  Notwithstanding the foregoing, nothing herein shall prevent the Operating Partnership or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or its nominee, as applicable, or impair, as between the Depository and its participants, the operation of customary practices of such depository governing the exercise of the rights of an owner of a beneficial interest in the Global Notes.
ARTICLE TWO
ADDITIONAL COVENANTS FOR BENEFIT OF HOLDERS OF NOTES

In addition to the covenants set forth in the Base Indenture, the Operating Partnership hereby further covenants as follows, the following covenants being for the sole benefit of the Holders of the Notes:
Section 2.1    Limitations on Incurrence of Debt.

(a)Aggregate Debt Test.  The Operating Partnership will not, and will not permit any of its Subsidiaries to, incur any Debt if, immediately after giving effect to the incurrence of such Debt and the application

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 of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all of the Operating Partnership’s and its Subsidiaries’ outstanding Debt (determined on a consolidated basis in accordance with GAAP) is greater than 65% of the sum of the following (without duplication): (1) the Operating Partnership’s and its Subsidiaries’ Total Assets as of the last day of the then most recently ended fiscal quarter for which financial information is available and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Operating Partnership or any Subsidiary since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt.

(b)Secured Debt Test.  The Operating Partnership will not, and will not permit any of its Subsidiaries to, incur any Debt secured by any Lien on any of the Operating Partnership’s or any of its Subsidiaries’ property or assets, whether owned on the date of this Second Supplemental Indenture or subsequently acquired, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount (determined on a consolidated basis in accordance with GAAP) of all of the Operating Partnership’s and its Subsidiaries’ outstanding Debt which is secured by a Lien on any of the Operating Partnership’s and its Subsidiaries’ property or assets is greater than 40% of the sum of (without duplication): (1) the Operating Partnership’s and its Subsidiaries’ Total Assets as of the last day of the then most recently ended fiscal quarter for which financial information is available; and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Operating Partnership or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt.

(c)Debt Service Test.

(1)The Operating Partnership will not, and will not permit any of its Subsidiaries to, incur any Debt if the ratio of Consolidated EBITDA to Annual Debt Service Charge for the period consisting of the two consecutive fiscal quarters most recently ended for which financial information is available prior to the date on which such additional Debt is to be incurred on an annualized basis shall have been less than 1.5:1 on a pro forma basis after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt (determined on a consolidated basis in accordance with GAAP), and calculated on the following assumptions:

(A)such Debt and any other Debt incurred by the Operating Partnership or any of its Subsidiaries since the first day of such two-quarter period had been incurred, and the application of the proceeds from such Debt (including to repay or retire other Debt) had occurred, on the first day of such period;

(B)the repayment or retirement of any other Debt of the Operating Partnership or any of its Subsidiaries since the first day of such two-quarter period had occurred on the first day of such period (except that, in making this computation, the amount of Debt under any revolving credit facility, line of credit or similar facility will be computed based upon the average daily balance of such Debt during such period); and
(C)in the case of any acquisition or disposition by the Operating Partnership or any of its Subsidiaries of any asset or group of assets with a fair market value in excess of $5.0 million since the first day of such two-quarter period, whether by merger, stock purchase or sale or asset purchase or sale or otherwise, such acquisition or disposition had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation.

(2)If the Debt giving rise to the need to make the calculation described in Section 2.1(c)(1) or any other Debt incurred after the first day of the relevant two-quarter period bears interest at a floating rate, then, for purposes of calculating the Annual Debt Service Charge, the interest rate on such Debt will be computed on a pro forma basis as if the average daily rate which would have been in effect during the entire two-quarter period had been the applicable rate 

6

for the entire such period. For purposes of this Section 2.1(c), Debt will be deemed to be incurred by the Operating Partnership or any of its Subsidiaries whenever the Operating Partnership or any of its Subsidiaries shall create, assume, guarantee or otherwise become liable in respect thereof.

(d)Maintenance of Total Unencumbered Assets.  The Operating Partnership will not have at any time Total Unencumbered Assets of less than 150% of the aggregate principal amount of all of the Operating Partnership’s and its Subsidiaries’ outstanding Unsecured Debt determined on a consolidated basis in accordance with GAAP.

Section 2.2    Maintenance of Properties.  The Operating Partnership will cause all of its material properties used or useful in the conduct of its business or any of its Subsidiaries’ businesses to be maintained and kept in good condition, repair and working order, normal wear and tear, casualty and condemnation excepted, and supplied with all necessary equipment and cause all necessary repairs, renewals, replacements, betterments and improvements to be made, all as in the Operating Partnership’s judgment may be necessary in order for the Operating Partnership to at all times properly and advantageously conduct its business carried on in connection with such properties. The Operating Partnership will not be prevented from (1) removing permanently any property that has been condemned or suffered a casualty loss, if it is in its best interests, (2) discontinuing maintenance or operation of any property if, in its reasonable judgment, doing so is in its best interest and is not disadvantageous in any material respect to the Holders of the Notes, or (3) selling or otherwise disposing for value its properties in the ordinary course of business. 

Section 2.3    Insurance.  The Operating Partnership will, and will cause each of its Subsidiaries to, keep in force upon all of the Operating Partnership’s and each of its Subsidiaries’ properties and operations insurance policies carried with responsible companies in such amounts and covering all such risks as is customary in the industry in which the Operating Partnership and its Subsidiaries do business in accordance with prevailing market conditions and availability.

Section 2.4    Payment of Taxes and Other Claims.  The Operating Partnership will pay or discharge or cause to be paid or discharged before it becomes delinquent: (i) all material taxes, assessments and governmental charges levied or imposed on the Operating Partnership or any of its Subsidiaries or on its or any such Subsidiary’s income, profits or property; and (ii) all material lawful claims for labor, materials and supplies that, if unpaid, might by law become a Lien upon its property or the property of its Subsidiaries; provided, however, that the Operating Partnership will not be required to pay or discharge or cause to be paid or discharged any tax, assessment, charge or claim the amount, applicability or validity of which is being contested in good faith.

Section 2.5    Covenant Defeasance and Waiver of Covenant.  The covenants set forth in Sections 2.1, Section 2.2, Section 2.3 and Section 2.4 shall be subject to covenant defeasance under Section 402(3) of the Base Indenture and subject to waiver under Section 1006 thereof.
ARTICLE THREE
[Intentionally Omitted]
ARTICLE FOUR
TRUSTEE

Section 4.1    Trustee.  The Trustee is appointed as the principal paying agent, transfer agent and registrar for the Notes and for the purposes of Section 1002 of the Base Indenture.  The Notes may be presented for payment at the Corporate Trust Office of the Trustee or at any other agency as may be appointed from time to time by the Operating Partnership in The City of New York.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Second Supplemental Indenture or the due execution hereof by the Operating Partnership.  The recitals of fact contained herein shall be taken as the statements solely of the Operating Partnership, and the Trustee assumes no responsibility for the correctness thereof.

Section 4.2    Preferential Collection of Claims.  If and when the Trustee shall be or become a creditor of the Operating Partnership (or any other obligor upon the Notes), the Trustee shall be subject to the provisions of 

7

the Trust Indenture Act regarding the collection of the claims against the Operating Partnership (or any such other obligor).  The Trustee is permitted to engage in other transactions with the Operating Partnership and its Affiliates.  If, however, it acquires any conflicting interest under the Trust Indenture Act relating to any of its duties with respect to the Notes, it must eliminate that conflict or resign, subject to its right under the Trust Indenture Act to seek a stay of its duty to resign.

Section 4.3    Calculation with Respect to the Notes. Except as explicitly specified otherwise herein with respect to the Quotation Agent, the Operating Partnership shall be responsible for making all calculations required under this Second Supplemental Indenture or with respect to the Notes.  The Operating Partnership will make such calculations in good faith and, absent manifest error, the Operating Partnership’s calculations will be final and binding on the Trustee and the Holders of the Notes. The Operating Partnership shall provide a schedule of its calculations to the Trustee promptly after it makes such calculations, and the Trustee shall be entitled to rely upon the accuracy of the Operating Partnership’s calculations without independent verification.  The Trustee shall forward the Operating Partnership’s calculations to any Holder of the Notes upon request.
ARTICLE FIVE
MISCELLANEOUS PROVISIONS

Section 5.1    Ratification of Base Indenture.  This Second Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Base Indenture, and as supplemented and modified hereby, the Base Indenture is in all respects ratified and confirmed, and the Base Indenture and this Second Supplemental Indenture shall be read, taken and construed as one and the same instrument.  In the event of a conflict between the language of this Second Supplemental Indenture and the Base Indenture, the language of this Second Supplemental Indenture shall control.

Section 5.2    Effect of Headings.  The Article and Section headings herein are for convenience only and shall not affect the construction hereof.

Section 5.3    Successors and Assigns.  All covenants and agreements in this Second Supplemental Indenture by the Operating Partnership shall bind its successors and assigns, whether so expressed or not.

Section 5.4    Separability Clause.  In case any one or more of the provisions contained in this Second Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 5.5    Governing Law.  This Second Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.  This Second Supplemental Indenture is subject to the provisions of the Trust Indenture Act, that are required to be part of this Second Supplemental Indenture and shall, to the extent applicable, be governed by such provisions.

Section 5.6    Counterparts.  This Second Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute one and the same instrument.

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

BRIXMOR OPERATING PARTNERSHIP LP,
as Issuer

	
						
	 
	By:
	Brixmor OP GP LLC, its general partner
	 

	 
	 
	 
	 
	 

	 
	By:
	BPG Subsidiary Inc., its sole member
	 

	 
	 
	 

	 
	 
	By:
	/s/ Steven Siegel
	 

	 
	 
	Name:
	Steven Siegel
	 

	 
	 
	Title:
	Executive Vice President,
General Counsel and Secretary

	 

	 
	 
	 

	 
	 
	 

[Signature Page to Second Supplemental Indenture]

	
			
	 
	THE BANK OF NEW YORK MELLON,

	 
	as Trustee, Registrar, Paying Agent and Transfer Agent

	 
	 

	 
	By:
	/s/Francine Kincaid 

	 
	Name:     Francine Kincaid

	 
	Title:       Vice President

 

[Signature Page to Second Supplemental Indenture]

EXHIBIT A
Form of 3.875% Senior Note due 2022
THIS GLOBAL NOTE IS HELD BY OR ON BEHALF OF THE DEPOSITORY (AS DEFINED IN THE SECOND SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 305 OF THE BASE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 305 OF THE BASE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 309 OF THE BASE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

BRIXMOR OPERATING PARTNERSHIP LP
3.875% SENIOR NOTE DUE 2022
No. [•]
CUSIP No.:    11120V AB9
ISIN:        US11120VAB99
$[•]
Brixmor Operating Partnership LP, a Delaware limited partnership (herein called the “Issuer,” which term includes any successor entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [Cede & Co.]*, or its registered assigns, the principal sum of [•] MILLION DOLLARS ($[•]), [or such lesser amount as is set forth in the Schedule of Increases or Decreases In the Global Note on the other side of this Note]*, on August 15, 2022 at the office or agency of the Issuer maintained for that purpose in accordance with the terms of the Indenture, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semi-annually on February 15 and August 15 of each year, commencing February 15, 2016, on said principal sum at said office or agency, in like coin or currency, at the rate per annum of 3.875%, from the February 15 or August 15, as the case may be, next preceding the date of this Note to which interest has been paid or duly provided for, unless no interest has been paid or duly provided for on the Notes, in which case from August 10, 2015 until payment of said principal sum has been made or duly provided for.  Unless otherwise provided in or pursuant to the Indenture, at the option of the Issuer, interest on the Notes due and payable on any Interest Payment Date may be paid by mailing a check to the address of the Person entitled thereto as such address shall appear in the Security Register or by transfer to an account maintained by the payee with a bank located in the United States of America; provided, that the Paying Agent shall have received appropriate wire transfer instructions at least five Business Days prior to the Interest Payment Date.  Any such interest which is punctually paid or duly provided for on any Interest Payment Date shall be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered as of the close of business on the February 1 or August 1 (whether or not a Business Day) next preceding such Interest Payment Date.
Reference is made to the further provisions of this Note set forth on the reverse hereof and the Indenture governing this Note.  Such further provisions shall for all purposes have the same effect as though fully set forth at this place.
This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized authenticating agent under the Indenture.

* Include only if the Note is issued in global form.

IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.
Dated:  [•]
BRIXMOR OPERATING PARTNERSHIP LP,
as Issuer

	
					
	 
	By:
	Brixmor OP GP LLC, its general partner
	 

	 
	 
	 

	 
	By:          BPG Subsidiary Inc., its sole member
	 

	 
	 

	 
	By:
	 

	 
	Name:

	 
	Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated therein referred to in the within-named Indenture.
Dated:  [•]

	
			
	 
	THE BANK OF NEW YORK MELLON, as Trustee

	 
	 

	 
	By:
	 

	 
	 
	Authorized Signatory

	 
	 

	 
	 

REVERSE SIDE OF NOTE
Brixmor Operating Partnership LP
3.875% SENIOR NOTE DUE 2022
This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 3.875% Senior Notes due 2022 (herein called the “Notes”), issued under and pursuant to an Indenture dated as of January 21, 2015 (herein called the “Base Indenture”), between the Issuer and The Bank of New York Mellon, as trustee (herein called the “Trustee”), as supplemented by the Second Supplemental Indenture dated as of August 10, 2015 (herein called the “Second Supplemental Indenture,” and together with the Base Indenture, the “Indenture”), between the Issuer and the Trustee, to which Indenture and any indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the Holders of the Notes.  Defined terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture.
If an Event of Default (other than an Event of Default specified in Section 501(5), 501(6) or 501(7) of the Base Indenture) occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all Notes may be declared to be due and payable by either the Trustee or the Holders of at least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding, and, upon said declaration the same shall be immediately due and payable.  If an Event of Default specified in Section 501(5), 501(6) or 501(7) of the Base Indenture occurs, the principal of and premium, if any, and interest accrued and unpaid on all the Notes shall be immediately and automatically due and payable without necessity of further action.
The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture with respect to the Notes or modifying in any manner the rights of the Holders of the Notes, subject to exceptions set forth in Section 902 of the Base Indenture.  Subject to the provisions of the Indenture, the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past default or Event of Default with respect to the Notes, subject to exceptions set forth in the Indenture.
No reference herein to the Indenture and no provision of this Note or of the Indenture shall impair, as among the Issuer and the Holder of the Notes, the obligation of the Issuer, which is absolute and unconditional, to pay the principal of, premium, if any, on and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein and in the Indenture prescribed.
Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months.
The Notes are issuable in fully registered form, without coupons, in denominations of $2,000 principal amount and any multiple of $1,000.  At the office or agency of the Issuer referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, Notes may be transferred or may be exchanged for a like aggregate principal amount of Notes of any other authorized denominations.
The Issuer shall have the right to redeem the Notes under certain circumstances as set forth in Section 1.4(d) of the Second Supplemental Indenture and Article Eleven of Base Indenture.
The Notes are not subject to redemption through the operation of any sinking fund.
Except to the extent expressly provided in Article Sixteen of the Base Indenture, no recourse for the payment of the principal of or any premium or interest on this Note, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer in the Indenture or any supplemental indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any past, present or future general partner, limited partner, member, employee, incorporator, controlling person, stockholder, officer, director or agent, as such, of the Issuer or the Company, or of any of the Issuer’s or the Company’s predecessors or successors, either directly or through the Issuer or the Company , under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Notes by the Holders thereof and as part of the consideration for the issue of the Notes.

ASSIGNMENT FORM
To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to: ___________________________________________________________________     
_____________________________________________________________________________________________________
(Insert assignee’s legal name)
________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________    
(Print or type assignee’s name, address and zip code)
and irrevocably appoint _______________________________ to transfer this Note on the books of the Issuer.  The agent may substitute another to act for him.

Date:  _______________________________________    
Your Signature: __________________________________________    
(Sign exactly as your name appears on the face of this Note)

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

SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE *
The following increases or decreases in the principal amount of this Global Note have been made:

	
									
	Date of 
Increase or Decrease
	 
	Amount of
decrease in
Principal Amount
at maturity of
this Global Note
	 
	Amount of
increase in
Principal Amount
at maturity of
this Global Note
	 
	Principal Amount
at maturity of
this Global Note
following such
decrease (or
increase)
	 
	Signature of 
authorized officer
of Trustee or
Custodian

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

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

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